251012.mbx

251012.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, October 12, 2025, Vol. 29, No. 284 Headlines 720 EAST 2023-II: S&P Assigns BB- (sf) Rating on Class E-R Notes 720 EAST 2023-II: S&P Assigns Prelim BB- (sf) Rating on E-R Notes A&D MORTGAGE 2025-NQM4: S&P Assigns B-(sf) Rating on Cl. B-2 Certs ABPCI DIRECT III: DBRS Gives BB(low) Rating on Class D-R Notes ABRY LIQUID 2025-1: Fitch Assigns 'BB-sf' Rating on Class E Notes ADAMS OUTDOOR 2023-1: Fitch Affirms BB- Rating on Class C Notes AIMCO CLO 14: Fitch Assigns 'BB-sf' Rating on Two Tranches AL GCX VIII: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable AMSR TRUST 2025-SFR2: DBRS Finalizes BB Rating on Class F1 Certs ANTARES CLO 2018-2: S&P Assigns Prelim 'BB-' Rating on E-1RR Notes ANTARES CLO 2021-1: S&P Assigns Prelim BB-(sf) Rating on E-R Notes APEX CREDIT 2022-I: Fitch Assigns 'B-sf' Rating on Class F-R Notes ARCHWEST MORTGAGE 2025-RTL1: DBRS Gives (P) B(low) on M2 Notes ARES LOAN II: Fitch Assigns 'BB-sf' Rating on Class E-R2 Notes ATRIUM HOTEL 2024-ATRM: DBRS Confirms B Rating on Class HRR Certs BALLYROCK CLO 2019-2: S&P Assigns Prelim 'BB-'Rating on D-R3 Notes BARINGS CLO 2019-I: S&P Assigns Prelim BB-(sf) Rating on E-R2Notes BBAM US III: S&P Assigns BB- (sf) Rating on Class D-R Notes BBCMS MORTGAGE 2022-C14: Fitch Lowers Rating on H-RR Certs to B- BCC MIDDLE 2025-2: S&P Assigns Prelim BB- (sf) Rating on E Notes BENCHMARK 2025-V18: Fitch Assigns B-(EXP)sf Rating on Two Tranches BENEFIT STREET 43: S&P Assigns BB- (sf) Rating on Class E Notes BFLD COMMERCIAL 2025-5MW: Moody's Assigns B3 Rating to Cl. F Certs BLACKROCK MT. HOOD X: S&P Assigns Prelim 'BB-' Rating on E-R Notes BLUEMOUNTAIN CLO XXXIII: Fitch Assigns BB- Rating on Cl. E-R Notes BMO 2025-5C12: Fitch Assigns 'B-sf' Final Rating on Cl. G-RR Certs BOFAS RE-REMIC 2025-FRR6: DBRS Gives Prov. B(low) Rating on E Certs BRAVO RESIDENTIAL 2025-HE1: Fitch Gives B+(EXP) Rating on B2 Notes BRAVO RESIDENTIAL 2025-NQM9: S&P Assigns 'B-' Rating on B-2 Notes BRIDGECREST 2025-4: S&P Assigns Prelim BB (sf) Rating on E Notes BRIDGECREST LENDING 2025-4: DBRS Gives Prov. BB Rating on E Notes BRYANT PARK 2023-21: S&P Assigns BB- (sf) Rating on Cl. E-R Notes CASTLELAKE AIRCRAFT 2025-3: Fitch Gives BB+(EXP) Rating on C Notes CD 2017-CD4: DBRS Confirms B Rating on Class E Certs CD 2019-CD8: DBRS Confirms CCC Rating on Class H-RR Certs CHASE HOME 2025-11: Fitch Assigns B-(EXP)sf Rating on Cl. B5 Certs CIFC FUNDING 2023-I: Fitch Assigns 'BB-(EXP)sf' Rating on E-R Notes CIP COMMERCIAL 2025-SBAY: Fitch Assigns B(EXP)sf Rating on F Certs CITIGROUP 2025-RP3: Fitch Assigns 'B(EXP)sf' Rating on Cl. B2 Notes COLT 2025-10: S&P Assigns B (sf) Rating on Class B-2 Certificates COMM 2014-CCRE20: Fitch Cuts Rating on 2 Tranches to Csf CONNECTICUT AVE 2025-R06: DBRS Assigns (P)BB(high) on 4 Classes CPS AUTO 2025-D: DBRS Gives Prov. BB Rating on Class E Notes EFMT 2025-INV4: S&P Assigns B- (sf) Rating on Class B2 Certs ELMWOOD CLO 19: Fitch Assigns 'B-sf' Rating on Class F-R2 Notes EXETER AUTOMOBILE 2021-4: DBRS Confirms B Rating on Class F Debt EXETER SELECT 2025-3: S&P Assigns Prelim BB (sf) Rating on E Notes FANNIE MAE 2025-R06: S&P Assigns Prelim 'BB+' Rating on 1B-1X Notes FORTRESS CREDIT X: S&P Assigns BB- (sf) Rating on Class E-R Notes GCAT 2025-NQM5: S&P Assigns B (sf) Rating on Class B-2 Certs GOLDENTREE LOAN 15: Fitch Assigns 'B-(EXP)sf' Rating on F-R2 Notes GOODLEAP SUSTAINABLE 2021-4: S&P Affirms on 'BB' Rating on C Notes GS MORTGAGE-BACKED 2025-NQM4: S&P Assigns 'B' Rating on B-2 Certs GSF 2022-1: DBRS Confirms BB(low) Rating on Class E Notes GSF 2025-5: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes GUGGENHEIM MM 2021-4: S&P Assigns Prelim 'BB-' Rating on E-R Notes HARVEST SBA 2025-1: DBRS Finalizes BB(high) Rating on C Notes HAVN TRUST 2025-MOB: Fitch Assigns 'B-sf' Rating on Class F Certs HILDENE TRUPS P26BC: Moody's Hikes Rating on Class B Notes to 'Ba2' ICG US 2022-1: S&P Assigns Prelim BB- (sf) Rating on Cl. E_R Notes IMPRINT PAYMENTS 2025-A: Fitch Assigns BB(EXP)sf Rating on E Notes IMSCI 2016-7: DBRS Confirms B(high) Rating on Class G Certs JP MORGAN 2023-1: Fitch Affirms 'B-sf' Rating on Class B-5 Debt JP MORGAN 2025-CES5: S&P Assigns B- (sf) Rating on Cl. B-2 Notes JP MORGAN 2025-VIS3: S&P Assigns B-(sf) Rating on Cl. B-2 Certs JUNIPER VALLEY: S&P Assigns BB- (sf) Rating on Class E-RR Notes KEY COMMERCIAL 2018-S1: DBRS Confirms CCC Rating on Class F Certs KRR STATIC I: Fitch Affirms 'BB+sf' Rating on Class E-R2 Notes LCM 31: S&P Affirms B- (sf) Rating on Class F Notes MADISON PARK XLII: S&P Assigns B+ (sf) Rating on Class E-R-2 Notes MADISON PARK XXXVIII: Fitch Assigns 'BB+sf' Rating on Cl. E-R Notes MAGNETITE LTD XXVII: Moody's Assigns B3 Rating to $1MM F-RR Notes MAGNETITE XXVII: Fitch Assigns BBsf Final Rating on Cl. E-RR Notes MANUFACTURED HOUSING 2002-1: S&P Lowers M-2 Certs Rating to D (sf) MARINER FINANCE 2025-B: DBRS Gives Prov. BB Rating on E Notes MARINER FINANCE 2025-B: S&P Assigns Prelim 'BB-' Rating on E Notes MCF CLO IV: S&P Assigns BB- (sf) Rating on Class E-R3 Notes MENLO CLO III: S&P Assigns Prelim B- (sf) Rating on Class F Notes MFA 2025-NQM4: S&P Assigns B- (sf) Rating on Class B-2 Certs MIWD HOLDCO II: Moody's Lowers CFR to B2 & Alters Outlook to Stable MORGAN 2025-SPL1: S&P Assigns Prelim B (sf) Rating on Cl B-2 Notes MORGAN STANLEY 2015-C26: Fitch Affirms 'B-sf' Rating on Cl. F Certs MORGAN STANLEY 2025-SPL1: S&P Assigns 'B' Rating on Cl. B-2 Notes MOUNTAIN VIEW XVII: S&P Assigns BB- (sf) Rating on Class E-R Notes MP CLO VII: Moody's Cuts Rating on Class E-RR Notes to Caa2 NEW RESIDENTIAL 2025-NQM5: S&P Assigns 'B-' Rating on B-2 Notes NYC COMMERCIAL 2025-11X: Fitch Assigns BB-(EXP) Rating on HRR Certs NYMT LOAN 2025-INV2: S&P Assigns B- (sf) Rating on Cl. B-2 Notes OBX TRUST 2025-J3: Moody's Assigns 'B1' Rating to Cl. B-5 Certs OCTANE RECEIVABLES 2025-1: S&P Assigns Prelim BB Rating on E Notes ONE KKR 33: S&P Lowers Class E Notes Rating to 'B (sf)' OPORTUN ISSUANCE 2025-D: Fitch Gives BB-(EXP) Rating on Cl. E Notes PARK AVENUE 2021-2: Moody's Cuts Rating on $22MM Cl. E Notes to B2 PMT LOAN 2025-J3: Moody's Assigns (P)B3 Rating to Class B-5 Certs POINT SECURITIZATION 2025-2: DBRS Gives Prov. B Rating on B2 Notes PREFERRED TERM XXVI: Moody's Upgrades Rating on 2 Tranches to Ba3 PRESTIGE AUTO 2023-2: S&P Affirms 'BB-(sf)' Rating on Cl. E Notes PRKCM 2025-AFC1: DBRS Gives Prov. B Rating on Class B-2 Notes RCKTL 2025-2: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes REPUBLIC FINANCE 2025-A: DBRS Finalizes BB(low) Rating on E Notes REPUBLIC FINANCE 2025-A: S&P Assigns BB+ (sf) Rating on E Notes RR CLO 15: S&P Downgrades Class D Notes Rating to B+ (sf) SAGARD-HALSEYPOINT 10: S&P Assigns Prelim 'BB-' Rating on E Notes SALUDA GRADE 2025-LOC5: DBRS Finalizes B(low) Rating on B-2 Notes SANTANDER MORTGAGE 2025-NQM5: S&P Assigns 'B' Rating on B-2 Certs SBALR COMMERCIAL 2020-RR1: Moody's Cuts Rating on Cl. B Certs to B2 SEQUOIA MORTGAGE 2025-10: Fitch Gives B(EXP) Rating on Cl. B5 Certs SHACKLETON 2013-IV-R: Moody's Cuts $8.4MM E Notes Rating to Caa3 SHRN TRUST 2025-MF18: Fitch Assigns 'B(EXP)sf' Rating on HRR Certs SIERRA TIMESHARE 2025-3: Fitch Gives BB(EXP) Rating on Cl. D Notes SIERRA TIMESHARE 2025-3: S&P Assigns Prelim 'BB-' Rating on D Notes SOFI PERSONAL 2024-3: Fitch Affirms 'B+sf' Rating on Two Tranches SYCAMORE TREE 2023-4: S&P Assigns BB- (sf) Rating on Cl. E-R Notes SYMPHONY CLO 50: S&P Assigns BB- (sf) Rating on Class E Notes TIKEHAU US III: Fitch Affirms BB-sf Rating on Class ER Debt TOWD POINT 2025-CES4: DBRS Gives Prov. B(high) Rating on 4 Classes TOWD POINT 2025-CES4: S&P Assigns Prelim 'B-' Rating on B2BX Notes UBS CITIGROUP 2011-C1: DBRS Confirms C Rating on 3 Classes VERUS SECURITIZATION 2025-9: S&P Assigns Prelim B+(sf) on B2 Notes WARWICK CAPITAL 1: S&P Assigns BB- (sf) Rating on Class E-R Notes WEHLE PARK: Fitch Assigns 'BB-sf' Rating on Class E-R Notes WELLFLEET CLO 2020-1: Moody's Assigns Ba3 Rating to Cl. D-RR Notes WELLS FARGO 2020-C57: Fitch Affirms 'B-sf' Rating on Cl. K-RR Debt WELLS FARGO 2025-5C6: DBRS Finalizes BB(low) Rating on J-RR Certs WESTLAKE AUTOMOBILE 2023-4: Fitch Affirms BB Rating on Class E Debt WESTLAKE AUTOMOBILE 2025-3: DBRS Finalizes BB Rating on E Notes WESTLAKE AUTOMOBILE 2025-3: S&P Assigns BB (sf) Rating on E Notes WFRBS COMMERCIAL 2014-C21: Moody's Affirms Ba1 Rating on C Certs WIND RIVER 2014-1: Moody's Cuts Rating on $11.7MM F Notes to Ca ZAIS CLO 13: Moody's Affirms B1 Rating on $17MM Class E Notes ZAYO ISSUER 2025-3: Fitch Affirms 'BB-sf' Rating on Class C Notes [] DBRS Confirms 47 Credit Ratings From 16 Carvana Auto Trusts [] DBRS Reviews 151 Classes From 13 US RMBS Transactions [] Moody's Downgrades Ratings on 12 Bonds from 2 US RMBS Deals [] Moody's Upgrades Ratings on 14 Bonds from 5 US RMBS Deals [] S&P Takes Various Actions on 175 Classes From 37 US CMBS Deals ********* 720 EAST 2023-II: S&P Assigns BB- (sf) Rating on Class E-R Notes ---------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC, a CLO managed by Northwestern Mutual Investment Management Co. 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 following payment in full on the Oct. 6, 2025, refinancing date. The replacement debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The non-call period was extended to Oct. 6, 2027. -- The reinvestment period was extended to Oct. 15, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to Oct. 15, 2038. -- No additional assets were purchased on the Oct. 6, 2025, refinancing date, and the target initial par amount will remain at $450 million. -- There is no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- The required minimum overcollateralization and interest coverage ratios were amended. -- No additional subordinated notes were issued on the refinancing date. -- The transaction was updated to conform to current rating agency methodology. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each 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 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC Class A-1-R, $288.00 million: AAA (sf) Class A-2-R, $27.00 million: AAA (sf) Class B-R, $27.00 million: AA (sf) Class C-R (deferrable), $27.00 million: A (sf) Class D-1-R (deferrable), $27.00 million: BBB- (sf) Class D-2-R (deferrable), $4.50 million: BBB- (sf) Class E-R (deferrable), $13.50 million: BB- (sf) Ratings Withdrawn 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC Class A-1 to NR from 'AAA (sf)' Class A-2 to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C (deferrable) to NR from 'A (sf)' Class D (deferrable) to NR from 'BBB- (sf)' Class E (deferrable) to NR from 'BB- (sf)' Other Debt 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC Subordinated notes, $42.55 million: NR NR--Not rated. 720 EAST 2023-II: S&P Assigns Prelim BB- (sf) Rating on E-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC, a CLO managed by Northwestern Mutual Investment Management Co. LLC that was originally issued in October 2023. The preliminary ratings are based on information as of Oct. 3, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 6, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. At that time, S&P expects 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-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt. However, if the refinancing doesn't occur, S&P may affirm its 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 non-call period will be extended to Oct. 6, 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 Oct. 15, 2038. -- No additional assets will be purchased on the Oct. 6, 2025, refinancing date, and the target initial par amount will remain at $450 million. -- There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- The required minimum overcollateralization and interest coverage ratios will be amended. -- No additional subordinated notes will be issued on the refinancing date. -- The transaction was updated to conform to current rating agency methodology. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each 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 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC Class A-1-R, $288.00 million: AAA (sf) Class A-2-R, $27.00 million: AAA (sf) Class B-R, $27.00 million: AA (sf) Class C-R (deferrable), $27.00 million: A (sf) Class D-1-R (deferrable), $27.00 million: BBB- (sf) Class D-2-R (deferrable), $4.50 million: BBB- (sf) Class E-R (deferrable), $13.50 million: BB- (sf) Other Debt 720 East CLO 2023-II Ltd./720 East CLO 2023-II LLC Subordinated notes, $42.55 million: NR NR--Not rated. A&D MORTGAGE 2025-NQM4: S&P Assigns B-(sf) Rating on Cl. B-2 Certs ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to A&D Mortgage Trust 2025-NQM4's mortgage-backed 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 1,296 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. 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-NQM4 Class A-1A, $265,382,000: AAA (sf) Class A-1B, $43,541,000: AAA (sf) Class A-1, $308,923,000: AAA (sf) Class A-2, $33,744,000: AA- (sf) Class A-3, $44,847,000: A- (sf) Class M-1, $18,070,000: BBB- (sf) Class B-1, $10,232,000: BB (sf) Class B-2, $13,715,000: B- (sf) Class B-3, $5,878,992: 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. NR--Not rated. N/A--Not applicable. ABPCI DIRECT III: DBRS Gives BB(low) Rating on Class D-R Notes -------------------------------------------------------------- DBRS, Inc. assigned the following credit ratings to the Class A-R Notes, the Class B-R Notes, the Class C-R Notes, and the Class D-R Notes (together, the Notes) issued by ABPCI Direct Lending Fund CLO III Ltd. (the Issuer) and ABPCI Direct Lending Fund CLO III LLC as Co-Issuer. The Notes are issued pursuant to the Amended and Restated Indenture (the Indenture), dated as of October 2, 2025, among the Issuer, Co-Issuer, and U.S. Bank Trust Company, National Association as Trustee: -- Class A-R Notes at AA (sf) -- Class B-R Notes at A (sf) -- Class C-R Notes at BBB (sf) -- Class D-R Notes at BB (low) (sf) The credit ratings on the Class A-R Notes address the timely payment of interest (excluding any Default Interest Amount, as defined in the Indenture) and the timely payment of principal on or before the Stated Maturity of October 20, 2037. The credit ratings on the Class B-R Notes, the Class C-R Notes, the Class D-R Notes address the ultimate payment of interest (excluding any Default Interest Amount, as defined in the Indenture) and the ultimate payment of principal on or before the Stated Maturity of October 20, 2037. CREDIT RATING RATIONALE/DESCRIPTION The Issuer is a cash flow collateralized loan obligation (CLO) transaction that is collateralized primarily by a portfolio of U.S. senior secured middle-market (MM) corporate loans and managed by AB Private Credit Investors LLC (ABPCI) as the Collateral Manager. ABPCI Direct Lending Fund CLO III Ltd. is managed by ABPCI, an affiliate of Alliance Bernstein L.P. Morningstar DBRS considers ABPCI an acceptable collateralized loan obligation (CLO) manager. The Reinvestment Period is scheduled to end on October 20, 2029. The Stated Maturity is October 20, 2037. In its analysis, Morningstar DBRS considered the following aspects of the transaction: 1) The transaction's capital structure and the form and sufficiency of available credit enhancement. (2) Relevant credit enhancement in the form of subordination and excess spread. (3) The ability of the Notes to withstand projected collateral loss rates under various cash flow stress scenarios. (4) The credit quality of the underlying collateral and the ability of the transaction to reinvest Principal Proceeds into new Collateral Assets. (5) Assessment of the CLO management capabilities of ABPCI as the Collateral Manager. (6) The legal structure as well as legal opinions addressing certain matters of the Issuer and the consistency with Morningstar DBRS' Legal Criteria for U.S. Structured Finance methodology (the Legal Criteria). 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 matrix (the CQM, as defined in Schedule 6 of the Indenture). Depending on a given Diversity Score (DScore), the following metrics are selected accordingly from the applicable row of the CQM: Morningstar DBRS Risk Score, Advance Rate, Weighted-Average (WA) Recovery Rate, and WA Spread Level. Morningstar DBRS analyzed each structural configuration (row) as a unique transaction, and all configurations passed the applicable Morningstar DBRS rating stress levels. The Coverage Tests and triggers as well as the Collateral Quality Tests that Morningstar DBRS modeled in its base-case analysis are presented below. Coverage Tests: Class A-R Overcollateralization (OC) Ratio: minimum 136.06% Class B-R OC Ratio: minimum 125.67% Class C-R OC Ratio: minimum 118.61% Class D-R OC Ratio: minimum 110.81% Class A-R Interest Coverage (IC) Ratio: minimum 150.00% Class B-R IC Ratio: minimum 110.00% Class C-R IC Ratio: minimum 105.00% Collateral Quality Tests: Minimum Weighted Average Spread: Subject to CQM; min 4.25% Minimum Weighted Average Coupon: 7.50% Maximum Morningstar DBRS Risk Score: Subject to CQM; min 36.00% Minimum Weighted Average Recovery Rate: Subject to CQM; min 51.68% Minimum Diversity Score: Subject to CQM; min 26 Maximum Weighted Average Life Test: 8.00 years from Closing Date Maximum Advance Rate Level: Subject to CQM; max 70.00% 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; and (3) the Portfolio Manager's expertise in CLOs and overall approach to selection of Collateral Obligations. Some challenges were identified: (1) the weighted-average credit quality of the underlying obligors may fall below investment grade (per the Collateral Quality Matrix), and the majority may not have public ratings; 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 (July 9, 2025). The model-based analysis, which incorporated the above-mentioned collateral quality matrix, produced satisfactory results. Considering the analysis, as well as the transaction's legal aspects and structure, Morningstar DBRS assigned the above-referenced credit ratings to 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. Morningstar DBRS' credit ratings on the Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the principal and interest (excluding any Default Interest Amount, as defined in the Indenture) due on the Notes. Notes: All figures are in U.S. dollars unless otherwise noted. ABRY LIQUID 2025-1: Fitch Assigns 'BB-sf' Rating on Class E Notes ----------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Abry Liquid Credit CLO 2025-1, Ltd. Entity/Debt Rating ----------- ------ Abry Liquid Credit CLO 2025-1, Ltd. A-1 LT NRsf New Rating A-2 LT AAAsf New Rating B LT AAsf New Rating C LT Asf New Rating D LT BBB-sf New Rating E LT BB-sf New Rating Subordinated LT NRsf New Rating Transaction Summary Abry Liquid Credit CLO 2025-1, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by ABRY Partners, LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 22.84, versus a maximum covenant, in accordance with the initial expected matrix point of 24.00. 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 100% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 76.8%, versus a minimum covenant, in accordance with the initial expected matrix point of 74.2%. Portfolio Composition: The largest three industries may comprise up to 40.0% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The weighted average life (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 'Bsf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for class D, and between less than 'B-sf' and 'B+sf' for class E. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2 notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AAsf' for class C, 'Asf' for class D, 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 Abry Liquid Credit CLO 2025-1, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ADAMS OUTDOOR 2023-1: Fitch Affirms BB- Rating on Class C Notes --------------------------------------------------------------- Fitch Ratings has affirmed four classes of Adams Outdoor Advertising Limited Partnership (LP), Series 2023-1. The indenture of this transaction has been amended to increase the A-1 variable funding note (VFN) from $60.0 million to $145.0 million total with the current leverage multiples. The transaction has currently drawn $35.0 million of the VFN. Per the amended documents, a rating agency confirmation will be required to draw the last $25.0 million of the VFN, increasing the amount from $120.0 million to $145.0 million. Fitch has reviewed the indenture supplement and confirmed that the Series 2023-1 notes will not be downgraded upon the upsize of the VFN or as a result of the amended indenture. The ratings are based on information provided by the issuer as of Oct. 3, 2025. The transaction represents a securitization in the form of notes backed by approximately 10,000 outdoor advertising displays. None of the outdoor sites are secured by mortgages. Instead, the notes will primarily be secured by a perfected security interest in all the issuer's right to, title to and interest in outdoor advertising sites and associated contracts, as well as the related permits, licenses, ground leases and parcels of real estate on which the outdoor advertising structures are located. As this transaction isolates the assets from the parent company, the ratings reflect a structured finance analysis of the cash flows from advertising structures, not an assessment of the corporate default risk of the ultimate parent. Entity/Debt Rating Prior ----------- ------ ----- Adams Outdoor 2023-1 A-1 LT A-sf Affirmed A-sf A-2 006346AW0 LT A-sf Affirmed A-sf B 006346AX8 LT BBB-sf Affirmed BBB-sf C 006346AY6 LT BB-sf Affirmed BB-sf KEY RATING DRIVERS Non-Traditional Asset Type; Rating Cap: Due to the specialized nature of the collateral consisting primarily of outdoor advertising displays and lack of mortgages, the senior classes of this transaction do not achieve ratings above 'Asf'. Continued Cash Flow Growth/Fitch Leverage: Fitch's net cash flow (NCF) on the pool is $76.9 million, implying a Fitch stressed debt service coverage ratio of (DSCR) of 1.26x. Fitch's NCF has increased from $70.9 million at issuance, which results in an 8.5% increase during a two-year timeframe. The current debt multiple relative to Fitch's NCF is 8.4x, which equates to a debt yield of 12.0%. The Fitch market loan-to-value (LTV) at 'BB-sf' (the lowest Fitch-rated non-investment-grade tranche) is not applicable for this transaction. The Fitch market LTV is based on a blend of the Fitch cap rate and market cap rate. Fitch did not assign a cap rate nor is there an appraisal to determine a market cap rate. Dominant Market Share/Barriers to Entry: Adams Outdoor Advertising L.P. (AOA) primarily operates in midsize markets where it is the dominant provider of outdoor advertising, with an average 81% market share. This dominant market share adds to the predictability of the cash flow by minimizing pricing pressure from competition. AOA faces limited competition in its market because of the billboard permitting process and significant federal, state and local regulations that limit supply and prohibit new billboards. Diverse Number of Assets: AOA currently operates approximately 10,000 billboard faces, including 3,839 bulletins, 5,768 posters, 376 digital displays and 26 other displays, in 12 primary markets in seven states. In addition, no customer accounts for greater than 2.0% of revenues, and no industry accounts for more than 17.8% of net revenues. Experienced Sponsorship and Management Team: AOA has been operating since 1983 and is currently one of the largest domestic billboard operators. AOA has shown consistent performance and has effectively managed its operations through economic cycles, reducing expenses in 2008 and 2009 during the financial crisis and more recently in 2020 and 2021 during the pandemic to offset revenue decline. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades could be possible with a significant and sustained decline in net cash flow, but are not expected due to the high barriers to entry, limited competition and the sponsor's ability to manage expenses to offset declines in revenue during periods of economic downturns. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrades are limited due to the provision allowing the issuance of additional notes, the non-traditional asset type and a rating cap of 'Asf'. 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 Adams Outdoor 2023-1. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. AIMCO CLO 14: Fitch Assigns 'BB-sf' Rating on Two Tranches ---------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to the AIMCO CLO 14, Ltd. reset transaction. Entity/Debt Rating ----------- ------ AIMCO CLO 14, Ltd. X-R LT AAAsf New Rating A-1-R LT AAAsf New Rating A-2-R LT AAAsf New Rating B-R LT AAsf New Rating C-R LT Asf New Rating D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-1-R LT BB-sf New Rating E-2-R LT BB-sf New Rating Subordinated LT NRsf New Rating Transaction Summary AIMCO CLO 14, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Allstate Investment Management Company. The transaction originally closed April 2021 and will refinance on Oct. 8, 2025. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $397.55 million of primarily first lien senior secured leveraged loans, excluding defaulted obligations. 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 22.64 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 97.26% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 75.26% 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 five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as 'AAAsf' for class X, 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, between less than 'B-sf' and 'BB+sf' for class D-2-R, between less than 'B-sf' and 'B+sf' for class E-1-R and between less than 'B-sf' and 'B+sf' for class E-2-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X, 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, 'Asf' for class D-1-R, 'A-sf' for class D-2-R, 'BBB+sf' for class E-1-R and 'BBBsf' for class E-2-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 AIMCO CLO 14, 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. AL GCX VIII: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed AL GCX Fund VIII Holdings, LLC's (AL GCX Fund VIII) ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and the Ba3 rating on the senior secured first-lien term loan B due 2032. The rating outlook remains stable. Additionally, the company's proposed $50 million add-on offering does not change the Ba3 rating on the existing term loan. Moody's had expected this incremental issuance in Moody's original rating assignment on January 21, 2025. The company plans to use the debt proceeds, together with sponsor equity to finance its 25% share of the GCX pipeline expansion expenditures. The expansion will increase the pipeline's throughput capacity by 0.57 Bcf/d, fully supported by long-term contracts. The projected in-service date is the second quarter of 2026. RATINGS RATIONALE The Ba3 rating on the term loan reflects its singular position in the capital structure, and is consistent with AL GCX Fund VIII's Ba3 CFR. The term loan is secured by all assets and matures on January 30, 2032. The Ba3 reflects AL GCX Fund VIII's 25% ownership interest in the Gulf Coast Express Pipeline LLC (GCX), highly predictable cash flow backed by 100% take-or-pay contracts with a diversified blue-chip customer base, and presence in the fastest growing gas producing region near the largest gas demand markets in the US. The rating also considers AL GCX Fund VIII's moderate financial leverage, strong governance rights and shared ownership interests with Kinder Morgan, which operates the GCX pipeline. AL GCX Fund VIII has veto rights over key pipeline decisions, including distribution policy, debt incurrence, growth spending and amendments to the LLC agreement. The Ba3 CFR is restrained by the company's single asset concentration, small scale in terms of earnings and cash flow, and structurally subordinated and non-operating ownership interest in GCX. Moody's expects the company to maintain adequate liquidity through 2026. The holding company will receive roughly $80 million in annual distributions from the operating company through mid-2026, which Moody's expects will increase following completion of the expansion project once the pipeline is running at full capacity. The company does not have any revolving credit facility. Management plans to maintain a small cash balance to cover day-to-day expenditures, and there is a debt service reserve account backed a $20 million letters of credit facility. The Term Loan B is subject to a minimum debt service coverage ratio covenant of 1.1x, which Moody's expects will be satisfied by a substantial margin. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of AL GCX Fund VIII could be considered if debt/EBITDA is sustained below 5x and FFO/debt is maintained above 15% supported by long term contracts. A downgrade could occur if FFO/debt declines below 5% or distributions from GCX is materially reduced due to unforeseen operational challenges or loss of key customers. AL GCX Fund VIII Holdings, LLC is an ArcLight backed holding company that owns a 25% non-operated interest in the Gulf Coast Express natural gas pipeline in Texas. The remaining GCX equity interest is owned by Kinder Morgan, Inc. (34%) and another ArcLight managed fund, AL GCX Holdings, LLC (41)%. The principal methodology used in these ratings was Natural Gas Pipelines published in April 2024. AL GCX Fund VIII Holdings, LLC's Ba3 rating is three notches below the scorecard-indicated outcome of Baa3. The difference reflects, among other factors, AL GCX's minority and non-operating ownership position, as well as its current elevated financial leverage. AMSR TRUST 2025-SFR2: DBRS Finalizes BB Rating on Class F1 Certs ---------------------------------------------------------------- DBRS, Inc. finalized the following provisional credit ratings on the Single-Family Rental Pass-Through Certificates (the Certificates) issued by AMSR 2025-SFR2 Trust: -- $227.9 million Class A at AAA (sf) -- $45.3 million Class B at AA (low) (sf) -- $25.1 million Class C at A (low) (sf) -- $34.1 million Class D at BBB (sf) -- $13.2 million Class E1 at BBB (sf) -- $16.2 million Class E2 at BBB (low) (sf) -- $30.5 million Class F1 at BB (sf) -- $9.4 million Class F2 at BB (low) (sf) Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The AAA (sf) credit rating on the Class A certificates reflects 47.85% of credit enhancement provided by subordinate certificates. The AA (low) (sf), A (low) (sf), BBB (sf), BBB (low) (sf), BB (sf) and BB (low) (sf) credit ratings reflect 37.47%, 31.72%, 20.91%, 17.20%, 10.22%, and 8.06% respectively, of credit enhancement. The AMSR 2025-SFR2 certificates are supported by income streams and values from 1,563 rental properties. The properties are distributed across 15 states and 35 MSAs in the United States. Morningstar DBRS maps an MSA based on the ZIP code provided in the data tape, which may result in different MSA stratifications than those provided in offering documents. As measured by BPO value, 48.0% of the portfolio is concentrated in three states: Tennessee (21.2%), Alabama (13.5%), and Missouri (13.3%). The average BPO value is $300,668. The average age of the properties is roughly 26 years as of the cut-off date. The majority of the properties have three or more bedrooms. The certificates represent a beneficial ownership in an approximately five-year, fixed-rate, interest-only loan with an initial aggregate principal balance of approximately $437.1 million. Morningstar DBRS finalized the provisional credit ratings for each class of certificates by performing a quantitative and qualitative collateral, structural, and legal analysis. This analysis uses Morningstar DBRS' single-family rental subordination analytical tool and is based on Morningstar DBRS' published criteria. (For more details, see https://dbrs.morningstar.com). Morningstar DBRS developed property-level stresses for the analysis of single-family rental assets. Morningstar DBRS finalized the provisional credit ratings on each class based on the level of stresses each class can withstand and whether such stresses are commensurate with the applicable credit rating level. Morningstar DBRS' analysis includes estimated base-case NCFs by evaluating the gross rent, concession, vacancy, operating expenses, and capital expenditure (capex) data. The Morningstar DBRS NCF analysis resulted in a minimum DSCR of higher than 1.0 times (x). Notes: All figures are in U.S. dollars unless otherwise noted. ANTARES CLO 2018-2: S&P Assigns Prelim 'BB-' Rating on E-1RR Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class A-1-RR, A-2RR, B-RR, C-RR, D-RR, and E-RR debt from Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC, a CLO managed by Antares Capital Advisers LLC that was originally issued in October 2018 and underwent a refinancing in June 2022. The preliminary ratings are based on information as of Oct. 6, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Nov. 6, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. S&P said, "At that time, we expect to withdraw our ratings on the existing class A-1-R, A-2R, B-R, C-R, D-R, and E-R debt and assign ratings to the replacement class A-1-RR, A-2RR, B-RR, C-RR, D-RR, and E-RR debt. However, if the refinancing doesn't occur, we may affirm our ratings on the existing debt and withdraw our preliminary ratings on the replacement debt." The replacement debt will be issued via a proposed supplemental indenture, which outlines the terms of the replacement debt. According to the proposed supplemental indenture: -- The replacement class A-1-RR, A-2RR, B-RR, C-RR, D-RR, and E-RR debt is expected to be issued at a lower spread over three-month SOFR than the existing debt. -- The non-call period will be extended to Nov. 6, 2027. -- The reinvestment period will be extended to Jan. 20, 2030. -- The legal final maturity dates for the replacement debt and the subordinated notes will be extended to Jan. 20, 2038. -- No additional assets will be purchased on the Nov. 6, 2025, refinancing date, and the target initial par amount will remain at $1.2 billion. -- There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is April 20, 2026. -- The required minimum overcollateralization and interest coverage ratios 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 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 Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC Class A-1RR, $654.00 million: AAA (sf) Class A-2RR, $90.00 million: AAA (sf) Class B-RR, $90.00 million: AA (sf) Class C-1RR (deferrable), $84.00 million: A (sf) Class D-1RR (deferrable), $66.00 million: BBB- (sf) Class E-1RR (deferrable), $78.00 million: BB- (sf) Other Debt Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC Subordinated notes, $123.17 million: Not rated ANTARES CLO 2021-1: S&P Assigns Prelim BB-(sf) Rating on E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt from Antares CLO 2021-1 Ltd./Antares CLO 2021-1 LLC, a CLO managed by Antares Capital Advisers LLC, a subsidiary of Antares Holdings L.P., that was originally issued in July 2021. As part of this transaction, Antares CLO 2021-1 Ltd. is expected to merge with Antares CLO 2020-1 Ltd., a CLO originally issued in October 2020, which underwent a partial refinancing in November 2021. The preliminary ratings are based on information as of Oct. 8, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 15, 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 from Antares CLO 2021-1 Ltd. and class A-1-R, A-2-R, B-R, C-R, D-R, and E debt from Antares CLO 2020-1 Ltd., and assign ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-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-1-R, A-2-R, B-R, C-R, D-R, and E-R debt is expected to be issued at a lower spread over three-month term SOFR than the existing debt from both the merging entities. -- The replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt is expected to be issued at floating spreads, replacing the current floating spreads. -- The non-call period will be extended to Oct. 25, 2027. -- The reinvestment period will be extended to Oct. 25, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to Oct. 25, 2038. -- Antares CLO 2020-1 Ltd. and Antares CLO 2021-1 Ltd. are expected to merge on the refinancing date and the target initial par amount will increase to $1.5 billion. There will be an additional effective date, and the first payment date following the refinancing is Jan. 25, 2026. -- The required minimum overcollateralization and interest coverage ratios will be amended. -- The subordinated notes from each merging entity will be combined 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 Antares CLO 2021-1 Ltd./Antares CLO 2021-1 LLC Class A-1-R, $870.00 million: AAA (sf) Class A-2-R, $60.00 million: AAA (sf) Class B-R, $112.50 million: AA (sf) Class C-R (deferrable), $105.00 million: A (sf) Class D-R (deferrable), $82.50 million: BBB- (sf) Class E-R (deferrable), $90.00 million: BB- (sf) Other Debt Antares CLO 2021-1 Ltd./Antares CLO 2021-1 LLC Subordinated notes, $182.99 million: NR NR--Not rated. APEX CREDIT 2022-I: Fitch Assigns 'B-sf' Rating on Class F-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned ratings and Rating Outlooks to Apex Credit CLO 2022-I Ltd. reset transaction. Entity/Debt Rating ----------- ------ Apex Credit CLO 2022-I Ltd. X-R LT AAAsf New Rating A-LR LT AAAsf New Rating A-R LT AAAsf New Rating B-R LT AAsf New Rating C-R LT Asf New Rating D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-R LT BB-sf New Rating F-R LT B-sf New Rating Subordinated LT NRsf New Rating Transaction Summary Apex Credit CLO 2022-I Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Apex Credit Partners LLC. This transaction originally closed April 2022 and will refinance on Oct. 9, 2025. All secured notes will be paid in full Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $297 million of primarily first lien senior secured leveraged loans, excluding defaulted obligations. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B/B-', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 24.85 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 99.34% 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 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 that of other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as 'AAAsf' for class X, between 'BBB+sf' and 'AA+sf' for class A-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, between less than 'B-sf' and 'BB+sf' for class D-2-R, between less than 'B-sf' and 'B+sf' for class E-R, and between less than 'B-sf' and 'B+sf' for class F-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X 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-R, 'AAsf' for class C-R, 'A+sf' for class D-1-R, 'A-sf' for class D-2-R, 'BBB+sf' for class E-R, and 'BBB-sf' for class F-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 Apex Credit CLO 2022-I Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ARCHWEST MORTGAGE 2025-RTL1: DBRS Gives (P) B(low) on M2 Notes -------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Notes, Series 2025-RTL1 (the Notes) to be issued by Archwest Mortgage Trust 2025-RTL1 (the Issuer) as follows: -- $236.1 million Class A1 at (P) A (low) (sf) -- $21.2 million Class A2 at (P) BBB (low) (sf) -- $22.4 million Class M1 at (P) BB (low) (sf) -- $20.4 million Class M2 at (P) B (low) (sf) The (P) A (low) (sf) credit rating reflects 25.25% of credit enhancement (CE) provided by the subordinated notes and overcollateralization. The (P) BBB (low) (sf), (P) BB (low) (sf), and (P) B (low) (sf) credit ratings reflect 18.55%, 11.45%, and 5.00% of CE, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. This transaction is securitization of a two-year revolving portfolio of residential transition loans (RTLs) funded by the issuance of the Mortgage-Backed Notes, Series 2025-RTL1 (the Notes). As of the Initial Cut-Off Date, the Notes are backed by: -- 318 mortgage loans with a total principal balance of approximately $274,531,566, -- Approximately $41,258,434 in the Accumulation Account, and -- Approximately $3,158, 426 in the Pre-Funding Interest Account. Additional RTLs may be added to the revolving portfolio on future additional transfer dates, subject to the transaction's eligibility criteria. Archwest 2025-RTL1 represents the first RTL securitization issued by the Sponsor, Archwest Lending, LLC (Archwest Lending). Its parent company, Archwest Capital, LLC (Archwest Capital), is a national, direct, private nonbank lender specializing in financing solutions for residential real estate investors. Archwest Capital's family of companies includes six wholly owned subsidiaries that originate, provide loan administration services, or hold for investment business-purpose first-lien loans secured by residential and multifamily real estate nationwide. The revolving portfolio generally consists of first-lien, fixed-rate, interest-only (IO) balloon RTL with original terms to maturity of 9 to 24 months. The loans may be extended, which can lengthen maturities beyond the original terms. The characteristics of the revolving pool will be subject to eligibility criteria specified in the transaction documents and include, but are not limited to: -- A minimum non-zero weighted-average (NZ WA) FICO score of 730. -- A maximum WA Loan-to-Cost ratio (LTC) of 82.5%. -- A maximum NZ WA As Repaired Loan-to-Value ratio (ARV LTV) of 70.0%. RTL Features RTLs, also known as fix-and-flip mortgage loans, are short-term bridge, construction, or renovation loans designed to help real estate investors purchase and renovate residential or multifamily 5+ and mixed used properties (the latter is limited to 5.0% of the revolving portfolio), generally within 12 to 36 months. RTLs are similar to traditional mortgages in many aspects but may differ significantly in terms of initial property condition, construction draws, and the timing and incentives by which borrowers repay principal. For traditional residential mortgages, borrowers are generally incentivized to pay principal monthly, so they can occupy the properties while building equity in their homes. In the RTL space, borrowers repay their entire loan amount when they (1) sell the property with the goal to generate a profit or (2) refinance to a term loan and rent out the property to earn income. In general, RTLs are short-term IO balloon loans with the full amount of principal (balloon payment) due at maturity. The repayment of an RTL is mainly based on the ability to sell the related mortgaged property or to convert it into a rental property. In addition, many RTL lenders offer extension options, which provide additional time for borrowers to repay their mortgage beyond the original maturity date. For the loans in this transaction, such extensions may be granted, subject to certain conditions, at the direction of the Loan Administrator. In the Archwest 2025-RTL1 revolving portfolio, RTLs may be: Fully funded -- With no obligation of further advances to the borrower, or -- With a portion of the loan proceeds allocated to a rehabilitation (rehab) escrow account for future disbursement to fund draw requests for construction, rehabilitation, or repair on the mortgaged property (Rehabilitation Disbursement Requests) upon the satisfaction of certain conditions. Partially funded -- With a commitment to fund borrower-requested draws for approved Rehabilitation Disbursement Requests upon the satisfaction of certain conditions. After completing certain construction/repairs using their own funds, the borrower usually seeks reimbursement by making draw requests. Generally, construction draws are disbursed only upon the completion of approved construction/repairs and after a satisfactory construction progress inspection. Based on the Archwest 2025-RTL1 eligibility criteria, unfunded commitments are limited to 50.0% of the assets of the issuer, which includes (1) the unpaid principal balance (UPB) of the mortgage loans and (2) amounts in the Accumulation Account and Payment Account. Cash Flow Structure and Draw Funding The transaction employs a sequential-pay cash flow structure. During the reinvestment period, the Notes will generally be IO. After the reinvestment period, principal will be applied to pay down the Notes, sequentially. If the Issuer does not redeem the Notes by the payment date in March 2028, the Class A1 and A2 fixed rates listed in the Credit Ratings table will step up by 1.000% the following month. There will be no advancing of delinquent (DQ) interest on any mortgage by the Servicer or any other party to the transaction. However, the Servicer is obligated to fund Servicing Advances which include taxes, insurance premiums, and reasonable costs incurred in the course of servicing and disposing properties. The Servicer will be entitled to reimburse itself for Servicing Advances from available funds prior to any payments on the Notes. The Loan Administrator will satisfy Rehabilitation Disbursement Requests by, (1) for loans with funded commitments, releasing funds from the Rehab Escrow Account to the applicable borrower; or (2) for loans with unfunded commitments, either (A) directing the release of funds from the Accumulation Account or (B) advancing funds on behalf of the Issuer (Disbursement Request Advances). The Loan Administrator will be entitled to reimburse itself for Disbursement Request Advances from time to time from the Accumulation Account. The Accumulation Account is replenished from the transaction cash flow waterfall, after payment of interest to the Notes, to maintain a minimum required funding balance. During the reinvestment period, amounts held in the Accumulation Account, along with the mortgage collateral, must be sufficient to maintain a minimum credit enhancement (CE) of approximately 5.00% (the initial subordination) to the most subordinate rated class. The transaction incorporates this via a Maximum Effective Advance Rate Test during the reinvestment period, which if breached, redirects available funds to pay down the Notes, sequentially, prior to replenishing the Accumulation Account, to maintain CE for the rated Notes. The transaction also employs the Expense Reserve Account, which will be available to cover fees and expenses. The Expense Reserve Account is replenished from the transaction cash flow waterfall, before payment of interest to the Notes, to maintain a minimum reserve balance. A Pre-Funding Interest Account is in place to help cover two months of interest payments to the Notes. Such account is funded upfront in an amount equal to $3,158,426. On the payment dates occurring in October and November 2025, the Paying Agent will withdraw a specified amount to be included in available funds. Historically, RTL originations reviewed by Morningstar DBRS have generated robust mortgage repayments, which have been able to cover unfunded commitments in securitizations. In the RTL space, because of the lack of amortization and the short-term nature of the loans, mortgage repayments (paydowns and payoffs) tend to occur closer to or at the related maturity dates when compared with traditional residential mortgages. Morningstar DBRS considers paydowns to be unscheduled voluntary balance reductions (generally repayments in full) that occur prior to the maturity date of the loans, while payoffs are scheduled balance reductions that occur on the maturity or extended maturity date of the loans. In its cash flow analysis, Morningstar DBRS evaluated mortgage repayments relative to draw commitments for Archwest Lending's historical originations and incorporated several stress scenarios where paydowns may or may not sufficiently cover draw commitments. Please see the Cash Flow Analysis section of this report for more details. Other Transaction Features Optional Redemption On any date on or after the earlier of (1) the Payment Date following the termination of the Reinvestment Period or (2) the date on which the aggregate Note Amount falls to 25% or less of the initial Closing Date Note Amount, the Issuer, at its option, may purchase all of the outstanding Notes at price equal to par plus interest and fees. Repurchase Option The Depositor will have the option to repurchase any DQ or defaulted mortgage loan at the Repurchase Price, which is equal to par plus interest and fees. However, such voluntary repurchases may not exceed 10.0% of the cumulative UPB of the mortgage loans as of the Initial Cut-Off Date. During the reinvestment period, if the Depositor repurchases DQ or defaulted loans, this could potentially delay the natural occurrence of an early amortization event based on the DQ or default trigger. Morningstar DBRS' revolving structure analysis assumes the repayment of Notes is reliant on the amortization of an adverse pool regardless of whether it occurs early or not. Repurchases A mortgage loan may be repurchased under the following circumstances: -- There is a material R&W breach, a material document defect, or a diligence defect that the Seller is unable to cure, -- The Depositor elects to exercise its Repurchase Option, or -- An optional redemption occurs. U.S. Credit Risk Retention As the Sponsor, Archwest Lending, through a majority-owned affiliate, will initially retain an eligible horizontal residual interest comprising at least 5% of the aggregate fair value of the securities (the Class XS Notes) to satisfy the credit risk retention requirements. Natural Disasters/Wildfires The pool may contain loans secured by properties that are located within certain disaster areas. Although many RTL already have a rehab component, the original scope of rehab may be affected by such disasters. After a disaster, the Servicer follows standard protocol, which includes a review of the impacted area, borrower outreach, and filing insurance claims as applicable. Moreover, additional loans added to the trust must comply with R&W specified in the transaction documents, including the damage R&W, as well as the transaction eligibility criteria. Notes: All figures are in U.S. dollars unless otherwise noted. ARES LOAN II: Fitch Assigns 'BB-sf' Rating on Class E-R2 Notes -------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Ares Loan Funding II, Ltd. reset transaction. Entity/Debt Rating ----------- ------ Ares Loan Funding II, Ltd. A-1-R2 LT NRsf New Rating A-2-R2 LT AAAsf New Rating B-R2 LT AAsf New Rating C-R2 LT Asf New Rating D-1-R2 LT BBB-sf New Rating D-2-R2 LT BBB-sf New Rating E-R2 LT BB-sf New Rating Subordinated Notes LT NRsf New Rating Transaction Summary Ares Loan Funding II, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Ares CLO Management LLC, which originally closed in July 2022. This is the second refinancing of the transaction where the original notes will be refinanced in whole on Oct. 3, 2025. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B'/'B-', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 24.64 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 96.51% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.65% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2-R2, between 'BB+sf' and 'A+sf' for class B-R2, between 'Bsf' and 'BBB+sf' for class C-R2, between less than 'B-sf' and 'BB+sf' for class D-1-R2, between less than 'B-sf' and 'BB+sf' for class D-2-R2, and between less than 'B-sf' and 'B+sf' for class E-R2 Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R2 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-R2, 'AA+sf' for class C-R2, 'A+sf' for class D-1-R2, 'Asf' for class D-2-R2, and 'BBB+sf' for class E-R2. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Ares Loan Funding II, 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. ATRIUM HOTEL 2024-ATRM: DBRS Confirms B Rating on Class HRR Certs ----------------------------------------------------------------- DBRS, Inc. confirmed its credit ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2024-ATRM (the Certificates) issued by Atrium Hotel Portfolio Trust 2024-ATRM (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 BB (low) (sf) -- Class G at B (high) (sf) -- Class HRR at B (sf) All trends are Stable. The credit rating confirmations reflect the overall stable performance of the transaction, which is early in its life cycle, having closed in October 2024. The transaction is secured by the borrower's fee-simple and/or leasehold interests in 24 hospitality properties across 14 states. The portfolio totals 6,106 keys and includes 14 properties that operate under the Hilton brand family (3,946 keys, representing 73.5% of the allocated loan amount (ALA)), nine properties that operate under the Marriott brand family (1,859 keys, representing 21.5% of ALA), and one independent property (301 keys, representing 5.1% of ALA). The portfolio includes 18 full-service hotels (5,060 keys), three limited-service hotels (609 keys), and three extended-stay hotels (437 keys). The properties were constructed between 1992 and 2009, with a weighted-average (WA) year built of 2003 and a WA year renovated of 2015. The whole loan totals $985.0 million, of which $835.0 million is contributed to the trust. The subject financing was used primarily to refinance existing debt and return equity to investors and the Sponsor; however, an additional $46.1 million funded upfront working capital and property improvement (PIP) reserves. The loan is structured as a five-year, fixed-rate interest-only (IO) loan with A-note debt of $314.8 million and B-note debt of $520.2 million held in the trust. The loan allows for the release of properties from the portfolio subject to a 110.0% payment of the ALA for the initial 30.0% of the total balance and 115.0% payment of the ALA for the remaining 70.0% of the total balance. The loan is sponsored by Atrium Holding Company (Atrium). Atrium acquired 21 of the 24 properties in the subject portfolio out of a bankruptcy reorganization of The Revocable Trust of John Q. Hammons and its affiliates. Nineteen of these properties were acquired in 2018 and previously securitized in the AHPT 2018-ATRM transaction. The sponsor acquired the remaining five properties between 2005 and 2019. From 2019 to July 2024, the borrower invested approximately $121.1 million ($19,830 per key) into PIP renovations and other capital expenditures across the portfolio, with individual property investments ranging from $4,085 per key to $56,606 per key. At closing, it was noted the borrower planned to spend an additional $126.1 million ($20,659 per key or $34,466 per renovated key) over the loan term to complete brand-mandated PIP renovations across 14 properties. From 2019 to 2023, properties in the portfolio that received full renovations experienced revenue per available room (RevPAR) penetration growth of 16.5%, compared with 1.0% for nonrenovated properties. Morningstar DBRS believes the future PIP renovations will help the portfolio maintain or improve its competitive position and sustain its current RevPAR growth within the respective individual markets. Morningstar DBRS did not receive an update regarding capital expenditure investment across the portfolio since loan closing in its current review of the transaction. The portfolio benefits from diversified net cash flow (NCF), as according to the trailing 12-month period ended June 30, 2025 (T-12 2025), financials, the properties contributing the highest portion of portfolio NCF include: Rogers (Bentonville) Embassy Suites (11.9% of the T-12 2025 NCF); Frisco Embassy Suites (6.9% of the T-12 2025 NCF); and Branson Chateau Hotel (6.6% of the T-12 2025 NCF). The portfolio reported NCF of $97.4 million (a DSCR of 1.33x), less than the Morningstar DBRS figure of $103.0 million (a DSCR of 1.44x). For the same period, the portfolio reported occupancy of 70.5%, slightly below the issuance figure of 72.3%. For the purposes of this credit rating action, Morningstar DBRS maintained the valuation approach from issuance, which was based on a capitalization rate of 9.3% applied to the Morningstar DBRS NCF of $103.0 million. The resulting value of $1.1 billion represents a variance of -23.4% from the issuance appraised value of $1.4 billion and corresponds to a loan-to-value ratio (LTV) of 41.9%. Morningstar DBRS maintained positive qualitative adjustments of 4.25% to the LTV sizing benchmarks to account for the stable financial performance of the portfolio and the significant capital improvements made to improve the properties. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Notes: All figures are in U.S. dollars unless otherwise noted. BALLYROCK CLO 2019-2: S&P Assigns Prelim 'BB-'Rating on D-R3 Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class X-R3, A-1-R3, A-2-R3, B-R3, C-1-R3, C-2-R3, and D-R3 debt from Ballyrock CLO 2019-2 Ltd./Ballyrock CLO 2019-2 LLC, a CLO managed by Ballyrock Investment Advisors LLC. This is a proposed refinancing of its February 2024 deal, which was a second refinancing of the transaction originally issued in November 2019. S&P Global Ratings did not rate the original deal. The preliminary ratings are based on information as of Oct. 9, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 15, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. At that time, S&P expects to withdraw our ratings on the existing class X, A-1-RR, A-2-RR, B-RR, C-RR, D-1-RR, and D-2-RR debt and assign ratings to the replacement class X-R3, A-1-R3, A-2-R3, B-R3, C-1-R3, C-2-R3, and D-R3 debt. However, if the refinancing doesn't occur, S&P may affirm our ratings on the existing debt and withdraw its 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 class C-RR debt will be split into C-1-R3 and C-2-R3 debt. -- The pro rata D-1-RR and D-2-RR debt will be combined into D-R3 debt. -- The non-call period will be extended to Oct. 15, 2027. -- The reinvestment period will be extended to Oct. 25, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to Oct. 25, 2038. -- An additional $50.00 million of assets will be purchased on the Oct. 15, 2025, refinancing date, and the target initial par amount will be $500.0 million. There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 25, 2026. -- An additional $16.35 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 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 Ballyrock CLO 2019-2 Ltd./Ballyrock CLO 2019-2 LLC Class X-R3, $3.00 million: AAA (sf) Class A-1-R3, $310.00 million: AAA (sf) Class A-2-R3, $70.00 million: AA (sf) Class B-R3 (deferrable), $30.00 million: A (sf) Class C-1-R3 (deferrable), $25.00 million: BBB (sf) Class C-2-R3 (deferrable), $8.75 million: BBB- (sf) Class D-R3 (deferrable), $16.25 million: BB- (sf) Other Debt Ballyrock CLO 2019-2 Ltd./Ballyrock CLO 2019-2 LLC Subordinated notes, $61.50 million: NR NR--Not rated. BARINGS CLO 2019-I: S&P Assigns Prelim BB-(sf) Rating on E-R2Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the class A-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 replacement debt from Barings CLO Ltd. 2019-I/Barings CLO 2019-I LLC, a CLO originally issued in March 2019 and refinanced in April 2021 that is managed by Barings LLC. The preliminary ratings are based on information as of Oct. 6, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 7, 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 reinvestment period will be extended by 4.5 years. -- The non-call period will be extended to October 2027. -- The legal final maturity dates for the replacement debt and the subordinated notes will be extended to October 2038. -- 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. 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 Barings CLO Ltd. 2019-I/Barings CLO 2019-I LLC Class A-R2, $320 million: AAA (sf) Class B-R2, $60 million: AA (sf) Class C-R2 (deferrable), $30 million: A (sf) Class D-1-R2 (deferrable), $30 million: BBB- (sf) Class D-2-R2 (deferrable), $5 million: BBB- (sf) Class E-R2 (deferrable), $15 million: BB- (sf) Other Outstanding Debt Barings CLO Ltd. 2019-I/Barings CLO 2019-I LLC Subordinated notes, $86 million: Not rated BBAM US III: S&P Assigns BB- (sf) Rating on Class D-R Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1L-R loans and class A-1-R, A-1L-R, A-2-R, B-R, C-1a-R, C-1b-R, C-1c-R, C-2-R, and D-R debt for BBAM US CLO III Ltd./BBAM US CLO III LLC, a CLO managed by RBC Global Asset Management (U.S.) Inc., that was originally issued in September 2023. At the same time, S&P withdrew its ratings on the outstanding class A-1L loans and class A-1L, A-2, B, C-1, C-2, and D debt following payment in full on the Oct. 3, 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. -- No additional assets were purchased on the Oct. 3, 2025, refinancing date, and 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 Jan. 15, 2025. -- No additional subordinated notes were issued on the refinancing date. Replacement And Outstanding Debt Issuances Replacement debt -- Class A-1-R note, $130.00 million: Three-month CME term SOFR + 1.17% -- Class A-1L-R loans, $126.00 million: Three-month CME term SOFR + 1.17% -- Class A-1L-R note (deferrable), $0.00 million: Three-month CME term SOFR + 1.17% -- Class A-2-R (deferrable), $48.00 million: Three-month CME term SOFR + 1.65% -- Class B-R (deferrable), $24.00 million: Three-month CME term SOFR + 1.90% -- Class C-1a-R (deferrable), $12.00 million: Three-month CME term SOFR + 2.70% -- Class C-1b-R (deferrable), $8.00 million: Three-month CME term SOFR + 3.10% -- Class C-1c-R (deferrable), $4.00 million: Three-month CME term SOFR + 3.55% -- Class C-2-R (deferrable), $4.00 million: Three-month CME term SOFR + 4.00% -- Class D-R (deferrable), $12.00 million: Three-month CME term SOFR + 5.20% Outstanding debt -- Class A-1L loans(i), $250.00 million: Three-month CME term SOFR + 2.10% -- Class A-1L notes(i), $0.00 million: Three-month CME term SOFR + 2.10% -- Class A-2, $50.00 million: Three-month CME term SOFR + 2.80% -- Class B (deferrable), $28.00 million: Three-month CME term SOFR + 3.20% -- Class C-1 (deferrable), $19.00 million: Three-month CME term SOFR + 4.80% -- Class C-2 (deferrable), $4.60 million: Three-month CME term SOFR + 7.35% -- Class D (deferrable), $12.00 million: Three-month CME term SOFR + 8.60% 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 BBAM US CLO III Ltd./ BBAM US CLO III LLC Class A-1-R, $130.00 million: AAA (sf) Class A-1L-R loans(i), $126.00 million: AAA (sf) Class A-1L-R note(i), $0.00 million: AAA (sf) Class A-2-R, $48.00 million: AA (sf) Class B-R (deferrable), $24.00 million: A (sf) Class C-1a-R (deferrable), $12.00 million: BBB+ (sf) Class C-1b-R (deferrable), $8.00 million: BBB (sf) Class C-1c-R (deferrable), $4.00 million: BBB- (sf) Class C-2-R (deferrable), $4.00 million: BBB- (sf) Class D-R (deferrable), $12.00 million: BB- (sf) (i)The outstanding principal amount of the class A-1L-R notes on the 2025 refinancing date will be US$0 and may be increased up to US$126,000,000 upon the exercise of the conversion option. Ratings Withdrawn BBAM US CLO III Ltd./ BBAM US CLO III LLC Class A-1L loans to NR from 'AAA (sf)' Class A-1L to NR from 'AAA (sf)' Class A-2 to NR from 'AA (sf)' Class B to NR from 'A+ (sf)' Class C-1 to NR from 'BBB (sf)' Class C-2 to NR from 'BBB- (sf)' Class D to NR from 'BB- (sf)' Other Debt BBAM US CLO III Ltd./ BBAM US CLO III LLC Subordinated notes, $34.45 million: NR NR--Not rated. BBCMS MORTGAGE 2022-C14: Fitch Lowers Rating on H-RR Certs to B- ---------------------------------------------------------------- Fitch Ratings has downgraded four and affirmed 14 classes of BBCMS Mortgage Trust 2022-C14 commercial mortgage pass-through certificates, series 2022-C14. Fitch has assigned Rating Outlooks of Negative to classes F-RR, G-RR and H-RR following their downgrades. Additionally, Fitch has also revised the Outlook for class E-RR to Negative from Stable. Entity/Debt Rating Prior ----------- ------ ----- BBCMS 2022-C14 A-1 07336AAA5 LT AAAsf Affirmed AAAsf A-2 07336AAB3 LT AAAsf Affirmed AAAsf A-3 07336AAC1 LT AAAsf Affirmed AAAsf A-4 07336AAD9 LT AAAsf Affirmed AAAsf A-5 07336AAE7 LT AAAsf Affirmed AAAsf A-S 07336AAJ6 LT AAAsf Affirmed AAAsf A-SB 07336AAF4 LT AAAsf Affirmed AAAsf B 07336AAK3 LT AA-sf Affirmed AA-sf C 07336AAL1 LT A-sf Affirmed A-sf D 07336AAP2 LT BBB+sf Affirmed BBB+sf E-RR 07336AAR8 LT BBBsf Affirmed BBBsf F-RR 07336AAT4 LT BBsf Downgrade BBB-sf G-RR 07336AAV9 LT B+sf Downgrade BB+sf H-RR 07336AAX5 LT B-sf Downgrade BB-sf J-RR 07336AAZ0 LT CCCsf Downgrade B-sf X-A 07336AAG2 LT AAAsf Affirmed AAAsf X-B 07336AAH0 LT A-sf Affirmed A-sf X-D 07336AAM9 LT BBB+sf Affirmed BBB+sf KEY RATING DRIVERS Increased 'Bsf' Loss Expectations: Deal-level 'Bsf' rating case losses increased to 4.9% from 3.7% at the prior rating action. The downgrades reflect higher overall pool losses since the prior rating action, driven primarily by the specially serviced 1100 & 820 First Street NE (6.7% of the pool). Fitch Loans of Concern (FLOCs) comprise nine loans (21.5%), including four loans (13.1%) in special servicing. The Negative Outlooks reflect the concentration of office loans (32.4%) and the potential for downgrades if loss expectations on the specially serviced loans increase beyond current expectations due to lower valuations or with extended resolution times. Largest Contributors to Loss: The largest contributor to overall loss expectations is the specially serviced 1100 and 820 First Street NE loan, which is secured by a portfolio of two office buildings totaling 655,071 sf, located in downtown Washington, D.C. The loan transferred to special servicing in June 2025 for delinquent payments. The servicer reported that the borrower has been unresponsive, and local counsel has been engaged to enforce remedies. The largest in-place tenants include Turner Broadcasting (16.8% of total NRA; expires December 2031 with a termination option in December 2026) and GSA (13.5%; expires in March and June 2026). According to the servicer, Accenture, the second-largest tenant at the 820 First Street NE building at issuance, has renewed its lease through May 2028 but downsized to 2.2% of the total NRA from 10% at issuance. The YE 2024 occupancy was reported to be 84%. However, Costar reports that there are several vacant spaces in each building on the market for direct lease, including 186,000 sf at the 1100 First Street NE building (53% of NRA) and 87,000 sf at the 820 First Street NE building (26.5% of NRA). The net operating income (NOI) debt service coverage ratio (DSCR) as of YE 2024 was 2.41x compared to 3.18x at YE 2023. Fitch's 'Bsf' rating case loss of 33.9% (prior to a concentration adjustment) is based on a 9% cap rate and a 10% stress to the YE 2024 NOI. In addition, Fitch's loss expectation factors in an elevated probability of default due to the loan's specially serviced status. The second-largest contributor to loss expectations is Summit at Southpoint (2.8%). The loan is secured by a 265,190-sf suburban office property located in Jacksonville, FL. The largest tenants include Keiser University (25.6%; expires July 2026), FSV Payment Systems (15.2%; expires April 2027) and IQ Fiber (8%; expires June 2027). As of YE 2024, the NOI DSCR and occupancy were reported to be 1.41x and 79%, respectively. Fitch's 'Bsf' rating case loss of 9.6% (prior to concentration add-ons) for the loans reflects a 10% cap rate and 20% stress to the YE 2024 NOI to account for upcoming rollover concerns. The second- and third-largest loans in special servicing are the crossed loans Chicago Business Center and Chicago Marketplace loans. The portfolio totals 781,377-sf and consists of two industrial properties located less than two miles from one another in South Chicago submarket. The Chicago Business Center property consists of a four-story industrial/flex building and a one-story warehouse building totaling 683,533-sf (72.4% warehouse and 27.6% office). The Chicago Marketplace property consists of a single-story industrial distribution center 109,681-sf. The property's NRA is utilized as 11.5% office, 53.8% dry storage and 34.7% cold storage. The Chicago Marketplace is immediately adjacent to the Chicago International Produce Market, the anchor for the area, which is considered a "food corridor." The loans transferred to special servicing in February 2025 for payment default. The servicer is aware of alleged defaults involving other assets in sponsor's portfolio, including allegations of misappropriation of rents and insurance proceeds. Property level performance remains generally in line with issuance. Chicago Business Center reported YE 2023 NOI DSCR of 1.85x and occupancy of 98%, versus 1.72x and 100% at issuance. For the same period, the Chicago Marketplace loan posted a 1.69x NOI DSCR and 100% occupancy, compared with 1.72x and 100% at issuance. Fitch's 'Bsf' rating case loss of 2.2% (prior to concentration add-ons) for the loans reflects a 9% cap rate and 10% stress to the YE 2023 NOI. Minimal Increase in CE: As of the September 2025 distribution date, the aggregate balance has been paid down by 2.8% since issuance. Interest shortfalls totaling roughly $140,000 are impacting the non-rated risk retention classes K-RR. Two loans (3% of pool) have been defeased. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades to the senior 'AAAsf' rated classes are not expected due to the position in the capital structure and expected continued amortization and loan repayments but may occur if deal-level losses increase significantly or interest shortfalls occur or are expected to occur; - Downgrades to the junior 'AAAsf' rated class and classes rated in the 'AAsf' and 'Asf' category class may occur if deal-level losses increase significantly from outsized losses on larger FLOCs, if recovery expectations deteriorate further for the specially serviced loans, particularly 1100 & 820 First Street NE, Chicago Business Center and Chicago Marketplace and/or more loans than expected experience performance deterioration or default at or prior to maturity; - Downgrades for the 'BBBsf', 'BBsf' and 'Bsf' categories are likely with higher than expected losses from continued underperformance of the FLOCs and with greater certainty of losses on the specially serviced loans; - Downgrades to distressed 'CCCsf' ratings would occur should additional loans transfer to special servicing or default, as losses are realized or become more certain. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - pgrades to classes rated in the 'AAsf' and 'Asf' category may be possible with significantly increased CE from paydowns and/or defeasance, coupled with stable to improved pool-level loss expectations and improved performance on the FLOCs; - Upgrades to the 'BBBsf' category rated classes would be limited based on sensitivity to concentrations or the potential for future concentration. Classes would not be upgraded above 'AA+sf' if there is likelihood for interest shortfalls; - Upgrades to the 'BBsf' category rated class are not likely until the later years in the transaction and only if the performance of the remaining pool is stable, recoveries on the FLOCs are better than expected and there is sufficient CE to the classes; - Upgrades to distressed ratings are not expected, but possible with better-than-expected recoveries or significantly higher values on FLOCs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. BCC MIDDLE 2025-2: S&P Assigns Prelim BB- (sf) Rating on E Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to BCC Middle Market CLO 2025-2 LLC's floating-rate debt. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by Bain Capital Credit OneIM LLC. The preliminary ratings are based on information as of Oct. 7, 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. Ratings Assigned BCC Middle Market CLO 2025-2 LLC Class A-1, $290.00 million: AAA (sf) Class A-2, $20.00 million: AAA (sf) Class B, $37.50 million: AA (sf) Class C, $32.50 million: A (sf) Class D-1, $30.00 million: BBB (sf) Class D-2, $15.00 million: BBB- (sf) Class E, $15.00 million: BB- (sf) Subordinated notes, $59.98 million: NR NR--Not rated. BENCHMARK 2025-V18: Fitch Assigns B-(EXP)sf Rating on Two Tranches ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to Benchmark 2025-V18 Mortgage Trust, commercial mortgage pass-through certificates, series 2025-V18 as follows: - $3,291,000 class A-1 'AAA(EXP)sf'; Outlook Stable; - $348,650,000a class A-2 'AAA(EXP)sf'; Outlook Stable; - $523,490,000a class A-3 'AAA(EXP)sf'; Outlook Stable; - $123,499,000 class A-S 'AAA(EXP)sf'; Outlook Stable; - $998,930,000b class X-A 'AAA(EXP)sf'; Outlook Stable; - $62,531,000 class B 'AA-(EXP)sf'; Outlook Stable; - $48,461,000 class C 'A-(EXP)sf'; Outlook Stable; - $110,992,000b class X-B 'A-(EXP)sf'; Outlook Stable; - $39,082,000c class D 'BBB-(EXP)sf'; Outlook Stable; - $39,082,000b,c class X-D 'BBB-(EXP)sf'; Outlook Stable; - $25,012,000c class F 'BB-(EXP)sf'; Outlook Stable; - $25,012,000b,c class X-F 'BB-(EXP)sf'; Outlook Stable - $15,633,000c class G 'B-(EXP)sf'; Outlook Stable - $15,633,000b,c class X-G 'B-(EXP)sf'; Outlook Stable. The following classes are not expected to be rated by Fitch: - $60,967,860c class J; - $60,967,860b,c class X-J; - $13,178,815d class RR Interest; - $52,643,125d class RR certificates. (a) The initial certificate balances of classes A-2 and A-3 are unknown and are expected to be $872,140,000 in aggregate, subject to a 5% variance. The certificate balance will be determined based on the final pricing of those classes of certificates. The expected class A-2 balance range is $0-$348,650,000 and the expected class A-3 balance range is $523,490,000-$872,140,000. The balance for class A-2 reflects the top point of its range, and the balance for class A-3 reflects the bottom point of its range. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Vertical Risk Retention. Transaction Summary The certificates represent the beneficial ownership interest in the trust, primary assets of which are 47 loans secured by 88 commercial properties with an aggregate principal balance of $1,316,438,800 as of the cutoff date. The loans were contributed to the trust by German American Capital Corporation, Citi Real Estate Funding Inc., Goldman Sachs Mortgage Company, Barclays Capital Real Estate Inc. and Bank of Montreal. The master servicer is expected to be Trimont LLC; the special servicer is expected to be Torchlight Loan Services, LLC; and the operating advisor is expected to be Park Bridge Lender Services LLC. The trustee and certificate administrator is expected to be Computershare Trust Company, National Association. The certificates are expected to follow a sequential paydown structure. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 30 loans totaling 84.7% of the pool by balance. Fitch's aggregate pool net cash flow (NCF) of $130.1 million represents a 15.6% decline from the issuer's underwritten aggregate pool NCF of $154.2 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 101.0% is higher than the 2025 YTD five-year multiborrower transaction average of 100.2% and the 2024 five-year multiborrower transaction average of 95.2%. The pool's Fitch NCF debt yield (DY) of 9.9% is slightly higher than the 2025 YTD average of 9.7%, but lower than the 2024 average of 10.2%. Investment-Grade Credit Opinion Loans: Two loans representing 10.6% of the pool received an investment-grade credit opinion. 9911 Belward (6.1% of the pool) received a standalone credit opinion of 'A-sf*' and 180 Water (4.6% of the pool) received a standalone credit opinion of 'AAsf*'. The pool's total credit opinion percentage is lower than the 2025 YTD and 2024 averages of 11.9% and 12.6%, respectively. Excluding the credit opinion loans, the pool's Fitch LTV and DY of 106.1% and 9.4%, respectively, are slightly worse than the equivalent conduit 2025 YTD LTV and DY averages of 104.8% and 9.3%, respectively. Office Concentration: Loans secured by office properties (designated by Fitch) represent 34.0% of the pool, above the 2025 YTD and 2024 averages of 22.3% and 21.3%, respectively. Four of the five largest loans are secured by office properties. Lower Pool Concentration: The pool is less concentrated than recently rated Fitch transactions. The top 10 loans make up 44.0% of the pool, which is lower than the 2025 YTD and 2024 averages of 62.1% and 60.2%, respectively. The pool's effective loan count is 33.7. 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'/'Asf'/'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'/'Asf'/'BBBsf'/'BB+sf'/'BB-sf' USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Ernst & Young LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis, and it did not have an effect on Fitch's analysis or conclusions. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. BENEFIT STREET 43: S&P Assigns BB- (sf) Rating on Class E Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to Benefit Street Partners CLO 43 Ltd./Benefit Street Partners CLO 43 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 BSP CLO Management LLC, a subsidiary of Franklin Resources Inc. (operating as Franklin Templeton Investments). 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 Benefit Street Partners CLO 43 Ltd./ Benefit Street Partners CLO 43 LLC Class A, $384.00 million: AAA (sf) Class B, $72.00 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, $54.15 million: NR NR--Not rated. BFLD COMMERCIAL 2025-5MW: Moody's Assigns B3 Rating to Cl. F Certs ------------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to six classes of CMBS securities, issued by BFLD Commercial Mortgage Trust 2025-5MW, Commercial Mortgage Pass-Through Certificates, Series 2025-5MW. Cl. A, Definitive Rating Assigned Aaa (sf) Cl. B, Definitive Rating Assigned Aa2 (sf) Cl. C, Definitive Rating Assigned A3 (sf) Cl. D, Definitive Rating Assigned Baa3 (sf) Cl. E, Definitive Rating Assigned Ba3 (sf) Cl. F, Definitive Rating Assigned B3 (sf) RATINGS RATIONALE The certificates are collateralized by a single, fixed-rate loan secured by the borrower's fee simple interest in Five Manhattan West (the "Property"), an approximately 1.7 million SF, Class A office building located in New York, NY. Moody's ratings are based on the credit quality of the loan and the strength of the securitization structure. Collateral for the loan consists of a 16-story, office tower offering approximately 1,712,427 SF of net rentable area ("NRA"). Approximately 1,571,234 SF consists of office space (91.8% of NRA), 114,791 SF is retail (6.7% of NRA) and 26,402 SF is used for storage / property management (1.5% of NRA). As of August 2025, the Property was 100.0% leased by approximately 15 unique tenants. The roster is economically diverse as tenants operate across a variety of industries, including finance, technology, government, retail, advertising, marketing and other commercial services. The five largest tenants at the Property are JPMorgan Chase, Amazon, Interpublic Group, New York City - FISA and S&P Global. Other noteworthy tenants include New York City - BOE, Whole Foods, City National Bank and Starbucks. The Property is well located in Manhattan's Far West neighborhood, situated on the east side of 10th Avenue between 31st Street and 33rd Street. The Property is situated approximately two blocks from the Hudson River and is an integral part of the sponsor's Manhattan West development, an eight-acre, six-building mixed-use project conceived as part of the broader Hudson Yards district rezoning. In addition, the Property is within close proximity to Penn Station, the Moynihan Train Hall, Jacob Javits Convention Center, The High Line, Bella Abzug Park and Madison Square Garden. Moody's approach to rating this transaction involved the application of Moody's Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations methodology. The rating approach for securities backed by a single loan compares the credit risk inherent in the underlying collateral with the credit protection offered by the structure. The structure's credit enhancement is quantified by the maximum deterioration in property value that the securities are able to withstand under various stress scenarios without causing an increase in the expected loss for various rating levels. In assigning single borrower ratings, Moody's also considers a range of qualitative issues as well as the transaction's structural and legal aspects. The credit risk of loans is determined primarily by two factors: 1) Moody's assessments of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessments of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, Moody's makes various adjustments to the MLTV. Moody's adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between Moody's sustainable cap rates and market cap rates. Moody's also uses an adjusted loan balance that reflects each loan's amortization profile. The Moody's first mortgage actual DSCR is 1.16x, compared with 1.10x at Moody's provisional ratings due to an interest rate decrease. Moody's first mortgage actual stressed DSCR is 0.76x. Moody's DSCR is based on Moody's stabilized net cash flow. The loan first mortgage balance of $1,250,000,000 represents a Moody's LTV ratio of 115.3% based on Moody's Value. Adjusted Moody's LTV ratio for the first mortgage balance is 111.3% based on Moody's Value using a cap rate adjusted for the current interest rate environment. Moody's also grade properties on a scale of 0 to 5 (best to worst) and considers those grades when assessing the likelihood of debt payment. The factors considered include property age, quality of construction, location, market, and tenancy. The property quality grade is 0.50. Notable strengths of the transaction include: the Property's strong location, asset quality, exceptional tenant roster, capital investment, strong occupancy with limited rollover, experienced sponsorship and cash equity. Notable concerns of the transaction include: the high Moody's loan-to-value ("MLTV") ratio, office market demand, lack of asset diversification, interest-only mortgage loan profile and certain credit negative legal features. The principal methodology used in these ratings was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025. Moody's approach for single borrower and large loan multi-borrower transactions evaluates credit enhancement levels based on an aggregation of adjusted loan level proceeds derived from Moody's loan level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, and property type. These aggregated proceeds are then further adjusted for any pooling benefits associated with loan level diversity, other concentrations and correlations. Factors that would lead to an upgrade or downgrade of the ratings: The performance expectations for a given variable indicate Moody's forward-looking views of the likely range of performance over the medium term. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had previously anticipated. Factors that may cause an upgrade of the ratings include significant loan pay downs or amortization, an increase in the pool's share of defeasance or overall improved pool performance. Factors that may cause a downgrade of the ratings include a decline in the overall performance of the pool, loan concentration, increased expected losses from specially serviced and troubled loans or interest shortfalls. BLACKROCK MT. HOOD X: S&P Assigns Prelim 'BB-' Rating on E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class X-R, A-R, A-L-R, B-R, C-R, D-1R, D-2R, and E-R debt from BlackRock Mt. Hood CLO X LLC, a CLO managed by BlackRock Capital Investment Advisors LLC that was originally issued in May 2023. The preliminary ratings are based on information as of Oct. 8, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 17, 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 X, A-1, A-2, A-L1, A-L2, B-1, B-2, C, D, and E debt and assign ratings to the replacement class X-R, A-R, A-L-R, B-R, C-R, D-1R, D-2R, 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 non-call period will be extended to Oct. 17, 2027. -- The reinvestment period will be extended to Oct. 20, 2029. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to October 2037. -- No additional assets will be purchased on the Oct. 17, 2025, refinancing date, and the target initial par amount will be updated to $345 million. There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 20, 2026. -- New class X-R debt will be issued on the refinancing date. This debt is expected to be paid down using interest proceeds during 22 payment dates in equal installments of $0.81 million, beginning from the Jan. 20, 2026, payment date. -- The required minimum overcollateralization and interest coverage ratios will be amended. 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 BlackRock Mt. Hood CLO X LLC Class X-R, $17.90 million: AAA (sf) Class A-R, $150.10 million: AAA (sf) Class A-L-R loans(i), $50.00 million: AAA (sf) Class B-R, $34.50 million: AA (sf) Class C-R (deferrable), $27.60 million: A (sf) Class D-1R (deferrable), 17.25 million: BBB (sf) Class D-2R (deferrable), $6.04 million: BBB- (sf) Class E-R (deferrable), $18.11 million: BB- (sf) Other Debt BlackRock Mt. Hood CLO X LLC Variable dividend notes, $64.02 million: NR NR--Not rated. (i)The class A-L-R debt will be issued in loan form and can be converted, all or a portion, into class A-R notes. The class A-R notes cannot be converted into class A-L-R loans. BLUEMOUNTAIN CLO XXXIII: Fitch Assigns BB- Rating on Cl. E-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings and Rating Outlooks to BlueMountain CLO XXXIII Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- BlueMountain CLO XXXIII Ltd. X LT NRsf New Rating A-1R LT NRsf New Rating A-2R LT AAAsf New Rating B 09630MAC4 LT PIFsf Paid In Full AA+sf B-R LT AAsf New Rating C 09630MAE0 LT PIFsf Paid In Full A+sf C-R LT Asf New Rating D 09630MAG5 LT PIFsf Paid In Full BBB+sf D-1R LT BBB-sf New Rating D-2R LT BBB-sf New Rating E-R LT BB-sf New Rating Transaction Summary BlueMountain CLO XXXIII Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Sound Point Capital Management, LP., that originally closed in October 2021. On Oct. 8, 2025, all of the existing secured notes will be paid in full by net proceeds from the issuance of the secured and subordinated notes that provide financing on a portfolio of approximately $399 million (excluding defaulted assets) 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, 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 94.54% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.59% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 42% of the portfolio balance in aggregate while the top five obligors can represent up to 9% 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 five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2R, between 'BB+sf' and 'AA-sf' for class B-R, between 'B+sf' and 'A-sf' for class C-R, between less than 'B-sf' and 'BBB-sf' for class D-1R, between less than 'B-sf' and 'BB+sf' for class D-2R, and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-R, 'A+sf' for class D-1R, 'A-sf' for class D-2R, 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 BlueMountain CLO XXXIII Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. BMO 2025-5C12: Fitch Assigns 'B-sf' Final Rating on Cl. G-RR Certs ------------------------------------------------------------------ Fitch Ratings has assigned final ratings and Rating Outlooks to BMO 2025-5C12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates Series 2025-5C12 as follows: - $1,076,000a class A-1 'AAAsf'; Outlook Stable; - $51,230,000a class A-2 'AAAsf'; Outlook Stable; - $394,442,000a class A-3 'AAAsf'; Outlook Stable; - $446,748,000b class X-A 'AAAsf'; Outlook Stable; - $62,226,000a class A-S 'AAAsf'; Outlook Stable; - $32,708,000a class B 'AA-sf'; Outlook Stable; - $24,731,000a class C 'A-sf'; Outlook Stable; - $119,665,000b class X-B 'A-sf'; Outlook Stable; - $14,359,000ac class D 'BBBsf'; Outlook Stable; - $6,383,000ac class E 'BBB-sf'; Outlook Stable; - $20,742,000bc class X-D 'BBB-sf'; Outlook Stable; - $13,562,000ac class F 'BB-sf'; Outlook Stable; - $13,562,000bc class X-F 'BB-sf'; Outlook Stable; - $7,977,000acd class G-RR 'B-sf'; Outlook Stable. The following class is not rated by Fitch: - $29,518,000acd class J-RR. (a) The certificate balances and notional amounts of these classes include the vertical risk retention (VRR) interest, which is expected to be approximately 2.40% of the certificate balance or notional amount, as applicable, of each class of certificates as of the closing date. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Class G-RR and J-RR certificates, excluding the portion included in the VRR interest, comprise the transaction's horizontal risk retention interest. The expected ratings are based on information provided by the issuer as of Oct. 9, 2025. Transaction Summary The certificates represent the beneficial ownership interest in the trust, primary assets of which are 45 loans secured by 168 commercial properties, with an aggregate principal balance of $636,212,000 as of the cutoff date. The loans were contributed to the trust by Bank of Montreal, Citi Real Estate Funding Inc., Argentic Real Estate Finance 2 LLC, UBS AG, German American Capital Corporation, Starwood Mortgage Capital LLC, BSPRT CMBS Finance, LLC, KeyBank National Association, Greystone Commercial Mortgage Capital LLC, and Natixis Real Estate Capital LLC. The master servicer is to be Midland Loan Services, a Division of PNC Bank, National Association and the special servicer is to be Argentic Services Company LP. The trustee and certificate administrator is Computershare Trust Company, National Association. The certificates follow a sequential paydown structure. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 29 loans totaling 86.7% of the pool by balance. Fitch's resulting net cash flow (NCF) of $57.4 million represents a 13.1% decline from the issuer's underwritten NCF of $66.1 million. Fitch Leverage: The transaction has slightly higher Fitch leverage compared to recent five-year multiborrower transactions rated by Fitch. The pool's Fitch weighted-average (WA) trust loan-to-value (LTV) ratio of 103.2% is higher than the multiborrower five-year averages of 100.2% and 95.2%, respectively. The pool's Fitch NCF debt yield (DY) of 9.1% is worse than both the 2025 YTD and 2024 averages of 9.7% and 10.2%, respectively. Investment-Grade Credit Opinion Loans: Three loans representing 7.3% of the pool balance received an investment-grade credit opinion. 180 Water (4.2%) received a standalone credit opinion of 'AA-sf*'. Vertex HQ (1.6% of pool) received a standalone credit opinion of 'A-sf*'. ILPT 2025 Portfolio (1.5% of pool) received a standalone credit opinion of 'A-sf*'. The pool's total credit opinion percentage of 7.3% is below the YTD 2025 average of 11.6% and the 2024 average of 12.6%. The pool's Fitch LTV and DY, excluding credit opinion loans, are 106.2% and 8.9%, respectively. Higher Geographic Concentration: The pool has a higher geographic concentration than recently rated Fitch transactions. The pool's effective metropolitan statistical area (MSA) count of 4.1 is worse than the YTD 2025 and 2024 averages of 8.9 and 9.8, respectively. The largest three MSAs represent 57.0% of the pool, with 48.1% of the pool located in the New York-Newark-Jersey City MSA, followed by the Houston-The Woodlands-Sugar Land, TX MSA (5.0% of pool) and Dallas-Fort Worth-Arlington, TX (4.0% of pool). Pools with a greater concentration by geographic region are at a greater risk of losses, all else equal. Fitch, therefore, raises overall losses for pools with effective geographic counts below 15 MSAs. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Decline: 'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'/'B-sf'/ below 'CCCsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Increase: 'AAAsf'/'AAsf'/'Asf'/'BBB+sf'/'BBBsf'/'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 PricewaterhouseCoopers LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to 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. BOFAS RE-REMIC 2025-FRR6: DBRS Gives Prov. B(low) Rating on E Certs ------------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the following classes of Multifamily Mortgage Certificate-Backed Certificates, Series 2025-FRR6 (the Certificates) to be issued by BOFAS Re-REMIC Trust 2025-FRR6 (the Trust): -- Class A at (P) AA (low) (sf) -- Class B at (P) A (low) (sf) -- Class C at (P) BBB (low) (sf) -- Class D at (P) BB (low) (sf) -- Class E at (P) B (low) (sf) All trends are Stable CREDIT RATING RATIONALE/DESCRIPTION This transaction is a re-securitization collateralized by a portion of the beneficial interests in the Class X2-A, Class X2-B, and Class D Multifamily Mortgage Pass-Through Certificates, Series 2019-K87 issued by FREMF 2019-K87 Mortgage Trust (the underlying certificates, and securitization, respectively). The principal balances of the underlying certificates total approximately $94.0 million, all of which is being contributed to the Trust. Morningstar DBRS' credit ratings on this transaction depend on the performance of the underlying securitization. The underlying certificates are the most subordinate principal-and-interest classes in the underlying securitization. The collateral of the underlying securitization currently comprises 42 loans secured by 42 multifamily properties, including 31 garden-style multifamily properties, five mid-rise/high-rise apartment complexes, two age- restricted properties, two student housing properties, one townhome property, and one manufactured housing community. The underlying securitization also had an additional two loans, that were securitized as part of the underlying securitizations but they were paid off prior to September 2025. All the loans within the pool are fixed- rate, 10-year loans with a ten year loan term. Morningstar DBRS analyzed the underlying securitization to determine the provisional credit ratings, reflecting the long-term probability of loan default within the term and the liquidity at maturity. The Morningstar DBRS Weighted-Average (WA) Issuance Loan-to-Value Ratio (LTV) of the current pool was 63.7%, and the total pool is scheduled to amortize to a Morningstar DBRS WA Balloon LTV of 59.3%, based on the A note balances at maturity. About 42.5% of the total initial principal balance of the current pool exhibits a Morningstar DBRS Issuance LTV higher than 67.6%, a threshold generally indicative of above-average default frequency. Additionally, one loan, representing approximately 2.3% of the current total principal balance, is on Freddie Mac's watchlist because of a decrease in debt service coverage ratio. Morningstar DBRS applied an additional stress to the default rate of this loan to mitigate the risk of near-term default. Morningstar DBRS' credit ratings on the Certificates address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the related Principal Distribution Amounts and Interest Distribution Amounts for the rated classes. Notes: All figures are in U.S. dollars unless otherwise noted. BRAVO RESIDENTIAL 2025-HE1: Fitch Gives B+(EXP) Rating on B2 Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to BRAVO Residential Funding Trust 2025-HE1 (BRAVO 2025-HE1). Entity/Debt Rating ----------- ------ BRAVO 2025-HE1 A1 LT AAA(EXP)sf Expected Rating A2 LT AA+(EXP)sf Expected Rating A3 LT A+(EXP)sf Expected Rating M1 LT BBB+(EXP)sf Expected Rating B1 LT BB+(EXP)sf Expected Rating B2 LT B+(EXP)sf Expected Rating B3 LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating SA LT NR(EXP)sf Expected Rating TC LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating Transaction Summary Fitch expects the BRAVO 2025-HE1 transaction to close on Oct. 15, 2025. The notes are supported by 6,272 seasoned performing lfirst and second lien Home Equity Lines of Credit (HELOC) with a total balance of approximately $257 million as of the cutoff date. Distributions of principal and interest (P&I) and loss allocations are based on a traditional senior-subordinate sequential structure. The sequential-pay structure locks out principal to the subordinated notes until the most senior notes outstanding are paid in full. The servicers will not advance delinquent (DQ) monthly payments of P&I. Any excess cashflow may be used to repay current or previously allocated realized losses. KEY RATING DRIVERS Credit Risk of Mortgage Assets (Mixed): RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. BRAVO 2025-HE1 has a final probability of default of 31.6% in the 'AAA' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 63.0%. The expected loss in the 'AAAsf' rating stress is 20.14%. Structural Analysis (Positive): The mortgage cash flow and loss allocation in BRAVO 2025-HE1 are based on sequential structure whereby the subordinate classes are fully locked out of principal until those classes more senior to them have been paid off. 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 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 a sample of loans in the pool. No diligence credit was applied as it focused only on the seasoned scope and did not consider a credit or valuation review. 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 BRAVO 2025-HE1 to be a fully de-linked and bankruptcy remote special purpose vehicle. 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 BRAVO 2025-HE1, and therefore Fitch rates the transaction at the highest possible rating of 'AAAsf' without any rating caps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade This defined negative rating sensitivity analysis shows how 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 'AAAsf'. The analysis indicates there is some potential rating migration, with higher MVDs for all rated classes compared with model projections. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade This defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated classes, excluding those being assigned ratings of 'AAAsf'. 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 Digital Risk, all assessed as 'Acceptable' third-party review (TPR) firms by Fitch. The scope primarily focused on a regulatory compliance review to ensure loans were originated in accordance with predatory lending regulations. Third-party due diligence was performed on 28.9% of the loans by loan count (28.6% by UPB) in the transaction. The regulatory compliance review indicated that 343 reviewed loans, or approximately 5.5% of the total pool by loan count, were found to have a material defect and therefore assigned a final grade of 'C' or 'D'. Fitch made adjustments to its losses based on the findings 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. BRAVO RESIDENTIAL 2025-NQM9: S&P Assigns 'B-' Rating on B-2 Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to BRAVO Residential Funding Trust 2025-NQM9's mortgage-backed notes. The issuance is an RMBS transaction backed by U.S. residential mortgage loans. The ratings reflect: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and reviewed originators; -- The 100% 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, and is updated, if necessary, when these projections change materially. Ratings(i) Assigned BRAVO Residential Funding Trust 2025-NQM9 Class A-1A, $297,893,000.00: AAA (sf) Class A-1B, $47,740,000.00: AAA (sf) Class A-1, $345,633,000.00: AAA (sf) Class A-2, $23,631,000.00: AA (sf) Class A-3, $68,983,000.00: A (sf) Class M-1, $19,573,000.00: BBB- (sf) Class B-1, $10,264,000.00: BB- (sf) Class B-2, $5,729,000.00: B- (sf) Class B-3, $3,580,751.00: NR Class SA, $7,715.12(ii): NR Class AIOS, notional(iii): NR Class XS, notional(iii): NR Class R, N/A: NR (i)The ratings address the ultimate payment of interest and principal. They do not address payment of the cap carryover amounts. (ii)The class SA notes will be entitled to receive pre-existing servicing advances as of the cutoff date and will not be entitled to any interest or other principal payments. (iii)The notional amount will equal the aggregate principal balance of the mortgage loans as of the first day of the related due period. NR--Not rated. N/A--Not applicable. BRIDGECREST 2025-4: S&P Assigns Prelim BB (sf) Rating on E Notes ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Bridgecrest Lending Auto Securitization Trust 2025-4's automobile receivables-backed notes. The note issuance is an ABS securitization backed by subprime auto loan receivables. The preliminary ratings are based on information as of Oct. 8, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect S&P's view of: -- The availability of approximately 62.43%, 57.27%, 47.52%, 38.76%, and 34.29%, credit support (hard credit enhancement and a haircut to excess spread) for the class A (A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed break-even cash flow scenarios. These credit support levels provide at least 2.30x, 2.10x, 1.70x, 1.37x, and 1.25x coverage of S&P's expected cumulative net loss (ECNL) of 27.00% for the class A, B, C, D, and E notes, respectively. -- The expectation that under a moderate ('BBB') stress scenario (1.37x our expected loss level), all else being equal, our preliminary 'A-1+ (sf)', 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings on the class A-1, A-2, A-3, B, C, D, and E notes, respectively, will be within our credit stability limits. -- The timely payment of interest and principal by the designated legal final maturity dates under S&P's stressed cash flow modeling scenarios that it believes are appropriate for the assigned preliminary ratings. -- The collateral characteristics of the subprime auto loans, S&P's view of the credit risk of the collateral, and its updated macroeconomic forecast and forward-looking view of the U.S. auto finance sector. -- The series' bank accounts at MACROBUTTON OrgId_105454 Wells Fargo Bank N.A. (A+/Stable/A-1), which do not constrain the preliminary ratings. -- S&P's operational risk assessment of Bridgecrest Acceptance Corp. as servicer, along with its view of the originator's underwriting and the backup servicing arrangement with MACROBUTTON OrgId_531794 Computershare Trust Co. N.A. (BBB/Stable/--). -- S&P's assessment of the transaction's potential exposure to environmental, social, and governance credit factors, which are in line with its sector benchmark. -- The transaction's payment and legal structures. Preliminary Ratings Assigned Bridgecrest Lending Auto Securitization Trust 2025-4(i) Class A-1, $52.00 million ($60.60 million if upsized): A-1+ (sf) Class A-2, $106.76 million ($124.58 million if upsized): AAA (sf) Class A-3, $106.76 million ($124.58 million if upsized): AAA (sf) Class B, $54.00 million ($63.00 million if upsized): AA (sf) Class C, $78.01 million ($91.00 million if upsized): A (sf) Class D, $76.51 million ($89.25 million if upsized): BBB (sf) Class E, $36.00 million ($42.01 million if upsized): BB (sf) (i)The interest rate, and base or upsize amount for each class will be determined on the pricing date. BRIDGECREST LENDING 2025-4: DBRS Gives Prov. BB Rating on E Notes ----------------------------------------------------------------- DBRS, Inc assigned provisional credit ratings to the following classes of notes to be issued by Bridgecrest Lending Auto Securitization Trust 2025-4 (BLAST 2025-4 or the Issuer): -- $52,000,000 Class A-1 Notes at (P) R-1 (high) (sf) -- $106,760,000 Class A-2 Notes at (P) AAA (sf) -- $106,760,000 Class A-3 Notes at (P) AAA (sf) -- $54,000,000 Class B Notes at (P) AA (sf) -- $78,010,000 Class C Notes at (P) A (sf) -- $76,510,000 Class D Notes at (P) BBB (sf) -- $36,000,000 Class E Notes at (P) BB (sf) CREDIT RATING RATIONALE/DESCRIPTION The provisional credit ratings are based on Morningstar DBRS' review of the following analytical considerations: (1) 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 excess spread, if any. Credit enhancement levels are sufficient to support the Morningstar DBRS-projected cumulative net loss (CNL) assumption under various stress scenarios. -- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms in which they have invested. For this transaction, the credit ratings address the payment of timely interest on a monthly basis and principal by the legal final maturity date for each respective class. (2) BLAST 2025-4 provides for the Notes' coverage multiples that are slightly below the Morningstar DBRS range of multiples set forth in the criteria for this asset class. Morningstar DBRS believes that this is warranted, given the magnitude of expected loss, company history, and structural features of the transaction. (3) The Morningstar DBRS CNL assumption is 27.90% based on the expected pool composition pool composition for both the base and the upsize pools. -- The structure may upsize during premarketing, subject to market conditions, among other considerations, up to a total issuance of $595 million. If the Upsize Transaction is issued, the following notes will be issued: $60,600,000 for the Class A-1 notes, $124,580,000 for the Class A-2 notes, $124,580,000 for the Class A-3 notes, $63,000,000 for the Class B notes, $91,000,000 for the Class C notes, $89,250,000 for the Class D notes, and $42,010,000 for the Class E notes.. (4) 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. (5) The transaction parties' capabilities with regard to originations, underwriting, and servicing are as follows: -- DriveTime has an experienced and stable management team and has had relatively stable performance in varying economic environments because of its expertise in the subprime auto market. -- Morningstar DBRS has performed an operational review of DriveTime and Bridgecrest and considers the entities acceptable originators and servicers of subprime auto loans. -- Morningstar DBRS did not perform an operational review of GoFi given its relatively small contribution to the pool. -- DriveTime has made substantial investments in technology and infrastructure to continue to improve its ability to predict borrower behavior, manage risk, and mitigate loss. -- DriveTime has centrally developed and maintained underwriting and loan servicing platforms. Underwriting is performed in the DriveTime dealerships by specially trained DriveTime employees. -- Computershare, an experienced auto-loan servicer, is the standby servicer for the portfolio in this transaction. (6) The quality and consistency of historical static pool data for DriveTime originations and performance of the DriveTime auto loan portfolio. (7) 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 DriveTime, 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. Notes: All figures are in U.S. dollars unless otherwise noted. BRYANT PARK 2023-21: S&P Assigns BB- (sf) Rating on Cl. E-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from Bryant Park Funding 2023-21 Ltd./Bryant Park Funding 2023-21 LLC, a CLO managed by Marathon Asset Management L.P., 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 following payment in full on the Oct. 6, 2025, refinancing date. The replacement debt was 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, D-2-R, and E-R debt was issued at a lower spread over three-month CME term SOFR than the previous debt. -- The previous class D debt was replaced by the class D-1-R and D-2-R debt, two new classes of debt that are sequential in payment. -- The reinvestment period was extended to Oct. 18, 2030. -- The non-call period was extended to Oct. 18, 2027. -- The legal final maturity dates for the replacement debt and the subordinated debt were extended to Oct. 18, 2038. -- The target initial par amount remains at $400 million. There was no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 18, 2026. -- The required minimum overcollateralization and interest coverage ratios were amended. -- No additional subordinated notes were issued on the refinancing date. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each rated tranche. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned Bryant Park Funding 2023-21 Ltd./Bryant Park Funding 2023-21 LLC Class A-R, $244.0 million: AAA (sf) Class B-R, $60.0 million: AA (sf) Class C-R (deferrable), $24.0 million: A (sf) Class D-1-R (deferrable), $24.0 million: BBB- (sf) Class D-2-R (deferrable), $2.0 million: BBB- (sf) Class E-R (deferrable), $14.0 million: BB- (sf) Ratings Withdrawn Bryant Park Funding 2023-21 Ltd./Bryant Park Funding 2023-21 LLC Class A-1 to NR from 'AAA (sf)' Class A-2 to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C to NR from 'A+ (sf)' Class D to NR from 'BBB- (sf)' Class E to NR from 'BB- (sf)' Other Debt Bryant Park Funding 2023-21 Ltd./Bryant Park Funding 2023-21 LLC Subordinated notes, $37.4 million: NR NR--Not rated. CASTLELAKE AIRCRAFT 2025-3: Fitch Gives BB+(EXP) Rating on C Notes ------------------------------------------------------------------ Fitch Ratings has assigned the following expected ratings to the notes issued by Castlelake Aircraft Structured Trust 2025-3 (CLAS 2025-3): - $639,750,000 series A notes 'A(EXP)sf'/Outlook Stable; - $82,250,000 series B notes 'BBB+(EXP)sf'/Outlook Stable; - $36,560,000 series C notes 'BB+(EXP)sf'/Outlook Stable. Transaction Summary The notes issued by CLAS 2025-3 are secured by lease payments (rent/maintenance) and disposition proceeds on a pool of 29 passenger aircraft operated by third-party lessees. Proceeds from the notes will be used to acquire assets from the seller, fund the initial expense and maintenance reserve accounts, and pay transaction fees and expenses related to the offering. As servicer, Castlelake Aviation Holdings (Ireland) Limited (Castlelake) will be responsible for managing the aircraft including aircraft leasing, maintenance and disposition. This is the fifth public Fitch-rated Castlelake transaction, and the sixth public transaction serviced by Castlelake since 2018. KEY RATING DRIVERS Asset Quality and Tiering: The pool is largely midlife with a weighted average age of 11.7 years. Aircraft models are desirable; the age-adjusted tier percentages are 87%, 10%, and 3% for tier 1, 2 and 3 respectively by Maintenance Adjusted Base Value (MABV). A320-200s make up the largest portion of the pool by MABV (39%), followed by 737-800s (29%), 787-8s (15%), A321neos (10%), A320neos (4%) and A330-200s (3%). Pool Concentration: Asia-Pacific, with nine leased aircraft, accounts for the highest share (28% of MABV), followed by South and Central America (23%), Middle East and Africa (18%), Europe (17%), and North America (13%). Lessee concentration is well-diversified with the largest lessee (VivaAerobus) representing 10% of the pool (two aircraft). The next largest exposure (Qantas) represents 8% (two aircraft). Lessee Credit Risk: There are 23 lessees in the pool. By aircraft value, 15% are leased to 'BBB' category lessees, 28% leased to 'BB' to 'B' category lessees, and the remaining 57% to 'CCC' to 'CC' credits. The weighted average (WA) credit rating by FV is approximately 'B-', which is similar to other aircraft ABS transactions. All of the assets are on-lease and current. Operational and Servicing Risk: Fitch has found Castlelake to be an effective servicer with a proven track record in the areas of remarketing, underwriting, procuring and managing aircraft maintenance, and managing a portfolio. This is evidenced by the experience of their team, and the servicing of their managed fleet. Transaction Structure: Leverage is acceptable at 70.0% for the class A notes, 79.0% for the class B notes, and 83.0% for the class C notes. Notes amortize straight line over varying time frames based on the aircraft age and note class (14 years and 12.5 years for aircraft younger and older than six years, respectively, for the class A and B notes and a seven-year straight line for the class C notes). The transaction is structured with sequential pay with class A notes interest and principal senior to class B notes interest and principal, which is senior to the class C notes interest and principal in the waterfall. Concentration risk toward the end of the transaction is mitigated through a mechanism that results in a cash sweep if aircraft count drops below eight aircraft. Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings to a maximum of 'Asf'. For more details, please refer to Fitch's "Global Structured Finance Rating Criteria" and "Aircraft Operating Lease ABS Rating Criteria". RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Credit Stress Sensitivity: The central scenario assumes future lessees are 'B' credits. Fitch ran a sensitivity assuming future lessees are rated 'CCC' to test the performance of the transaction in a more stressed environment, considering the historical volatility and cyclicality of the commercial aviation industry. The lower assumed lessee credit quality decreased gross cash flows due to increased downtime resulting from aircraft repossessions and remarketing. Expenses also rose due to repossession and transition costs. These, in turn, combined to impact the net cash flow, which impacted the model-implied ratings (MIR) of the class B and C notes. The MIR for the class A notes was unchanged. The class B and C MIR dropped one notch. Value Stress Sensitivity: Fitch ran a sensitivity assuming a 10% haircut to the starting Fitch Value (FV) to test the performance of the transaction in a more stressed environment, considering the historical volatility and cyclicality of commercial aircraft values. This value sensitivity decreased gross cash flows as the lower starting FV drove lower future lease rates and disposition proceeds. The MIR for the class A notes was unchanged. The MIR for the class B and C notes dropped two notches. Combined Credit Stress and Gross Rental Cash Flow Sensitivity: The combined down sensitivities of credit (CCC future lessees) and haircutting FV by 10% resulted in the class A notes MIR dropping one notch. The class B and C notes MIRs decreased two notches. EOL Sensitivity: EOLs provide substantial cash flow in this transaction and can be volatile. Under Fitch's central scenario, EOLs are haircut based on each lessee's cumulative probability of default associated with their respective ratings. Fitch applied an additional 30% EOL haircut in this sensitivity which resulted in the MIR of the class A notes dropping one notch and the class B and C MIRs dropping two notches. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the 'Asf' rating cap, the class A notes would not be subject to an upgrade. If contractual lease rates outperform modeled cash flows or lessee credit quality improves materially, this may lead to an upgrade of the class B and C notes. Similarly, if assets in the pool display higher values and stronger rent generation than Fitch's stressed scenarios this may also lead to an upgrade. CRITERIA VARIATION Fitch applied a variation from its "Aircraft Operating Lease ABS Rating Criteria" to deviate downward from the model implied rating for the class C notes. The ultimate ratings were informed by the sensitivity of the ratings to model assumptions and conventions, repayment timing and tranche thickness. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. CD 2017-CD4: DBRS Confirms B Rating on Class E Certs ---------------------------------------------------- DBRS Limited confirmed its credit ratings on the Commercial Mortgage Pass-Through Certificates, Series 2017-CD4 issued by CD 2017-CD4 Mortgage Trust as follows: -- Class A-3 at AAA (sf) -- Class A-4 at AAA (sf) -- Class A-SB at AAA (sf) -- Class A-M at AAA (sf) -- Class B at AA (sf) -- Class C at A (low) (sf) -- Class D at BB (high) (sf) -- Class E at B (sf) -- Class F at CCC (sf) -- Class X-A at AAA (sf) -- Class X-B at A (sf) -- Class X-D at BBB (low) (sf) -- Class X-E at B (high) (sf) -- Class X-F at CCC (sf) -- Class V-A at AAA (sf) -- Class V-BC at A (low) (sf) -- Class V-D at BB (high) (sf) Morningstar DBRS also changed the trends on Classes C, D, E, X-B, X-D, and X-E to Negative from Stable. The trends on all remaining Classes are Stable, with the exception of Classes F and X-F, which have credit ratings that do not typically carry a trend in commercial mortgage-backed securities (CMBS) transactions. The credit rating confirmations reflect Morningstar DBRS' current outlook and loss expectations for the transaction. During the prior review in October 2024, Morningstar DBRS downgraded its credit ratings on 11 Classes, primarily because of concerns related to the high concentration of loans secured by office properties, a number of which have exposure to near-term tenant lease rollover, soft submarket fundamentals, and/or have experienced sustained performance declines since issuance. While a select number of those loans continue to perform as expected, several others, including Los Angeles Corporate Center (Prospectus ID#4; 7.5% of the pool), Key Center Cleveland (Prospectus ID#7; 3.6% of the pool), and 111 Livingston Street (Prospectus ID#8; 3.4% of the pool) continue to exhibit increased credit risk, as further outlined below. In addition, six loans, representing 12.9% of the pool balance, are in special servicing, four of which were liquidated from the trust as part of the analysis for this review, resulting in an implied loss of more than $18.0 million. The Negative trends on the three lowest-rated classes reflect these loan-specific challenges, considering those classes are most exposed to loss if the underlying collateral's performance continues to deteriorate. Should the concerns with the aforementioned loans not improve in the near to medium term, the Negative trends signal the likelihood of further credit rating downgrades to those identified certificates. As of the September 2025 remittance, 44 of the original 47 loans remained in the pool, with a trust balance of $709.5 million, representing a collateral reduction of 21.2% since issuance. To date, the trust has incurred total losses of $5.9 million, which has been contained to the nonrated Class G certificate. Thirteen loans, representing 48.8% of the pool balance, are on the servicer's watchlist; however, only four of those loans, representing 20.4% of the pool balance, are being monitored for performance-related reasons. Eleven loans, representing 18.2% of the pool balance, are fully defeased. The pool is concentrated by property type, with loans secured by office, lodging, and retail collateral representing 35.4%, 21.4%, and 12.0%, respectively, of the pool. The Los Angeles Corporate Center loan is secured by four office properties, five miles southeast of the Los Angeles central business district. The former largest tenant, State Compensation Insurance Fund (21.0% of the net rentable area (NRA)) vacated the property in March 2023 and operating performance has yet to recover. The loan is currently being monitored on the servicer's watchlist for an active lockbox and a decline in the debt service coverage ratio (DSCR). According to the June 2025 rent roll, the property was 62.3% occupied with tenant leases representing approximately 6.0% of the NRA scheduled to expire over the next 12 months. According to the YE2024 financial reporting, the properties generated net cash flow (NCF) of $4.1million (a DSCR of 1.14 times (x)), 32.6% below the issuance figure of $6.2 million (a DSCR of 1.69x). According to Reis, office properties in the West San Gabriel Valley submarket reported a Q2 2025 average vacancy rate of 12.6% with an average asking rental rate of $30.37 per square foot (psf), compared with the subject's average rental rate of $32.30 psf. Given the decline in occupancy and cash flow, Morningstar DBRS analyzed this loan with a stressed loan-to-value (LTV) ratio and a probability of default (POD) penalty, resulting in an expected loss (EL) almost 3.0x greater than the pool average. The largest specially serviced loan, Key Center Cleveland, is secured by a 2.1 million-sf mixed-use property in Cleveland, comprising a 400-key hotel, two Class A office buildings, and an underground parking garage. The loan has been in special servicing since November 2020. According to the most recent servicer commentary, the borrower managed to raise new equity to fund leasing and property improvement plan costs to improve operating performance. As of the September 2025 remittance, the loan was reported as less than 30 days delinquent. The annualized Q2 2025 NCF was reported at $25.9 million (a DSCR of 1.63x), compared with the YE2024 and Morningstar DBRS issuance figures of $23.1 million (a DSCR of 1.45x) and $20.4 million (a DSCR of 1.28x), respectively. According to the April 2025 STR report, the hotel reported an occupancy rate of 69.9%, average daily rate of $211.24, and revenue per available room (RevPAR) of $147.71 (penetration rate of 123.7%) for the trailing 12 months (T-12) ended March 31, 2025. All three metrics exhibited a healthy recovery from the pandemic lows and the T-12 ended April 2025 RevPAR exceeded the issuance figure of $105.59. Regarding the office portion of the collateral, scheduled tenant rollover is minimal in the next 12 months, and the largest tenant, KeyBank National Association (26.7% of NRA), remains in place with a lease expiration in June 2030. According to Reis, the Downtown office submarket reported a Q2 2025 vacancy rate of 21.3%. Given the loan's extended status in special servicing and the weak office market fundamentals in Cleveland, Morningstar DBRS analyzed the loan with a stressed LTV and elevated POD penalty, resulting in an EL more than double the pool average. The 260 W 36th Street loan (Prospectus ID#10; 3.3% of the pool), is secured by 10-story, 85,145-sf Class C office building with 7,150 sf of ground-floor retail in Manhattan. The loan transferred to special servicing in May 2025 due to payment default with debt service last paid in April. According to the YE2024 financial reporting, the property was 63.0% occupied with property NCF yielding a below-breakeven DSCR. According to the September 2025 remittance, the loan's workout strategy is foreclosure. The collateral was re-appraised in June 2025 for $26.0 million, a decline of 42.2% from the issuance value of $45.0 million. For this review, Morningstar DBRS analyzed the loan with a liquidation scenario based on a 25.0% haircut to the most recent appraised value, resulting in an implied loss of $6.3 million and a loss severity approaching 30.0%. The Malibu Office loan (Prospectus ID#25; 1.6% of the pool), is secured by an 18,643-sf office building in Malibu, California. The loan transferred to special servicing for the second time in May 2024 because of monetary default. The asset subsequently became real estate owned in August 2025. The property has been fully vacant since 2020 after the former sole tenant, Regus, vacated prior to its lease expiration in November 2026. The property was appraised at issuance with a value of $18.0 million; however, Morningstar DBRS believes the current value of the collateral has declined significantly since that time. Morningstar DBRS liquidated the loan in its analysis based on a conservative haircut to the issuance appraised value, resulting in an implied loss of $7.4 million and a loss severity slightly in excess of 60.0%. At issuance, Morningstar DBRS shadow-rated the Hilton Hawaiian Village loan as investment grade. This assessment was supported by the loans' strong credit metrics, sponsorship strength, and historically stable performance. With this review, Morningstar DBRS confirms that the characteristics of that loan remain consistent with the investment-grade shadow rating. Notes: All figures are in U.S. dollars unless otherwise noted. CD 2019-CD8: DBRS Confirms CCC Rating on Class H-RR Certs --------------------------------------------------------- DBRS Limited confirmed its credit ratings on the Commercial Mortgage Pass-Through Certificates, Series 2019-CD8 issued by CD 2019-CD8 Mortgage Trust as follows: -- Class A-3 at AAA (sf) -- Class A-4 at AAA (sf) -- Class A-SB at AAA (sf) -- Class A-M at AAA (sf) -- Class X-A at AAA (sf) -- Class B at AAA (sf) -- Class X-B at AA (sf) -- Class C at AA (low) (sf) -- Class D at A (low) (sf) -- Class X-D at A (low) (sf) -- Class E at BBB (high) (sf) -- Class X-F at BBB (low) (sf) -- Class F at BB (high) (sf) -- Class G-RR at B (low) (sf) -- Class H-RR at CCC (sf) All trends are Stable. The credit rating confirmations reflect the overall stable performance of the transaction, which remains in line with Morningstar DBRS' expectations since the last credit rating action. During the previous review in September 2024, Morningstar DBRS downgraded Class GRR to reflect the increased loss projections driven by a deterioration in collateral value for the transaction's only loan in special servicing, 63 Spring Street (Prospectus ID#17, 2.4% of the pool), as well as the lack of a defined resolution strategy. While certain challenges for the pool continue to persist, including the foreclosure delays associated with the 63 Spring Street loan along with elevated credit risk concerns across select loans in the pool, the remainder of the pool continues to demonstrate stable performance, as evidenced by a healthy weighted-average (WA) debt service coverage ratio (DSCR) of 2.07 times (x), based on the most recent financial reporting. Additionally, the transaction benefits from having three loans, representing 16.9% of the pool, being shadow-rated investment grade by Morningstar DBRS, including second largest office loan, Moffett Towers (Prospectus ID#10, 4.4% of the pool). In the analysis for this review, Morningstar DBRS applied stressed loan-to-value ratios and/or probability of default (POD) penalties to six loans in the pool, concluding that assigned credit ratings accurately reflect the current credit risks associated with transaction and warranting the credit rating confirmations. As of September 2025 remittance, 31 of the original 33 loans remain in the pool, with a trust balance of $780.3 million, reflecting a collateral reduction of 3.8% since issuance. 10 loans, representing 34.1% of the pool balance, are on the servicer's watchlist. The loans are primarily being monitored for deferred maintenance issues and/or low DSCR. The pool is concentrated by property type with loans backed by retail, office and lodging properties, representing 29.7%, 17.6%, and 17.3% of the pool, respectively. Pool defeasance currently stands at 3.3% of the pool. The transaction's only specially serviced loan, 63 Spring Street (Prospectus ID#17, 2.4% of the pool), is secured by a 5,540-square-foot (sf) mixed-use building consisting of four high-end residential units (4,400 sf) and 1,100 sf of ground-floor retail space in New York's Soho neighborhood. The loan transferred to special servicing in June 2020 for a payment default. According to the servicer commentary, the loan is currently subject to litigation following the borrower's appeal of foreclosure. Based on the May 2025 rent roll, both the retail and residential components of the collateral are fully occupied. An updated appraisal completed in April 2025 valued the property at $14.1 million, a significant decrease when compared with the issuance value of $29.8 million, but a slight improvement over the January 2024 appraisal of $13.7 million. In light of ongoing foreclosure proceedings, Morningstar DBRS analyzed this loan with a liquidation scenario, based on a haircut applied to the most recent appraised value, which resulted in an implied loss of approximately $11.8 million (loss severity of 64%). The largest loan on the servicer's watchlist, Hilton Penn's Landing (Prospectus ID#3, 9.0% of the pool), is secured by a 350-key full-service hotel in Philadelphia. The loan is being monitored for a low DSCR which was most recently reported at 0.02x during the trailing three-month (T-3) ended March 31, 2025. According to servicer commentary, the decline in net cash flow is primarily stemming from increased expenses and can be partially attributed to seasonality. Based on the June 2025 STR report, the collateral reported an occupancy figure of 69.4%, average daily rate of $204 and revenue per available room of $142, an improvement over June 2024 figures of 64.6%, $210, and $136 respectively, but still less than Morningstar DBRS' issuance figures of 80.5%, $193, and $155 respectively. Given the loan's performance, Morningstar DBRS analyzed this loan with an elevated POD, which resulted in an expected loss which was approximately 1.5x the pool's EL. As previously mentioned, at issuance, three loans, Woodlands Mall (Prospectus ID#2), Moffett Towers and Crescent Club (Prospectus ID #12), collectively representing 16.9% of the pool, were assigned an investment-grade shadow rating by Morningstar DBRS. With this review, Morningstar DBRS confirms that the performance of the loans remains in line with the investment-grade shadow ratings. Notes: All figures are in U.S. dollars unless otherwise noted. CHASE HOME 2025-11: Fitch Assigns B-(EXP)sf Rating on Cl. B5 Certs ------------------------------------------------------------------ Fitch has assigned expected ratings to Chase Home Lending Mortgage Trust 2025-11 (Chase 2025-11). Entity/Debt Rating ----------- ------ Chase 2025-11 A10 LT AAA(EXP)sf Expected Rating A10A LT AAA(EXP)sf Expected Rating A10X LT AAA(EXP)sf Expected Rating A11 LT AAA(EXP)sf Expected Rating A11X LT AAA(EXP)sf Expected Rating A12 LT AAA(EXP)sf Expected Rating A13 LT AAA(EXP)sf Expected Rating A13x LT AAA(EXP)sf Expected Rating A14 LT AAA(EXP)sf Expected Rating A14X LT AAA(EXP)sf Expected Rating A14X2 LT AAA(EXP)sf Expected Rating A14X3 LT AAA(EXP)sf Expected Rating A14X4 LT AAA(EXP)sf Expected Rating A15 LT AAA(EXP)sf Expected Rating A15A LT AAA(EXP)sf Expected Rating A15X LT AAA(EXP)sf Expected Rating A16 LT AAA(EXP)sf Expected Rating A16A LT AAA(EXP)sf Expected Rating A16X LT AAA(EXP)sf Expected Rating A17 LT AAA(EXP)sf Expected Rating A17A LT AAA(EXP)sf Expected Rating A17X LT AAA(EXP)sf Expected Rating A18 LT AAA(EXP)sf Expected Rating A18A LT AAA(EXP)sf Expected Rating A18X LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating A3 LT AAA(EXP)sf Expected Rating A3X LT AAA(EXP)sf Expected Rating A4 LT AAA(EXP)sf Expected Rating A4A LT AAA(EXP)sf Expected Rating A4X LT AAA(EXP)sf Expected Rating A5 LT AAA(EXP)sf Expected Rating A5A LT AAA(EXP)sf Expected Rating A5X LT AAA(EXP)sf Expected Rating A6 LT AAA(EXP)sf Expected Rating A6A LT AAA(EXP)sf Expected Rating A6X LT AAA(EXP)sf Expected Rating A7 LT AAA(EXP)sf Expected Rating A7A LT AAA(EXP)sf Expected Rating A7X LT AAA(EXP)sf Expected Rating A8 LT AAA(EXP)sf Expected Rating A8A LT AAA(EXP)sf Expected Rating A8X LT AAA(EXP)sf Expected Rating A9 LT AAA(EXP)sf Expected Rating A9A LT AAA(EXP)sf Expected Rating A9B LT AAA(EXP)sf Expected Rating A9X1 LT AAA(EXP)sf Expected Rating A9X2 LT AAA(EXP)sf Expected Rating A9X3 LT AAA(EXP)sf Expected Rating AX1 LT AAA(EXP)sf Expected Rating AX2 LT AAA(EXP)sf Expected Rating AX3 LT AAA(EXP)sf Expected Rating B1 LT AA-(EXP)sf Expected Rating B1A LT AA-(EXP)sf Expected Rating B1X LT AA-(EXP)sf Expected Rating B2 LT A-(EXP)sf Expected Rating B2A LT A-(EXP)sf Expected Rating B2X LT A-(EXP)sf Expected Rating B3 LT BBB-(EXP)sf Expected Rating B4 LT BB-(EXP)sf Expected Rating B5 LT B-(EXP)sf Expected Rating B6 LT NR(EXP)sf Expected Rating RR LT NR(EXP)sf Expected Rating Transaction Summary Fitch Ratings expects to rate the residential mortgage-backed certificates issued by Chase Home Lending Mortgage Trust 2025-11 (Chase 2025-11) as indicated above. The certificates are supported by 656 loans with a scheduled balance of $772.11 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, 99.9% 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 weighted average (WA) FICO score of 771, a WA combined loan-to-value (CLTV) ratio of 74.85%, and a WA debt-to-income (DTI) ratio of 33.77%. The WA liquid reserves are $726,131. These strong collateral attributes are reflected in Fitch's loss analysis. Chase 2025-11 has a Final probability of default (PD) of 8.75% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 34.29%. The expected loss in the 'AAAsf' rating stress is 3.22%. Structural Analysis (Mixed): The mortgage cash flow and loss allocation in Chase 2025-11 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 1.00% 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 0.85% 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-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 delinquent principal and interest (DQ P&I) until it is deemed non-recoverable. As a result, the Loss Severity was increased in its cash flow analysis to account for the servicer recouping the advances. This increased the asset loss by roughly 1.0% is the 'AAAsf' rating stress. 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 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 46.48% 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 2025-11 to be a fully de-linked and bankruptcy remote special-purpose vehicle (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 2025-11 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 47.86% 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 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 higherMVDs 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. Fitch considered this information in its analysis and, as a result, Fitch decreased its loss expectations by x at the 'AAAsf' stress due to 46.63% of the pool having due diligence with no material findings. DATA ADEQUACY Fitch relied on an independent third-party due diligence review performed on 46.63% 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 tothe "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. CIFC FUNDING 2023-I: Fitch Assigns 'BB-(EXP)sf' Rating on E-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to the CIFC Funding 2023-I, Ltd. reset transaction. Entity/Debt Rating ----------- ------ CIFC Funding 2023-I, Ltd. A-1-R LT NR(EXP)sf Expected Rating A-2-R LT AAA(EXP)sf Expected Rating B-R LT AA(EXP)sf Expected Rating C-R LT A(EXP)sf Expected Rating D-1-R LT BBB-(EXP)sf Expected Rating D-2-R LT BBB-(EXP)sf Expected Rating E-R LT BB-(EXP)sf Expected Rating Transaction Summary CIFC Funding 2023-I, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is managed by CIFC Asset Management LLC and originally closed in October 2023. 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', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.78, 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 96.94% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.1% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 45% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-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 A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-R, 'Asf' for class D-1-R, 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 CIFC Funding 2023-I, 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. CIP COMMERCIAL 2025-SBAY: Fitch Assigns B(EXP)sf Rating on F Certs ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to CIP Commercial Mortgage Trust 2025-SBAY Commercial Mortgage Pass-Through, Certificates, Series 2025-SBAY. Fitch expects to rate the transaction and assign Rating Outlooks as follows: - $414,295,000(a) class A 'AAAsf(EXP)'; Outlook Stable; - $68,115,000(a) class B 'AA-sf(EXP)'; Outlook Stable; - $53,485,000(a) class C 'A-sf(EXP)'; Outlook Stable; - $75,430,000(a) class D 'BBB-sf(EXP)'; Outlook Stable; - $115,615,000(a) class E 'BB-sf(EXP)'; Outlook Stable; - $52,060,000(a) class F 'Bsf(EXP)'; Outlook Stable. The following class is not expected to be rated by Fitch: - $41,000,000 VRR(a)(b). (a) Privately placed and pursuant to Rule 144A (b) Vertical risk retention interest representing 5.0% of the fair value of all classes Transaction Summary The certificates represent the beneficial ownership interest in a trust that will hold a $820.0 million, two-year, floating-rate, interest-only (IO) mortgage loan with three one-year extension options. The mortgage will be secured by the borrower's fee simple interest in a portfolio of 42 shallow bay industrial centers, comprising approximately 6.1 million sf across six states and six markets. Borrower sponsorship is a joint venture between affiliates of CIP Real Estate LLC (CIP) and Almanac Realty Investors (Almanac), which acquired the portfolio between 2019 and 2023 for a purchase price of $786.7 million. Mortgage loan proceeds are being used to repay $602.2 million of existing debt, fund $10.9 million in upfront reserves ($2.4 million of outstanding landlord obligations in connection with recent leases and $8.5 million for ongoing work at the Fortune Tech Center), pay approximately $15.0 million of closing costs, and return $191.9 million of equity to the borrower. The loan is expected to be co-originated by Wells Fargo Bank, National Association, JPMorgan Chase Bank, National Association, and Goldman Sachs Bank USA who will act as mortgage loan sellers. Trimont, LLC will act as the servicer, with Situs Holdings, LLC as special servicer. Deutsche Bank National Trust Company is expected to act as the trustee, and Computershare Trust Company, National Association will serve as the certificate administrator. The certificates will follow a pro-rata paydown for the initial 30% of the loan amount and a standard senior-sequential paydown thereafter. The transaction is scheduled to close on Oct. 28, 2025. KEY RATING DRIVERS Net Cash Flow: Fitch estimates stressed net cash flow (NCF) for the portfolio at $57.6 million. This is 10.1% lower than the issuer's NCF. Fitch applied a 7.5% cap rate to derive a Fitch value of approximately $768.4 million. This equates to a 32.7% value decline relative to the appraiser's concluded "as is" value for the portfolio. High Fitch Leverage: The $820.0 million whole loan equates to debt of approximately $134 psf with a Fitch stressed debt yield (DY), debt service coverage ratio (DSCR), and loan-to-value ratio (LTV) of 7.0%, 0.83x, and 106.7%, respectively. The loan represents approximately 71.8% of the "as-is" appraised value of $1.1 billion. Fitch decreased the LTV hurdles by 1.25% to reflect the higher in-place leverage. Geographic and Tenant Diversity: The portfolio is well diversified, with 42 properties (6.1 million sf) across six states and six MSAs. The three largest state concentrations are Georgia (2,014,928 sf, eight properties, 36 buildings); Texas (1,361,396 sf, 20 properties, 49 buildings); and California (963,637 sf, four properties, 47 buildings). The three largest MSAs are Atlanta-GA (32.9% of NRA, 26.8 of allocated loan amount [ALA]); Dallas-Fort Worth - TX (22.2% of NRA, 25.0% of ALA); and Charlotte - NC/SC (19.6% of NRA, 20.0% of ALA). The portfolio also exhibits significant tenant diversity, as it features over 950 distinct tenants, with no tenant representing more than 2.1% of NRA, and 1.5% of Fitch Base Rent. Significant Capital Investment: Following the acquisition, the sponsorship has invested approximately $140.9 million in capital improvements across the portfolio. The vast majority went towards roof renovations and the sponsorship has an estimated total cost basis of $927.6 million. The sponsor plans to reconfigure rolling tenants into ideal flex industrial buildouts where necessary. Institutional Sponsorship: CIP was founded in 1995 and is headquartered in Irvine, CA. CIP is a full-service investment and management firm that manages over 10.5 million sf of industrial assets. Almanac, a business unit of Neuberger Berman, is a U.S.-focused real estate investment manager that provides growth capital to private and public real estate operating companies and REITs across sectors including senior housing, industrial, office, retail, multifamily, hospitality, and student housing, employing opportunistic, value-add, and core strategies. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow decreases property value and capacity of the transaction to meet its debt service obligations. The list below indicates the model-implied rating sensitivity to changes in one variable, Fitch-defined NCF: - Note classes: A/B/C/D/E/F - Original ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf/'BB-sf/Bsf - 10% NCF decline: 'AAsf'/'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf/CCC+sf Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Improvement in cash flow increases property value and capacity of the transaction to meet its debt service obligations. The list below indicates the model-implied rating sensitivity to changes in one variable, Fitch NCF: - Note classes: A/B/C/D/E/F - Original ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf/'BB-sf/'B-sf - 10% NCF increase: 'AAAsf'/'AA+sf'/'A+sf/'BBBsf'/'BBsf/'BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by KPMG LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to the mortgage loan. 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. CITIGROUP 2025-RP3: Fitch Assigns 'B(EXP)sf' Rating on Cl. B2 Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed notes to be issued by Citigroup Mortgage Loan Trust 2025-RP3 (CMLTI 2025-RP3). Entity/Debt Rating ----------- ------ CMLTI 2025-RP3 A1 LT AAA(EXP)sf Expected Rating A2 LT AA(EXP)sf Expected Rating A3 LT AA(EXP)sf Expected Rating A4 LT A(EXP)sf Expected Rating A5 LT BBB(EXP)sf Expected Rating M1 LT A(EXP)sf Expected Rating M2 LT BBB(EXP)sf Expected Rating B1 LT BB(EXP)sf Expected Rating B2 LT B(EXP)sf Expected Rating B3 LT NR(EXP)sf Expected Rating B4 LT NR(EXP)sf Expected Rating B5 LT NR(EXP)sf Expected Rating B LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating X LT NR(EXP)sf Expected Rating SA LT NR(EXP)sf Expected Rating PT LT NR(EXP)sf Expected Rating PT1 LT NR(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating Transaction Summary Fitch expects to rate the residential mortgage-backed notes to be issued by Citigroup Mortgage Loan Trust 2025-RP3 (CMLTI 2025-RP3) as indicated above. The transaction is expected to close on Oct. 10, 2025. The notes are supported by 2,961 seasoned performing loans (SPLs) and reperforming loans (RPLs) with a total balance of about $542.7 million, including $24.1 million, or 4.4%, of the aggregate pool balance in non-interest-bearing deferred principal amounts as of the cutoff date. The borrowers have a weighted-average (WA) FICO of 698 as determined by Fitch and a current mark-to-market (MtM) combined loan-to-value ratio (cLTV) of 46.6%. All loans in the transaction were originated in 2023 or earlier, all loans are seasoned at least 24 months and an updated BPO was provided. Of the pool, 94.1% of the loans have had a clean payment history over the past 12 months and 1.3% are currently delinquent. Distributions of principal and interest (P&I) and loss allocations are based on a traditional, senior-subordinate, sequential structure. The sequential-pay structure locks out principal to the subordinated notes until the most senior notes outstanding are paid in full. The servicer will not advance delinquent monthly payments of P&I. 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. CMLTI 2025-RP3 has a final probability of default (PD) of 34.5% in the 'AAAsf' rating stress. Fitch's final loss severity (LS) in the 'AAAsf' rating stress is 20.6%. The expected loss in the 'AAAsf' rating stress is 7.1%. Structural Analysis: The mortgage cash flow and loss allocation in CMLTI 2025-RP3 are based on a sequential-pay structure, whereby the subordinated classes do not receive principal until the senior classes are repaid in full. Losses are allocated in reverse-sequential order. Furthermore, the provision to reallocate principal to pay interest on the 'AAAsf' rated notes prior to other principal distributions is highly supportive of timely interest payments in the absence of servicer advancing. Interest and interest shortfalls are paid sequentially. 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 were sufficient for the given rating levels. The CE for a given rating exceeded the expected losses of that rating stress. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100.0% of the loans in the transaction by loan count. Fitch expects SPL/RPL pools to have full diligence completed. Specifically, for loans that have an application date on or after Jan. 10, 2014, Fitch expects a full due diligence scope that includes a review of credit, regulatory compliance and property valuation. For loans with an application date prior to Jan. 10, 2014, Fitch primarily receives a regulatory compliance review to ensure loans were originated in accordance with predatory lending regulations. Fitch's review of the operational risk for this transaction did not have an impact on the analysis. 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 CMLTI 2025-RP3 to be fully de-linked and a bankruptcy-remote, special-purpose vehicle (SPV) at closing. 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 CMLTI 2025-RP3, 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. The third-party due diligence review was completed on 100% of the loans in this transaction. The scope of the due diligence review was consistent with Fitch criteria for seasoned collateral. Fitch considered this information in its analysis and, as a result, Fitch made the following adjustments: increased the LS due to HUD-1 issues, missing modification agreements, as well as delinquent taxes and outstanding liens. These adjustments resulted in an increase in the 'AAAsf' expected loss of approximately 13bps. 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. COLT 2025-10: S&P Assigns B (sf) Rating on Class B-2 Certificates ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to COLT 2025-10 Mortgage Loan Trust'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 interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties, planned-unit developments, condominiums, townhouses, condotels, cooperative, two- to four-family properties, and five- to 10-unit multifamily residential properties. The pool consists of 578 loans, which are qualified mortgage (QM)/higher-priced mortgage loans (HPML), QM/non-HPML, non-QM/ability-to-repay (ATR) compliant, and ATR-exempt. S&P said, "After we assigned preliminary ratings on Sept. 25, 2025, the note amounts of classes A-1F and A-1IO, which is a notional amount equal to the class A-1F balance, were reduced to $42.000 million from $46.633 million. In turn, the note amounts of classes A-1A and A-1B were increased to $163.618 million from $159.652 million and to $27.545 million from $26.878 million, respectively. The resized bonds did not change the credit enhancement on the transaction. After analyzing the final coupons and the updated structure, we assigned ratings to the classes that are 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, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and originators; 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, and is updated, if necessary, when these projections change materially. Ratings Assigned(i) COLT 2025-10 Mortgage Loan Trust´s Certificates Class A-1(ii), $191,163,000: AAA (sf) Class A-1A(ii), $163,618,000: AAA (sf) Class A-1B(ii), $27,545,000: AAA (sf) Class A-1F, $42,000,000: AAA (sf) Class A-1IO, $42,000,000(iii): AAA (sf) Class A-2, $23,686,000: AA (sf) Class A-3, $34,605,000: A (sf) Class M-1, $17,302,000: BBB (sf) Class B-1, $11,927,000: BB (sf) Class B-2, $9,912,000: B (sf) Class B-3, $5,375,537: NR Class A-IO-S, notional(ii): NR Class X, notional(iv): NR Class R, not applicable: NR (i)The ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)All or a portion of the class A-1A and A-1B certificates can be exchanged for the class A-1 certificates and vice versa. (iii)The class A-1IO certificates are inverse floating-rate certificates. They will have a notional amount equal to the certificate amount of the class A-1F notes, which are floating-rate certificates, and will not be entitled to payments of principal. (iv)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 $335,970,537. NR--Not rated. COMM 2014-CCRE20: Fitch Cuts Rating on 2 Tranches to Csf -------------------------------------------------------- Fitch Ratings has downgraded three and affirmed three classes of Deutsche Bank Securities, Inc.'s COMM 2014-CCRE20 (CCRE20) Mortgage Trust commercial mortgage trust pass-through certificates. The Rating Outlooks for classes C, and PEZ remain Negative. Fitch has also upgraded one class of Deutsche Bank Securities, Inc's COMM 2014-CCRE21 Mortgage Trust pass-through certificates (COMM 2014-CCRE21). Following the upgrade, the Rating Outlook for class E is Stable. Entity/Debt Rating Prior ----------- ------ ----- COMM 2014-CCRE21 E 12592RAN9 LT BBsf Upgrade B-sf COMM 2014-CCRE20 C 12592LBP6 LT BBB-sf Affirmed BBB-sf D 12592LAN2 LT Csf Downgrade CCsf E 12592LAQ5 LT Dsf Downgrade Csf F 12592LAS1 LT Dsf Affirmed Dsf PEZ 12592LBN1 LT BBB-sf Affirmed BBB-sf X-B 12592LAA0 LT WDsf Withdrawn AA+sf X-C 12592LAC6 LT Csf Downgrade CCsf Fitch has withdrawn the rating of COMM 2014-CCRE21 class X-B as it is no longer considered relevant to the agency's coverage. Class B has paid off, and the remaining class C does not provide cash flow to the interest-only Class X-B. KEY RATING DRIVERS Performance and 'Bsf' Loss Expectations; Pool Concentrations: Fitch's current ratings incorporate a 'Bsf' rating case loss of 32% (3.2% of the original pool balance) from 11.4% (4.6%) at the prior rating action for COMM 2014-CCRE20 and 18.7% for COMM 2014-CCRE21 (0.8% of the original pool balance) from 3.9% (1.2%) at the prior rating action. The COMM 2014-CCRE20 transaction is concentrated with only four loans remaining, three of which (85.6% of the pool) have been designated as Fitch Loans of Concern (FLOCs) and are in special servicing. The COMM 2014-CCRE21 transaction is concentrated with only two loans remaining, both loans have been designated as FLOCs including one in special servicing (61.2%). Due to the high concentration of FLOCs and specially serviced loans that were not able to refinance or payoff at maturity and adverse selection, Fitch performed a recovery and liquidation analysis that grouped the remaining loans based on their status and collateral quality and then ranked them by their perceived likelihood of repayment and/or loss expectation. The downgrades to classes D, X-C and E in the COMM 2014-CCRE20 transaction reflects the greater certainty of loss on the remaining loans in the pool. Increased losses are largely attributable to declining appraisal values for specially serviced loans coupled with increasing total exposure and ongoing performance deterioration, particularly Harwood Center (44.1%). The Negative Outlooks on classes C and PEZ in COMM 2014-CCRE20 reflect the pool's elevated office concentration of 57% and the reliance on proceeds from specially serviced loans (85.6%) to pay down the classes; further downgrades are likely without performance stabilization and/or should recovery prospects worsen and/or workouts are prolonged. The upgrade of class E in COMM 2014-CCRE21 reflects increased CE from improved pool performance, scheduled amortization, and better-than-expected recoveries from loans paying off at maturity, including former specially serviced loan, King's Shops, which was the largest loan at the prior review (18.3%) and largest contributor to loss expectations, with a base case loss of 8.2% (prior to concentration adjustments). As of the September 2025 distribution date, the pool's aggregate principal balance has paid down by 95.6% since issuance and 85.7% since Fitch's prior rating action. The Stable Outlook on class E reflects the expectation of repayment from a loan pay off or liquidation and limited recovery required to repay the class. Largest Contributor to Loss Expectations: The largest contributor to loss expectations in COMM 2014-CCRE20 is the Harwood Center, which is a leasehold interest in a 36-story, 723,963 sf class A office tower and nine-story parking garage located in the Arts District of Dallas, TX. The loan transferred to special servicing in May 2020 due to imminent default after occupancy declined to 69% in March 2020. Updated financials and rent rolls were requested but not provided by the servicer. However, according to the servicer comments, property occupancy was 47% as of April 2025. Cash flow has been insufficient to service the debt since 2020. The asset has been REO since November 2021. Per updates from the servicer, the asset has been marketed for sale with disposition originally expected in 1Q25. Several necessary capital projects are ongoing, including elevator and chiller work. The master servicer holds approximately $13.85 million in reserves as of March 2025, with $4.8 million allocated for capital projects and tenant improvements. Fitch's 'Bsf' rating case loss of 57.2% (prior to concentration adjustments) reflects a stress to the most recent appraisal value, equating to a stressed recovery of $50 psf. The largest contributors to overall loss expectations in the COMM 2014-CCRE21 transaction is the 12650 Ingenuity Drive, secured by a 124,500-sf suburban single-tenant office property in Orlando, FL. The loan transferred to special servicing in March 2024 due to imminent maturity default for December 2024 maturity and in June 2024, a loan modification was executed, extending maturity to December 2026. As of YE 2024, occupancy increased to 100% from 66% at YE 2023 and NOI DSCR to 1.26x from 0.69x. The property is occupied by Sedgwick Claims Management Services (63%; lease through April 2027) and Galen Health Institutes, Inc. (34.75%; lease through April 2035). The loan remains current as of September 2025. Fitch's 'Bsf' rating case loss of 30% (prior to concentration adjustments) reflects a 40% stress to the YE 2024 NOI due to concerns of a December 2026 loan maturity being coterminous with the lease expiration of the largest tenant Sedgwick Claims Management Services. Change to CE: As of the September 2025 remittance report, the aggregate balances of COMM 2014-CCRE20 and COMM 2014-CCRE21 have been reduced by 90.0% and 95.6%, respectively. Realized losses of $68.6 million are impacting the class E of COMM 2014-CCRE20 and $27.4 million have impacted non-rated class H of COMM 2014-CCRE21. Cumulative Interest shortfalls of $7.7 million are affecting classes D, E, F and non-rated classes G and H of COMM 2014-CCRE20 and $4.9 million is affecting non-rated classes F, G, H and J of COMM 2014-CCRE21. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades to 'BBB-sf' and 'BBsf' rated classes could occur with an increase in pool-level losses from further value degradation or extended workouts of the specially serviced loans, Harwood Center, Beverly Connection, and CSRA MOB Portfolio II in COMM 2014-CCRE20 and the Marine Club Apartments in COMM 2014-CCRE21. Downgrades to distressed ratings would occur as losses are realized and/or become more certain. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades to the 'BBB-sf' rated classes in COMM 2014-CCRE20 could occur with performance and valuation improvements of the specially serviced loans/assets, including the Harwood Center, Beverly Connection, and CSRA MOB Portfolio II. Upgrades to the 'BBsf' rated class in COMM 2014-CCRE21 would be unlikely due to the collateral quality of the remaining loans. Upgrades to distressed classes in COMM 2014-CCRE20 are not expected but are possible with better-than-expected recoveries on specially serviced loans, particularly the Harwood Center. 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. CONNECTICUT AVE 2025-R06: DBRS Assigns (P)BB(high) on 4 Classes --------------------------------------------------------------- DBRS, Inc. assigned the following provisional credit ratings to the Connecticut Avenue Securities (CAS) Series 2025-R06 Notes (the Notes) to be issued by Connecticut Avenue Securities Trust 2025-R06 (CAS 2025-R06 or the Issuer): -- $204.1 million Class 1A-1 at (P) A (high) (sf) -- $204.1 million Class 1M-1 at (P) A (low) (sf) -- $40.8 million Class 1M-2A at (P) A (low) (sf) -- $40.8 million Class 1M-2B at (P) BBB (high) (sf) -- $40.8 million Class 1M-2C at (P) BBB (high) (sf) -- $57.1 million Class 1B-1A at (P) BBB (sf) -- $57.1 million Class 1B-1B at (P) BB (high) (sf) -- $122.4 million Class 1M-2 at (P) BBB (high) (sf) -- $40.8 million Class 1E-A1 at (P) A (low) (sf) -- $40.8 million Class 1A-I1 at (P) A (low) (sf) -- $40.8 million Class 1E-A2 at (P) A (low) (sf) -- $40.8 million Class 1A-I2 at (P) A (low) (sf) -- $40.8 million Class 1E-A3 at (P) A (low) (sf) -- $40.8 million Class 1A-I3 at (P) A (low) (sf) -- $40.8 million Class 1E-A4 at (P) A (low) (sf) -- $40.8 million Class 1A-I4 at (P) A (low) (sf) -- $40.8 million Class 1E-B1 at (P) BBB (high) (sf) -- $40.8 million Class 1B-I1 at (P) BBB (high) (sf) -- $40.8 million Class 1E-B2 at (P) BBB (high) (sf) -- $40.8 million Class 1B-I2 at (P) BBB (high) (sf) -- $40.8 million Class 1E-B3 at (P) BBB (high) (sf) -- $40.8 million Class 1B-I3 at (P) BBB (high) (sf) -- $40.8 million Class 1E-B4 at (P) BBB (high) (sf) -- $40.8 million Class 1B-I4 at (P) BBB (high) (sf) -- $40.8 million Class 1E-C1 at (P) BBB (high) (sf) -- $40.8 million Class 1C-I1 at (P) BBB (high) (sf) -- $40.8 million Class 1E-C2 at (P) BBB (high) (sf) -- $40.8 million Class 1C-I2 at (P) BBB (high) (sf) -- $40.8 million Class 1E-C3 at (P) BBB (high) (sf) -- $40.8 million Class 1C-I3 at (P) BBB (high) (sf) -- $40.8 million Class 1E-C4 at (P) BBB (high) (sf) -- $40.8 million Class 1C-I4 at (P) BBB (high) (sf) -- $81.6 million Class 1E-D1 at (P) BBB (high) (sf) -- $81.6 million Class 1E-D2 at (P) BBB (high) (sf) -- $81.6 million Class 1E-D3 at (P) BBB (high) (sf) -- $81.6 million Class 1E-D4 at (P) BBB (high) (sf) -- $81.6 million Class 1E-D5 at (P) BBB (high) (sf) -- $81.6 million Class 1E-F1 at (P) BBB (high) (sf) -- $81.6 million Class 1E-F2 at (P) BBB (high) (sf) -- $81.6 million Class 1E-F3 at (P) BBB (high) (sf) -- $81.6 million Class 1E-F4 at (P) BBB (high) (sf) -- $81.6 million Class 1E-F5 at (P) BBB (high) (sf) -- $81.6 million Class 1-X1 at (P) BBB (high) (sf) -- $81.6 million Class 1-X2 at (P) BBB (high) (sf) -- $81.6 million Class 1-X3 at (P) BBB (high) (sf) -- $81.6 million Class 1-X4 at (P) BBB (high) (sf) -- $81.6 million Class 1-Y1 at (P) BBB (high) (sf) -- $81.6 million Class 1-Y2 at (P) BBB (high) (sf) -- $81.6 million Class 1-Y3 at (P) BBB (high) (sf) -- $81.6 million Class 1-Y4 at (P) BBB (high) (sf) -- $40.8 million Class 1-J1 at (P) BBB (high) (sf) -- $40.8 million Class 1-J2 at (P) BBB (high) (sf) -- $40.8 million Class 1-J3 at (P) BBB (high) (sf) -- $40.8 million Class 1-J4 at (P) BBB (high) (sf) -- $81.6 million Class 1-K1 at (P) BBB (high) (sf) -- $81.6 million Class 1-K2 at (P) BBB (high) (sf) -- $81.6 million Class 1-K3 at (P) BBB (high) (sf) -- $81.6 million Class 1-K4 at (P) BBB (high) (sf) -- $122.4 million Class 1M-2Y at (P) BBB (high) (sf) -- $122.4 million Class 1M-2X at (P) BBB (high) (sf) -- $114.3 million Class 1B-1 at (P) BB (high) (sf) -- $114.3 million Class 1B-1Y at (P) BB (high) (sf) -- $114.3 million Class 1B-1X at (P) BB (high) (sf) Classes 1M-2, 1E-A1, 1A-I1, 1E-A2, 1A-I2, 1E-A3, 1A-I3, 1E-A4, 1A-I4, 1E-B1, 1B-I1, 1E-B2, 1B-I2, 1E-B3, 1B-I3, 1E-B4, 1B-I4, 1E-C1, 1C-I1, 1E-C2, 1C-I2, 1E-C3, 1C-I3, 1E-C4, 1C-I4, 1E-D1, 1E-D2, 1E-D3, 1E-D4, 1E-D5, 1E-F1, 1E-F2, 1E-F3, 1E-F4, 1E-F5, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3, 1-Y4, 1-J1, 1-J2, 1-J3, 1-J4, 1-K1, 1-K2, 1-K3, 1-K4, 1M-2Y, 1M-2X, 1B-1, 1B-1Y and 1B-1X are Related Combinable and Recombinable Notes (RCR Notes). Classes 1A-I1, 1A-I2, 1A-I3, 1A-I4, 1B-I1, 1B-I2, 1B-I3, 1B-I4, 1C-I1, 1C-I2, 1C-I3, 1C-I4, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3, 1-Y4, 1M-2X and 1B-1X are interest-only (IO) RCR Notes. The (P) A (high) (sf), (P) A (low) (sf), (P) BBB (high) (sf), (P) BBB (sf) and (P) BB (high) (sf) credit ratings reflect 3.80%, 2.30%, 1.80%, 1.45% and 1.10% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. CAS 2025-R06 is the 71st benchmark transaction in the CAS series. The Notes are subject to the credit and principal payment risk of a certain reference pool (the Reference Pool) of residential mortgage loans held in various Fannie Mae-guaranteed mortgage-backed securities (MBS). As of the Cut-Off Date, the Reference Pool consists of 48,435 greater-than-20-year term, fully amortizing, first-lien, fixed-rate mortgage loans underwritten to a full documentation standard, with original loan-to-value ratios (LTVs) ratios greater than 60% and less than or equal to 80%. The mortgage loans were estimated to be originated on or after February 2024 and were acquired by Fannie Mae between October 1, 2024, and December 31, 2024. On the Closing Date, the Issuer will enter into a Collateral Administration Agreement (CAA) with Fannie Mae and the Indenture Trustee. Fannie Mae, as the credit protection buyer, will be required to make transfer amount payments. The Issuer is expected to use the aggregate proceeds realized from the sale of the Notes to purchase certain eligible investments to be held in a securities account. The eligible investments are restricted to highly rated, short-term investments. Cash flow from the Reference Pool is not used to make any payments; instead, a portion of the eligible investments held in the securities account will be liquidated to make principal payments to the Noteholders and return amount, if any, to Fannie Mae upon the occurrence of certain specified credit events and modification events. This transaction includes a rated senior Class 1A-1 Note. The Class 1A-1 Note is subordinate to the Class 1A-H reference tranche. If the Cumulative Net Loss Test is met, the Class 1A-1 Note will receive principal payment based on a pre-determined schedule for the first 36 months, after which 100% of the senior reduction amount will be used to pay down the Class 1A-1 Note. In period 39, if the Class 1A-1 Note is outstanding and Cumulative Net Loss test is met, the Class 1A-1 Note will be paid in full. If the Cumulative Net Loss Test is not met, the Class 1A-1 Note will be locked out from receiving principal payments, except its share of supplemental reduction amount. The coupon rates for the Notes are based on the 30-day average Secured Overnight Financing Rate (SOFR). There are replacement provisions in place in the event that SOFR is no longer available; please see the Offering Memorandum (OM) for more details. Morningstar DBRS did not run interest rate stresses for this transaction, as the interest is not linked to the performance of the reference obligations. Instead, the Issuer will use the net investment earnings on the eligible investments together with Fannie Mae's transfer amount payments to pay interest to the Noteholders. The calculation of principal payments to the Notes will be based on actual principal collected on the Reference Pool. The scheduled and unscheduled principal will be combined and only be allocated pro rata between the senior and nonsenior tranches if the performance tests are satisfied. The minimum credit enhancement test is set to pass at the Closing Date. This allows rated classes to receive principal payments from the First Payment Date, provided the delinquency test is met. Additionally, the Class 1A-1 and nonsenior tranches will also be entitled to a supplemental reduction amount if the offered reference tranche percentage increases above 5.50%. The interest payments for these transactions are not linked to the performance of the reference obligations except to the extent that modification losses have occurred. The Notes will be scheduled to mature on the payment date in September 2045 but will be subject to mandatory redemption prior to the scheduled maturity date upon the termination of the CAA. Fannie Mae will serve as the Administrator, Trustor, and Master Servicer of the transaction. Computershare Trust Company, N.A. (rated BBB (high) with a Stable trend and R-1(low) with a Stable trend by Morningstar DBRS will act as the Indenture Trustee, Exchange Administrator, Custodian, and Investment Agent. U.S. Bank National Association (rated AA with a Stable trend and R-1 (high) with a Stable trend by Morningstar DBRS) will act as the Delaware Trustee. In this transaction, Value Acceptance (Appraisal Waiver), including Value Acceptance with Property Data Collection, was granted for approximately 24.5% of the loans rather than a traditional full appraisal. Loans where the Value Acceptance was granted generally have better credit scores and lower original LTVs. The Reference Pool consists of approximately 5.4% of loans originated under the HomeReady® program. HomeReady® is Fannie Mae's affordable mortgage product designed to expand the availability of mortgage financing to creditworthy low- to moderate-income borrowers. If a reference obligation is refinanced under the High LTV Refinance Program, then the resulting refinanced reference obligation may be included in the Reference Pool as a replacement of the original reference obligation. The High LTV Refinance Program provides refinance opportunities to borrowers with existing Fannie Mae mortgages who are current in their mortgage payments but whose LTV ratios exceed the maximum permitted for standard refinance products. The refinancing and replacement of a reference obligation under this program will not constitute a credit event. Notes: All figures are in U.S. dollars unless otherwise noted. CPS AUTO 2025-D: DBRS Gives Prov. BB Rating on Class E Notes ------------------------------------------------------------ DBRS, Inc. assigned provisional credit ratings to the following classes of notes to be issued by CPS Auto Receivables Trust 2025-D (CPS 2025-D or the Issuer): -- 170,910,000 Class A Notes at (P) AAA (sf) -- 52,200,000 Class B Notes at (P) AA (sf) -- 64,950,000 Class C Notes at (P) A (sf) -- 43,170,000 Class D Notes at (P) BBB (sf) -- 53,370,000 Class E Notes at (P) BB (sf) CREDIT RATING RATIONALE/DESCRIPTION The provisional credit ratings are based on Morningstar DBRS' review of the following analytical considerations: (1) 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. -- The 2025-D transaction will not include a CNL trigger. -- The 2025-D transaction will not include a prefunding feature. (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 ratings address the payment of timely interest on a monthly basis and the payment of principal by the legal final maturity date. (3) The Morningstar DBRS CNL assumption is 18.20% for the transaction based on the Cutoff Date pool composition. -- 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. (4) CPS' capabilities with regard to originations, underwriting (UW), and servicing. -- Morningstar DBRS has performed an operational review of CPS and considers the entity to be an acceptable originator and servicer of subprime automobile loan contracts. The transaction also has an acceptable backup servicer. -- The CPS senior management team has considerable experience and a successful track record within the auto finance industry, managing the Company through multiple economic cycles. (5) The quality and consistency of provided historical static pool data for CPS originations and performance of the CPS auto loan portfolio. (6) 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 CPS, that the trust has a valid first-priority security interest in the assets, and the consistency with Morningstar DBRS' Legal Criteria for U.S. Structured Finance. CPS is an independent full-service automotive financing and servicing company that provides (1) financing to borrowers who do not typically have access to prime credit-lending terms for the purchase of late-model vehicles and (2) refinancing of existing automotive financing. The rating on the Class A Notes reflects 57.45% of initial hard credit enhancement provided by the subordinated notes in the pool (54.45%), the reserve account (1.00%), and OC (2.00%). The ratings on the Class B, C, D, and E Notes reflect 44.15%, 27.60%, 16.60%, and 3.00% of initial hard credit enhancement, respectively. Additional credit support may be provided from excess spread available in the structure. Notes: All figures are in U.S. dollars unless otherwise noted. EFMT 2025-INV4: S&P Assigns B- (sf) Rating on Class B2 Certs ------------------------------------------------------------ S&P Global Ratings assigned its ratings to EFMT 2025-INV4'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 951 ability-to-repay (ATR)-exempt residential mortgage loans backed by 1,004 properties, including sixteen cross-collateralized loans backed by 69 properties. The 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 said, "Our macroeconomic and sector outlook, which consider our 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." Ratings List(i) EFMT 2025-INV4 Class A-1, $189,987,000: AAA (sf) Class A-1A, $159,245,000: AAA (sf) Class A-1B, $30,742,000: AAA (sf) Class A-1F, $25,000,000: AAA (sf) Class A-1IO, $25,000,000: AAA (sf) Class A-2, $31,309,000: AA- (sf) Class A-3, $42,789,000: A- (sf) Class M-1, $22,612,000: BBB- (sf) Class B-1, $16,872,000: BB- (sf) Class B-2, $12,002,000: B- (sf) Class B-3, $7,305,446: 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. (ii)Notional amount equals the loans' aggregate stated principal balance as of the cutoff date. NR--Not rated. N/A--Not applicable. ELMWOOD CLO 19: Fitch Assigns 'B-sf' Rating on Class F-R2 Notes --------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Elmwood CLO 19 Ltd. reset transaction. Entity/Debt Rating ----------- ------ Elmwood CLO 19 Ltd. A-R2 29004JAW3 LT AAAsf New Rating B-R2 29004JAY9 LT AAsf New Rating C-R2 29004JBA0 LT Asf New Rating D-1-R2 29004JBC6 LT BBB-sf New Rating D-2-R2 29004JBE2 LT BBB-sf New Rating E-R2 29004YAL4 LT BB-sf New Rating F-R2 29004YAN0 LT B-sf New Rating Subordinated Notes 29004YAE0 LT NRsf New Rating X 29004JAU7 LT AAAsf New Rating Transaction Summary Elmwood CLO 19 Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is managed by Elmwood Asset Management LLC. The deal originally closed in October 2022 and refinanced in October 2023. This is the second reset with existing notes to be redeemed on Oct. 6, 2025. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first-lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+/B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 22.33 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 94.72% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.2% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 44.5% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as 'AAAsf' for class X, between 'BBB+sf' and 'AA+sf' for class A-R2, between 'BB+sf' and 'A+sf' for class B-R2, between 'B-sf' and 'BBB+sf' for class C-R2, between less than 'B-sf' and 'BB+sf' for class D-1-R2, between less than 'B-sf' and 'BB+sf' for class D-2-R2, and between less than 'B-sf' and 'B+sf' for class E-R2 and less than 'B-sf' for class F-R2. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X and class A-R2 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-R2, 'AAsf' for class C-R2, 'A+sf' for class D-1-R2, 'A-sf' for class D-2-R2, and 'BBB+sf' for class E-R2 and 'BB+sf' for class F-R2. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for its rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Elmwood CLO 19 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. EXETER AUTOMOBILE 2021-4: DBRS Confirms B Rating on Class F Debt ---------------------------------------------------------------- DBRS, Inc. upgraded two credit ratings, confirmed five credit ratings, and discontinued one credit rating as a result of full repayment, from three Exeter Automobile Receivables Trust transactions as detailed in the summary chart below. Debt Rating Action ---- ------ ------ Exeter Automobile Receivables Trust 2021-4 Class D AAA (sf) Confirmed Class E BBB (high) (sf) Upgraded Class F B (sf) Confirmed Exeter Automobile Receivables Trust 2022-1 Class D Notes AAA (sf) Confirmed Class E Notes BB (sf) Confirmed Exeter Automobile Receivables Trust 2022-4 Class D Notes AAA (sf) Upgraded Class E Notes BB (sf) Confirmed Class C Notes Discontinued The credit rating actions are based on the following analytical considerations: -- Current credit enhancement (CE) levels have increased compared to initial levels in each transaction. -- Current cumulative net losses (CNL) for each transaction are trending higher compared to the initial expectations. -- As a percentage of the current collateral balances, total delinquencies have increased in recent months. -- Although losses are trending above the Morningstar DBRS initial base-case CNL expectations, the current level of hard CE and estimated excess spread are sufficient to support the Morningstar DBRS revised projected remaining CNL assumptions at multiples of coverage commensurate with the credit ratings. -- The transaction capital structures and form and sufficiency of available CE. -- The transaction parties' capabilities with regard to originating, 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 COVID-19 pandemic scenarios, which were first published in April 2020. EXETER SELECT 2025-3: S&P Assigns Prelim BB (sf) Rating on E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Exeter Select Automobile Receivables Trust 2025-3's automobile receivables-backed notes. The note issuance is an ABS securitization backed by subprime auto loan receivables. The preliminary ratings are based on information as of Oct. 8, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect S&P's view of: -- The availability of approximately 42.10%, 36.05%, 27.66%, 21.17%, and 18.84% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 3.50x, 3.00x, 2.30x, 1.75x, and 1.50x coverage of S&P's expected cumulative net loss of 12.00% for classes A, B, C, D, and E, respectively. -- The expectation that under a moderate ('BBB') stress scenario (1.75x S&P's expected loss level), all else being equal, its preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings on the class A, B, C, D, and E notes, respectively, will be within its credit stability limits. -- The timely payment of interest and repayment of principal by the designated legal final maturity dates under S&P's stressed cash flow modeling scenarios for the assigned preliminary ratings. -- The collateral characteristics of the series' subprime automobile loans, S&P's view of the collateral's credit risk, its updated macroeconomic forecast, and forward-looking view of the auto finance sector. -- S&P's assessment of the series' bank accounts at Citibank N.A. (Citibank), which do not constrain the preliminary ratings. -- S&P's operational risk assessment of Exeter Finance LLC as servicer, along with its view of the company's underwriting and its backup servicing arrangement with Citibank. -- S&P's assessment of the transaction's potential exposure to environmental, social, and governance (ESG) credit factors, which are in line with its sector benchmark. -- The transaction's payment and legal structures. Preliminary Ratings Assigned Exeter Select Automobile Receivables Trust 2025-3 Class A-1, $40.00 million: A-1+ (sf) Class A-2, $111.42 million: AAA (sf) Class A-3, $94.91 million: AAA (sf) Class B, $25.70 million: AA (sf) Class C, $41.67 million: A (sf) Class D, $37.26 million: BBB (sf) Class E, $5.88 million: BB (sf) FANNIE MAE 2025-R06: S&P Assigns Prelim 'BB+' Rating on 1B-1X Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Fannie Mae Connecticut Avenue Securities Trust 2025-R06's notes. The note issuance is an RMBS securitization backed by fully amortizing, first-lien, fixed-rate residential mortgage loans, secured by one- to four-family residences, planned-unit developments, condominiums, manufactured housing, and cooperatives, made primarily to prime borrowers. The preliminary ratings are based on information as of Oct. 6, 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 credit enhancement provided by the subordinated reference tranches and the associated structural deal mechanics; -- The REMIC structure, which reduces the counterparty exposure to Fannie Mae for periodic principal and interest payments but also pledges the support of Fannie Mae (as a highly rated counterparty) to cover any shortfalls on interest payments and make up for any investment losses; -- The issuer's aggregation experience and the alignment of interests between the issuer and the noteholders in the transaction's performance, which S&P believes enhance the notes' strength; -- The enhanced credit risk management and quality control processes Fannie Mae uses in conjunction with the underlying R&W framework; and -- S&P's outlook that considers our current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals. S&P's outlook is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned Fannie Mae Connecticut Avenue Securities Trust 2025-R06 Class 1A-H(i), $16,316,237,687: NR Class 1A-1, $204,060,000: A+ (sf) Class 1A-1H, $10,740,391: NR Class 1M-1, $204,060,000: A- (sf) Class 1M-1H, $10,740,391: NR Class 1M-2A(ii), $40,812,000: A- (sf) Class 1M-AH, $2,148,078: NR Class 1M-2B(ii), $40,812,000: BBB+ (sf) Class 1M-BH, $2,148,078: NR Class 1M-2C(ii), $40,812,000: BBB+ (sf) Class 1M-CH, $2,148,078: NR Class 1M-2(ii), $122,436,000: BBB+ (sf) Class 1B-1A(ii), $57,136,000: BBB (sf) Class 1B-AH, $3,008,109: NR Class 1B-1B(ii), $57,136,000: BB+ (sf) Class 1B-BH, $3,008,109: NR Class 1B-1, $114,272,000: BB+ (sf) Class 1B-2H(i), $103,104,188: NR Class 1B-3H(i), $85,920,158: NR Class X-IO, not applicable: NR Class R, not applicable: NR Class RL, not applicable: NR Related combinable and recombinable exchangeable classes(iii): Class 1E-A1, $40,812,000: A- (sf) Class 1A-I1, $40,812,000(iv): A- (sf) Class 1E-A2, $40,812,000: A- (sf) Class 1A-I2, $40,812,000(iv): A- (sf) Class 1E-A3, $40,812,000: A- (sf) Class 1A-I3, $40,812,000(iv): A- (sf) Class 1E-A4, $40,812,000: A- (sf) Class 1A-I4, $40,812,000(iv): A- (sf) Class 1E-B1, $40,812,000: BBB+ (sf) Class 1B-I1, $40,812,000(iv): BBB+ (sf) Class 1E-B2, $40,812,000: BBB+ (sf) Class 1B-I2, $40,812,000(iv): BBB+ (sf) Class 1E-B3, $40,812,000: BBB+ (sf) Class 1B-I3, $40,812,000(iv): BBB+ (sf) Class 1E-B4, $40,812,000: BBB+ (sf) Class 1B-I4, $40,812,000(iv): BBB+ (sf) Class 1E-C1, $40,812,000: BBB+ (sf) Class 1C-I1, $40,812,000(iv): BBB+ (sf) Class 1E-C2, $40,812,000: BBB+ (sf) Class 1C-I2, $40,812,000(iv): BBB+ (sf) Class 1E-C3, $40,812,000: BBB+ (sf) Class 1C-I3, $40,812,000(iv): BBB+ (sf) Class 1E-C4, $40,812,000: BBB+ (sf) Class 1C-I4, $40,812,000(iv): BBB+ (sf) Class 1E-D1, $81,624,000: BBB+ (sf) Class 1E-D2, $81,624,000: BBB+ (sf) Class 1E-D3, $81,624,000: BBB+ (sf) Class 1E-D4, $81,624,000: BBB+ (sf) Class 1E-D5, $81,624,000: BBB+ (sf) Class 1E-F1, $81,624,000: BBB+ (sf) Class 1E-F2, $81,624,000: BBB+ (sf) Class 1E-F3, $81,624,000: BBB+ (sf) Class 1E-F4, $81,624,000: BBB+ (sf) Class 1E-F5, $81,624,000: BBB+ (sf) Class 1-X1, $81,624,000(iv): BBB+ (sf) Class 1-X2, $81,624,000(iv): BBB+ (sf) Class 1-X3, $81,624,000(iv): BBB+ (sf) Class 1-X4, $81,624,000(iv): BBB+ (sf) Class 1-Y1, $81,624,000(iv): BBB+ (sf) Class 1-Y2, $81,624,000(iv): BBB+ (sf) Class 1-Y3, $81,624,000(iv): BBB+ (sf) Class 1-Y4, $81,624,000(iv): BBB+ (sf) Class 1-J1, $40,812,000: BBB+ (sf) Class 1-J2, $40,812,000: BBB+ (sf) Class 1-J3, $40,812,000: BBB+ (sf) Class 1-J4, $40,812,000: BBB+ (sf) Class 1-K1, $81,624,000: BBB+ (sf) Class 1-K2, $81,624,000: BBB+ (sf) Class 1-K3, $81,624,000: BBB+ (sf) Class 1-K4, $81,624,000: BBB+ (sf) Class 1M-2Y, $122,436,000: BBB+ (sf) Class 1M-2X, $122,436,000(iv): BBB+ (sf) Class 1B-1Y, $114,272,000: BB+ (sf) Class 1B-1X, $114,272,000(iv): BB+ (sf) (i)Reference tranche only; will not have corresponding notes. Fannie Mae retains the risk of these tranches. (ii)The class 1M-2 noteholders may exchange all or part of that class for proportionate interests in the class 1M-2A, 1M-2B, and 1M-2C notes and vice versa. The class 1B-1 noteholders may exchange all or part of that class for proportionate interests in the class 1B-1A and 1B-1B notes and vice versa. (iii)See the offering documents for more detail on possible combinations. (iv)Notional amount. NR--Not rated. FORTRESS CREDIT X: S&P Assigns BB- (sf) Rating on Class E-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-R, B-R, C-R, D-R, and E-R debt for Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC, a CLO managed by Fortress Credit Funds, a subsidiary of Fortress Investment Group LLC, that was originally issued in Feb. 2021. At the same time, S&P withdrew its ratings on the previous class A, B, C, D, and E debt following payment in full on the Oct. 7, 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 July 20, 2026. -- No additional assets were purchased on the Oct. 7, 2025, refinancing date, and 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 Jan. 20, 2025. -- No additional subordinated notes were issued on the refinancing date. Replacement And Previous Debt Issuances Replacement debt -- Class A-R, $242.78 million: Three-month CME term SOFR + 1.10% -- Class B-R, $70.00 million: Three-month CME term SOFR + 1.60% -- Class C-R (deferrable), $32.50 million: Three-month CME term SOFR + 2.05% -- Class D-R (deferrable), $30.10 million: Three-month CME term SOFR + 3.10% -- Class E-R (deferrable), $17.50 million: Three-month CME term SOFR + 5.75% Previous debt -- Class A, $300.00 million: Three-month CME term SOFR + 1.47% + CSA(i) -- Class B, $70.00 million: Three-month CME term SOFR + 1.85% + CSA(i) -- Class C (deferrable), $32.50 million: Three-month CME term SOFR + 2.50% + CSA(i) -- Class D (deferrable), $30.10 million: Three-month CME term SOFR + 3.60 % + CSA(i) -- Class E (deferrable), $17.50 million: Three-month CME term SOFR + 7.14% + CSA(i) (i)The CSA is 0.26161%. CSA--Credit spread adjustment. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. The results of the cash flow analysis (and other qualitative factors, as applicable) demonstrated, in our view, that the outstanding rated classes all have adequate credit enhancement available at the rating levels associated with the rating actions. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC Class A-R, $242.78 million: AAA (sf) Class B-R, $70.00 million: AA (sf) Class C-R (deferrable), $32.50 million: A (sf) Class D-R (deferrable), $30.10 million: BBB- (sf) Class E-R (deferrable), $17.50 million: BB- (sf) Ratings Withdrawn Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC Class A 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 Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC Subordinated notes, $52.90 million: NR NR--Not rated. GCAT 2025-NQM5: S&P Assigns B (sf) Rating on Class B-2 Certs ------------------------------------------------------------ S&P Global Ratings assigned its ratings to GCAT 2025-NQM5 Trust's mortgage pass-through certificates. The certificate issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to prime and nonprime borrowers. The loans are secured by single-family residential properties, planned-unit developments, townhouses, condominiums, a cooperative, and two- to four-family residential properties. The pool has 612 loans, which are qualified mortgage (QM)/non-higher-priced mortgage (average prime offer rate), QM/higher-priced mortgage, non-QM/ability-to-repay-compliant (ATR-compliant), or ATR-exempt loans. The ratings reflect S&P's view of: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, geographic concentration, and representation and warranty framework; -- The mortgage aggregator, Blue River Mortgage VI LLC; the transaction-specific review on the mortgage originator, Arc Home LLC; and any S&P Global Ratings-reviewed 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 Assigned(i) GCAT 2025-NQM5 Trust Class A-1A(ii), $252,217,000: AAA (sf) Class A-1B(ii), $36,580,000: AAA (sf) Class A-1(ii), $288,797,000: AAA (sf) Class A-2, $15,912,000: AA (sf) Class A-3, $36,580,000: A (sf) Class M-1, $12,620,000: BBB- (sf) Class B-1, $4,573,000: BB (sf) Class B-2, $4,389,000: B (sf) Class B-3, $2,926,978: not rated Class A-IO-S, notional(iii): not rated Class X, notional(iii): not rated Class R, not applicable: not rated (i)The ratings address our expectation for the ultimate payment of interest and principal. (ii)Initial exchangeable certificates can be exchanged for the exchangeable certificates, and vice versa. The class A-1 certificates are entitled to receive a proportionate share of all payments otherwise payable to the initial exchangeable certificates. (iii)The notional amount equals the aggregate stated principal balance of the loans. GOLDENTREE LOAN 15: Fitch Assigns 'B-(EXP)sf' Rating on F-R2 Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to the second reset transaction of GoldenTree Loan Management US CLO 15, Ltd. Entity/Debt Rating ----------- ------ GoldenTree Loan Management US CLO 15, Ltd. A-J-R LT AAA(EXP)sf Expected Rating A-R2 LT AAA(EXP)sf Expected Rating B-R2 LT AA(EXP)sf Expected Rating C-R2 LT A(EXP)sf Expected Rating D-J LT BBB-(EXP)sf Expected Rating D-R2 LT BBB-(EXP)sf Expected Rating E-R2 LT BB-(EXP)sf Expected Rating F-R2 LT B-(EXP)sf Expected Rating X-R2 LT AAA(EXP)sf Expected Rating Transaction Summary GoldenTree Loan Management US CLO 15, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by GLM II, LP that originally closed in August 2022 and was subsequently reset for the first time in September 2023. On the second refinancing date, the existing secured notes are expected to be redeemed in full through the refinancing proceeds. Net proceeds from the issuance of the second refinancing notes and the existing subordinated notes will provide financing on a portfolio of approximately $600 million of primarily first-lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B/B-', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 24.62 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 99.51% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.13% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 44.5% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The weighted average life (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 metrics. The results under these sensitivity scenarios are as severe as 'AAAsf' for class X-R2, between 'BBB+sf' and 'AA+sf' for class A-R2, between 'BBB+sf' and 'AA+sf' for class A-J-R, between 'BB+sf' and 'A+sf' for class B-R2, between 'Bsf' and 'BBB+sf' for class C-R2, between less than 'B-sf' and 'BB+sf' for class D-R2, between less than 'B-sf' and 'BB+sf' for class D-J, between less than 'B-sf' and 'B+sf' for class E-R2, and between less than 'B-sf' and 'Bsf' for class F-R2. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X-R2, class A-R2 and class A-J-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-R2, 'AAsf' for class C-R2, 'Asf' for class D-R2, 'A-sf' for class D-J, 'BBB+sf' for class E-R2, and 'BB+sf' for class F-R2. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for GoldenTree Loan Management US CLO 15, 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. GOODLEAP SUSTAINABLE 2021-4: S&P Affirms on 'BB' Rating on C Notes ------------------------------------------------------------------ S&P Global Ratings on 16 classes of notes from six GoodLeap Sustainable Home Solutions Trust transactions (GoodLeap 2021-4, 2021-5, 2022-2, 2022-3, 2022-4, and 2023-1). Each transaction is backed by an underlying trust certificate representing an ownership interest in the trust, whose assets primarily consist of residential solar loans as well as some non-solar home efficiency loans. S&P said, "The downgrades and affirmations reflect our assessment of each transaction's performance under a range of scenarios. The main drivers of the projected cash flow in each scenario are the magnitude and timing of defaults, prepayment rates, and the features specific to each transaction structure. In each case, we considered the current state of each transaction, incorporating information on their performance to date. "In our analysis, we considered various levels of credit stress, incorporating recent performance data and our view of factors that may affect future performance. These include consumer credit weakening, increasing job losses, stress in the solar energy industry (e.g., bankruptcies of a significant number of installers that play a role in system maintenance), and the potential impact of increasing costs to borrowers to maintain aging systems (e.g., replacing components such as inverters that may have a shorter useful life than photovoltaic panels). "We updated our stress assumptions at different rating scenarios, based on the portfolios' performances to date. Table 1 shows a range of default rates and prepayment speeds at different rating categories." Table 1 Rating scenario default rates and prepayment speeds A BBB BB B Statistic(%) Min Max Min Max Min Max Min Max Default rate 26.0 31.0 20.0 24.0 11.0 13.5 6.0 7.5 Prepayment Speed 3.0 22.0(i) 4.0 23.0(i) 5.0 24.0(i) 6.0 25.0(i) (i)The "fast" prepayment scenarios differ from when applied at each transaction's closing, based on our updated RMBS methodology These fast prepayment scenarios were not the limiting scenarios for any of the rated notes. Collateral Performance--Prepayments The rated transactions have average debt coupons in excess of the average collateral coupon, and, therefore, a portion of principal proceeds must be used to pay the debt interest. The GoodLeap 2021-4 and 2021-5 transactions had some excess spread before fees but at a low level. The longer the debt remains outstanding, the higher the likelihood that the total principal amount will be used to pay interest. This means that faster prepayment rates tend to contribute positively to overall transaction credit enhancement, while the opposite holds true for slower prepayment rates. S&P said, "In our initial rating analysis, we considered a range of possible prepayment scenarios from 3% to 25% annual constant prepayment rates. Actual prepayment rates over the past 12 months have been near or even below the lower limits of that range. Earlier transactions benefited from higher prepayment rates in 2022 and entered the period of lower prepayments with relatively higher credit enhancement." Limited prepayments, particularly in the GoodLeap 2022-3, 2022-4, 2023-1, and 2022-2 transactions, have caused the leverage on these transactions to increase over time. Table 2 shows the relationship between excess spread (or negative carry), the transactions' leverage, and low prepayments, which have led to the class C 2022-2, 2022-3, and 2022-4 notes being undercollateralized on an adjusted-collateral basis. Table 2 Excess spread, LTV, and annualized CPR WAC WAC debt Excess spread LTV Transactio collateral (%) (%) (before fees) (%) (%)(i) GoodLeap 2021-4 3.01 2.13 0.87 82.54 GoodLeap 2021-5 2.67 2.46 0.16 84.99 GoodLeap 2022-2(iv) 2.30 4.12 (1.82) 82.62 GoodLeap 2022-3(iv) 2.38 5.18 (2.79) 78.27 GoodLeap 2022-4(iv) 2.30 5.41 (3.10) 74.98 GoodLeap 2023-1 2.44 5.88 (3.44) 66.19 Transaction Adjusted LTV CPR—lifetime CPR--last 12 months (%)(ii) (%)(iii) (%)(iii) GoodLeap 2021-4 87.31 4.29 2.36 GoodLeap 2021-5 90.35 4.08 2.67 GoodLeap 2022-2(iv) 100.77 2.84 2.10 GoodLeap 2022-3(iv) 105.41 2.76 2.20 GoodLeap 2022-4(iv) 101.47 2.71 2.38 GoodLeap 2023-1 93.36 3.09 2.17 (i)LTV is calculated as total debt over total aggregate collateral value. (ii)Adjusted LTV is calculated as total debt over (total aggregate collateral value minus YSOC). (iii)S&P Global Ratings calculates average CPRs using monthly annualized values provided from the servicer reports. (iv)The LTVs and adjusted LTVs for GoodLeap 2022-2, 2022-3, and 2022-4 are calculated including the deferred interest on the subordinated notes being added to the total debt owed. LTV--Loan to value. WAC--Weighted average coupon. CPR--Constant prepayment rate. GoodLeap--GoodLeap Sustainable Home Solutions Trust. Collateral Performance—Defaults Alongside the slower-than-anticipated prepayments, these transactions appear to be experiencing defaults at a higher level than our base-case assumptions, and even some of the rating stress scenarios considered at issuance. This is especially so for the GoodLeap2022 and 2023 vintages, which have all breached their cumulative default trigger in the past six months. GoodLeap 2023-1 has since cured the trigger breach, but it is close to exceeding the next level. When a transaction breaches this cumulative default trigger, the subordinated notes get locked out, their interest payments may be deferred for the course of the breach, and this cash is used to pay down the principal of the senior-most note. This has happened for GoodLeap 2022-2, 2022-3, and 2022-4. GoodLeap 2023-1 can use funds from the liquidity reserve to make payments on the subordinated notes, and it did that in June when it was in breach of the cumulative default trigger. The triggers in each transaction are modeled to increase periodically through the transaction's life, typically every six to 12 months early on and less frequently later. Table 3 shows a summary of the defaults experienced across the six transactions. Table 3 Default summary Seasoning Cumulative Avg. monthly Transaction (mos.) default (%) default lifetime (%) GoodLeap 2021-4 48 7.10 0.148 GoodLeap 2021-5 46 6.34 0.138 GoodLeap 2022-2 41 6.53 0.159 GoodLeap 2022-3 38 6.75 0.178 GoodLeap 2022-4 35 6.33 0.181 GoodLeap 2023-1 31 5.99 0.193 Avg. monthly default Cumulative default Deferred interest last 12 months (%) trigger breach of subordinated bonds (mos.) GoodLeap 2021-4 0.198 No 0 GoodLeap 2021-5 0.196 No 0 GoodLeap 2022-2 0.238 Yes 3 GoodLeap 2022-3 0.219 Yes 4 GoodLeap 2022-4 0.254 Yes 1 GoodLeap 2023-1 0.271 No 0 GoodLeap--GoodLeap Sustainable Home Solutions Trust. Collateral Performance--Recoveries Recoveries on defaulted loans have been minimal so far. This is in line with our rating scenarios, which assume no recoveries. If recoveries increase in the future, this would have a positive impact on the transactions. GoodLeap LLC, the originator and servicer of the securitized loans, has informed S&P Global Ratings of some upcoming changes to its collection policies and procedures, with a focus on driving recoveries to charged-off loans. S&P said, "Since we do not assume any recoveries on defaulted solar loans, this does not affect our analysis. However, we will continue to review the portfolio performance, including cash flow from the transactions' recoveries, and any meaningful increase in cash flow could have a positive effect on the transactions' performance." Structural Considerations--Yield Supplement Overcollateralization (YSOC) Each transaction is structured with a YSOC amount, which adjusts down the collateral balance to an adjusted collateral balance that is used in calculating class-specified overcollateralization (O/C) levels and plays a role in the distribution of principal payments among the classes. The YSOC amount represents collateral that is set aside to cover fees and interest payments on the notes, since the underlying interest collected on the collateral is less than that paid on the notes. The transactions O/C levels have decreased due to a combination of the increased defaults and slower prepayments. The subordinated notes will not receive principal payments until the more-senior notes reach their target O/C levels. Table 4 Current O/C levels and their target levels Transaction Target Actual Difference Class Class New rating O/C (%) O/C (%)(i) (%)(i) factor GoodLeap 2021-4(ii) A A (sf) 27.25 27.25 0.00 633.73 B BBB (sf) 18.05 17.38 (0.67) 837.52 C BB (sf) 12.25 8.10 (4.15) 829.63 GoodLeap 2021-5 A A- (sf) 30.75 30.72 (0.03) 658.04 B BBB- (sf) 20.75 19.04 (1.71) 844.65 C BB- (sf) 15.25 9.65 (5.60) 904.85 GoodLeap 2022-2 A BBB- (sf) 26.40 19.26 (7.14) 772.52 B N/A 18.60 9.03 (9.57) 965.07 C(iii) N/A 12.20 (0.55) (12.75) 947.04 GoodLeap 2022-3 A BBB- (sf) 24.80 14.35 (10.45) 785.04 B B (sf) 17.90 4.99 (12.91) 1,000.00 C(iii) B- (sf) 11.80 (5.01) (16.81) 1,000.00 GoodLeap 2022-4(iv)(v)(iii) A BBB- (sf) 41.10 35.56 (5.54) 813.86 B B (sf) 37.80 30.67 (7.13) 1,000.00 C(iii) B- (sf) 34.10 25.12 (8.98) 1,000.00 GoodLeap 2023-1(v) A BBB- (sf) 42.75 39.78 (2.97) 813.49 B B+ (sf) 38.25 34.32 (3.93) 1,000.00 C B (sf) 35.25 30.32 (4.93) 1,000.00 (i)As of the Aug. 25, 2025, servicer report. (ii)GoodLeap 2021-4's bonds' ratings were all affirmed. (iii)GoodLeap 2022-2, 2022-3, and 2022-4's class C shows negative specified O/C. This means each class C is undercollateralized. This number was calculated by S&P Global Ratings. (iv)GoodLeap 2022-4 and 2023-1 calculate their O/C levels inclusive of the YSOC balance, differently from the previous series. (v)S&P Global Ratings calculated the values shown for GoodLeap 2022-4, in a manner consistent with other data provided in the servicer report. O/C--Overcollateralization. GoodLeap--GoodLeap Sustainable Home Solutions Trust. Each class's overall performance is, therefore, expected to reflect the interplay of multiple factors related to each related transaction's collateral composition, performance, and the structural features. S&P considered several possible scenarios in each case and factors such as default timing and prepayment rates. S&P said, "Where we affirmed ratings, the scenarios generally indicated that the class could withstand collateral loss levels in line with its current rating. In the 2021 vintages, the combining factors of small positive excess spread, high prepayments early in the transactions' life, and lower defaults have allowed these transactions to see less deterioration in O/C, and they are holding up better against our stress scenarios. "Where we lowered ratings, the scenarios generally indicated that the class could not withstand levels of loss in line with the previous rating. The 2022 and 2023 vintages did not benefit from high prepayments at any time. They experienced defaults at a significantly higher rate than the earlier transactions, and their O/C levels deteriorated with their negative excess spread between asset yield and debt yield. GoodLeap 2023-1 was structured with significantly more O/C, and, as a result, its subordinate bonds are healthier than those of the 2022 transaction. "Even after the downgrades, some classes might not be able to withstand lower loss levels under specific default timing and prepayment scenarios. We did not rely on any single scenario as each class's performance could be affected by both the magnitude and timing of multiple factors, as detailed above. We will continue to monitor the transactions and review whether the ratings are consistent with the credit enhancement available to support the notes." Ratings Lowered And Removed From CreditWatch Negative GoodLeap Sustainable Home Solutions Trust 2022-2 Class A to 'BBB- (sf)' from 'A (sf)/Watch Neg' GoodLeap Sustainable Home Solutions Trust 2022-3 Class A to 'BBB- (sf)' from 'A (sf)/Watch Neg' Class B to 'B (sf)' from 'BB (sf)/Watch Neg' Class C to 'B- (sf)' from 'B (sf)/Watch Neg' GoodLeap Sustainable Home Solutions Trust 2022-4 Class A to 'BBB- (sf)' from 'BBB+ (sf)/Watch Neg' Class B to 'B (sf)' from 'BB+ (sf)/Watch Neg' Class C to 'B- (sf)' from 'BB- (sf)/Watch Neg' GoodLeap Sustainable Home Solutions Trust 2023-1 Class A to 'BBB- (sf)' from 'A (sf)/Watch Neg' Class B from 'B+ (sf)' from 'BBB (sf)/Watch Neg' Class C from 'B (sf)' to 'BB (sf)/Watch Neg' Ratings Lowered GoodLeap Sustainable Home Solutions Trust 2021-5 Class A to 'A- (sf)' from 'A (sf)' Class B to 'BBB- (sf)' to 'BBB (sf)' Class C to 'BB- (sf)' from 'BB (sf)' Ratings Affirmed GoodLeap Sustainable Home Solutions Trust 2021-4 Class A: 'A (sf)' Class B: 'BBB (sf)' Class C: 'BB (sf)' GS MORTGAGE-BACKED 2025-NQM4: S&P Assigns 'B' Rating on B-2 Certs ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to GS Mortgage-Backed Securities Trust 2025-NQM4's mortgage-backed certificates. The certificate issuance is an RMBS securitization 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 co-operatives. The pool consists of 956 loans backed by 963 properties, which are qualified mortgage (QM)/non-higher-priced mortgage loan (safe harbor), non-QM/ability to repay (ATR)-compliant, and ATR-exempt loans. The ratings reflect S&P's view of: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty 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 Assigned GS Mortgage-Backed Securities Trust 2025-NQM4(i) Class A-1, $262,959,000: AAA (sf) Class A-2, $20,241,000: AA (sf) Class A-3, $29,838,000: A (sf) Class M-1, $13,610,000: BBB (sf) Class B-1, $9,946,000: BB (sf) Class B-2, $7,678,000: B (sf) Class B-3, $4,711,455: NR Class X, (ii): NR Class SA, $71,041(iii): NR Class PT, $348,983,455: NR Class R, N/A: NR (i)The collateral and structural information in this report reflect the private placement memorandum dated Sept. 23, 2025. The ratings address the ultimate payment of interest and principal, and do not address payment of the cap carryover amounts. (ii)The notional amount will equal the non-retained interest percentage of the aggregate stated principal balance of the mortgage loans as of the first day of the related due period, which initially is $348,983,455. (iii)Balance equal to the non-retained interest percentage of the amount of pre-existing servicing advances as of the closing date. Entitled to the class SA monthly remittance amount, if any. NR--Not rated. N/A--Not applicable. GSF 2022-1: DBRS Confirms BB(low) Rating on Class E Notes --------------------------------------------------------- DBRS, Inc. confirmed all credit ratings on the classes of notes issued by GSF 2022-1 Issuer LLC (the Issuer) as follows: -- Class A-1 at AAA (sf) -- Class A-2 at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AA (low) (sf) -- Class X at A (sf) -- Class C at A (low) (sf) -- Class D at BBB (low) (sf) -- Class E at BB (low) (sf) All trends are Stable. The credit rating confirmations and Stable trends reflect the consistent performance of the five contributed loans in the trust since the previous Morningstar DBRS credit rating action in October 2024. As of the September 2025 remittance, the pool consisted of five performing loans, secured by traditional commercial real estate properties with a combined balance of nearly $119.8 million, or 24.0% of the potential maximum trust balance. The transaction documents require Morningstar DBRS to analyze newly funded loans and provide a Rating Agency Condition when the pool reaches 25%, 50%, and 75% of funding to ensure the underlying collateral meets target credit enhancement criteria. Since October 2024, one loan, 1800 Route 34 (4.6% of the maximum trust balance), has been added to the trust. As part of the analysis for this transaction, Morningstar DBRS considered a pool funded to the $500 million maximum trust balance, maintaining the issuance approach in constructing a conservative pool of loans as allowed by the eligibility requirements for loans to be funded while also considering the credit quality of loans contributed since issuance. The Issuer did not meet the initial expectation of funding the trust to the maximum balance of $500.0 million within the first year of transaction closing. The funding period has been extended several times and was most recently extended to November 5, 2025. Given the slower-than-expected pace of loan contributions, Morningstar DBRS is unable to project if or when the transaction will be fully funded. Two of the five contributed loans are backed by multifamily properties, representing 50.1% of the funded balance, while two loans are backed by retail properties, representing 30.9% of the funded balance. The most recently contributed loan is backed by industrial collateral, making up 19.0% of the funded balance. The contributed loans reported a weighted-average (WA) issuance loan-to-value ratio (LTV) of 56.5% and a WA balloon LTV of 55.7%. Four of the five loans, representing 87.3% of the funded balance, have full-term interest-only (IO) payment structures, while the fifth loan pays IO for the first two years of the loan term, amortizing over a 30-year schedule thereafter. The loans are also concentrated by market rank, as four of the contributed loans are in markets designated with a Morningstar DBRS Market Rank of 3 or 4, denoting suburban markets, and the most recently contributed loan is in a market designated with a Morningstar DBRS Market Rank of 2, denoting a tertiary market. The largest loan funded into the trust to date, Embarcadero Club Apartments (representing 7.0% of the maximum allowable trust balance), is secured by a 404-unit, garden-style, multifamily complex in College Park, Georgia, 11 miles south of downtown Atlanta. As of Q1 2025, the property was 96.5% occupied with an average rental rate of $1,144 per unit, compared with Morningstar DBRS' occupancy and average rental rate estimates of 91.2% and $1,249 per unit, respectively, at issuance. According to the servicer, the borrower continues to fund capital improvement projects out of pocket to increase rental rates at the property and improve the property's quality. Since Q1 2024, the borrower has reportedly completed unit-interior upgrades totaling $271,000 as well as exterior and common-area upgrades totaling $342,000. Completed renovations have not yet resulted in increased rental rates to date as the property's average rental rate remains below Morningstar DBRS' rental rate estimate and the South Fulton average effective rent of $1,347 per unit, according to Q2 2025 Reis data. Property performance also remains below Morningstar DBRS' expectations as the net operating income (NOI) for the trailing 12 months ended March 31, 2025, was $2.3 million (debt service coverage ratio of 1.15 times), approximately 12% below Morningstar DBRS' NOI estimate of $2.6 million. In the analysis for this review, Morningstar DBRS increased the loan's LTV to reflect the increase in market capitalization rates and also applied a probability of default penalty given the loan's underperformance relative to Morningstar DBRS' expectations. Notes: All figures are in U.S. dollars unless otherwise noted. GSF 2025-5: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes -------------------------------------------------------------- Fitch has assigned expected ratings and Rating Outlooks to GSF 2025-5 Issuer LLC and has instituted a rating cap of 'Asf' as follows: - $32,116,000 class A-1 'A(EXP)sf': Outlook Stable; - $64,232,000 class A-2 'A(EXP)sf': Outlook Stable; - $13,419,000 class A-S 'A(EXP)sf': Outlook Stable; - $12,052,000 class B 'A(EXP)sf': Outlook Stable; - $11,622,000 class C 'A-(EXP)sf': Outlook Stable; - $133,441,000a class X 'A-(EXP)sf'; Outlook Stable; - $14,635,000 class D(b) 'BBB-(EXP)sf': Outlook Stable; - $9,254,000 class E(c) 'BB-(EXP)sf': Outlook Stable. The following class is not expected to be rated by Fitch: - $14,855,0000c class F. (a) Notional amount and interest only (IO). (b) Privately placed and pursuant to Rule 144A. (c) Horizontal risk retention interest, estimated to be 14.00% of the notional amount of the notes. The approximate collateral interest balance as of the cutoff date is $172, 185,000 The expected ratings are based on information provided by the issuer as of Oct. 1, 2025. Transaction Summary This transaction contains five-year term, fixed-rate, stabilized loans in a Qualified REIT Subsidiary. This is a ramping facility that funds loans directly from the securitization vehicle upon their origination. On Day 1, note holders have committed to buy all the notes the securitization vehicle will issue. When new loans are ready to be funded, a capital call will be issued and the note holders will purchase the new notes that are issued. The identified pool contains 10 unclosed loans; given no loans are closed, Fitch instituted a rating cap of 'Asf'. Fitch will rate the loan pool as it ramps to several funding milestones: (i) the initial identified 10 loan pool, and (ii) then at 50%, 75%, and 100% of the target funding amount of $700 million. When fully funded, the pool is expected to be $700 million across 30 loans. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 10 loans totaling 100% of the pool by balance. Fitch's resulting aggregative trust net cash flow (NCF) of $16.9 million represents a 12.3% decline from the issuer's underwritten NCF of $19.8 million. Aggregate cash flows include only the prorated trust portion of any pari passu loan. Leverage Compared to Recent Transactions: The pool's Fitch loan-to-value (LTV) ratio is 100.1%, lower than the GSF 2025-AXMFI Fitch LTV of 106.2%, lower than the GSF 2023-1 Fitch LTV of 105.9%, in line with the WFCM 2025-5C5 Fitch LTV of 100.1%, lower than the 2025 YTD CRE CLO Fitch LTV of 140.7%, and lower than the 2025 YTD Multiborrower Five-Year Fitch LTV of 100.2%. Additionally, the pool's Fitch debt yield (DY) is 9.8%, higher than the GSF 2025-AXMF1 Fitch DY of 8.4%, higher than the GSF 2023-1 Fitch DY of 9.2%, higher than the WFCM 2025-5C5 Fitch DY of 9.6%, higher than the 2025 YTD CRE CLO Fitch DY of 6.4%, and higher than the 2025 YTD Multiborrower Five-Year CRE CLO Fitch DY of 9.7% Lower Interest Rates Compared to Recent Transactions: The pool's weighed average note rate is 6.0%, lower than GSF 2025-AXMF1 note rate of 6.8%, lower than GSF 2023-1 note rate of 6.9%, lower than WFCM 2025-5C5 note rate of 6.1%, lower than 2025 YTD CRE CLO note rate of 7.4%, and lower than 2025 YTD Multiborrower Five-Year average of 6.6%. Additionally, the pool's Fitch Term DSCR is 1.36x, which is higher than GSF 2025-AXMF1 Fitch Term DSCR of 1.07x, higher than GSF 2023-1 Fitch Term DSCR of 1.17x, higher than WFCM 2025-5C5 Fitch Term DSCR of 1.18x, higher than 2025 YTD CRE CLO Fitch Term DSCR of 0.76x, and higher than the 2025 YTD Multiborrower Five-Year Fitch Term DSCR of 1.19x. Concentrated by Loan Size: The pool carries 10 loans with effective loan count of 8.4 and translates to a higher pool concentration compared to recent multiborrower transactions. The pool's effective loan count of 8.4 is lower than GSF 2025-AXMF1 effective loan count of 8.5. GSF 2023-1 had effective loan counts of 23.5 for Ramp #5, and 8.8 for Ramp #2. Concentrated by Property Type: GSF 2025-5 has an effective property count of 2.6. This is higher than the GSF 2025-AXMF1 effective property count of 1.0, given it was 100% collateralized by multifamily loans. GSF 2023-1 has a higher effective property count of 4.7 as well as WCM 2025-5C5 is higher at 4.3. The 2025 YTD CRE CLO average is 1.7, and the 2025 YTD Multiborrower Five-Year average is 4.5. Office loans account for 46.0% for the pool, which is higher than the GSF 2023-1 office concentration of 9.8%, higher than the WFCM 2025-5C5 at 25.7%, higher than the 2025 YTD CRE CLO average of 0.9%, and higher than the 2025 YTD Multiborrower five-year average of 22.3%. Concentration by Geography: GSF 2025-5 has an effective geographic count of 8.4, which is higher than the effective geographic count of 6.1 for GSF 2025-AMXF1 and lower than GSF 2023-1 Ramp #2 effective geographic count of 6.8. Loans located in the Charlotte MSA account for 21.5% of the pool. GSF 2025-AXMF1 has 24.7% of its pool located in the Dallas MSA, and WFCM 2025-5C5 has 31.4% of the pool located in the New York City MSA. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow decreases property value and capacity to meet debt service obligations. The table below indicates the model-implied rating sensitivities to changes in one variable, Fitch NCF: A-1 & A-2 / A-S / B/ C / D/ E - Original Rating: 'Asf'/'Asf'/'Asf'/'A-sf'/ 'BBB-sf'/ 'BB-sf'; - 10% Decline to Fitch NCF: 'Asf'/'Asf '/'Asf'/'BBB+sf'/'BB+sf'/'Bsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Improvements in cash flow increases property value and capacity to meet debt service obligations. The table below indicated the model-implied rating sensitivity to changes in one variable, Fitch NCF: A-1 & A-2 / A-S / B/ C / D/ E - Original Rating: 'Asf'/'Asf'/'Asf' /'A-sf'/'BBB-sf'/'BB-sf'; - 10% Increase to Fitch NCF: 'Asf'/'Asf'/'Asf' /'A-sf'/ 'BBB-sf'/'BB-sf'. 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. GUGGENHEIM MM 2021-4: S&P Assigns Prelim 'BB-' Rating on E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class X, A-R, AL-R, B-1R, B-2R, C-R, D-R, and E-R debt from Guggenheim MM CLO 2021-4 Ltd./Guggenheim MM CLO 2021-4 LLC, a CLO managed by Guggenheim Corporate Funding LLC that was originally issued in April 2021 and was not rated by S&P Global Ratings. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated 'BB+' or lower) senior secured term loans. The preliminary ratings are based on information as of Oct. 2, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 10, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. At that time, S&P expects to assign ratings to the replacement debt. However, if the refinancing doesn't occur, it may withdraw its preliminary ratings on the replacement debt. 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. S&P said, "Our review of this transaction included a cash flow and portfolio analysis, 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 Guggenheim MM CLO 2021-4 Ltd./Guggenheim MM CLO 2021-4 LLC Class X, $17.00 million: AAA (sf) Class A-R, $146.86 million: AAA (sf) Class AL-R, $95.00 million: AAA (sf) Class B-1R, $29.70 million: AA (sf) Class B-2R, $12.00 million: AA (sf) Class C-R (deferrable), $33.36 million: A (sf) Class D-R (deferrable), 25.02 million: BBB- (sf) Class E-R (deferrable), 25.02 million: BB- (sf) Variable dividend notes, $50.00 million: NR NR--Not rated. HARVEST SBA 2025-1: DBRS Finalizes BB(high) Rating on C Notes ------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following notes issued by Harvest SBA Loan Trust 2025-1 (HSLT 2025-1): -- $77,300,000 Class A Notes at A (low) (sf) -- $7,000,000 Class B Notes at BBB (low) (sf) -- $3,500,000 Class C Notes at BB (high) (sf) CREDIT RATING RATIONALE/DESCRIPTION The credit ratings are based on Morningstar DBRS' review of the following analytical considerations: -- The transaction's capital structure and available credit enhancement. Note subordination, cash held in the Reserve Account, and available excess spread, as well as other structural provisions create credit enhancement levels which are sufficient to support Morningstar DBRS' stressed cumulative net loss (CNL) hurdle rate assumptions of 14.30%, 11.11%, and 9.32% respectively, for each of the A (low) (sf), BBB (low) (sf), and BB (high) (sf) rating categories. -- The transaction parties' capabilities with regard to originating, underwriting, and servicing of SBA 7(a) loans: (1) Morningstar DBRS performed an operational review of Harvest and found it to be an acceptable originator and servicer for the collateral. (2) In addition, U.S. Bank National Association, which is an experienced servicer of CRE-backed loans, is the Backup Servicer and custodian for the transaction. -- A review by Morningstar DBRS of Harvest's historical collateral performance since Harvest began originating, which found low defaults and minimal net losses. -- A review of the initial collateral pool, which shows diversity by business type and property type, among other metrics, as well as strong overall credit characteristics, most notably with a weighted average obligor FICO score of 736, weighted average time in business of 18 years, and a weighted average current loan-to-value ratio of 74.85%. -- Harvest's underwriting process, which evaluates the small business borrower's ability to repay the loan primarily from the business cash flows of normal operations (recurring income sources) to service both its existing debt and the requested loan. The weighted average debt service coverage ratio (DSCR) for loans in the initial pool is 2.69 times (x). -- A review of the collateral pool's industry concentrations against historical performance of SBA data for significant industry concentrations as well as aggregate vintage performance. -- Collateral eligibility and concentration limits built into the prefunding parameters that ensure that the final collateral pool continues to maintain strong credit characteristics and collateral diversification. -- The legal structure and legal opinions that address the true sale of the receivables, the nonconsolidation of the assets of the Issuer, that the Indenture Trustee has a valid first-priority security interest in the assets, and consistency with Morningstar DBRS' Legal Criteria for U.S. Structured Finance. -- 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. Notes: All figures are in U.S. dollars unless otherwise noted. HAVN TRUST 2025-MOB: Fitch Assigns 'B-sf' Rating on Class F Certs ----------------------------------------------------------------- Fitch Ratings has assigned final ratings and Rating Outlooks to HAVN Trust 2025-MOB Commercial Mortgage Pass-Through Certificates, Series 2025-MOB as follows: - $117,135,000 class A; 'AAAsf'; Outlook Stable; - $22,800,000 class B; 'AA-sf'; Outlook Stable; - $17,860,000 class C; 'A-sf'; Outlook Stable; - $25,270,000 class D; 'BBB-sf'; Outlook Stable; - $38,570,000 class E; 'BB-sf'; Outlook Stable; - $42,750,000 class F; 'B-sf'; Outlook Stable; The following class is not rated by Fitch: - $13,915,000a class RR. Class RR represents a non-offered vertical risk retention interest totaling approximately 5.0% of the fair value of the offered certificates. Entity/Debt Rating Prior ----------- ------ ----- HAVN 2025-MOB A LT AAAsf New Rating AAA(EXP)sf B LT AA-sf New Rating AA-(EXP)sf C LT A-sf New Rating A-(EXP)sf D LT BBB-sf New Rating BBB-(EXP)sf E LT BB-sf New Rating BB-(EXP)sf F LT B-sf New Rating B-(EXP)sf RR LT NRsf New Rating NR(EXP)sf Transaction Summary The certificates represent the beneficial ownership interest in a trust that will hold a $278.3 million, two-year, floating-rate, interest-only mortgage loan with three one-year extension options. The mortgage will be secured by the borrower's leasehold or fee simple interest, as applicable, in a portfolio of 22 medical office properties totaling 1.4 million sf located across 13 states within 15 metropolitan statistical areas (MSAs). The sponsor is a joint venture between Welltower, Inc. and Wafra. The properties were acquired in separate transactions from 2006 to 2014. Mortgage loan proceeds and a mezzanine loan of $48.7 million will be used to refinance existing debt of $298.9 million, fund upfront reserves, and pay closing costs. The certificates will follow a pro-rata paydown for the initial 20% of the loan amount and a standard senior sequential paydown thereafter. To the extent no mortgage loan event of default (EOD) is continuing, voluntary prepayments will be applied pro rata and pari passu between the mortgage loan components. The transaction closed on Oct. 2, 2025. The loan is originated by Morgan Stanley Bank, N.A. In addition, AREP HCFIII Haven Mezzanine Lender, LLC will originate the mezzanine loan. KeyBank National Association is the servicer, with Trimont LLC as the special servicer. Deutsche Bank National Trust Company is the trustee and backup advancing agent. Computershare Trust Company, National Association is the certificate administrator. KEY RATING DRIVERS Net Cash Flow: Fitch estimates stressed net cash ﬂow (NCF) for the portfolio at $23.8 million. This is 13.6% lower than the issuer's NCF. Fitch applied a 9.25% cap rate to derive a Fitch value of approximately $256.9 million. High Fitch Leverage: The $278.3 million senior loan equates to debt of approximately $198 psf with a Fitch stressed loan-to-value (LTV) ratio and debt yield of 108.3% and 8.5%, respectively. The loan represents approximately 66.1% of the appraised value of $420.8 million. Fitch increased the LTV hurdles by 5.0% to reﬂect the higher in-place leverage. Geographic and Tenant Diversity: The portfolio exhibits strong geographic diversity, with 22 properties located across 13 states and 15 MSAs. The three largest state concentrations are Tennessee (22.7% of NRA; four properties), New Jersey (16.0% of NRA; one property), and Texas (14.7% of NRA; four properties). The three largest MSAs are Philadelphia, PA (16.0% of NRA; 10.1% of ALA), Kileen, TX (14.7% of NRA; 14.9% of ALA), and Knoxville (10.1% of NRA; 12.0% of ALA). The portfolio also exhibits tenant diversity, as it features 129 distinct tenants, with no tenant accounting for more than 10.7% of NRA. Creditworthy Tenancy: Approximately 37.1% of portfolio NRA is leased to investment-grade or creditworthy tenants or to tenants with an investment-grade or creditworthy parent company that provides a guaranty of the lease. On average, the portfolio's creditworthy tenancy has a weighted average (WA) lease term of 18.3 years, with a WA of 3.3 years remaining. Institutional Sponsorship: Welltower Inc. is a large-cap diversiﬁed healthcare real estate investment trust with a portfolio of 26 million sf in over 1,500 senior and wellness housing communities in the U.S., the U.K., and Canada. The ﬁrm has owned and managed the portfolio's 22 assets for an average of 10 years. Wafra is a global alternative asset manager with approximately $28 billion in assets under management that invests across a wide range of asset classes, including alternative and traditional real estate, strategic partnerships, real assets and infrastructure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/ 'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Decline: 'AAsf'/'A-sf'/'BBB-sf''/BBsf'/'Bsf'/'NRsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/ 'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Increase: 'AAAsf'/'AAsf'/'A+sf'/'BBBsf'/'BBsf''/Bsf'. 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 and Young LLP. The third- party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to the mortgage loan. 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. HILDENE TRUPS P26BC: Moody's Hikes Rating on Class B Notes to 'Ba2' ------------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Hildene TruPS Resecuritization P26BC, LLC: US$66,000,000 Class A Notes due 2037 (current balance of $64,237,356), Upgraded to A3 (sf); previously on May 15, 2024 Assigned Baa2 (sf) US$40,000,000 Class B Notes due 2037, Upgraded to Ba2 (sf); previously on May 15, 2024 Assigned B1 (sf) Hildene TruPS Resecuritization P26BC, LLC, issued in May 2024, is a collateralized debt obligation (CDO) backed a portion of the Class B-1, Class B-2, Class C-1 and Class C-2 notes issued by Preferred Term Securities XXVI, Ltd. (the "Underlying TruPS CDO"). The Underlying TruPS CDO is a collateralized debt obligation (CDO) backed mainly by a portfolio of bank and insurance trust preferred securities (TruPS). RATINGS RATIONALE The rating actions are primarily a result of the deleveraging of the Class A notes, an increase in the transaction's over-collateralization (OC) ratios, and the improvement in the credit quality of the underlying portfolio since October 2024. The Class A notes have paid down by approximately 1.7% or $1.14 million since October 2024, using interest payments from the Underlying TruPS CDOs. Based on Moody's calculations, the OC ratios for the Class A notes and Class B notes have improved to 133.16% and 115.02%, from October 2024 levels of 128.57% and 112.66%, respectively. The Underlying TruPS CDO's Class B-1, Class B-2, Class C-1 and Class C-2 notes will continue to benefit from the diversion of excess interest from the underlying collateral pool. The deal has also benefited from improvement in the credit quality of the portfolio of the Underlying TruPS CDO. According to Moody's calculations, the weighted average rating factor (WARF) improved to 845 from 1075 in September 2024. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions for the Underlying TruPS CDO's portfolio: Performing par: $483,000,000 Defaulted/deferring par: $114,500,000 Weighted average default probability: 7.54% (implying a WARF of 845) Weighted average recovery rate upon default of 10.0% In addition to base case analysis, Moody's considered additional scenarios where outcomes could diverge from the base case. The additional scenario include, among others, deteriorating credit quality of the portfolio Methodology Used for the Rating Action The principal methodology used in these ratings was "TruPS CDOs" published in June 2025. Factors that Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the rated notes is subject to uncertainty. The performance of the rated notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The portfolio consists primarily of unrated assets whose default probability Moody's assesses through credit scores derived using RiskCalc(TM) or credit estimates. Because these are not public ratings, they are subject to additional estimation uncertainty. ICG US 2022-1: 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 loan and class A-R, B-R, C-R, D-R, and E-R debt and proposed new class X debt from ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i), LLC, a CLO managed by ICG Debt Advisors LLC that was originally issued in June 2022. The preliminary ratings are based on information as of Oct. 6, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Oct. 7, 2025, refinancing date, the proceeds from the replacement and proposed new 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 loan and class A1, AF, B1, BF, C, D1, DJ, and E and assign ratings to the replacement class A-R loan and class A-R, B-R, C-R, D-R, and E-R debt and proposed new class X 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 non-call period will be extended to Oct. 20, 2027. -- The reinvestment period will be extended to Oct. 20, 2030. -- The legal final maturity dates for the replacement debt and the subordinated notes will be extended to Oct. 20, 2038. -- There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 20, 2026. -- Additional subordinated notes will be issued on the refinancing date. -- New class X debt will be issued in connection with this refinancing and is expected to be paid down using interest proceeds during the first 20 payment dates, beginning with the January 2026 payment date. -- The required minimum overcollateralization ratios will be amended. 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 ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC Class X, $3.00 million: AAA (sf) Class A-R, $111.00 million: AAA (sf) Class A-R loan, $75.00 million: AAA (sf) Class B-R, $42.00 million: AA (sf) Class C-R (deferrable), $18.00 million: A (sf) Class D-R (deferrable), $15.00 million: BBB (sf) Class E-R (deferrable), $13.50 million: BB- (sf) Other Debt ICG US CLO 2022-1(i) Ltd./ICG US CLO 2022-1(i) LLC Subordinated notes*, $37.80 million: NR *Subordinated notes after giving effect to the issuance of additional subordinated notes on the 2025 refinancing date will be U.S.$37,800,000. NR--Not rated. IMPRINT PAYMENTS 2025-A: Fitch Assigns BB(EXP)sf Rating on E Notes ------------------------------------------------------------------ Fitch Ratings expects to assign ratings to the inaugural credit card ABS, Series 2025-A notes issued by Imprint Payments Credit Card Master Trust (PRNT). The notes are backed by a revolving pool of receivables primarily from co-branded Visa, Mastercard and American Express credit card accounts originated and owned by First Electronic Bank (FEB), and serviced by Imprint Payments, Inc. (Imprint). The Rating Outlook for the notes is Stable. Entity/Debt Rating ----------- ------ Imprint Payments Credit Card Master Trust, Series 2025-A A LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating KEY RATING DRIVERS Receivables' Performance and Collateral Characteristics: Imprint began operating the Imprint Program in 2022 by offering co-branded credit cards with various merchants and originating partner banks. In October 2023, the trust was created to support the Imprint Program's expansion through organic balance growth, as well as future portfolio acquisitions. Due to Imprint's limited historical data, Fitch supplemented its asset analysis of the trust with comparable market performance data from peer credit card platforms. Additionally, Fitch considered potential risks of the economic environment, collateral characteristics of a relatively unseasoned and concentrated co-branded card portfolio, to derive steady states and rating case assumptions. As of the August 2025 collection period, 60+ day delinquencies increased to 3.28% from 2.89% in May 2025, while gross charge-offs decreased to 6.73% from 7.31% over the same period. The monthly payment rate (MPR) remained strong at 34.26%, compared to 34.27% three months prior, and gross yield increased to 29.79% from 28.72%. Available credit enhancement (CE) is adequate, with loss multiples in line with the expected ratings and Fitch's applicable criteria. The Stable Outlook on the notes reflects Fitch's expectation that performance will remain supportive of the ratings. Originator and Servicer Quality: Fitch performed an operational review of Imprint and considers it to be an acceptable servicer. Fitch also reviewed the credit card programs between Imprint and its partner banks and considers the Imprint Programs' origination operation to be comparable with other nonbank credit card providers. Additionally, the availability of a warm backup servicer and the depth of the servicing market further mitigate operational risk. Counterparty Risk: Fitch's ratings of the notes depend on the financial strength of certain counterparties. Fitch believes this risk is mitigated by the ratings of the applicable counterparties to the transactions and contractual remedial provisions in the transaction documents that are in line with Fitch's counterparty criteria. Interest Rate Risk: The transaction carries a degree of interest rate mismatch, in line with the market. Interest rate risk is mitigated by the available initial hard CE, which comprises subordination (not available to class E), overcollateralization (OC) in the form of the initial subordinated transferor amount (STA) at 3.40%, and a reserve account. CE supporting class A, B, C, D, and E notes is 26.10%, 19.30%, 14.35%, 8.40% and 3.40%, respectively. The reserve account will be funded if the three-month average excess spread (XS) percentage falls below 2.00% on and after the February 2026 payment date and will not be funded at closing. Steady State Assumptions - Annualized Charge-offs: 9.50%; - MPR: 23.00%; - Annualized Yield: 22.00%; - Purchase Rate: 100.00%. Rating Case Assumptions for class A, B, C, D and E notes: 'AAAsf'/'AAsf'/ 'Asf'/ 'BBBsf'/ 'BBsf' - Charge-offs (multiple): 5.00x/4.00x/3.25x/2.50x/1.75x; - MPR (haircut): 55.00%/50.60%/46.20%/39.60%/30.80%; - Yield (haircut): 35.00%/30.00%/25.00%/20.00%/15.00%; - Purchase Rate (haircut): 100.00% across rating categories. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating sensitivity to increased charge-off rate: Ratings for class A, B, C, D and E notes (steady state: 9.50%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Increase steady state by 25%: 'AA+sf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'; - Increase steady state by 50%: 'AA+sf'/'Asf'/'BBB+sf'/'BB+sf'/'B+sf'; - Increase steady state by 75%: 'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'Bsf'. Rating sensitivity to reduced MPR: Ratings for class A, B, C, D and E notes (steady state: 23.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Reduce steady state by 15%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'BB-sf'; - Reduce steady state by 25%: 'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'B+sf'; - Reduce steady state by 35%: 'Asf'/'BBBsf'/'BB+sf'/'BB-sf'/'Bsf'. Rating sensitivity to reduced purchase rate: Ratings for class A, B, C, D and E notes (100% base assumption): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Reduce steady state by 50%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'; - Reduce steady state by 75%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'; - Reduce steady state by 100%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'. Rating sensitivity to reduced yield: Ratings for class A, B, C, D and E notes (steady state: 22.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Reduce steady state by 15%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB-sf'; - Reduce steady state by 25%: 'AAAsf'/'AAsf'/'A-sf'/'BBB-sf'/'BB-sf'; - Reduce steady state by 35%:'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'B+sf'. Rating sensitivity to increased charge-off rate and reduced MPR: Ratings for class A, B, C, D and E notes (charge-off steady state: 9.50%; MPR steady state: 23.00%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Increase charge-off steady state by 25% and reduce MPR steady state by 15%: 'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'B+sf'; - Increase charge-off steady state by 50% and reduce MPR steady state by 25%: 'Asf'/'BBBsf'/'BB+sf'/'BB-sf'/below 'Bsf'; - Increase charge-off steady state by 75% and reduce MPR steady state by 35%: 'BBBsf'/'BB+sf'/'BB-sf'/'Bsf'/below 'Bsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Rating sensitivity to reduced charge-off rate: Ratings for class A, B, C, D, and E notes (charge-off steady state: 9.50%): 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf' - Reduce steady state by 50%: 'AAAsf'/'AAAsf'/'AA+sf'/'AA-sf'/'BBB+sf'. Some of the subordinate classes of PRNT, Series 2025-A may be able to support higher ratings based on the output of Fitch's proprietary cashflow model. Since the credit card program is set up as a continuous funding program and requires that any new issuance does not affect the ratings of existing tranches, the CE levels are set up to maintain a constant rating level per class of issued notes and may provide more than the minimum CE necessary to retain issuance flexibility. Therefore, Fitch may decide not to assign or maintain ratings above the ratings in anticipation of future issuances. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Deloitte & Touch LLP. The third-party due diligence described in Form 15E focused on the comparison and recomputation of certain information with respect to 150 credit card receivable accounts, selected from a credit card receivable listing with respect to 350,836 credit card receivable accounts. 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. IMSCI 2016-7: DBRS Confirms B(high) Rating on Class G Certs ----------------------------------------------------------- DBRS, Inc. upgraded the credit ratings on two classes of Commercial Mortgage Pass-Through Certificates, Series 2016-7 issued by Institutional Mortgage Securities Canada Inc. (IMSCI) Series 2016-7 as follows: -- Class D to AA (high) (sf) from AA (sf) -- Class E to AA (low) (sf) from A (low) (sf) In addition, Morningstar DBRS confirmed the following credit ratings: -- Class A-2 at AAA (sf) -- Class B at AAA (sf) -- Class C at AAA (sf) -- Class F at BB (high) (sf) -- Class G at B (high) (sf) -- Class X at AAA (sf) At the same time, Morningstar DBRS changed the trends on Classes D, E, F, and G to Positive from Stable. The trends on all remaining classes are Stable. The credit rating upgrades and Positive trends reflect the overall positive outlook for the pool as evidenced by a healthy weighted-average (WA) debt service coverage ratio (DSCR) of 1.83 times (x) and WA loan-to-value ratio (LTV) of 50.1% based on the most recent year-end financial reporting. In addition to applying probability of default (POD) and/or LTV adjustments to a select number of loans, where applicable, Morningstar DBRS' analysis also considered a 20.0% haircut to the Issuer's underwritten net cash flow (NCF) for each remaining loan in the pool to test the durability of the credit ratings in the unlikely event individual property-level cash flows decline. The result of that analysis suggests a significant amount of cushion remains against future cash flow volatility, further supporting the credit rating upgrades with this review. As of the September 2025 remittance, 15 of the 38 loans remain in the pool with a trust balance of $99.4 million, representing a collateral reduction of 71.8% since issuance. Since the prior credit rating action in October 2024, the former largest loan in the pool, Portage Place (13.3% of the pool), was repaid in full. In addition, six loans, representing 55.1% of the current pool balance, have maturity dates within the next 12 months. Morningstar DBRS expects these loans will repay from the trust based on their WA DSCRs and debt yields of 2.28x and 19.5%, respectively. This additional paydown will lead to further improvement in credit enhancement levels, as indicated by the Positive trends carried by Classes C, D, E, F and G. No loans are defeased or in special servicing. The transaction also benefits from its limited exposure to loans secured by office collateral with only one such loan comprising 8.6% of the pool. The transaction is generally well distributed by property type with loans representing 28.4%, 24.8%, and 23.0% of the pool collateralized by industrial, retail, and self-storage properties, respectively. The Fortier Industrial Portfolio loan (Prospectus ID#6; 12.1% of the pool) is secured by a portfolio of three industrial properties in Saint-Hubert, Québec, a city approximately 10 kilometers northeast of Montréal. The loan was previously on the servicer's watchlist for failure to submit updated financial reporting. The loan was recently removed from the servicer's watchlist after updated financial reporting was received. According to the YE2024 financials, the portfolio generated NCF of $2.7 million (a DSCR of 2.52x), an increase from the YE2022 and issuance NCFs of $2.3 million (a DSCR of 2.17x) and $1.5 million (a DSCR of 1.41x). Per the December 2024 rent roll, the second-largest tenant at the property, JAS Filtrations (5.3% of the net rentable area (NRA)), has renewed its lease until December 2026, while the largest tenant at the property, Public-Sac (6.0% of the NRA), vacated the property before its lease expiration. The rent roll is granular and the three properties, Losch, Thibaul, and Kimber, are reporting strong occupancy rates of 97.1%, 92.9%, and 95.0%, respectively. While the portfolio has demonstrated healthy performance, there are notable tenant lease expirations in 2025 and 2026 totaling 33.0% of the NRA. As a result, Morningstar DBRS maintained the POD penalty from the prior credit rating action to reflect the elevated rollover risk, resulting in an expected loss that was more than double the pool average. Notes: All figures are in Canadian dollars unless otherwise noted. JP MORGAN 2023-1: Fitch Affirms 'B-sf' Rating on Class B-5 Debt --------------------------------------------------------------- Fitch Ratings has affirmed classes B4 and B5 from J.P. Morgan Mortgage Trust 2023-1. Fitch previously placed both classes on Rating Watch Negative (RWN) in October 2024. Fitch has now removed the classes from RWN and assigned them Stable Rating Outlooks. Entity/Debt Rating Prior ----------- ------ ----- JPMMT 2023-1 B-4 465978DD3 LT BB-sf Affirmed BB-sf B-5 465978DE1 LT B-sf Affirmed B-sf KEY RATING DRIVERS Credit Risk of Mortgage Assets (Positive): Collateral performance in JPMMT 2023-1 has improved since Fitch placed the B4 and B5 classes on RWN in October 2024. As of September 25, 2025, only one loan was 90+ days delinquent, totaling $1,893,425 (0.62% of the outstanding pool). Six months earlier, six loans were 90+ days delinquent (2.7% of the pool). Of those six, a total of $44,999.42 losses were realized, and only one loan remains seriously delinquent. Expected losses for JPMMT 2023-1 were 0.79% at 'BBsf', down 84 bps from six months ago, primarily reflecting the stronger collateral performance. The 60+ day delinquency rate was 0.93%, down 181 bps over the same period. In addition, updates to the U.S. RMBS Criteria and Rating Model contributed to lower expected losses. Fitch published the updated criteria on Oct. 1, 2025 and placed the ratings Under Criteria Observation on Oct. 7. Structural Analysis (Mixed): Since March 2025, one loan liquidated with a $44,999.42 loss, resulting in a 1.71% writedown of the unrated B6 class, which provides subordinate support to the structure. Despite this, the B4 and B5 classes benefited from improved relative credit enhancement: B4 increased by 7 bps to 1.25%, and B5 increased by 4 bps to 0.85%. Fitch's cash flow analysis under the updated criteria showed that the ratings pass their original stress levels. Fitch has removed both classes from RWN and affirmed the ratings. Operational Risk Analysis, Counterparty and Legal Analysis, Rating Cap Analysis (Neutral): Fitch evaluated risks from counterparties for this transaction and deemed them immaterial. Fitch determined that all relevant transaction parties complied with its Global Structured Finance Rating Criteria and that legal requirements were satisfied to fully de-link the transaction from other entities at issuance. JPMMT 2023-1 is a fully de-linked, bankruptcy-remote SPV, with parties and triggers aligned with Fitch's expectations. Fitch did not apply any rating caps to this transaction. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade This defined negative stress 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 decline at the base case. This analysis indicates some potential rating migration with higher MVDs compared with the model projection. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade This defined negative stress 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 decline at the base case. This analysis indicates some potential rating migration with higher MVDs compared with the model projection. 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 JPMMT 2023-1 has an ESG Relevance Score of '4' [+] for Transaction Parties & Operational Risk, 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. JP MORGAN 2025-CES5: S&P Assigns B- (sf) Rating on Cl. B-2 Notes ---------------------------------------------------------------- S&P Global Ratings assigned its ratings to J.P. Morgan Mortgage Trust 2025-CES5's mortgage-backed notes. The note issuance is an RMBS securitization backed by closed-end, second-lien, fixed-rate, fully amortizing residential mortgage loans, to both prime and nonprime borrowers. The loans are secured by single-family residential properties, townhomes, planned-unit developments, condominiums and two- to four-family residential properties. The pool has 4,021 loans and comprise qualified mortgage (QM)/non-higher-priced mortgage loan (safe harbor), QM rebuttable presumption, non-QM/compliant, and ability-to-repay-exempt loans. S&P said, "After we assigned preliminary ratings on Sept. 24, 2025, the note amounts of the classes A-1A and A-1B, which are exchangeable to the class A-1, were reduced to $103.542 million from $103.670 million and to $4.919 million from $4.990 million, respectively. Additionally, the note amount for class M-1 was reduced to $12.136 million from $12.335 million. In turn, the note amounts of the class A-2 and the class B-1 were increased to $18.504 million from $18.305 million and to $9.153 million from $8.954 million, respectively. The resized bonds increased the credit enhancement by 5 basis points on the classes A-1A, A-1B, and M-1. After analyzing the final coupons and the updated structure, we assigned ratings to the classes that are 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, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and reviewed 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 Assigned J.P. Morgan Mortgage Trust 2025-CES5(i) Class A-1A, $103,542,000: AAA (sf) Class A-1B, $4,919,000: AAA (sf) Class A-1C, $225,000,000: AAA (sf) Class A-1(ii), $108,461,000: AAA (sf) Class A-2, $18,504,000: AA- (sf) Class A-3, $14,723,000: A- (sf) Class M-1, $12,136,000: BBB- (sf) Class B-1, $9,153,000: BB- (sf) Class B-2, $5,969,000: B- (sf) Class B-3, $3,979,387: not rated Class A-IO-S, notional(iii): not rated Class XS, notional(iv): not rated Class A-R, not applicable(v): not rated (i)The ratings address the ultimate payment of interest and principal, and do not address payment of the cap carryover amounts. (ii)Certain proportions of the class A-1A and A-1B notes are exchangeable for the class A-1 notes, and vice versa. (iii)The notional amount equals the aggregate stated principal balance of the mortgage loans serviced by NewRez LLC doing business as Shellpoint Mortgage Servicing. (iv)The notional amount equals the aggregate unpaid principal balance of loans in the pool as of the cutoff date. (v)The class A-R notes will not have a class principal amount and are the class of notes representing the residual interest in the issuer. The class A-R notes are not expected to receive payments. JP MORGAN 2025-VIS3: S&P Assigns B-(sf) Rating on Cl. B-2 Certs --------------------------------------------------------------- S&P Global Ratings assigned its ratings to J.P. Morgan Mortgage Trust 2025-VIS3's mortgage-backed certificates. The certificate issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans, including loans with initial interest-only periods, to prime and nonprime borrowers. The loans are secured by single-family residential properties, townhomes, planned-unit developments, condominiums, two- to four-family residential, and five-to-10 multifamily properties. The pool consists of 1,406 ability-to-repay (ATR)-exempt business-purpose investment property loans that are all ATR-exempt. Following the assignment of preliminary ratings on Sept. 24, 2025, the certificate amounts for classes A-1A and M-1 were reduced by $188,000 each, to $212,524,000 and $20,876,000, respectively. The certificate amounts for classes B-1 and B-2 were increased by $188,000 each, to $14,858,000 and $9,968,000, respectively. Consequently, the certificate amount for the exchangeable class A-1 (exchangeable for certain proportions of classes A-1A and A-1B, and vice versa) was reduced, by $188,000, to $250,139,000. These adjustments increased the credit enhancement for the class A-1A, A-1B, A-1, A-2, M-1, and B-1 certificates. After analyzing the final coupons and the updated structure, S&P assigned ratings to the classes that are 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, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and reviewed originators; and -- S&P's U.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. S&P's outlook is updated, if necessary, when these projections change materially Ratings Assigned(i) J.P. Morgan Mortgage Trust 2025-VIS3 Class A-1A, $212,524,000: AAA (sf) Class A-1B, $37,615,000: AAA (sf) Class A-1, $250,139,000: AAA (sf) Class A-2, $30,656,000: AA- (sf) Class A-3, $44,762,000: A- (sf) Class M-1, $20,876,000: BBB- (sf) Class B-1, $14,858,000: BB- (sf) Class B-2, $9,968,000: B- (sf) Class B-3, $4,890,440: NR Class A-IO-S, notional(ii): NR Class XS, notional(iii): NR Class A-R, N/A; NR (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 equals the aggregate stated principal balance of the mortgage loans serviced by Newrez LLC (dba Shellpoint Mortgage Servicing) and Selene Finance L.P., as of the cutoff date. (iii)The notional amount equals the aggregate stated principal balance of loans in the pool as of the cutoff date. NR--Not rated. JUNIPER VALLEY: S&P Assigns BB- (sf) Rating on Class E-RR Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class B-RR, C-RR, D-RR, and E-RR debt from Juniper Valley Park CLO Ltd./Juniper Valley Park CLO LLC, a CLO managed by Blackstone CLO Management LLC that was originally issued in June 2023 and underwent a refinancing in July 2024. At the same time, S&P withdrew its ratings on the outstanding class B-R, C-R, D-R, and E-R debt following payment in full on the Oct. 8, 2025, refinancing date. S&P Global Ratings did not previously rate the class A-R debt, and it is not rating the replacement class A-RR debt. 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 July 8, 2026. -- No additional assets were purchased on the Oct. 8, 2025 refinancing date, and the target initial par amount remains at $600 million. There was no additional effective date or ramp-up period and the first payment date following the refinancing is Oct. 20, 2025. -- No additional subordinated notes were issued on the refinancing date. -- S&P said, "On a standalone basis, our cash flow analysis indicated a lower rating on the class E-RR debt. However, we assigned our 'BB- (sf)' rating on the class E-RR debt after considering the margin of failure, the relatively stable overcollateralization ratio, low 'CCC' exposure, zero default, and the overall credit quality of the portfolio since our last rating action on the transaction. Additionally, the deal remains in its reinvestment period, and the refinancing is viewed as credit neutral to credit positive for the transaction." Replacement And Outstanding Debt Issuances Replacement debt -- Class A-RR, $384.00 million: Three-month CME term SOFR + 1.08% -- Class B-RR, $72.00 million: Three-month CME term SOFR + 1.45% -- Class C-RR (deferrable), $36.00 million: Three-month CME term SOFR + 1.60% -- Class D-RR (deferrable), $36.00 million: Three-month CME term SOFR + 2.55% -- Class E-RR (deferrable), $24.00 million: Three-month CME term SOFR + 4.75% -- Subordinated notes, $54.51 million: Not applicable Outstanding debt -- Class A-R, $384.00 million: Three-month CME term SOFR + 1.25% -- Class B-R, $72.00 million: Three-month CME term SOFR + 1.55% -- Class C-R (deferrable), $36.00 million: Three-month CME term SOFR + 1.85% -- Class D-R (deferrable), $36.00 million: Three-month CME term SOFR + 2.85% -- Class E-R (deferrable), $24.00 million: Three-month CME term SOFR + 5.50% -- Subordinated notes, $54.51 million: Not applicable 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 Juniper Valley Park CLO Ltd./Juniper Valley Park CLO LLC Class B-RR, $72.00 million: AA (sf) Class C-RR (deferrable), $36.00 million: A (sf) Class D-RR (deferrable), $36.00 million: BBB- (sf) Class E-RR (deferrable), $24.00 million: BB- (sf) Ratings Withdrawn Juniper Valley Park CLO Ltd./Juniper Valley Park CLO LLC Class B-R to NR from 'AA (sf)' Class C-R to NR from 'A (sf)' Class D-R to NR from 'BBB- (sf)' Class E-R to NR from 'BB- (sf)' Other Debt Juniper Valley Park CLO Ltd./Juniper Valley Park CLO LLC Class A-RR: NR Subordinated notes, $54.51 million: NR NR--Not rated. KEY COMMERCIAL 2018-S1: DBRS Confirms CCC Rating on Class F Certs ----------------------------------------------------------------- DBRS Limited confirmed all credit ratings on the classes of Commercial Mortgage Pass-Through Certificates, Series 2018-S1 issued by Key Commercial Mortgage Trust 2018-S1 as follows: -- Class A-3 at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AA (high) (sf) -- Class C at A (high) (sf) -- Class D at BBB (sf) -- Class E at B (high) (sf) -- Class F at CCC (sf) -- Class X at AAA (sf) All trends are Stable, with the exception of Class F, which has a credit rating that does not typically carry a trend in commercial mortgage-backed securities (CMBS) credit ratings. The credit rating confirmations and Stable trends reflect the current overall performance of the transaction, which remains in line with Morningstar DBRS' expectations at the previous credit rating action in May 2025 when it upgraded Classes B, X, and C. The current actions are supported by the weighted-average debt service coverage ratio (DSCR) of 1.83 times (x) when excluding defeased loans, and favorable property type concentrations with the retail and self-storage property types constituting approximately 43% of the current pool balance. Morningstar DBRS projects losses for the single loan in special servicing, 775 West Jackson Boulevard (Prospectus ID#25, 2.5% of the current pool balance); however, they will be contained to the nonrated Class G certificate. Although the certificate balances toward the bottom of the capital stack are relatively small, there is additional cushion in the form of Class F, which already carries a credit rating indicative of potential losses, further supporting the credit rating confirmations and Stable trends. As of the September 2025 remittance, 21 of the 31 original loans remain in the pool, with a trust balance of $73.5 million, reflecting a collateral reduction of 44.5% since issuance. The pool benefits from favorable property type concentrations, with 21.8% and 21.4% of the pool backed by retail and self-storage properties, respectively, and only 14.4% backed by office properties. There are four loans, representing 16.7% of the pool, on the servicer's watchlist that are being monitored for servicing trigger events, low DSCR, and occupancy concerns. The pool also benefits from three loans, representing 13.4% of the pool, that are fully defeased. The single loan in special servicing, 775 West Jackson Boulevard, is secured by a mixed-use property comprising retail and office space in Chicago's Greektown neighborhood. The loan transferred to the special servicer in May 2020 for monetary default related to performance declines stemming from the effects of the coronavirus pandemic. In December 2020, the borrower filed for bankruptcy; however, the court dismissed the bankruptcy claim in August 2023, and the special servicer resumed foreclosure proceedings with a receiver in place managing operations. According to the June 2025 rent roll, the property is 100.0% occupied. However, the largest tenant, Xi'an Cuisine (29.4% of the net rentable area (NRA)), has a lease scheduled to expire in April 2026 and the remaining three tenants have leases scheduled to expire in 2028. Annualizing the most recent financials for the trailing seven months ended July 31, 2025, yields a net cash flow (NCF) of $24,502 with a DSCR of 0.18x, a decline from $141,148 and 1.01x, respectively, for the trailing 12 months ended December 31, 2024. In November 2024, the property received an updated appraisal valuing it at $1.45 million, compared with the October 2023 appraised value of $2.20 million, January 2021 appraised value of $2.00 million, and the issuance appraised value of $3.50 million. Morningstar DBRS liquidated the loan based on a 25% haircut to the November 2024 value while accounting for outstanding advances as well as expected future servicer expenses, resulting in an implied loss of nearly $1.8 million and a loss severity of 97%. A loan of concern is St. Charles Executive Center (Prospectus ID#11, 5.7% of the current pool balance), which is secured by two suburban office properties (one low-rise office and one medical office) in St. Charles, Illinois, approximately 40 miles west of downtown Chicago. The troubled loan remains on the servicer's watchlist because of its low occupancy and DSCR. According to the June 2025 rent roll, the property was 64.6% occupied, down from 85.0% at issuance. Approximately 8.6% of the NRA is scheduled to expire within the next 12 months, including the fifth-largest tenant, RSD Construction LLC (5.1% of the NRA, lease expires October 2025). However, according to the most recent servicer commentary, the tenant is expanding its space at the subject with a lease approval in progress. The subject is in a challenged submarket, with the Q2 2025 average vacancy reported at 25.5%, according to Reis, which will make backfilling vacant space a challenge. Annualizing the trailing six-month financials for the period ended June 30, 2025, yields a NCF of $105,374 with a DSCR of 0.33x, down from the YE2024 figures of $235,516 and 0.74x, respectively. Although a new appraisal has yet to be completed, Morningstar DBRS believes the property's value has likely significantly declined from the $8.1 million at issuance. Morningstar DBRS analyzed the loan with a stressed loan-to-value ratio of 178.5%, derived by applying a 10.0% capitalization rate to the YE2024 NCF coupled with a probability of default penalty, resulting in an expected loss that is more than six times the pool average. The Constellation Brands loan (Prospectus ID#4, 8.7% of the current pool balance) is secured by a 26,951-square-foot (sf) office property in Napa, California. Although the property is currently 100.0% occupied by the single tenant, Constellation Brands, on a lease through December 2031, 20,201 sf (75.0% of the NRA) of the space is currently listed as available for sublease on LoopNet, which could complicate refinancing efforts at the loan's maturity in January 2028. Annualizing the most recent financials for the trailing six months ended June 30, 2025, yields a NCF of $677,293 with a DSCR of 1.45x, compared with the YE2024 and YE2023 figures of $650,760 with a DSCR of 1.39x and $574,448 with a DSCR of 1.23x, respectively. Performance remains in line with expectations, and as such, Morningstar did not analyze this loan with any adjustments. However, it will continue to monitor the loan as it approaches maturity in 2028. Notes: All figures are in U.S. dollars unless otherwise noted. KRR STATIC I: Fitch Affirms 'BB+sf' Rating on Class E-R2 Notes -------------------------------------------------------------- Fitch Ratings has affirmed its ratings on the class A-R2, B-R2, C-R2, D-R2, and E-R2 notes of KKR Static CLO I Ltd. (KKR Static I). The Rating Outlook on the class B-R2 notes was revised to Positive from Stable, while the Outlooks on the other rated notes remain Stable. Entity/Debt Rating Prior ----------- ------ ----- KKR Static CLO I Ltd. A-R2 48255QAU7 LT AAAsf Affirmed AAAsf B-R2 48255QAW3 LT AA+sf Affirmed AA+sf C-R2 48255QAY9 LT A+sf Affirmed A+sf D-R2 48255QBA0 LT BBB+sf Affirmed BBB+sf E-R2 48255RAE1 LT BB+sf Affirmed BB+sf Transaction Summary KKR Static I is a static arbitrage cash flow collateralized loan obligation (CLO) managed by KKR Financial Advisors II, LLC, that originally closed in July 2022 and was subsequently refinanced twice, in Jan. 2024 and Jan. 2025. The transaction is secured primarily by first-lien senior secured leveraged loans. KEY RATING DRIVERS Increased Credit Enhancement from Note Amortization The affirmations and Positive Outlook on the class B-R2 notes are driven by note amortization of the class A-R2 notes, which resulted in increased credit enhancement levels and break-even default rate cushions against relevant rating stress default levels. As of September 2025 reporting, approximately 33% of the original class A-R2 note balance has amortized since the last refinancing in January 2025. While the model implied rating (MIR) of the class B-R2 notes is one notch higher than the notes' current rating, the cushion at the MIR was limited at the higher rating level. The Positive Outlook indicates a potential upgrade if note amortization continues and the decline in portfolio credit quality remains limited. Portfolio Credit Quality Stable Amid Losses Portfolio credit quality metrics of the static portfolio have remained stable since the it was refinanced, despite realizing some losses through defaults and credit risk sales. The Fitch weighted average rating factor of the performing portfolio improved to 27.2 from 27.6 ('B/B-'), and Fitch's weighted average recovery rate for the portfolio also improved to 75.1% from 74.8%. The portfolio incurred losses of approximately 2.2% of outstanding balances at the time of refinancing. One defaulted asset comprises 1.1% of the current portfolio. The portfolio consists of 122 obligors, and the largest 10 obligors represent 15.0% of the portfolio (excluding principal cash). Exposure to obligors on Fitch's CLO watchlist and those with a Negative Outlook were 14.1% and 13.1%, respectively. All coverage tests remain in compliance. Cash Flow Analysis Fitch conducted an updated cash flow analysis based on a stressed portfolio that assumed a one-notch downgrade on the Fitch Issuer Default Rating Equivalency Rating for assets with a Negative Outlook on the driving rating of the obligor and extended the weighted average life to 5.36 years because of maturity amendments. Fitch affirmed all the notes' ratings in line with their MIRs as defined in Fitch's CLOs and Corporate CDOs Rating Criteria, except for the class B-R2 notes as noted above. The Stable Outlooks on the class A-R2, C-R2, D-R2, and E-R2 notes reflect Fitch's expectation that the notes have sufficient level of credit protection to withstand potential deterioration in the credit quality of the portfolios in stress scenarios commensurate with each class' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if realized and projected losses of the portfolio are higher than what was assumed at closing and the notes' credit enhancement do not compensate for the higher loss expectation than initially assumed. A 25% increase of the mean default rate across all ratings, along with a 25% decrease of the recovery rate at all rating levels for the current portfolio, would lead to no impact on the class A-R2 and B-R2 notes, downgrades of up to two notches for the class C-R2 and D-R2 notes, and downgrades of up to three notches for the class E-R2 notes, based on MIRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Except for tranches already at the highest 'AAAsf' rating, upgrades may occur in the event of better-than-expected portfolio credit quality and transaction performance; A 25% reduction of the mean default rate across all ratings, along with a 25% increase of the recovery rate at all rating levels for the current portfolio, would lead to upgrades of one notch for the class B-R2 notes, three notches for the class C-R2 and E-R2 notes, and up to five notches for the class D-R2 notes, based on MIRs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Most of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied on for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for KKR Static CLO I 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. LCM 31: S&P Affirms B- (sf) Rating on Class F Notes --------------------------------------------------- S&P Global Ratings lowered its rating on the class E-R debt from LCM 31 Ltd. and removed it from CreditWatch, where it had placed it with negative implications on Aug. 11, 2025. S&P also affirmed its ratings on the class X, A-R, B-R, C-R, D-R and F debt. The transaction is a broadly syndicated CLO originally issued in February 2021 and reset in July 2024. The transaction is reinvesting until July 2026 and is managed by LCM Asset Management LLC. S&P said, "On Aug. 11, 2025, we placed our rating on the class E-R debt from the transaction on CreditWatch with negative implications primarily due to the class's decreased credit support, the portfolio's par loss since the 2024 reset, and indicative cash flow results." The rating actions follow S&P's review of the transaction's performance using data from both the August and September 2025 trustee reports. All reported overcollateralization (O/C) ratios have declined when compared to the August 2024 post-reset trustee report: -- The class A/B O/C ratio declined to 129.08% from 131.36%, -- The class C O/C ratio declined to 119.62% from 121.73%, -- The class D O/C ratio declined to 111.45% from 113.42%, -- The class E O/C ratio declined to 107.09% from 108.98%, The decline in the O/C ratios largely reflects the aggregate par loss the portfolio has sustained since August 2024. All coverage tests are currently passing with adequate cushion. Although assets rated in the 'CCC' category have decreased to $26.61 million as of the September 2025 trustee report, from $28.00 million in August 2024, the decline in the portfolio's weighted average spread and weighted average recovery rates have constricted the break-even default rates. A combination of these factors contributed to weakened cash flow results, particularly at the mezzanine and junior levels of the capital structure. The lowered rating on the class E-R debt reflects the drop in credit support and the failing cash flow results at the previous rating level. Although S&P's cash flow results indicate a lower rating on the class E-R debt on a standalone basis, it restricted the downgrade to one notch because: -- S&P believes that the existing credit support is commensurate with the current (lowered) rating on this tranche; -- The exposure of assets rated in the 'CCC' category and defaulted assets in the portfolio remain manageable; and -- The transaction has not yet exited its reinvestment period, which portends changes to the portfolio over the coming months. However, any further decline in credit support to this tranche or any increase in par losses could lead to negative ratings in the future. S&P said, "Although our cash flow results also indicate lower ratings on the class D-R and F debt on a standalone basis, we affirmed our ratings on these classes, considering our view that existing credit support is commensurate with the current ratings, exposure to 'CCC' category and defaulted assets remains manageable, and the transaction has not yet exited its reinvestment period and, thus, its portfolio is subject to change. Furthermore, we do not believe the class F tranche currently depends on favorable conditions to repay its obligations and does not fit our definition of 'CCC' risk. However, any further decline in credit support to these tranches or increase in par losses could lead to future negative rating actions. "The affirmed ratings reflect adequate credit support at the current rating levels. Though the cash flow results indicated a higher rating for the class B-R and C-R debt, our action considered that the CLO is still in its reinvestment period (scheduled to expire July 2026) and that future reinvestment activity could change some of the portfolio characteristics. "In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and recoveries upon default under various interest rate and macroeconomic scenarios. In addition, our analysis considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. The results of the cash flow analysis--and other qualitative factors as applicable--demonstrated, in our view, that all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with this rating action." S&P Global Ratings will continue to review whether, in its view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them and take rating actions as it deems necessary. Rating Lowered And Removed From CreditWatch LCM 31 Ltd. Class E-R to 'B+ (sf)' from 'BB- (sf)/Watch Neg' Ratings Affirmed LCM 31 Ltd. Class X: AAA (sf) Class A-R: AAA (sf) Class B-R: AA (sf) Class C-R: A (sf) Class D-R: BBB- (sf) Class F: B- (sf) MADISON PARK XLII: S&P Assigns B+ (sf) Rating on Class E-R-2 Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-R-2, B-R-2, C-R-2, D-R-2, and E-R-2 debt from Madison Park Funding XLII Ltd./Madison Park Funding XLII LLC, a CLO managed by UBS Asset Management Americas LLC, that was originally issued in November 2017 and underwent a partial refinancing in March 2024. At the same time, S&P withdrew its ratings on the previous class A-R, B, C, D, and E debt following payment in full on the Oct. 3, 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 July 3, 2026. -- No additional assets were purchased on the Oct. 3, 2025, refinancing date, and 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 Oct. 23, 2025. -- $66.542 million of the replacement class B-R-2 debt was shifted to the replacement class A-R-2 debt. -- No additional subordinated notes were issued on the refinancing date. Replacement And Previous Debt Issuances Replacement debt -- Class A-R-2, $334.350 million: Three-month CME term SOFR + 0.92% -- Class B-R-2, $41.578 million: Three-month CME term SOFR + 1.30% -- Class C-R-2 (deferrable), $53.530 million: Three-month CME term SOFR + 1.70% -- Class D-R-2 (deferrable), $51.940 million: Three-month CME term SOFR + 2.60% -- Class E-R-2 (deferrable), $31.800 million: Three-month CME term SOFR + 5.95% Previous debt -- Class A-R, $267.808 million: Three-month CME term SOFR + 1.15% + CSA(i) -- Class B, $108.120 million: Three-month CME term SOFR + 1.50% + CSA(i) -- Class C (deferrable), $53.530 million: Three-month CME term SOFR + 1.80% + CSA(i) -- Class D (deferrable), $51.940 million: Three-month CME term SOFR + 2.70% + CSA(i) -- Class E (deferrable), $31.800 million: Three-month CME term SOFR + 6.05% + CSA(i) (i)The CSA is 0.26161%. CSA--Credit spread adjustment. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. The results of the cash flow analysis (and other qualitative factors, as applicable) demonstrated, in our view, that the outstanding rated classes all have adequate credit enhancement available at the rating levels associated with the rating actions. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned Madison Park Funding XLII Ltd./Madison Park Funding XLII LLC Class A-R-2, $334.350 million: AAA (sf) Class B-R-2, $41.578 million: AA (sf) Class C-R-2 (deferrable), $53.530 million: A (sf) Class D-R-2 (deferrable), $51.940 million: BBB- (sf) Class E-R-2 (deferrable), $31.800 million: B+ (sf) Ratings Withdrawn Madison Park Funding XLII Ltd./Madison Park Funding XLII LLC Class A-R 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 'B+ (sf)' Other Debt Madison Park Funding XLII Ltd./Madison Park Funding XLII LLC Subordinated notes, $79.500 million: NR NR--Not rated. MADISON PARK XXXVIII: Fitch Assigns 'BB+sf' Rating on Cl. E-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Madison Park Funding XXXVIII, Ltd. reset transaction. Entity/Debt Rating ----------- ------ Madison Park Funding XXXVIII, Ltd A-1-R LT NRsf New Rating A-2-R LT AAAsf New Rating B-R LT AAsf New Rating C-R LT Asf New Rating D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-R LT BB+sf New Rating F-R LT NRsf New Rating Subordinated LT NRsf New Rating Transaction Summary Madison Park Funding XXXVIII, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by UBS Asset Management (Americas) LLC. The original CLO, which closed in June 2021, was not rated by Fitch. On Oct. 8, 2025, the CLO's existing secured notes will be redeemed in full from refinancing proceeds. The secured and subordinated notes will provide financing on a portfolio of approximately $596 million of primarily first lien senior secured leveraged loans, excluding defaulted obligations. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B'/'B-', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 96.96% first lien senior secured loans and has a weighted average recovery assumption of 73.87%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, between less than 'B-sf' and 'BB+sf' for class D-2-R, and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AA+sf' for class C-R, 'A+sf' for class D-1-R, 'A-sf' for class D-2-R, and 'BBB+sf' for class E-R. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Madison Park Funding XXXVIII, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. MAGNETITE LTD XXVII: Moody's Assigns B3 Rating to $1MM F-RR Notes ----------------------------------------------------------------- Moody's Ratings has assigned ratings to two classes of CLO refinancing notes (the Refinancing Notes) issued by Magnetite XXVII, Limited (the Issuer): US$312,650,000 Class A-RR Senior Secured Floating Rate Notes due 2038, Assigned Aaa (sf) US$1,000,000 Class F-RR Deferrable Mezzanine Floating Rate Notes due 2038, Assigned B3 (sf) RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks particularly those associated with the CLO's portfolio and structure. The Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. At least 90.0% of the portfolio must consist of first lien senior secured loans and up to 10.0% of the portfolio may consist of second lien loans, unsecured loans and bonds. BlackRock Financial Management, Inc. (the Manager) will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's extended five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the issuance of the Refinancing Notes and the other classes of secured notes, a variety of other changes to transaction features will occur in connection with the refinancing. These include: extension of the reinvestment period; extensions of the stated maturity and non-call period; changes to certain collateral quality tests; changes to the overcollateralization test levels; and changes to the base matrix and modifiers. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in the "Collateralized Loan Obligations" rating methodology published in October 2025. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Portfolio par: $488,500,000 Diversity Score: 80 Weighted Average Rating Factor (WARF): 3002 Weighted Average Spread (WAS): 2.90% Weighted Average Recovery Rate (WARR): 46.00% Weighted Average Life (WAL): 8.0 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Factors that would lead to an upgrade or downgrade of the ratings: The performance of the Refinancing Notes is subject to uncertainty. The performance of the Refinancing Notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Refinancing Notes. MAGNETITE XXVII: Fitch Assigns BBsf Final Rating on Cl. E-RR Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings and Rating Outlooks to the Magnetite XXVII, Limited reset transaction. Entity/Debt Rating ----------- ------ Magnetite XXVII, Limited X-RR LT AAAsf New Rating A-RR LT NRsf New Rating AJ-RR LT AAAsf New Rating B-RR LT AAsf New Rating C-RR LT Asf New Rating D-1-RR LT BBB-sf New Rating D-2-RR LT BBB-sf New Rating E-RR LT BBsf New Rating F-RR LT NRsf New Rating Subordinated LT NRsf New Rating Transaction Summary Magnetite XXVII, Limited (the issuer), a second refinancing transaction, is an arbitrage cash flow collateralized loan obligation (CLO) managed by BlackRock Financial Management, Inc. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $487 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 96.86% first-lien senior secured loans and has a weighted average recovery assumption of 74.7%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting to the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as 'AAAsf' for class X-RR, between 'BBB+sf' and 'AA+sf' for class AJ-RR, between 'BB+sf' and 'A+sf' for class B-RR, between 'B+sf' and 'BBB+sf' for class C-RR, between less than 'B-sf' and 'BB+sf' for class D-1-RR, and between less than 'B-sf' and 'BB+sf' for class D-2-RR and between less than 'B-sf' and 'B+sf' for class E-RR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class X-RR and class AJ-RR notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-RR, 'AAsf' for class C-RR, 'Asf' for class D-1-RR, and 'A-sf' for class D-2-RR and 'BBB+sf' for class E-RR. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Magnetite XXVII, 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 in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. MANUFACTURED HOUSING 2002-1: S&P Lowers M-2 Certs Rating to D (sf) ------------------------------------------------------------------ S&P Global Ratings completed its review of 10 ratings on eight U.S manufactured housing ABS transactions issued between 1999 and 2002. S&P raised six ratings, lowered and then withdrew one, and affirmed three. The transactions are related to MACROBUTTON OrgId_107037 Conseco Finance Corp. and GreenPoint Credit LLC. The rating actions reflect the transactions' current and expected future collateral performance, structures, and available credit enhancement. Furthermore, S&P's analysis incorporated secondary credit factors, such as credit stability, payment priorities under certain scenarios, and sector- and issuer-specific analyses. Each transaction was initially structured with overcollateralization (O/C) and subordination. However, due to higher-than-expected losses, the O/C on the transactions was depleted, and many of the subordinated classes have experienced principal write-downs. S&P said, "The upgrades reflect our assessment of the growth in credit enhancement for the affected classes in the form of subordination. We also took into consideration our lowered loss expectations and the relatively short, estimated time horizon for some of the classes to be paid in full." Table 1 Collateral performance (%)(i) Series Month Pool factor Current CNL 60+ day delinq. 1999-2 318 1.91 23.72 7.02 2000-6 297 2.85 34.98 5.81 2001-1 293 2.69 34.56 11.38 2001-2 290 3.14 36.17 8.06 2001-4 285 3.33 29.46 8.86 (i)As of the September 2025 distribution date. CNL--Cumulative net loss. Delinq--Delinquencies. Table 2 CNL expectations (%) Prior revised Revised lifetime Series lifetime CNL exp.(i) CNL exp.(ii) 1999-2 24.25-24.75 23.75-24.25 2000-6 36.00-36.50 35.50-36.00 2001-1 36.00-36.50 35.00-35.50 2001-2 37.75-38.25 36.75-37.25 2001-4 31.00-31.50 30.00-30.50 (i)As of September 2024. (ii) As of September 2025. CNL exp.--Cumulative net loss expectations. N/A–-Not applicable. Table 3 Hard credit enhancement(%)(i) Series Class Prior HCE (%)(ii) Current HCE (%)(iii) 1999-2 A-6 55.20 79.07 1999-2 A-7 55.20 79.07 2000-6 A-5 28.51 39.11 2001-1 A-5 37.44 47.59 2001-2 A 57.63 73.65 2001-4 M-1 53.29 66.31 (i)Calculated as a percentage of the total gross receivable pool balance. (ii) As of August 2024. (iii) As of September 2025. S&P said, "The rating actions on the series 2000-3 class IA and IIA-2 certificates reflect our view that the projected credit support will remain insufficient to cover the projected losses for these classes. As defined in our criteria, 'CC (sf)' ratings reflect our view that the related classes remain virtually certain to default. "On series 2002-1's class M-2 certificates, we lowered our rating to 'D (sf)' from 'CC (sf)' and subsequently withdrew the rating. The rating actions reflect the transaction's failure to make full timely interest payments for at least 12 consecutive months. "The affirmation on the series 2000-4 class A-3 certificates is based on our 'AA' financial strength rating on MACROBUTTON OrgId_110524 Assured Guaranty Inc. (Assured; the bond insurer), which we expect will continue to pay any principal or interest shortfalls that may arise. Assured has made claims payments on principal and interest payment shortfalls that have occurred since the November 2014 determination date, and we believe Assured will continue to honor its obligations to make up any shortfalls in principal and/or interest payments. "We will continue to monitor the performance of the transactions relative to their cumulative net loss expectations and the available credit enhancement, and take rating actions as we consider appropriate.” Ratings list Rating Transaction Class To From Manufactured Housing Contract Sr/Sub Pass-thru Trust 1999-2 A-6 AA (sf) BB+ (sf) Manufactured Housing Contract Sr/Sub Pass-thru Trust 1999-2 A-7 AA (sf) BB+ (sf) Manufactured Housing Contract Trust Pass-Thru Cert Series 2000-3 IA CC (sf) CC (sf) Manufactured Housing Contract Trust Pass-Thru Cert Series 2000-3 IIA-2 CC (sf) CC (sf) Manufactured Housing Contract Trust Pass-Thru Cert Series 2000-4 A-3 AA (sf) AA (sf) Manufactured Housing Contract Sr/Sub Pass-Thru Cert Series 2000-6 A-5 BB+ (sf) CCC+ (sf) Manufactured Housing Contract Sr/Sub Pass-Thru Cert Series 2001-1 A-5 BBB (sf) CCC (sf) Manufactured Housing Contract Sr/Sub Pass-Thru Cert Series 2001-2 A A+ (sf) B (sf) Manufactured Housing Contract Sr/Sub Pass-Thru Cert Series 2001-4 M-1 A+ (sf) B+(sf) Manufactured Housing Contract Sr/Sub Pass-thru Cert Series 2002-1 M-2 D (sf) CC (sf) Manufactured Housing Contract Sr/Sub Pass-thru Cert Series 2002-1 M-2 NR D (sf) NR--Not rated. MARINER FINANCE 2025-B: DBRS Gives Prov. BB Rating on E Notes ------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the following classes of notes (collectively, the Notes) to be issued by Mariner Finance Issuance Trust 2025-B (MFIT 2025-B): -- $201,830,000 Class A Notes at (P) AAA (sf) -- $25,880,000 Class B Notes at (P) AA (low) (sf) -- $26,680,000 Class C Notes at (P) A (sf) -- $19,250,000 Class D Notes at (P) BBB (sf) -- $26,360,000 Class E Notes at (P) BB (sf) CREDIT RATING RATIONALE/DESCRIPTION The credit ratings are based on Morningstar DBRS' review of the following analytical considerations: (1) 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. (2) Transaction capital structure and form and sufficiency of available credit enhancement. -- Credit enhancement is in the form of OC, subordination, amounts held in the reserve fund, and excess spread. Credit enhancement levels are sufficient to support Morningstar DBRS' stressed assumptions under all stress scenarios. (3) 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 ratings address the timely payment of interest on a monthly basis and principal by the legal final maturity date. (4) Mariner's capabilities with regard to originations, underwriting, and servicing. -- Morningstar DBRS performed an operational review of Mariner and, as a result, considers the entity to be an acceptable originator and servicer of personal loans. -- Mariner's senior management team has considerable experience and a successful track record within the consumer loan industry. (5) The credit quality of the collateral and performance of Mariner's consumer loan portfolio. Morningstar DBRS used a hybrid approach in analyzing Mariner's portfolio that incorporates elements of static pool analysis, employed for assets such as consumer loans, and revolving loan analysis to account for renewal loans. As of the Statistical Cut-Off Date: -- The weighted-average (WA) remaining term of the collateral pool is approximately 37 months. -- The WA coupon (WAC) of the pool is 28.11% and the transaction includes a reinvestment criteria event that the WAC is less than 24.00%. All loans going into the pool will have an APR less than 36.00%. -- CPR rates for Mariners' portfolio, as estimated by Morningstar DBRS, have generally averaged between 8.0% and 14.0% since 2014 depending on product type. -- The Morningstar DBRS base-case assumption for CPR is 6.0%. -- Charge-off rates on the Mariner portfolio have generally ranged between 9.00% and 15.00% over the past several years. -- The Morningstar DBRS base-case assumption for the charge-off rate is 12.59% which is based on the MFIT 2025-B reinvestment criteria and recent credit performance. -- For this transaction, Morningstar DBRS assumed an overall recovery rate of 5.85% which based on historical recovery performance which varies by product type, with assumptions ranging from 5.00% to 7.50%. (6) The MFIT 2025-B transaction is expected to add receivables originated by Mariner's partnerships bank, WebBank and are considered Online Loans under the re-investment criteria. The Online Loans originated by WebBank are sold to Mariner two business days after the origination date have a max APR of 35.99%. Though WebBank has the ability to originate loans in all 50 states, Mariner based on regulatory concerns or other factors can and will exclude loan purchases in certain states in its current geographical footprint or may expand into other states in the future. (7) Mariner is currently subject to a complaint filed against it by eleven attorneys generals. The complaint initially filed by the Eastern District of Pennsylvania by the attorneys general for Pennsylvania, the District of Columbia, New Jersey, Oregon, Utah, and Washington alleges certain unfair and deceptive acts and practices by Mariner. Specifically, in relation to its sale of optional loan products, refinancing practices and LBM products. On October 17, 2022, Utah voluntarily withdrew from the matter. On March 22, 2024 six additional states joined the lawsuit and did not add any additional claims to the litigation. The attorneys generals seek to enjoin Mariner's conduct, and seek penalties, restitution to borrowers and rescission and/or reformation of borrower agreements. On January 12, 2024, the court denied Mariner's motion to dismiss. On January 26, 2024, Mariner filed its answer to the complaint, denying any and all allegations of unlawful or deceptive business practices, or that it engaged in any of the wrongdoing alleged in the complaint. The ongoing litigation remains in the discovery phase. To the extent it is determined that the Loans were not originated in accordance with all applicable laws, the relevant Sellers may be obligated to repurchase from the Issuer. (8) The legal structure and presence of legal opinions that will address the true sale of the assets from the Seller to the Depositor, the non-consolidation of the special-purpose vehicle with the Seller, that the Indenture Trustee has a valid first-priority security interest in the assets, and the expected consistency with the Morningstar DBRS Legal Criteria for U.S. Structured Finance. Morningstar DBRS' credit ratings on the securities referenced herein address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations for each of the rated Notes are the related Monthly Interest Amount and the related Note Balance. Notes: All figures are in US Dollars unless otherwise noted. MARINER FINANCE 2025-B: S&P Assigns Prelim 'BB-' Rating on E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Mariner Finance Issuance Trust 2025-B's asset-backed notes. The note issuance is ABS transaction backed by personal consumer loan receivables. The preliminary ratings are based on information as of Oct. 6, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- Initial hard enhancement of approximately 38.10%, 30.10%, 21.85%, 15.90%, and 7.75% for the class A, B, C, D, and E notes, respectively, including the nonamortizing reserve account. -- The fully funded, nonamortizing reserve account of $1.62 million (approximately 0.50% of the initial loan pool). -- The characteristics of the pool being securitized and receivables expected to be purchased during the revolving period. -- S&P's worst-case, weighted average base-case loss for this transaction of 16.92%, which is a function of the transaction-specific reinvestment criteria and actual loan performance. Its base case also accounts for historical volatility observed in annualized gross loss rates for Mariner Finance LLC's managed loan portfolio over time. -- S&P's expectation for timely interest and full principal payments, based on stressed cash flow modeling scenarios appropriate to the assigned preliminary ratings. -- S&P's expectation that under a moderate ('BBB') stress scenario, all else being equal, the assigned preliminary ratings will be within the limits specified in the credit stability section in "S&P Global Ratings Definitions," Dec. 2, 2024. -- The transaction's fully sequential payment structure, which is designed to maintain overcollateralization of approximately $23.45 million (approximately 7.25% of the initial loan pool). -- The transaction's legal structure. Preliminary Ratings Assigned Mariner Finance Issuance Trust 2025-B Class A, $201,830,000(i): AAA (sf) Class B, $25,880,000(i): AA (sf) Class C, $26,680,000(i): A-(sf) Class D, $19,250,000(i): BBB- (sf) Class E, $26,360,000(i): BB- (sf) (i)The actual size of the tranches will be determined on the pricing date. MCF CLO IV: S&P Assigns BB- (sf) Rating on Class E-R3 Notes ----------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-R3, A-L-R3, B-R3, C-R3, D-1-R3, D-2-R3, and E-R3 debt and new class X debt from MCF CLO IV LLC, a CLO managed by Apogem Capital LLC, a subsidiary of New York Life Insurance Co., that was originally issued in October 2014 and underwent a second refinancing in November 2021. At the same time, S&P withdrew its ratings on the previous class A-RR, B-RR, C-RR, D-RR, and E-RR debt following payment in full on the Oct. 1, 2025, refinancing date. The replacement and new debt were 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. 1, 2027. -- The reinvestment period was extended to Oct. 16, 2029. -- New class X debt was issued on the refinancing date and is expected to be paid down using interest proceeds during the first 14 payment dates in equal installments of $500,000, beginning on the second payment date on April 16, 2026. -- The legal final maturity dates for the replacement and new debt and the existing subordinated notes were extended to Oct. 16, 2037. -- Additional assets were purchased on and after the Oct. 1, 2025, refinancing date, and the target initial par amount was updated to $500 million. There is no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 16, 2026. -- The required minimum overcollateralization and interest coverage ratios were amended. -- Additional $33.77 million in subordinated notes were issued on the refinancing date. -- The transaction was updated to conform to current rating agency methodology. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each rated tranche. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned MCF CLO IV LLC Class X, $7.00 million: AAA (sf) Class A-R3, $240.00 million: AAA (sf) Class A-L-R3, $50.00 million: AAA (sf) Class B-R3, $50.00 million: AA (sf) Class C-R3 (deferrable), $40.00 million: A (sf) Class D-1-R3 (deferrable), $30.00 million: BBB (sf) Class D-2-R3 (deferrable), $10.00 million: BBB- (sf) Class E-R3 (deferrable), $20.00 million: BB- (sf) Ratings Withdrawn MCF CLO IV LLC Class A-RR to NR from 'AAA (sf)' Class B-RR to NR from 'AA (sf)' Class C-RR to NR from 'A (sf)' Class D-RR to NR from 'BBB- (sf)' Class E-RR to NR from 'BB+ (sf)' Other Debt MCF CLO IV LLC Subordinated notes, $100.09 million: NR NR--Not rated. MENLO CLO III: S&P Assigns Prelim B- (sf) Rating on Class F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Menlo CLO III Ltd./Menlo CLO III LLC's floating-rate debt. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by Permira US CLO Manager LLC, a subsidiary of Permira Credit LLC. The preliminary ratings are based on information as of Oct. 3, 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. Ratings Assigned Menlo CLO III Ltd./Menlo CLO III LLC Class A, $336.0 million: AAA (sf) Class B, $63.0 million: AA (sf) Class C (deferrable), $31.5 million: A (sf) Class D (deferrable), $31.5 million: BBB- (sf) Class E (deferrable), $21.0 million: BB- (sf) Class F (deferrable), $3.9 million: B- (sf) Subordinated notes, $43.9 million: Not rated MFA 2025-NQM4: S&P Assigns B- (sf) Rating on Class B-2 Certs ------------------------------------------------------------ S&P Global Ratings assigned its ratings to MFA 2025-NQM4 Trust's mortgage pass-through certificates. The certificate issuance is an RMBS securitization backed by first- and second-lien, fixed- and adjustable-rate, fully amortizing U.S. residential mortgage loans (some with initial interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties, townhouses, planned-unit developments, condominiums, a co-operative, two- to four-family homes, manufactured housing, and condotel residential properties. The pool has 621 loans, which are qualified mortgage (QM)/safe harbor mortgage loan (average prime offer rate), non-QM/ability-to-repay-compliant (ATR-compliant), and ATR-exempt. S&P said, "After we assigned preliminary ratings on Sept. 23, 2025, the credit support increased for A-3, M-1, and B-1 tranches. After reviewing the final coupons and the updated structure, we assigned ratings to the classes that are 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, representation and warranty framework, and geographic concentration; -- The mortgage aggregator, MFA Financial Inc., and the mortgage originators; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals, and is updated, if necessary, when these projections change materially. Ratings Assigned(i) MFA 2025-NQM4 Trust Class A-1A(ii), $217,229,000: AAA (sf) Class A-1B(ii), $33,758,000: AAA (sf) Class A-1(ii), $250,987,000: AAA (sf) Class A-1F, $25,000,000: AAA (sf) Class A-1IO, $25,000,000(iii): AAA (sf) Class A-2, $15,961,000: AA (sf) Class A-3, $42,688,000: A (sf) Class M-1, $16,148,000: BBB (sf) Class B-1, $11,507,000: BB- (sf) Class B-2, $5,382,000: B- (sf) Class B-3, $3,526,804: NR Class XS, notional(iv): NR Class A-IO-S, notional(iv): NR Class R, not applicable: NR (i)The ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)All or a portion of the class A-1A and A-1B certificates can be exchanged for the class A-1 certificates and vice versa. (iii)The class A-1IO certificates are inverse floating-rate certificates. They will have a notional amount equal to the certificate amount of the class A-1F notes, which are floating-rate certificates, and will not be entitled to payments of principal. (iv)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 $371,199,804. NR--Not rated. MIWD HOLDCO II: Moody's Lowers CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings downgraded MIWD Holdco II LLC's (dba MITER Brands) corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured notes rating to Caa1 from B3. At the same time, Moody's downgraded MITER Brands Acquisition Holdco, Inc.'s senior secured first lien term loan rating and senior secured first lien notes rating to B2 from B1. The rating outlook for MIWD Holdco II LLC and MITER Brands Acquisition Holdco, Inc. was changed to stable from negative. The downgrade of the CFR to B2 reflects the company's weakening operating performance in a subdued demand environment, high leverage (debt/EBITDA) of about 5.5x for the last twelve month (LTM) period ended June 28, 2025 and Moody's expectations that deleveraging will be limited to earnings growth as a result of excess cash flow being used for high dividend payments to reduce the company's preferred equity instead of debt reduction. The stable outlook reflects the company's good liquidity and Moody's expectations that the company will fund distributions through cash flow generation. RATINGS RATIONALE MITER's B2 CFR is constrained by the company's high leverage, challenge to reduce leverage in a subdued growth environment and given the company's aggressive financial strategies with the potential of sizable annual dividend payments related to the company's PIK preferred equity. The preferred equity, issued by MITER's parent company, is not a legal obligation of MITER, is structurally subordinated to MITER's debt obligations and treated as equity in Moody's credit metrics. However, the company has a history of paying down a portion of the preferred equity from cash flow generation. This leaves limited amounts of excess cash flow available for actual debt reduction. While currently not expected, there is leveraging event risk, should management decide to redeem this security in full and given the sizable and increasing amount of the preferred equity. The rating is also constrained by volatility in margin and pricing inherent in the window and door manufacturing sector given the cyclicality of end markets and a highly competitive industry environment. Moody's expects revenue to decline in the mid-single-digit range over the next 12–18 months, while margins expand slightly as synergy realization, the roll-off of restructuring costs and the divestiture of lower-margin operations help offset persistent inflationary pressures. Moody's projects leverage will remain elevated at around 5.75x, reflecting softer earnings despite modest margin gains. The rating is supported by the company's good market position in the vinyl and aluminum windows and patio doors market and a strong position in the niche impact-resistant windows and doors market. The company benefits from its geographic footprint, diversity of product price points and distribution channels and considerable scale. MITER also benefits from solid operating margins and Moody's expectations of good liquidity. Moody's expects MITER to maintain good liquidity over the next 12-18 months, given its positive free cash flow, over $500 million of total available liquidity (balance sheet cash and revolver availability) as of June 28, 2025 and a lack of debt maturities until 2030. The company had about $397 million of cash as of June 28, 2025. Excluding dividends, Moody's expects MITER to generate solid free cash flow of about $150-200 million over the next 12-18 months. The ABL facility has a fixed charge coverage covenant of 1.0x, applicable if its availability under the facility is less than the greater of $30 million or 10% of the borrowing base. Moody's do not anticipate the covenant to be triggered, but if it were, the company is likely to have ample compliance room under this requirement. The first lien term loan is not subject to financial maintenance covenants. The company has alternate sources of liquidity as shown by the recent divestitures. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if company exercises conservative financial policies and maintains its good liquidity and strong operating margins. Quantitatively, the ratings could be upgraded if debt/EBITDA is sustained below 4.5x and EBITA/interest expense is sustained above 3.0x. Favorable end market trends would also be an important consideration. The ratings could be downgraded if the company's financial policies grew more aggressive in terms of capital structure and shareholder friendly returns. Quantitatively, Moody's could downgrade the ratings if debt leverage was sustained above 6.0x and EBITA to interest coverage declined materially below 2.0x, if operating margins and free cash flow generation deteriorate, including due to a weakening in the company's end markets, or if dividends materially exceed cash flow generation. MIWD Holdco II LLC is a manufacturer of vinyl and aluminum windows, patio doors and impact-resistant windows and doors in the US, serving the residential end markets of new construction and repair and remodeling. MIWD Holdco II LLC is privately held, indirectly family and management owned, with an indirect minority investor being an affiliate of Koch Equity Development LLC. Revenue for the last twelve month period ending June 28, 2025 was about $3 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MORGAN 2025-SPL1: S&P Assigns Prelim B (sf) Rating on Cl B-2 Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1's mortgage-backed notes. The notes issuance is an RMBS transaction backed by seasoned first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties including townhouses, planned-unit developments, condominiums, two- to four-family residential properties, five- to 10-unit multifamily and 11- to 20-unit multifamily properties. The pool consists of 1,158 loans, which are QM safe harbor (APOR), non-QM/ATR-compliant, and ATR-exempt loans. Of the 1,158 loans, forty-nine loans are cross-collateralized loans backed by 351 properties. The preliminary ratings are based on information as of Sept. 30, 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 and geographic concentration; -- The transaction's credit enhancement, associated structural mechanics, and representation and warranty (R&W) framework; -- The mortgage aggregators, Morgan Stanley Mortgage Capital Holdings LLC (MSMCH) and Morgan Stanley Bank N.A. (MSBNA); -- The due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers our current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals, which is updated if necessary, when these projections change materially. Preliminary Ratings Assigned Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1 Class A-1-A, $264,626,000: AAA (sf) Class A-1-B, $41,905,000: AAA (sf) Class A-1, $306,531,000: AAA (sf) Class A-2, $32,685,000: AA- (sf) Class A-3, $35,619,000: A- (sf) Class M-1, $17,810,000: BBB- (sf) Class B-1, $8,800,000: BB (sf) Class B-2, $12,361,000: B (sf) Class B-3, $5,239,000: NR Class SA, $168,473: NR Class XS, notional(ii): NR Class R-PT, $20,954,550: NR Class PT, $398,090,450: NR Class R, N/A: NR (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)The 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 $419,045,000. N/A--Not applicable. NR--Not rated. MORGAN STANLEY 2015-C26: Fitch Affirms 'B-sf' Rating on Cl. F Certs ------------------------------------------------------------------- Fitch has affirmed 10 classes of Morgan Stanley Bank of America Merrill Lynch Trust, commercial mortgage pass-through certificates, series 2015-C26 (MSBAM 2015-C26). Fitch has revised the Outlooks for classes B, X-B, and C to Stable from Negative. The Outlooks for classes D, X-D, E and F remain Negative. Entity/Debt Rating Prior ----------- ------ ----- MSBAM 2015-C26 A-5 61690VAZ1 LT AAAsf Affirmed AAAsf A-S 61690VBB3 LT AAAsf Affirmed AAAsf B 61690VBC1 LT AAsf Affirmed AAsf C 61690VBD9 LT Asf Affirmed Asf D 61690VAE8 LT BBB-sf Affirmed BBB-sf E 61690VAG3 LT BB-sf Affirmed BB-sf F 61690VAJ7 LT B-sf Affirmed B-sf X-A 61690VBA5 LT AAAsf Affirmed AAAsf X-B 61690VAA6 LT AAsf Affirmed AAsf X-D 61690VAC2 LT BBB-sf Affirmed BBB-sf KEY RATING DRIVERS 'B' Loss Expectations; Concentrated Transaction: Fitch's 'Bsf' rating-case loss expectation has increased to 11.8% from 4.4% at the previous rating action. The transaction is concentrated with only 15 loans remaining, three of which (51.4%) have been designated as Fitch Loans of Concern (FLOCs) including two loans (45.3%) in special servicing. The affirmations and Outlook revisions to Stable reflect the significant increase in credit enhancement (CE) and better than expected outcomes from loan payoffs. The remaining Negative Outlooks reflect these classes' reliance on proceeds from defaulted loans to repay and the potential for future downgrades, should the expected losses increase due to further performance or appraisal value declines, lower-than-expected recoveries or prolonged workouts on specially serviced loans. Due to the near-term loan maturities, increasing pool concentration and adverse selection, Fitch performed a look-through analysis to determine the remaining loans' expected recoveries and losses to assess the outstanding classes' ratings relative to their CE. Higher probabilities of default were assigned to loans that recently transferred to special servicing or are past their respective maturity dates and expected to transfer to special servicing. Largest Contributors to Loss: The largest contributor to overall loss expectations is the Palmer Center loan (16%), a 480,390-sf office complex located in Colorado Springs, CO. The property consists of two enclosed corridor-connected office towers (1st Bank Tower and the Wells Fargo Tower), an adjoining two story office building (the Atrium Building) and a 1,642-stall subterranean parking structure. Major tenants at the property include Bluestaq LLC (14.0%; March 2029) and Davita Medical Group (8.8%; December 2027). Per the June 2025 rent roll, the property was 77% occupied compared with 78% in June 2023, 77% at YE 2022, 91% at both YE 2021 and YE 2020, and 89% at YE 2019. Occupancy at the property fell when Well Fargo (formerly 9.2% NRA vacated the majority of its space upon June 2022 lease expiration) and Colorado Springs Health Care (formerly 8.8% NRA vacated the majority of its space upon December 2022 lease expiration). The servicer reported YE 2024 net operating income (NOI) debt service coverage ratio (DSCR) was 1.37x compared with 1.39x at YE 2023, 1.40x at YE 2022, 1.63x at YE 2021, 1.67x at YE 2020, and 1.69x at YE 2019. Fitch's 'Bsf' rating case loss of approximately 31% (prior to concentration add-ons) reflects a 15% stress to YE 2024 NOI and a 10% cap rate, due to upcoming rollover concerns. Based on performance and refinance concerns, the analysis incorporated an increased probability of default. The second-largest contributor to overall pool loss expectations is the 535-545 Fifth Avenue loan (29.4%), which is secured by two office buildings (415,440 sf, 82% of NRA), with the first and second floor being retail space (91,247 sf, 18% of NRA) spanning an entire block along Fifth Avenue from 44th to 45th Street in New York, NY. The loan transferred to special servicing in March 2025 due to maturity default. According to servicer updates, workout discussions are ongoing. As of YE 2024, occupancy was 90% with a 2.18x NOI DSCR. Fitch's 'Bsf' rating case loss of approximately 15% (prior to concentration add-ons) reflects a discount to the May 2025 BOV which reflects a value of $447 psf. Increased CE: As of the September 2025 distribution date, the pool has paid down 64%, declining to $374 million from $1.05 billion at issuance. Since Fitch's prior review, approximately 43% of the original pool balance has paid off, with $6.3 million in realized losses allocated to the non-rated class H. Interest shortfalls totaling $600,000 are currently affecting the non-rated classes G and H. The remaining loans are scheduled to mature between October and November 2025. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades to senior and junior 'AAAsf' rated classes are not expected due to the position in the capital structure and expected continued amortization and loan repayments, but may occur if deal-level losses increase significantly and/or interest shortfalls occur or are expected to occur; - Downgrades to classes rated in the 'AAsf' and 'Asf' categories, especially those with Negative Outlooks, may occur should performance of the FLOCs deteriorate further or if values significantly decline. These FLOCs include 535-545 Fifth Avenue, Palmer Center and Market Square Plaza; - Downgrades to 'BBBsf', 'BBsf' and 'Bsf' category rated classes are possible with higher expected losses from continued underperformance of the FLOCs or with greater certainty of near-term losses on specially serviced assets; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrades to 'AAsf' and 'Asf' category rated classes are possible with significantly increased CE from paydown, coupled with stable to improved pool-level loss expectations; - Upgrades to the 'BBBsf' category rated classes could be limited based on sensitivity to concentrations or the potential for future concentration. Classes would not be upgraded above 'AA+sf' if there is likelihood for interest shortfalls; - Upgrades to 'BBsf' and 'Bsf' category rated classes could occur only if the performance of the remaining pool is stable, recoveries are larger than expected and there is sufficient CE to the classes. 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. MORGAN STANLEY 2025-SPL1: S&P Assigns 'B' Rating on Cl. B-2 Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1's mortgage-backed notes. The notes issuance is an RMBS transaction backed by seasoned first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties including townhouses, planned-unit developments, condominiums, two- to four-family residential properties, five- to 10-unit multifamily and 11- to 20-unit multifamily properties. The pool consists of 1,158 loans, which are QM safe harbor (APOR), non-QM/ATR-compliant, and ATR-exempt loans. Of the 1,158 loans, forty-nine loans are cross-collateralized loans backed by 351 properties. 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 (R&W) framework; -- The mortgage aggregators, Morgan Stanley Mortgage Capital Holdings LLC (MSMCH) and Morgan Stanley Bank N.A. (MSBNA); -- The due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals, which is updated if necessary, when these projections change materially. Ratings Assigned Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1 Class A-1-A, $264,626,000: AAA (sf) Class A-1-B, $41,905,000: AAA (sf) Class A-1, $306,531,000: AAA (sf) Class A-2, $32,685,000: AA- (sf) Class A-3, $35,619,000: A- (sf) Class M-1, $17,810,000: BBB- (sf) Class B-1, $8,800,000: BB (sf) Class B-2, $12,361,000: B (sf) Class B-3, $5,239,000: NR Class SA, $168,473: NR Class XS, notional(i): NR Class R-PT, $20,954,550: NR Class PT, $398,090,450: NR Class R, N/A: NR (i)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 $419,045,000. N/A--Not applicable. NR--Not rated. MOUNTAIN VIEW XVII: S&P Assigns BB- (sf) Rating on Class E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class X-R, A-1R, A-2R, B-R, C-R, D-1R, D-2R, and E-R debt from Mountain View CLO XVII Ltd./Mountain View CLO XVII LLC, a CLO managed by Seix Investment Advisors, a subsidiary of Virtus Fixed Income Advisers LLC, that was originally issued in Sept. 2023. At the same time, S&P withdrew its ratings on the previous class X, A, B, C, D, and E debt following payment in full on the Oct. 1, 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 X-R, A-1R, A-2R, B-R, C-R, D-1R, D-2R, and E-R debt was issued at a lower spread over three-month SOFR than the previous debt. -- The replacement class A-1R and A-2R debt was issued at a floating spread, replacing the current class A floating-rate debt. -- The replacement class D-1R and D-2R debt is expected to be issued at a floating spread, replacing the current class D floating-rate debt. -- The replacement class X-R debt was issued on the refinancing date and is expected to be paid down using interest proceeds during the first eight payment dates in equal installments of $375,000, beginning on the first payment date and ending on the eighth payment date. -- The non-call period was extended to Oct. 15, 2027. -- The reinvestment period was extended to Oct. 15, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes was extended to Oct. 15, 2038. -- The target initial par amount was increased to $315.0 million. -- The first payment date following the refinancing is expected to be Jan. 15, 2026. 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 Mountain View CLO XVII Ltd./Mountain View CLO XVII LLC Class X-R, $3.00 million: AAA (sf) Class A-1R, $192.15 million: AAA (sf) Class A-2R, $15.75 million: AAA (sf) Class B-R, $31.50 million: AA (sf) Class C-R (deferrable), $18.90 million: A (sf) Class D-1R (deferrable), $15.75 million: BBB (sf) Class D-2R (deferrable), $6.30 million: BBB- (sf) Class E-R (deferrable), $7.88 million: BB- (sf) Ratings Withdrawn Mountain View CLO XVII Ltd./Mountain View CLO XVII LLC Class X to NR from 'AAA (sf)' Class A 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 Mountain View CLO XVII Ltd./Mountain View CLO XVII LLC Subordinated notes, $27.75 million: NR NR--Not rated. MP CLO VII: Moody's Cuts Rating on Class E-RR Notes to Caa2 ----------------------------------------------------------- Moody's Ratings takes various rating actions on $62.1 million CLO notes of MP CLO VII, Ltd. Moody's also affirms the ratings on $49.2 million of notes. Moody's Ratings has taken a variety of rating actions on the following notes: US$33.2 million Class D-RR Mezzanine Deferrable Floating Rate Notes, Upgraded to Aa3 (sf); previously on May 23, 2025 Upgraded to A2 (sf) US$28.9 million Class E-RR Mezzanine Deferrable Floating Rate Notes, Downgraded to Caa2 (sf); previously on May 23, 2025 Downgraded to B3 (sf) Moody's have also affirmed the ratings on the following notes: US$58.6 million (Current outstanding balance USD24,323,268) Class B-RR Senior Floating Rate Notes, Affirmed Aaa (sf); previously on Feb 20, 2024 Upgraded to Aaa (sf) US$25.1 million Class C-RR Mezzanine Deferrable Floating Rate Notes, Affirmed Aaa (sf); previously on Nov 13, 2024 Upgraded to Aaa (sf) MP CLO VII, Ltd., originally issued in May 2015 and most recently refinanced in June 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by MP CLO Management LLC. The transaction's reinvestment period ended in October 2020. RATINGS RATIONALE The upgrades on the ratings on the Class D-RR notes is primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in May 2025; the downgrades to the ratings on the Class E-RR notes is due to the deterioration in over-collateralisation ratio due to par loss since the last rating action in May 2025. The affirmations on the ratings on the Class B-RR and C-RR 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 over-collateralisation ratios of the Class E-RR notes have deteriorated since the last rating action in May 2025. According to the trustee report dated September 2025[1] the Class E OC ratio is reported at 101.13% and compared to May 2025 levels of 104.57%. The Class A-RR Notes fully repaid in April 2025 while Class B-RR notes have paid down by approximately USD13.8 million (23.6%) since the last rating action in May 2025 and USD34.3 million (58.49%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated September 2025[1] the Class A/B, Class C and Class D OC ratios are reported at 463.68%, 228.20% and 136.50% compared to May 2025[2] levels of 343.47%, 207.21% and 135.90%, respectively. Additionally, the underlying portfolio includes a number of investments in securities that mature after the notes do. These investments could expose the notes to market risk in the event of liquidation when the notes mature. 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 Moody's published methodologies 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: USD112.4m Defaulted Securities: USD5.8m Diversity Score: 22 Weighted Average Rating Factor (WARF): 3395 Weighted Average Life (WAL): 2.45 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.01% Weighted Average Recovery Rate (WARR): 46.31% Par haircut in OC tests and interest diversion test: 2.46% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. NEW RESIDENTIAL 2025-NQM5: S&P Assigns 'B-' Rating on B-2 Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to New Residential Mortgage Loan Trust 2025-NQM5's mortgage-backed notes. The note issuance is an RMBS transaction backed by first-lien, fixed-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential, planned-unit developments, two- to four-family residential, condominiums, townhouses, condotels, and cooperative properties. The pool consists of 987 loans, which are qualified mortgage safe harbor (average prime offer rate), non-qualified mortgage/ability-to-repay (ATR) compliant and ATR-exempt loans. The preliminary ratings are based on information as of Oct. 6, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and originators; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals, and is updated, if necessary, when these projections change materially. Preliminary Ratings(i) Assigned New Residential Mortgage Loan Trust 2025-NQM5 Class A-1, $350,629,000: AAA (sf) Class A-1A, $300,539,000: AAA (sf) Class A-1B, $50,090,000: AAA (sf) Class A-2, $46,333,000: AA- (sf) Class A-3, $42,827,000: A- (sf) Class M-1, $27,299,000: BBB- (sf) Class B-1, $16,530,000: BB- (sf) Class B-2, $11,020,000: B- (sf) Class B-3, $6,261,497: NR Class A-IO-S, Notional(ii): NR Class XS, Notional(ii): NR Class R, Not applicable: NR (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address payment of the cap carryover amounts. (ii)The notional amount will equal the aggregate principal balance of the mortgage loans as of the first day of the related due period. NR--Not rated. NYC COMMERCIAL 2025-11X: Fitch Assigns BB-(EXP) Rating on HRR Certs ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to NYC Commercial Mortgage Trust 2025-11X, commercial mortgage pass-through certificates, series 2025-11X: - $281,100,000 class A at 'AAA(EXP)sf'; Outlook Stable; - $52,000,000 class B at 'AA- (EXP)sf'; Outlook Stable; - $40,800,000 class C at 'A-(EXP)sf'; Outlook Stable; - $57,600,000 class D at 'BBB-(EXP)sf'; Outlook Stable; - $50,150,000 class E at 'BB(EXP)sf'; Outlook Stable; - $25,350,000 class HRRab at 'BB-(EXP)sf'; Outlook Stable; (a) Privately placed and pursuant to Rule 144A/IAI/Reg S. (b) HRR - Horizontal risk retention interest representing approximately 5.0% of the estimated fair value of all classes of regular certificates. The ratings are based on information provided by the issuer as of Oct 1, 2025. Transaction Summary The certificates represent the beneficial ownership interest in a trust, which is expected to hold a $507 million, two-year, floating-rate, interest-only commercial mortgage whole loan with three, one-year extension options. The mortgage loan will be secured by a first lien on the borrowers' fee simple interest in a 40-story, 1.1 million-sf, LEED Gold office tower, 11 Times Square (Eleven X), located at 11 Times Square on 8th Avenue between 41st St. and 42nd St. in New York City. Loan proceeds, combined with $42.8 million of sponsor equity, will be used to refinance $507.0 million of existing debt, fund $43.0 million of upfront reserves (including $22.8 million to cover outstanding landlord obligations and $20.0 million for future leasing costs), and pay closing costs. The loan sponsors are a joint venture of PGIM Real Estate, Norges Bank Investment Management, and SJP Properties Company. The property is managed by SJP Corporate Real Estate Services, Inc., an affiliate of the borrower. The loan is expected to be co-originated by JPMorgan Chase Bank, National Association, German American Capital Corporation and Wells Fargo Bank, National Association, which will act as mortgage loan sellers. Midland Loan Services, a Division of PNC Bank, National Association, will serve as the servicer, and Situs Holdings, LLC will serve as the special servicer. Computershare Trust Company, National Association will act as trustee and certificate administrator. Pentalpha Surveillance LLC is expected to serve as the operating advisor. The certificates will follow a sequential-pay structure. The transaction is scheduled to close on Oct. 22, 2025. KEY RATING DRIVERS High Fitch Leverage: The $507 million mortgage loan equates to debt of approximately $454 psf, with a Fitch stressed loan-to-value ratio (LTV), debt service coverage ratio (DSCR), and debt yield of 91.1%, 0.98x, and 9.3%, respectively. The mortgage loan represents approximately 61.6% of the property's "as-is" appraised value of $829 million ($839 million inclusive of an existing reserve account to cover outstanding contractual landlord obligations). Fitch increased the LTV hurdles by 2.5% to reflect the higher in-place leverage. Strong Property Quality and Accessible Manhattan Location: Eleven X was constructed in 2011 and has several sustainable features, including a LEED Gold certification (Core & Shell v2.0, 2010),a LEED Platinum-level air quality, Fitwel 1 Star designation (December 2023), a WiredScore Platinum certification (January 2022; recertified April 2024) and a high Energy Star score of 94. Its location in Midtown West adjacent to the Port Authority Bus Terminal offers excellent multimodal connectivity to most NYC subway and regional transit lines. The property features versatile floor plates ranging from 26,000 sf to 40,000 sf, 14' slab-to-ceiling heights and floor-to-ceiling windows with panoramic views of Manhattan. Fitch has assigned Eleven X an overall property quality grade of "A-". Significant Commitment by Top Law Firm: Eleven X is currently 87.2% leased to 26 tenants, including 55.9% of net rentable area (NRA) and 64.1% of Fitch's base rent attributed to creditworthy and Am Law 100 tenants. Proskauer Rose (37.3% of NRA and 47.1% of Fitch base rent) consistently ranks among the top law firms in the U.S. and globally, and is currently No. 41 on the Am Law 100 list as of 2025. Proskauer Rose has occupied 406,399 sf at the property since 2011 and expanded its space by 10,065 sf in 2019. The tenant invested $52.1 million in its premises, equal to $125 psf, based on current square footage. Microsoft Rollover and Tail Risk: Microsoft Corporation accounts for 18.4% of NRA and 17.8% of Fitch base rent. Microsoft's lease expires in June 2029. Additionally, five leases totaling 40.5% of NRA and 48.1% of Fitch base rent expire in 2031, which creates some tail risk. Microsoft has invested $35.5 million, or $173 psf, of its own capital into its space, and it has two, five-year renewal options remaining. The lender has structured the loan with a cash flow sweep tied to the 18-month notice period on Microsoft's lease plus a $20.0 million upfront general leasing costs reserve to cover future re-tenanting costs. Institutional Sponsorship: The mortgage loan is sponsored by PRISA and/or Norges Bank, with indirect control by a JV affiliate of PGIM Real Estate, Norges Bank Investment Management and SJP Properties. PGIM Real Estate, the real estate investment and financing arm of PGIM with over $210 billion in AUM and 50+ years of experience, actively integrates ESG practices and manages the fund that owns Eleven X. Norges Bank Investment Management oversees direct real estate for Norway's $1.5 trillion Government Pension Fund Global, with $34.6 billion in real estate AUM across major U.S. cities and 15 countries. SJP Properties is a vertically integrated owner, developer and operator with 40+ years of experience, 30 million sf developed and $5.0 billion in equity, and is headquartered at Eleven X. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow decreases property value and capacity to meet debt service obligations. The table below indicates the model-implied rating sensitivity to changes in one variable, Fitch NCF: - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'; - 10% NCF Decline: 'AAsf'/'A-sf'/'BBB-sf'/'BBsf'/'B+sf'/'Bsf'; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Improvement in cash flow increases property value and capacity to meet debt service obligations. The table below indicates the model-implied rating sensitivity to changes to in one variable, Fitch NCF: - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BBsf'/'BB-sf'; - 10% NCF Increase: 'AAAsf'/'AAsf'/'A+sf'/'BBBsf'/'BB+sf'/'BBsf'; 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 the mortgage loan. 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. NYMT LOAN 2025-INV2: S&P Assigns B- (sf) Rating on Cl. B-2 Notes ---------------------------------------------------------------- S&P Global Ratings assigned its ratings to NYMT Loan Trust 2025-INV2's mortgage-backed notes. The note issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans to both prime and nonprime borrowers (some with interest-only periods). The loans are secured by single-family residential properties, townhomes, planned-unit developments, condominiums, two- to four-family residential properties, and five- to 10-unit multifamily properties. The pool consists of 1,614 business-purpose investment property loans (including 17 cross-collateralized loans backed by 77 properties) which are all ability-to-repay-exempt. S&P said, "After we assigned our preliminary ratings on Sept. 22, 2025, the issuer decided to remove class A-1F and A-1IO, while resizing class A-1A, A-1B, and their exchangeable class A-1, maintaining the same level of credit enhancement for all the classes. Also, the class B-1 note rate was priced at a fixed rate. After analyzing the final coupons and the updated structure, our assigned ratings are 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 aggregator and reviewed originators; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's economic outlook, which considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals, and is updated, if necessary, when these projections change materially. Ratings Assigned(i) NYMT Loan Trust 2025-INV2 Class A-1, $175,873,000: AAA (sf) Class A-1A, $146,898,000: AAA (sf) Class A-1B, $28,975,000: AAA (sf) Class A-2, $27,235,000: AA- (sf) Class A-3, $37,956,000: A- (sf) Class M-1, $19,123,000: BBB- (sf) Class B-1, $13,908,000: BB- (sf) Class B-2, $9,851,000: B- (sf) Class B-3, $5,795,378: NR Class A-IO-S, Notional(ii): NR Class XS, 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 state principal balance of the mortgage loans as of the first day of the related due period. N/A--Not applicable. NR--Not rated. OBX TRUST 2025-J3: Moody's Assigns 'B1' Rating to Cl. B-5 Certs --------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to 73 classes of residential mortgage-backed securities (RMBS) issued by OBX 2025-J3 Trust, and sponsored by Onslow Bay Financial LLC. The securities are backed by a pool of prime jumbo (91.3% by balance) and GSE-eligible (8.7% by balance) residential mortgages that OBX purchased from Bank of America, National Association (BANA), who in turn aggregated them from multiple originators and also from aggregators MAXEX Clearing LLC (MAXEX; 3.8% by loan balance) and Onslow Bay Financial LLC (Onslow Bay; 3.7%). NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint) is the servicer of the pool. The complete rating actions are as follows: Issuer: OBX 2025-J3 Trust 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-F, Definitive Rating Assigned Aaa (sf) Cl. A-F-X*, Definitive Rating Assigned Aaa (sf) Cl. A-19, Definitive Rating Assigned Aa1 (sf) Cl. A-20, Definitive Rating Assigned Aa1 (sf) Cl. A-21, Definitive Rating Assigned Aa1 (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 Aa1 (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-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 Aa1 (sf) Cl. A-X-15*, Definitive Rating Assigned Aa1 (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 Aa1 (sf) Cl. A-X-25*, Definitive Rating Assigned Aaa (sf) Cl. A-X-26*, Definitive Rating Assigned Aa1 (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. B-1, Definitive Rating Assigned Aa3 (sf) Cl. B-X-1*, Definitive Rating Assigned Aa3 (sf) Cl. B-1A, Definitive Rating Assigned Aa3 (sf) Cl. B-2, Definitive Rating Assigned A2 (sf) Cl. B-X-2*, Definitive Rating Assigned A2 (sf) Cl. B-2A, Definitive Rating Assigned A2 (sf) Cl. B-3, Definitive Rating Assigned Baa1 (sf) Cl. B-4, Definitive Rating Assigned Ba1 (sf) Cl. B-5, Definitive Rating Assigned B1 (sf) *Reflects Interest-Only Classes Moody's are withdrawing the provisional ratings for the Class A-1A Loans, Class A-2A Loans, and Class A-3A Loans, assigned on September 26, 2025, because the Class A-1A Loans, Class A-2A Loans, and Class A-3A 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 0.28%, in a baseline scenario-median is 0.11% and reaches 4.50% 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. OCTANE RECEIVABLES 2025-1: S&P Assigns Prelim BB Rating on E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Octane Receivables Trust 2025-1's asset-backed notes. The note issuance is an ABS transaction backed by consumer powersport receivables. The preliminary ratings are based on information as of Oct. 9, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect S&P's view of: -- The availability of approximately 29.96%, 23.60%, 17.46%, 11.55%, and 9.18% in credit support, including excess spread, for the class A (A-1 and A-2), B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 5.00x, 4.00x, 3.00x, 2.00x, and 1.60x coverage of our stressed net loss levels for the class A, B, C, D, and E notes, respectively. -- The timely payment of interest and principal by the designated legal final maturity dates under S&P's stressed cash flow modeling scenarios, which it believes are appropriate for the assigned preliminary ratings. -- The expectation that under a moderate ('BBB') stress scenario (2.00x S&P's expected loss level), all else being equal, its preliminary ratings will be within the credit stability limits specified in section A.4 of the Appendix in "S&P Global Ratings Definitions," Dec. 2, 2024. -- The collateral characteristics of the amortizing pool of consumer powersports receivables, including the high percentage (approximately 77.14%) of the outstanding principal balance in credit tiers 1 and 2. -- The transaction's credit enhancement in the form of subordination, overcollateralization (O/C) that builds to a target level of 11.50% of the current receivables balance, a nonamortizing reserve account, and excess spread. -- The transaction's sequential-pay structure, which builds credit enhancement (on a percentage of receivables basis) as the pool amortizes. -- The transaction's payment and legal structures. Preliminary Ratings Assigned Octane Receivables Trust 2025-1 Class A-1, $55.50 million: A-1+ (sf) Class A-2, $159.15 million: AAA (sf) Class B, $20.25 million: AA (sf) Class C, $19.50 million: A (sf) Class D, $20.40 million: BBB (sf) Class E, $9.30 million: BB (sf) ONE KKR 33: S&P Lowers Class E Notes Rating to 'B (sf)' ------------------------------------------------------- S&P Global Ratings lowered its rating on the class E debt from KKR CLO 33 Ltd. and removed it from CreditWatch where S&P had placed it with negative implications in August 2025. At the same time, S&P affirmed its ratings on the class A, B, C, and D debt. The transaction is reinvesting until July 2026 and is managed by KKR Financial Advisors II LLC. The rating actions follow S&P's review of the transaction's performance using data from the July 2025 and August 2025 monthly trustee reports. The reported overcollateralization (O/C) ratios have deteriorated since the June 2021 effective date report: -- The class A/B O/C ratio declined to 127.10% from 131.88%. -- The class C O/C ratio declined to 117.80% from 122.23%. -- The class D O/C ratio declined to 109.77% from 113.90%. -- The class E O/C ratio declined to 105.28% from 109.24%. The decline in the O/C ratios largely reflects the aggregate par loss the portfolio has sustained since closing. Assets rated in the 'CCC' category have increased to $33.90 million (8.70% of the portfolio) as of the August 2025 trustee report, from $20.15 million (5.00% of the portfolio) as of the June 2021 trustee report, and the decline in the portfolio's weighted average spread and weighted average recovery rates have constricted the break-even default rates, resulting in weakened cash flow results overall. The lowered rating on the class E debt reflects the decrease in its credit support level, enabled by par losses since S&P's last rating action, and failing cash flow runs at its prior ratings. S&P said, "Although our cash flow results indicate a lower rating on class E on a standalone basis, we restricted the downgrade to two notches because the exposures to 'CCC and CCC- rated obligors' and defaulted assets is low, and the transaction is still in its reinvestment period. Further deterioration of par, weighted average spread, and/or weighted average recovery could lead to future negative rating actions. "Although our cash flow results also indicate lower ratings on the class C and D debt on a standalone basis, we affirmed our ratings on these classes, considering our view that existing credit support is commensurate with the current ratings, exposure to 'CCC and CCC- rated obligors' and defaulted assets is low, and the transaction has not yet exited its reinvestment period and, thus, its portfolio is subject to change. However, any further decline in credit support to these tranches or increase in par losses could lead to future negative rating actions. "The affirmations reflect our view that the credit support available is commensurate with the current rating levels. "In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, as well as on recoveries upon default, under various interest rate and macroeconomic scenarios. In addition, our analysis considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. The results of the cash flow analysis--and other qualitative factors as applicable--demonstrated, in our view, that all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with these rating actions. "We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them and will take rating actions as we deem necessary." Rating Lowered And Removed From CreditWatch KKR CLO 33 Ltd. Class E to 'B (sf)' from 'BB- (sf)/Watch Neg' Ratings Affirmed KKR CLO 33 Ltd. Class A: AAA (sf) Class B: AA (sf) Class C: A (sf) Class D: BBB- (sf) OPORTUN ISSUANCE 2025-D: Fitch Gives BB-(EXP) Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings expects to assign ratings and Rating Outlooks to the ABS issued by Oportun Issuance Trust 2025-D (OPTN 2025-D). Entity/Debt Rating ----------- ------ Oportun Issuance Trust 2025-D A 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 Transaction Summary OPTN 2025-D is backed by a revolving pool of fixed-rate, fully amortizing, secured and unsecured consumer loans originated by Oportun Financial Corporation (Oportun) or its affiliates, as well as through certain third-party originators, with the loans then sold to Oportun. Oportun is the sponsor of the transaction. OPTN 2025-D is Oportun's 27th term securitization and the third to be rated by Fitch. The transaction is expected to feature a two-year revolving period. At closing, the issuer will be required to acquire and pledge eligible receivables with an aggregate outstanding balance of $220,000,000, as well as a pre-funding amount of $230,000,000. The pre-funding amount represents the excess of $450,000,000 - which is the sum of the aggregate initial principal balance of the OPTN 2025-D notes and the required overcollateralization amount - over the aggregate outstanding balance. The pre-funding amount will be deposited from the proceeds of the sale of the OPTN 2025-D notes. KEY RATING DRIVERS Consistent Collateral Quality: The weighted average (WA) VantageScore for OPTN 2025-D is 645, with approximately 2.4% of the pool consisting of borrowers without a VantageScore, reflecting Oportun's focus on serving customers with limited or no credit history. The pool consists of 66.3% renewal loans, which is similar to 2025-C and amongst the lowest composition for such loans since OPTN 2022-A. The proportion of secured loans in the securitized trusts has increased steadily, with the OPTN 2025-B pool exhibiting the highest percentage to date at 8.9%. The current OPTN 2025-D pool consists of 7.2% secured loans, lower than in OPTN 2025-C. The WA contract rate of the loans is 27.3%, lower than in the prior 2025-C transaction. Rewritten loans account for 0.3% of the pool. However, this share can increase to as high as 4.5% of the pool during a revolving period. A rewritten loan is a one-time rewrite offered by Oportun to severely delinquent borrowers who have experienced a long-term financial hardship. A rewritten loan is essentially a new loan document with a principal balance equal to the balance of the original loan while the original loan is paid off. Elevated But Improving Performance: Oportun's managed portfolio experienced a notable increase in default rates for loans originated in 2021 and 2022, compared to previous years, attributed to new borrowers originated through online aggregators, alongside a deterioration in the broader unsecured consumer loan market. In response, the company implemented significant underwriting changes in 3Q22, which led to a material improvement in default rates. However, despite this improvement, default rates remain higher than historical levels. Fitch's default assumption for the OPTN 2025-D pool, based on the current composition of loans as of the statistical calculation date, is 13.76%; however, a base case default assumption of 15.03% was assigned to the worst case portfolio to account for the revolving nature of the pool, and is used in analysis until the end of the revolving period. The 15.03% base case assumption is an expected case reflecting near-term economic conditions and expectations for additional cooling of the labor market in the U.S. The base case default assumption was established utilizing Oportun's historical performance data since 2019; however, Fitch focused on vintages since 2023 as relevant comparative years due to the significant underwriting changes undertaken by the company. Credit Enhancement Mitigates Stressed Losses: Initial hard credit enhancement (CE) totals 62.39%, 37.69%, 22.69%, 9.24% and 2.44% of the initial pool balance for the class A, B, C, D and E notes, respectively. Fitch tested the initial CE under stressed cash flow assumptions for all classes and found that the classes pass all stresses at the rating level assigned to the respective class of notes. In particular, Fitch applied a 'AAAsf' rating stress of 4.65x the base case default rate for the 2025-D series. The stress multiples decrease proportionally between the "median" and "low" multiple range for lower rating levels, as described in Fitch's Consumer ABS Rating Criteria. The default multiple reflects the absolute value of the default assumption, the length of default performance history, exposure to changing economic conditions from higher loan terms and the length of the revolving period, which exposes the trust to the potential for performance degradation due to negative pool migration. Assurance for True Lender Status for Partner Bank-Loan Origination: Oportun's securitization transactions involve consumer loans originated by Oportun, Inc. and its partner bank, Pathward, N.A. (Pathward), a national bank. The bank's true lender status in the context of Oportun's loan acquisition is subject to legal and regulatory uncertainty, especially if the loans' interest rates exceed those allowed by the borrowers' state usury laws. If a court ruling or regulatory action deems that Oportun, rather than Pathward, is the true lender, loans could be declared unenforceable, void or subject to interest rate reductions and other penalties. This would increase negative rating pressure. Fitch's analysis and expected ratings reflect a review of the transaction's eligibility criteria for selecting the receivables for OPTN 2025-D, which reduces exposure to such loans by adherence to certain usury limits. Fitch also performed an operational risk review and deemed Oportun's compliance, legal and operational capabilities acceptable to meet consumer protection regulations, along with the unique aspects of its loan products, such as an overall small balance and short tenor, which Fitch views as helpful. Adequate Servicing Capabilities: PF Servicing, LLC (PF Servicing), a wholly owned subsidiary of Oportun, is the servicer of the receivables. The servicer has displayed an acceptable track record of servicing consumer loans. In addition, Systems & Services Technologies, Inc. is the named backup servicer, which has also shown an acceptable record of servicing consumer loans, reducing servicing disruption. Fitch considers all servicers to be adequate for this pool of consumer loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults or charge-offs could produce loss levels higher than the base case and would likely result in declines of CE and remaining net loss coverage levels available to the notes. Decreased CE may make certain ratings on the notes susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch conducts sensitivity analysis by stressing a transaction's initial base case default assumption by an additional 10%, 25% and 50%, and examining rating implications. These increases of the base case default rate are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a trust's performance. During the sensitivity analysis, Fitch examines the magnitude of multiplier compression by projecting expected cash flow and loss coverage over the life of the investments. For this projection, Fitch applies default assumptions that are higher than the initial base-case default assumptions.Fitch models cash flow with the revised default estimates while holding constant all other modeling assumptions. Rating sensitivity to increased defaults (class A/B/C/D/E): Expected Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf' Increased default base case by 10%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'; Increased default base case by 25%: 'AAsf'/'A-sf'/'BBBsf'/'BBsf'/'Bsf'; Increased default base case by 50%: 'A+sf'/'BBB+sf'/'BB+sf'/'Bsf'/'NRsf'; Reduced recovery base case by 10%: 'AAAsf'/'AA-sf'/'A-sf'/'BB+sf'/'BB-sf'; Reduced recovery base case by 25%: 'AAAsf'/'AA-sf'/'A-sf'/'BB+sf'/'BB-sf'; Reduced recovery base case by 50%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf'/'BB-sf'; Increased default base case by 10% and reduced recovery base case by 10%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'B+sf'; Increased default base case by 25% and reduced recovery base case by 25%: 'AAsf'/'A-sf'/'BBBsf'/'BBsf'/'Bsf'; Increased default base case by 50% and reduced recovery base case by 50%: 'A+sf'/'BBBsf'/'BB+sf'/'Bsf'/'NRsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance, driven by steady delinquencies, would increase CE levels and lead to a potential upgrade. If defaults are 20% less than the projected base case default rate, the expected ratings for the class B and C notes could be upgraded by up to one or two notches, respectively. Rating sensitivity from decreased defaults (class A/B/C/D/E): Expected Ratings: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'. Decreased default base case by 20%: 'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BB+sf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Deloitte & Touche LLP. The third-party due diligence described in Form 15E focused on a comparison and recalculation of certain characteristics with respect to 150 randomly selected statistical receivables. 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. PARK AVENUE 2021-2: Moody's Cuts Rating on $22MM Cl. E Notes to B2 ------------------------------------------------------------------ Moody's Ratings has downgraded the rating on the following class of notes issued by Park Avenue Institutional Advisers CLO Ltd 2021-2: US$22,000,000 Class E Junior Secured Deferrable Floating Rate Notes due 2034, Downgraded to B2 (sf); previously on August 26, 2021 Assigned Ba3 (sf) Park Avenue Institutional Advisers CLO Ltd 2021-2, originally issued in August 2021, is a managed cashflow CLO. The notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The transaction's reinvestment period will end in July 2026. A comprehensive review of all credit ratings for the respective transaction has been conducted during a rating committee. RATINGS RATIONALE The downgrade rating action on the Class E notes reflects deterioration in the Over-Collateralization (OC) ratio and the specific risks to the junior notes posed by par loss and spread reduction observed in the underlying CLO portfolio. Based on Moody's calculations, the total collateral par balance, including recoveries from defaulted securities, is currently approximately $385.4 million, $14.6 million or 3.7% less than the $400 million Target Initial Par Amount at closing. Based on the trustee's September 2025 report[1], the OC ratio for the Class E notes is reported at 104.66% versus September 2024 level[2] of 105.42%. Furthermore, the trustee-reported weighted average spread (WAS) has been deteriorating and is currently reported[3] at 3.16%, compared to 3.40% in September 2024[4]. No actions were taken on the Class A-1, Class B, Class C and Class D notes because their expected losses remain commensurate with their current ratings, after taking into account the CLO's latest portfolio information, its relevant structural features and its actual over-collateralization and interest coverage levels. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in "Moody's Global Approach to Rating Collateralized Loan Obligations." The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score, weighted average spread, and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par and principal proceeds balance: $385,100,329 Defaulted par: $818,343 Diversity Score: 55 Weighted Average Rating Factor (WARF): 2806 Weighted Average Spread (WAS): 2.92% Weighted Average Recovery Rate (WARR): 46.80% Weighted Average Life (WAL): 5 years In addition to base case analysis, Moody's ran additional scenarios where outcomes could diverge from the base case. The additional scenarios consider one or more factors individually or in combination, and include: defaults by obligors whose low ratings or debt prices suggest distress, defaults by obligors with potential refinancing risk, deterioration in the credit quality of the underlying portfolio, and lower recoveries on defaulted assets. Methodology Used for the Rating Action The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Factors that Would Lead to an Upgrade or Downgrade 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. PMT LOAN 2025-J3: Moody's Assigns (P)B3 Rating to Class B-5 Certs ----------------------------------------------------------------- Moody's Ratings has assigned provisional ratings to 70 classes of residential mortgage-backed securities (RMBS) to be issued by PMT Loan Trust 2025-J3, and sponsored by PennyMac Corp. The securities are backed by a pool of prime jumbo (66.36% by balance) and GSE-eligible (33.64% by balance) residential mortgages originated and serviced by PennyMac Corp. The complete rating actions are as follows: Issuer: PMT Loan Trust 2025-J3 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-37, Assigned (P)Aaa (sf) Cl. A-X37*, Assigned (P)Aaa (sf) Cl. A-X1*, Assigned (P)Aa1 (sf) Cl. A-X2*, Assigned (P)Aaa (sf) Cl. A-X3*, Assigned (P)Aaa (sf) Cl. A-X6*, Assigned (P)Aaa (sf) Cl. A-X7*, Assigned (P)Aaa (sf) Cl. A-X8*, Assigned (P)Aaa (sf) Cl. A-X9*, Assigned (P)Aaa (sf) Cl. A-X11*, Assigned (P)Aaa (sf) Cl. A-X12*, Assigned (P)Aaa (sf) Cl. A-X14*, Assigned (P)Aaa (sf) Cl. A-X15*, Assigned (P)Aaa (sf) Cl. A-X18*, Assigned (P)Aaa (sf) Cl. A-X19*, Assigned (P)Aaa (sf) Cl. A-X21*, Assigned (P)Aaa (sf) Cl. A-X22*, Assigned (P)Aaa (sf) Cl. A-X24*, Assigned (P)Aaa (sf) Cl. A-X25*, Assigned (P)Aaa (sf) Cl. A-X26*, Assigned (P)Aaa (sf) Cl. A-X27*, Assigned (P)Aaa (sf) Cl. A-X30*, Assigned (P)Aa1 (sf) Cl. A-X31*, Assigned (P)Aa1 (sf) Cl. A-X32*, 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 0.27%, in a baseline scenario-median is 0.10% and reaches 4.62% 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. POINT SECURITIZATION 2025-2: DBRS Gives Prov. B Rating on B2 Notes ------------------------------------------------------------------ DBRS, Inc. assigned provisional credit ratings to the Option-Backed Notes to be issued by Point Securitization Trust 2025-2 as follows: -- $254.2 million Class A-1 Notes at (P) A (low) (sf) -- $46.6 million Class A-2 Notes at (P) BBB (low) (sf) -- $45.9 million Class B-1 Notes at (P) BB (low) (sf) -- $43.3 million Class B-2 Notes at (P) B (sf) The (P) A (low) (sf) credit rating reflects a cumulative advance rate of 58.6% for the Class A-1 Notes, the (P) BBB (low) (sf) credit rating reflects a cumulative advance rate of 69.4% for the Class A-2 Notes, the (P) BB (low) (sf) credit rating reflects a cumulative advance rate of 80.0% for the Class B-1 Notes, and the (P) B (sf) credit rating reflects a cumulative advance rate of 90.0% for the Class B-2 Notes. 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 Amount) in exchange for giving an investor (i.e., the 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 there is greater emphasis 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 primarily subject to the amount of appreciation/depreciation on the property, the amount of debt that may be senior to the HEI, and the cap on investor return. As of the cut-off date, 258 contracts in the transaction are first-lien contracts, representing roughly $34.24 million in current intrinsic value; 2,508 are second-lien contracts, representing roughly $368.21 million in current intrinsic value; and 222 are third-lien contracts, representing roughly $30.98 million in current intrinsic value. Of the pool, 7.90% of the contracts are first lien and have a weighted-average (WA) HEI percentage of 58.94%, 84.95% are second-lien contracts and have a WA HEI percentage of 54.41%, and the remaining 7.15% of the pool are third-lien contracts with a WA HEI percentage of 57.34%. This brings the entire transaction's WA HEI percentage to 54.97%. To better understand the contract math, please see the example below, in the Contract Mechanics--Worked Example section. The current unadjusted loan-to-value ratio (LTV) of the pool is 35.98% (i.e., of senior liens ahead of the contracts). At cut-off, the pool had a WA HEI Thickness of 17.52%, and a current WA combined loan-to-value (CLTV) of 52.65%. The transaction uses a sequential structure. For cash distributions that are paid prior to the occurrence of a Credit Event, payments are first made to the Interest Amounts and any Interest Carryover on the Class A-1, Class A-2, Class B-1 (prior to the occurrence of a Class B-1 payment-in-kind (PIK) Date), and Class B-2 (prior to the occurrence of a Class B-2 PIK Date) Notes. Payments are then made to the Note Amount of Class A-1 until such notes are paid off. With respect to Class A-2, B-1, and B-2 Notes, payments are then made to Note Amount until Note Amount 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 PIK Date or Class B-2 PIK Date occurs then 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 post the occurrence of a Credit 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 it is 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 Classes A-1 and 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 Class A-1 Notes. The Class A-2 Notes are then paid their respective Note Amount until it's paid off and the Additional Accrued Amounts, including any unpaid Additional Accrued Amounts until it's reduced to zero. The Class B-1 Notes are then paid their respective Note Amount until it's paid off and the Additional Accrued Amounts, including any unpaid Additional Accrued Amounts, until reduced to zero. Lastly, the B-2 Notes are then paid their respective Note Amount until it's paid off and the Additional Accrued Amounts including any unpaid Additional Accrued Amounts until reduced to zero. Notes: All figures are in U.S. dollars unless otherwise noted. PREFERRED TERM XXVI: Moody's Upgrades Rating on 2 Tranches to Ba3 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Preferred Term Securities XXVI, Ltd.: US$140,250,000 Floating Rate Class A-2 Senior Notes due September 22, 2037 (current balance of $127,205,836), Upgraded to Aa1 (sf); previously on December 2, 2021 Upgraded to Aa2 (sf); US$59,900,000 Floating Rate Class B-1 Mezzanine Notes due September 22, 2037 (current balance of $54,328,909), Upgraded to A2 (sf); previously on December 2, 2021 Upgraded to Baa1 (sf); US$37,500,000 Fixed/Floating Rate Class B-2 Mezzanine Notes due September 22, 2037 (current balance of $34,012,255), Upgraded to A2 (sf); previously on December 2, 2021 Upgraded to Baa1 (sf); US$71,500,000 Floating Rate Class C-1 Mezzanine Notes due September 22, 2037 (current balance of $65,625,189), Upgraded to Ba3 (sf); previously on March 19, 2019 Upgraded to B3 (sf); I US$39,500,000 Fixed/Floating Rate Class C-2 Mezzanine Notes due September 22, 2037 (current balance of $36,254,475), Upgraded to Ba3 (sf); previously on March 19, 2019 Upgraded to B3 (sf); Preferred Term Securities XXVI, Ltd., issued in June 2007, is a collateralized debt obligation (CDO) backed mainly by a portfolio of bank and insurance trust preferred securities (TruPS) A comprehensive review of all credit ratings for the respective transactions has been conducted during a rating committee. RATINGS RATIONALE The rating actions are primarily a result of the deleveraging of the Class A-1 notes, an increase in the transaction's over-collateralization (OC) ratios, and the improvement in the credit quality of the underlying portfolio since September 2024. The Class A-1 notes have paid down by approximately 25.4% or $39.1 million since September 2024, using principal proceeds from the redemption of the underlying assets and the diversion of excess interest proceeds. Based on Moody's calculations, the OC ratios for the Class A-1, Class A-2 notes, the Class B-2 notes and Class C-2 notes have improved to 421.71%, 199.80%, 146.33% and 111.82%, respectively, from September 2024 levels of 339.00%, 184.60%, 140.20% and 109.80%, respectively. Since September 2024, one asset with a total par of $35.0 million has redeemed at par. The Class A-1 notes, Class A-2 notes, Class B-1 notes, Class B-2 notes, Class C-1 notes and Class C-2 notes will continue to benefit from the diversion of excess interest. The Class A-1 notes will continue to benefit from the use of proceeds from redemptions of any assets in the collateral pool. The deal has also benefited from improvement in the credit quality of the underlying portfolio. According to Moody's calculations, the weighted average rating factor (WARF) improved to 845 from 1075 in September 2024. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par: $483,000,000 Defaulted/deferring par: $114,500,000 Weighted average default probability: 7.54% (implying a WARF of 845) Weighted average recovery rate upon default of 10.0% In addition to base case analysis, Moody's considered additional scenarios where outcomes could diverge from the base case. The additional scenarios include, among others, deteriorating credit quality of the portfolio. No action was taken on the Class A-1 because its expected loss remains commensurate with its current rating, after taking into account the CDO's latest portfolio information, its relevant structural features and its actual over- collateralization and interest coverage levels. Methodology Used for the Rating Action The principal methodology used in these ratings was "TruPS CDOs" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: The performance of the rated notes is subject to uncertainty. The performance of the rated notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The portfolio consists primarily of unrated assets whose default probability Moody's assesses through credit scores derived using RiskCalc(TM) or credit estimates. Because these are not public ratings, they are subject to additional estimation uncertainty. PRESTIGE AUTO 2023-2: S&P Affirms 'BB-(sf)' Rating on Cl. E Notes ----------------------------------------------------------------- S&P Global Ratings raised its ratings on seven classes of notes, and affirmed its ratings on three classes of notes from Prestige Auto Receivables Trust (PART) 2022-1, 2023-1, and 2023-2, which are ABS transactions backed by subprime retail auto loan receivables originated and serviced by Prestige Financial Services Inc. The rating actions reflect: -- The transactions' collateral performance to date; -- S&P's remaining cumulative net loss (CNL) expectations for the transactions, and 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, and S&P's most recent macroeconomic outlook, which incorporates a baseline forecast for U.S. GDP and unemployment. Based on these factors and the capital contribution of $6.5 million to PART 2022-1 that Prestige Financial Services Inc. (Prestige) made on Sept. 25, 2025, S&P believes the notes' creditworthiness is consistent with the raised and affirmed ratings. A key pillar of Prestige's business model is funding auto retail contracts for obligors whose credit history displays a period of good credit followed by a period of poor credit, which may include a recent bankruptcy (Chapter 7 or 13). Historically, Prestige's bankruptcy collateral performed better than its non-bankruptcy collateral. Since 2022, however, the relatively higher non-bankruptcy collateral in PART 2022-1 (82%), PART 2023-1 (71%), and 2023-2 (61%), together with the economic headwinds and lower wholesale used vehicles prices, negatively impacted performance and negated the performance differential between the two collateral types. S&P said, "The performance of PART 2022-1 has trended worse than our revised CNL expectations since our prior rating actions on Dec. 17, 2024. The frequency of defaults has not decreased as the pool has aged, and gross charge-offs have remained elevated. Recovery is at the program's low point and is not improving. Together, these factors have resulted in higher monthly net losses. Delinquencies and extensions, too, are elevated and concerning. In view of the transaction's continued deteriorating performance to date, we further revised and raised our expected CNL (ENCL) for PART 2022-1. "The PART 2023-1 and 2023-2 transactions are performing better than PART 2022-1 did at the same point in time. Nevertheless, each series' performance is trending higher than our revised ECNLs from December 2024, and their delinquencies and extensions are elevated. As such, we have revised and raised our ECNLs for these series." Table 1 PART collateral performance(i) Pool 60+ day Monthly Series Mo. Factor delinq. Extension CGL CRR CNL 2022-1 35 30.33 11.77 3.06 36.76 23.18 28.24 2023-1 28 41.17 8.73 4.13 25.77 23.01 19.84 2023-2 22 55.79 7.62 3.97 18.85 23.13 14.49 (i)As of the September 2025 distribution date. PART--Prestige Auto Receivables Trust. Delinq.--Delinquencies. CGL--Cumulative gross loss. CRR--Cumulative recovery rate. CNL--Cumulative net loss. Table 2 CNL expectations (%) Original Prior lifetime Revised lifetime Series lifetime CNL exp. CNL exp.(i) CNL exp.(ii) 2022-1 16.00 34.00 37.00 2023-1 18.75 28.00 31.00 2023-2 18.75 28.00 31.00 (i)Revised in December 2024. (ii)As of September 2025. CNL exp.--Cumulative net loss expectations. N/A--Not applicable. The transactions contain a sequential principal payment structure in which the notes are paid principal by seniority. The sequential payment structure increases subordination as a percentage of the amortizing pool for all classes, except the lowest-rated subordinate class. The transactions also have credit enhancement in the form of a nonamortizing reserve account, overcollateralization (O/C), and excess spread. As of the September 2025 distribution date, the PART 2022-1 O/C amount has fallen below its target after being built to its target following the capital contribution in April 2024. The shortage of $10.01 million in O/C is somewhat offset by the higher reserve target, as intended when Prestige made previous contributions to the reserve account to make up the overcollateralization difference. The PART 2023-1 and PART 2023-2 O/C amounts have yet to build to their respective targets. All three series' nonamortizing reserves are at their respective original and revised targets. Hard credit enhancement (without credit to excess spread) has increased as the series' pools have amortized. Table 3 Hard credit support(i) Total hard Current total Credit support hard credit support Series Class at issuance (%) (% of current)(ii) 2022-1 C 30.70 96.54(iii) 2022-1 D 19.45 59.45(iii) 2022-1 E 10.25 29.11(iii) 2023-1 C 31.95 74.95 2023-1 D 21.70 50.06 2023-1 E 10.75 23.46 2023-2 B 44.15 86.43 2023-2 C 32.80 66.09 2023-2 D 20.80 44.58 2023-2 E 9.20 23.79 (i)As of the September 2025 distribution date. (ii)Calculated as a percentage of the total receivable pool balance, which consists of a reserve account, subordination, and overcollateralization. Excludes excess spread that can also provide additional enhancement. (iii)Includes the capital contribution to the reserve account made by Prestige on Sept. 25, 2025. S&P said, "We incorporated a cash flow analysis giving credit to stressed excess spread to assess the loss coverage levels, given our revised ENCLs, for the notes. 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 the transaction's performance. 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 analysis, we also considered Prestige's contribution of $6.5 million in additional capital to PART 2022-1 on Sept. 25, 2025. The contribution was deposited in the series' reserve account as a non-declining amount--increasing the target reserve account to 4.16% from 2.59% of the initial collateral balance. The capital contribution is a one-time cash infusion into PART 2022-1, intended to increase credit enhancement and defray future net losses from impacting the rated notes (specifically, the most subordinated class E notes, which are highly dependent on excess spread and most susceptible to continued high losses). This was a key consideration in the affirmation of the ratings on the subordinated class E notes. In our view, the results demonstrated that all of the classes have adequate credit enhancement at their respective raised and affirmed rating levels, which is based on our analysis as of the collection period ended Aug. 31, 2025 (the September 2025 distribution date). "We will continue to monitor the performance of the transactions to ensure that the credit enhancement remains sufficient, in our view, to cover our CNL expectations under our stress scenarios for each rated class." Ratings Raised Prestige Auto Receivables Trust 2022-1 Class C to 'AAA (sf)' from 'AA (sf)' Class D to 'BBB+ (sf)' from 'BBB (sf)' Prestige Auto Receivables Trust 2023-1 Class C to 'AAA (sf)' from 'A (sf)' Class D to 'A(sf) to 'BBB (sf) Prestige Auto Receivables Trust 2023-2 Class B to 'AAA (sf)' from 'AA (sf)' Class C to 'AA (sf)' from 'A (sf)' Class D to 'BBB+ (sf)' from 'BBB (sf)' Ratings Affirmed Prestige Auto Receivables Trust 2022-1 Class E: 'BB- (sf)' Prestige Auto Receivables Trust 2023-1 Class E: 'BB- (sf)' Prestige Auto Receivables Trust 2023-2 Class E: 'BB- (sf)' PRKCM 2025-AFC1: DBRS Gives Prov. B Rating on Class B-2 Notes ------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Notes, Series 2025- AFC1 (the Notes) to be issued by PRKCM 2025-AFC1 Trust (the Trust) as follows: -- $265.2 million Class A-1 at (P) AAA (sf) -- $229.8 million Class A-1A at (P) AAA (sf) -- $35.4 million Class A-1B at (P) AAA (sf) -- $25.6 million Class A-2 at (P) AA (high) (sf) -- $29.4 million Class A-3 at (P) A (high) (sf) -- $11.8 million Class M-1 at (P) BBB (high) (sf) -- $13.1 million Class B-1 at (P) BB (sf) -- $5.5 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. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The (P) AAA (sf) credit rating on the Classes A-1, A-1A, and A-1B certificates reflects 25.00% of credit enhancement provided by subordinate certificates. The (P) AA (high) (sf), (P) A (high) (sf), (P) BBB (high) (sf), (P) BB (sf) and (P) B (sf) credit ratings reflect 17.75%, 9.45%, 6.10%, 2.40% and 0.85% of credit enhancement, respectively. This transaction is a securitization of a portfolio of fixed- and adjustable-rate, expanded prime and nonprime, primarily first-lien (98.6% by balance) residential mortgages funded by the issuance of the Mortgage-Backed Notes, Series 2025-AFC1 (the Notes). The Notes are backed by 845 mortgage loans with a total principal balance of $353,613,772 as of the Cut-Off Date (September 1, 2025). This is the tenth 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 thirty-seven 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 58.6% of the loans are designated as non-QM. Approximately 3.0% of the loans are designated as QM Safe Harbor and approximately 0.3% are designated as QM Rebuttable Presumption. Approximately 38.1% 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 29.3% of the loans, primarily the asset value for 0.8% of the loans, and mortgagor's credit profile and debt-to-income ratio, property value, and the available assets, where applicable, for approximately 8.0% of the loans. Since the loans were made to investors for business purposes, they are exempt from the CFPB ATR rules and Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) 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 vertical 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. The Seller will hold a material net economic interest comprised of at least 5% of the Notes in the transaction necessary to comply with the requirements of the EU Securitization Regulation and the UK Securitization Framework as further described under "EU and UK Risk Retention and Transparency Requirements" described in the transaction documents. On any date on or after the earlier of (1) the payment date occurring in September 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 20% of the Cut-Off Date balance, the Sponsor may terminate the Issuer (Optional Termination) by purchasing the loans, any real estate owned (REO) 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 (MBA) Method at the repurchase price (par plus interest), provided that such repurchases in aggregate do not exceed 10% of the total principal balance as of the Cut-Off Date. 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). In the case of a Credit Event, principal proceeds will be allocated to cover interest shortfalls on the Class A-1A and Class A-1B Notes (IIPP) before being applied sequentially to amortize the balances of the senior and subordinated notes. For the Class A-2 and Class A-3 Notes (only after a Credit Event) and for the mezzanine and subordinate classes of notes (both before and after a Credit Event), principal proceeds will be available to cover interest shortfalls only after the more senior notes have been paid off in full. Also, the excess spread can be used to cover realized losses first before being allocated to unpaid Cap Carryover Amounts due to Class A-1A, Class A-1B, Class A-2, and Class A-3 Notes. Of note, the Class A-1A, Class A-1B, Class A-2, and Class A-3 Notes coupon rates step up by 100 basis points on and after the payment date in October 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. Notes: All figures are in U.S. dollars unless otherwise noted. RCKTL 2025-2: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes ---------------------------------------------------------------- Fitch Ratings expects to assign ratings and Rating Outlooks to the notes issued by RCKTL 2025-2. Entity/Debt Rating ----------- ------ RCKTL 2025-2 A 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 Transaction Summary RCKTL trust is backed by a static pool of unsecured, fixed-rate consumer loans originated by certain third-parties and sold to RockLoans Marketplace LLC under the RockLoans technology platform. Woodward Capital Management LLC is the sponsor. RockLoans Marketplace LLC is the servicer and the administrator. Woodward Capital Management has acted as a sponsor to securitization transactions backed by residential loans since October 2019. RCKTL 2025-2 is the second Woodward Capital Management LLC-sponsored personal loans ABS transaction. KEY RATING DRIVERS Solid Receivables Quality: The RCKTL 2025-2 pool consists of unsecured consumer loans made to obligors with strong credit scores. The weighted average (WA) FICO is 732, and WA income of $144,631. The pool consists of amortizing loans with a WA net interest rate of 14.04% and a WA original term of 52 months, averaging two months of seasoning. Of the loans, 92.40% are originated to borrowers who own a home. Base Case Default Reflects Recent Performance Trends: RockLoans' managed default rates increased in 2022 and 2023. The cumulative gross default (CGD) rate in vintage 1Q22 was approximately 6.8% and peaked at around 9.0% in vintage 4Q22. However, since initiating corrective measures that included tightening credit standards, performance in the second half of 2023 and 2024 vintages improved quarter-over-quarter (qoq). Fitch's WA base case gross default assumption (the default assumption) for RCKTL 2025-2 is 10.16%. The default assumption was established based on data stratified by RockLoans' default probability score band and loan term. In setting the expected case (default assumption), Fitch considered performance trends from vintage year 2020 and early trends of default curves in vintage year 2025. Credit Enhancement Mitigates Stressed Losses: Initial hard credit enhancement (CE) totals 41.98%, 29.68%, 19.63%, 11.98% and 4.23% of the initial pool balance for class A, B, C, D and E notes, respectively. The transaction amortizes the notes sequentially, and excess cash is not released before the specified overcollateralization (OC) amount of 8.75% is met. Fitch tested the initial CE under stressed cash flow assumptions for all classes and found that the classes pass all stresses at the rating level assigned to the respective class of notes. In particular, Fitch applied a 'AAAsf' rating stress of 4.5x the base case default rate for consumer loans. The stress multiples decrease for lower rating levels according to the "higher" prescribed multiples described in Fitch's "Consumer ABS Rating Criteria." The default multiple reflects the absolute value of the default assumption, the length of default performance history for the loans, the WA FICO score of the borrowers and the WA original loan term, which increases the portfolio's exposure to changing economic conditions. Assurance for True Lender Status for Partner Bank-Loan Origination: RockLoans' securitization transactions comprise consumer loans originated by Cross River Bank, a New Jersey state-chartered commercial bank. The bank's true lender status in the context of RockLoans' loan acquisition is subject to legal and regulatory uncertainty, especially if the loans' interest rates exceeded those allowed by the borrowers' state usury laws. If a court ruling or regulatory action deems that RockLoans, rather than Cross River Bank, is the true lender, loans could be declared unenforceable, void or subject to interest rate reductions and other penalties. This would increase negative rating pressure. Fitch's analysis and expected ratings reflect a review of the transaction's eligibility criteria for selecting the receivables for RCKTL 2025-2, which reduces exposure to loans with interest rates above usury caps. Fitch also performed an operational risk review and deemed RockLoans' compliance, legal and operational capabilities as acceptable to meet consumer protection regulations. Adequate Servicing Capabilities: RockLoans has a strong record of servicing consumer loans. Since launching of the RockLoans Platform in 2016, RockLoans has acted as a subservicer of the consumer loans originated by Cross River Bank. Starting in May 2025, RockLoans became the sole servicer of certain personal loans originated through the RockLoans Platform. The entity's credit risk profile is mitigated by backup servicing provided by Systems & Services Technologies, Inc. Fitch considers all parties to be adequate servicers for this pool at their expected rating levels. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults or charge-offs could produce loss levels higher than the base case and would likely result in declines of CE and remaining net loss coverage levels available to the notes. Decreased CE may make certain ratings on the notes susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch conducts sensitivity analysis by stressing a transaction's initial base case default assumption by an additional 10%, 25% and 50%, and examining rating implications. These increases of the base case default rate are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a trust's performance. During the sensitivity analysis, Fitch examines the magnitude of multiplier compression by projecting expected cash flow and loss coverage over the life of the investments. For this projection, Fitch applies default assumptions that are higher than the initial base-case default assumptions.Fitch models cash flow with the revised default estimates while holding constant all other modeling assumptions. Rating sensitivity to increased defaults (class A/B/C/D/E): Expected Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB-sf' Increased default base case by 10%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'Bsf'; Increased default base case by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BBB-sf'/'CCCsf'; Increased default base case by 50%: 'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'NRsf'; Reduced recovery base case by 10%: 'AAAsf'/'AA+sf'/'Asf'/'BBBsf'/'Bsf'; Reduced recovery base case by 25%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'Bsf'; Reduced recovery base case by 50%: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'CCCsf'; Increased default base case by 10% and reduced recovery base case by 10%: 'AA+sf'/'AAsf'/'A-sf'/'BBB-sf'/'B-sf'; Increased default base case by 25% and reduced recovery base case by 25%: 'AA+sf'/'A+sf'/'BBB+sf'/'BB+sf'/'CCCsf'; Increased default base case by 50% and reduced recovery base case by 50%: 'A+sf'/'A-sf'/'BBB-sf'/'BBsf'/'NRsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance, driven by steady delinquencies, would increase CE levels and lead to a potential upgrade. If defaults are 20% less than the projected base case default rate, the expected ratings for the class B and C notes could be upgraded by up to one or two notches, respectively. Rating sensitivity from decreased defaults (class A/B/C/D/E): Expected Ratings: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BB-sf'. Decreased default base case by 20%: 'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBsf'. 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 of certain characteristics with respect to 150 randomly selected preliminary portfolio 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. REPUBLIC FINANCE 2025-A: DBRS Finalizes BB(low) Rating on E Notes ----------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following classes of notes (collectively, the Notes) issued by Republic Finance Issuance Trust 2025-A (REPS 2025-A): -- $257,310,000 Class A Notes at AAA (sf) -- $35,900,000 Class B Notes at AA (low) (sf) -- $34,910,000 Class C Notes at A (low) (sf) -- $22,540,000 Class D Notes at BBB (low) (sf) -- $24,340,000 Class E Notes at BB (low) (sf) CREDIT RATING RATIONALE/DESCRIPTION The credit ratings are based on a review by Morningstar DBRS of the following analytical considerations -- This is Republic Finance, LLC's (Republic or the Company) sixth ABS 144A transaction, their inaugural transaction occurred in October 2019, this is their first transaction of 2025. -- The is the first of all securitizations issued by Republic that has attained a AAA (sf) credit rating for the senior class. Morningstar DBRS has historically viewed high branch payments as a concern since there is a risk for those high levels of cash or check collections if the sponsor were, hypothetically, in bankruptcy. If this were the case, the Indenture Trustee may not have a perfected interest in collections commingled by the Servicer or with funds, such as cash and checks received at branches, that are not yet deposited into a trust account. -- As of August 1, 2025, the Company no longer accepts cash payments in any branch except branches in the state of Virginia. At this time, Republic Finance is allowing one-time exceptions, and as of August 31, 2025, the total cash payment for the month of August 2025 was less than 1% of all payments. -- Republic currently receives about 48.4% of customer payments in branch and about 39.72% online. Those payments made in branch tend to be checks. Approximately 20% of Republic branches currently have remote check deposit capability; it is expected that this technology will be rolled out to the majority of branches by the end of Q4 2025. Checks are immediately deposited by the branches into a company bank account. From that point, the cash is swept into the trust accounts within two business days. -- Republic supplemented its reporting to its backup servicer, Computershare Trust Company, N.A. (Computershare), in order to ease Computershare's ability to take over servicing in a backup role if it were ever required to do so. -- The transaction will be the first to have a meaningful concentration of third party originated loans (50% concentration per the reinvestment criteria). Republic has launched a Bank Partnership with Column N.A. Through this relationship, the Bank is expected to be originating all types of loan products. In addition, there may be other Bank Partnerships we will review in the future. MDBRS has only interviewed Bank management, reviewed the processes, program agreement and loan agreement Republic has entered into with Column N.A. Additional third-party originators are expected to be federally chartered banks regulated by the Office of the Comptroller of the Currency. Republic will provide prior notice for any future third-party originators in the structure. -- Republic continues to expand its physical lending footprint. -- Acquisition of a majority stake in the Company by CVC in November 2017 with the founding family retaining a significant share of the Company. CVC has since implemented and maintained a growth strategy, including increasing the number of branches, centralizing certain underwriting, and servicing functions as well as building an online presence. CVC always reviews their holdings and is exploring various strategic alternatives regarding ownership at this point. -- Transaction capital structure and form and sufficiency of available credit enhancement. -- Credit enhancement is in the form of OC, subordination, amounts held in the reserve fund, and excess spread. Credit enhancement levels are sufficient to support Morningstar DBRS' stressed projected finance yield, principal payment rate, and charge-off assumptions under various stress scenarios. -- 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 ratings address the timely payment of interest on a monthly basis and principal by the legal final maturity date. -- Republic's capabilities with regard to originations, underwriting, and servicing. Morningstar DBRS performed an operational review of the Company and considers it an acceptable originator and servicer of personal loans with an acceptable backup servicer. The Company's senior management team has considerable experience and a successful track record in the consumer loan industry. -- In April 2019, Republic completed the implementation of centralized underwriting policies and processes for all branches, which allowed the creation of a hybrid servicing model. The Company opened a fully centralized collections center in Charlotte, North Carolina. The center was further enhanced in 2021 to close loans over the phone with customers that are not within the geographical footprint of a branch. -- The credit quality of the collateral and performance of Republic's consumer loan portfolio. Morningstar DBRS has used a hybrid approach in analyzing the Company's portfolio that incorporates elements of static pool analysis, employed for assets such as consumer loans, and revolving asset analysis, employed for assets such as credit card master trusts. -- The weighted-average (WA) remaining term as of the Statistical Cut-Off Date is approximately 35 months. -- Morningstar DBRS applied a finance yield haircut of 10.00% to the Class A Notes, 7.33% to the Class B Notes, 5.33% to the Class C Notes, 3.33% to the Class D Notes, and 1.67% to the Class E Notes. While these haircuts are lower than the range described in the Morningstar DBRS Rating U.S. Credit Card Asset-Backed Securities methodology, the fixed-rate nature of the underlying loans, lack of interchange fees, and historical yield consistency support these stressed assumptions. -- The base-case assumption for yield is 25.50%, which remains the same as for the REPS 2024-B transaction, also rated by Morningstar DBRS, and aligns with the reinvestment criteria event if the weighted-average coupon (WAC) is less than 25.50%. -- The WAC of the Statistical Cut-Off Date is 27.96%. -- Principal payment rates for Republic's portfolio, as calculated by Morningstar DBRS, have trended lower since 2017. Depending on the credit tiers and subportfolio, these rates have generally averaged between 2.5% and 8.0% over the past several years. -- The Morningstar DBRS base-case assumption for the principal payment rate is 3.13%. -- Morningstar DBRS applied a payment rate haircut of 43.26% to the Class A Notes, 38.33% to the Class B Notes, 33.33% to the Class C Notes, 26.67% to the Class D Notes, and 16.67% to the Class E Notes. -- Morningstar DBRS' projected base-case annualized CNL has decreased from the prior REPS 2024-A transaction mainly because of tighter re-investment criteria. Charge-off rates spiked in mid-2022 and early 2023. The losses were related to inflation affordability issues that many of Republic's borrowers faced during early 2022. Since then, Republic has taken many steps to tighten underwriting, enhance servicing, and cease originations in certain buckets. The portfolio has since stabilized, and the Morningstar DBRS net charge-off assumption rate is 14.50%. -- The transaction assumptions consider Morningstar DBRS's 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's moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020. -- The legal structure and presence of legal opinions that will address the true sale of the assets from the Seller to the Depositor, the nonconsolidation of the special-purpose vehicle with the Seller, that the Indenture Trustee has a valid first-priority security interest in the assets, and that it is consistent with Morningstar DBRS' Legal Criteria for U.S. Structured Finance. Morningstar DBRS' credit ratings on the securities referenced herein address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations for each of the rated Notes are the related Monthly Interest Amount and the related Note Balance. Notes: All figures are in U.S. dollars unless otherwise noted. REPUBLIC FINANCE 2025-A: S&P Assigns BB+ (sf) Rating on E Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to Republic Finance Issuance Trust 2025-A's personal consumer loan-backed notes. The note issuance is an ABS transaction backed by personal consumer loan receivables. The ratings reflect S&P's view of: -- Initial hard enhancement of approximately 36.25%, 27.25%, 18.50%, 12.85%, and 6.75% for the class A, B, C, D, and E notes, respectively, including the nonamortizing reserve account. -- The fully funded nonamortizing reserve account of $2.99 million (approximately 0.75% of the initial loan pool). -- The characteristics of the pool being securitized and receivables expected to be purchased during the revolving period. -- S&P's worst-case weighted average base-case loss of 15.80% for this transaction, which is a function of the transaction-specific reinvestment criteria and actual loan performance. Its base case also accounts for the historical volatility observed in annualized gross loss rates for Republic Finance LLC's (Republic) managed loan portfolio over time. -- S&P's expectation for timely interest and full principal payments, based on stressed cash flow modeling scenarios appropriate to the assigned ratings. -- S&P's expectation that under a moderate ('BBB') stress scenario, all else being equal, the assigned ratings will be within the limits specified in the credit stability section in "S&P Global Ratings Definitions," Dec. 2, 2024. -- The transaction's fully sequential payment structure, which is designed to maintain overcollateralization of approximately $23.94 million (approximately 6.00% of the initial loan pool). -- The transaction's legal structure. In rating this transaction, S&P Global Ratings will review the relevant legal matters outlined in its criteria. Ratings Assigned Republic Finance Issuance Trust 2025-A Class A, $257.31 million: AAA (sf) Class B, $35.90 million: AA (sf) Class C, $34.91 million: A (sf) Class D, $22.54 million: BBB (sf) Class E, $24.34 million: BB+ (sf) RR CLO 15: S&P Downgrades Class D Notes Rating to B+ (sf) --------------------------------------------------------- S&P Global Ratings took various rating actions on 14 classes of debt from RR 2 Ltd. and RR 15 Ltd., both broadly syndicated U.S. CLO transactions. S&P lowered two ratings and removed them from CreditWatch, where they had been placed with negative implications on Aug. 11, 2025, due to indicative cash flow results and credit support at that time. S&P also affirmed 12 ratings from the two transactions. S&P said, "The rating actions follow our review of each transaction's performance using data from their respective trustee reports. In our review, we analyzed each transaction's performance and cash flows and applied our global corporate CLO criteria in our rating decisions. "In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and recoveries upon default, under various interest rate and macroeconomic scenarios. In addition, our analysis considered each transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. The results of the cash flow analysis--and other qualitative factors as applicable--demonstrated, in our view, that all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with these rating actions. "While each class's indicative cash flow results are a primary factor, we also incorporate other considerations into our decision to raise, lower, or affirm ratings, or limit rating movements." These considerations typically include: -- Whether the CLO is reinvesting or paying down its debt; -- Existing subordination or overcollateralization (O/C) levels and recent trends; -- The cushion available for coverage ratios and comparative analysis with other CLO classes with similar ratings; -- Forward-looking scenarios for 'CCC' and 'CCC-' rated collateral, as well as collateral with stressed market values; -- Current concentration levels; -- The risk of imminent default or dependence on favorable market conditions to meet obligations; and -- Additional sensitivity runs to account for any of the other considerations. S&P said, "The downgrades primarily reflect each class's indicative cash flow results and decreased credit support as a result of a combination of principal losses, reduced recoveries, and a decline in the weighted average spread in their respective portfolios. "The affirmations reflect our view that the available credit enhancement for each class is still commensurate with the assigned ratings. "Although our cash flow analysis indicated a different rating for some classes of debt, we affirmed or took the rating action, as listed below, after considering one or more qualitative factors listed above. The ratings list highlights the key performance metrics behind the specific rating actions. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and will take rating actions as we deem necessary.” Ratings list Rating Issuer Class CUSIP To From RR 2 Ltd. A-1L loans AAA (sf) AAA (sf) Rationale: Cash flow passes at the current rating level. RR 2 Ltd. A-1L 74989KAC9 AAA (sf) AAA (sf) Rationale: Cash flow passes at the current rating level. RR 2 Ltd. A-1R 74989KAA3 AAA (sf) AAA (sf) Rationale: Cash flow passes at the current rating level. RR 2 Ltd. A-2L loans AA (sf) AA (sf) Rationale: Passes cash flow at current rating level and at a higher rating. However, rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. RR 2 Ltd. A-2L 74989KAG0 AA (sf) AA (sf) Rationale: Passes cash flow at current rating level and at a higher rating. However, rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. RR 2 Ltd. A-2R 74989KAE5 AA (sf) AA (sf) Rationale: Passes cash flow at current rating level and at a higher rating. However, rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. RR 2 Ltd. B-R 74989KAJ4 A (sf) A (sf) Rationale: Although the cash flow results pointed to a one notch lower rating, we affirmed the existing rating based on the margin of failure, current credit enhancement, and the portfolio's exposure to 'CCC'/'CCC-' rated assets. RR 2 Ltd. C-R 74989KAL9 BBB- (sf) BBB- (sf) Rationale: Although the cash flow results pointed to a one notch lower rating, we affirmed the existing rating based on the margin of failure, current credit enhancement, and the portfolio's low exposure to 'CCC'/'CCC-' and defaulted assets. RR 2 Ltd. D-R 78109RAJ5 B+ (sf) BB- (sf)/Watch Neg Rationale: Decline in credit support and failing cash flows at the previous rating. Although the cash flow results pointed to a lower rating, we limited our downgrade to one notch after considering its current credit enhancement and the lower exposure to 'CCC'/'CCC-' and defaulted assets. RR 15 Ltd. A-1 74980XAA4 AAA (sf) AAA (sf) Rationale: Cash flow passes at the current rating level. RR 15 Ltd. A-2 74980XAC0 AA (sf) AA (sf) Rationale: Passes cash flow at current rating level and at a higher rating. However, rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. RR 15 Ltd. B 74980XAE6 A (sf) A (sf) Rationale: Cash flow passes at the current rating level. RR 15 Ltd. C 74980XAG1 BBB- (sf) BBB- (sf) Rationale: Although the cash flow results pointed to a one notch lower rating, we affirmed the existing rating based on the margin of failure, current credit enhancement, and the portfolio's low exposure to 'CCC'/'CCC-' and defaulted assets. RR 15 Ltd. D 74980WAA6 B+ (sf) BB- (sf)/Watch Neg Rationale: Decline in credit support and failing cash flows at the previous rating. Although the cash flow results pointed to a lower rating, we limited our downgrade to one notch after considering its current credit enhancement and the lower exposure to 'CCC'/'CCC-' and defaulted assets. O/C--Overcollateralization. SAGARD-HALSEYPOINT 10: S&P Assigns Prelim 'BB-' Rating on E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Sagard-HalseyPoint CLO 10 Ltd./Sagard-HalseyPoint CLO 10 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 Sagard HalseyPoint CLO Management L.P. The preliminary ratings are based on information as of Oct. 8, 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 Sagard-HalseyPoint CLO 10 Ltd./Sagard-HalseyPoint CLO 10 LLC Class A-1, $330.00 million: AAA (sf) Class A-2, $27.50 million: AAA (sf) Class B, $60.50 million: AA (sf) Class C (deferrable), $33.00 million: A (sf) Class D-1a (deferrable), $16.50 million: BBB+ (sf) Class D-1b (deferrable), $11.00 million: BBB (sf) Class D-2 (deferrable), $8.25 million: BBB- (sf) Class E (deferrable), $19.25 million: BB- (sf) Subordinated notes, $48.98 million: NR SALUDA GRADE 2025-LOC5: DBRS Finalizes B(low) Rating on B-2 Notes ----------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following Asset-Backed Securities, Series 2025-LOC5 (the Notes) issued by Saluda Grade Alternative Mortgage Trust 2025-LOC5 (GRADE 2025-LOC5 or the Trust): -- $199.2 million Class A-1A at AAA (sf) -- $60.8 million Class A-1B at AAA (sf) -- $16.0 million Class M-1 at AA (low) (sf) -- $15.3 million Class M-2 at A (low) (sf) -- $14.0 million Class M-3 at BBB (low) (sf) -- $13.2 million Class B-1 at BB (low) (sf) -- $6.9 million Class B-2 at B (low) (sf) The AAA (sf) credit ratings on the Notes reflect 21.15% of credit enhancement provided by subordinate notes. The AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf) credit ratings reflect 16.30%, 11.65%, 7.40%, 3.40%, and 1.30% 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 2,483 loans with a total unpaid principal balance (UPB) of $329,726,533 and a total current credit limit of $377,598,428 as of the Cut-Off Date (August 31, 2025). The portfolio, on average, is two months seasoned, though seasoning ranges from zero to 28 months. All the HELOCs are current and approximately 99.1% 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. GRADE 2025-LOC5 represents the seventh securitization of 100% HELOCs by the Sponsor, Saluda Grade Opportunities Fund LLC (Saluda Grade). The performance of the previous transactions to date has been satisfactory. HELOC Features In this transaction, all loans are open-HELOCs that have a draw period three, five, or 10 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 prime and near-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 94.1% after two months of seasoning on average. Transaction and Other Counterparties The mortgages were originated by Homebridge Financial Services, Inc. and its affiliates (60.6%), Angel Oak Mortgage Solutions LLC (23.9%) and Better Mortgage Corporation (14.8%) as well as other originators each comprising less than 10.0% of the pool by balance. Shellpoint will service all loans within the pool for a servicing fee of 0.20% per year. 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. 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 $15,000,000 (VFL Commitment Amount) until October 2030. If the VFL Lender is not obligated to advance such amount, or after October 2030, the holder of the Issuer Trust Certificate will be required to fund any such portion of Net Draws. 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. Saluda Grade, as holder of the Issuer Trust Certificates, 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 Saluda Grade. 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. Similar to other transactions backed by junior-lien mortgage loans or HELOCs, in this transaction, any HELOCs, including first and junior liens, that are 180 days delinquent under the Mortgage Bankers Association (MBA) delinquency method will be charged off. 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 A-1B, M-1, M-2, or M-3 Notes is a Locked Out Class, as described in the related report under Cashflow Structure and Features. On the first Payment Date, each of the Class A-1B, 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 Sponsor or a majority-owned affiliate of the Sponsor will acquire and intends to retain an eligible vertical interest consisting of 5% of each class of Notes 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. 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 20% of the Cut-Off Date UPB, the Sponsor, at the direction of the Controlling Holder, may exercise a call and purchase all of the outstanding Notes at the repurchase price (Optional Redemption) described in the transaction documents. On or after the first payment date on which the aggregate pool balance of the mortgage loans and the real estate owned (REO) properties is less than or equal to 10% of the aggregate pool balance as of the Cut-Off Date, the Servicer will have the option to purchase the mortgage loans and REO properties for an amount not less than minimum price (Clean-Up Call). The Sponsor will have the option, but not the obligation, to purchase any mortgage loan that is 90 or more days delinquent under the MBA method at the Repurchase Price, provided that such repurchases in aggregate do not exceed 10% of the total principal balance as of the Cut-Off Date. Notes: All figures are in U.S. dollars unless otherwise noted. SANTANDER MORTGAGE 2025-NQM5: S&P Assigns 'B' Rating on B-2 Certs ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to Santander Mortgage Asset Receivable Trust 2025-NQM5's mortgage-backed notes. The note issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties, planned-unit developments, condominiums, a townhouse, a cooperative, two- to four-family units, and manufactured housing residential properties. The pool consists of 682 loans, which are qualified mortgage (QM) safe-harbor (average prime offer rate), QM rebuttable presumption (average prime offer rate), non-QM /ability-to-repay-compliant (ATR-compliant), or ATR-exempt loans. The ratings reflect S&P's view of: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and originators; and -- S&P's outlook that 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 Assigned(i) Santander Mortgage Asset Receivable Trust 2025-NQM5 Class A-1, $210,559,000: AAA (sf) Class A-1A, $180,693,000: AAA (sf) Class A-1B, $29,866,000: AAA (sf) Class A-2, $20,608,000: AA (sf) Class A-3, $30,763,000: A (sf) Class M-1, $14,187,000: BBB (sf) Class B-1, $10,005,000: BB (sf) Class B-2, $7,915,000: B (sf) Class B-3, $4,629,636: not rated Class A-IO-S, notional(ii): not rated Class XS, notional(ii): not rated Class PT, $298,666,636: not rated Class R, not applicable: not rated (i)The ratings address the ultimate payment of interest and principal. They do not address payment of the net weighted average coupon shortfall amounts. (ii)The notional amount will equal the aggregate principal balance of the mortgage loans as of the first day of the related due period. SBALR COMMERCIAL 2020-RR1: Moody's Cuts Rating on Cl. B Certs to B2 ------------------------------------------------------------------- Moody's Ratings has downgraded the ratings on six classes in SBALR Commercial Mortgage 2020-RR1 Trust, Commercial Mortgage Pass-Through Certificates Series 2020-RR1 as follows: Cl. A-3, Downgraded to A1 (sf); previously on Apr 5, 2024 Downgraded to Aa2 (sf) Cl. A-AB, Downgraded to A1 (sf); previously on Apr 5, 2024 Downgraded to Aa2 (sf) Cl. A-S, Downgraded to Baa1 (sf); previously on Apr 5, 2024 Downgraded to A1 (sf) Cl. B, Downgraded to B2 (sf); previously on Apr 5, 2024 Downgraded to Ba3 (sf) Cl. C, Downgraded to Caa3 (sf); previously on Apr 5, 2024 Downgraded to Caa1 (sf) Cl. X-A*, Downgraded to A1 (sf); previously on Apr 5, 2024 Downgraded to Aa2 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The ratings on five P&I classes were downgraded primarily due to increased risk of interest shortfalls and higher expected losses as a result of the significant exposure to loans in special servicing. Nine loans representing 34.7% of the pool are in special servicing, of which eight loans Emerald Bronx Multifamily Portfolio 1-8 (33.1% of the pool balance), are secured by multifamily portfolios located in Bronx, New York with primarily rent stabilized units. As of the September 2025 remittance, five of the specially serviced loans (a combined 19% of the pool) have been deemed non-recoverable by the master servicer and the remaining specially serviced loans all have appraisal reduction greater than 35% of their outstanding loan balance. As a result, interest shortfalls have continued to increase and impacted up to Cl. B as of the most recent remittance date. Furthermore, due to the prolonged delinquency of these loans, total advances on the special serviced loans are now $17.2 million (inclusive of P&I advances, other expenses and cumulative accrued unpaid advance interest outstanding). Servicing advances are senior in the transaction waterfall and are paid back prior to any principal recoveries which may result in lower recovery to the total pooled balance. All of the Emerald Bronx Multifamily Portfolio loans were classified as in foreclosure as of the September 2025 remittance statement and each had most recent appraisals from January 2025 valuating the related properties lower than their outstanding loan balances. Performance of these portfolios has generally declined in recent years due to non-paying tenants and higher operating expenses that outpaced the permitted rental increases for rent stabilized apartments. As a result, these rent stabilized properties have suffered significant declines in both cash flow and valuations since securitization. Due to the significant exposure to specially serviced and delinquent loans, Moody's expects interest shortfalls to continue and likely increase based on the performance trends on these loans. The rating on the IO class, Cl. X-A, was downgraded due to a decline in the credit quality of its referenced classes. Moody's rating action reflects a base expected loss of 19.7% of the current pooled balance, compared to 16.1% at Moody's last review. Moody's base expected loss plus realized losses is now 16.7% of the original pooled balance, compared to 14.7% at the last review. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in rating all classes except interest-only classes was "US and Canadian Conduit/Fusion Commercial Mortgage-backed Securitizations" published in June 2024. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate Moody's forward-looking views 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 September 2025 distribution date, the transaction's aggregate certificate balance has decreased by 17% to $333 million from $400 million at securitization. The certificates are collateralized by 48 mortgage loans ranging in size from less than 1% to 4.9% of the pool, with the top ten loans (excluding defeasance) constituting 40.3% of the pool. One loan, constituting 6.1% of the pool, has defeased and is secured by US government securities. Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 33, compared to 35 at Moody's last review. Eight loans, constituting 16.1% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance. One loan has been liquidated from the pool, contributing to an aggregate realized loss of $1 million (for a loss severity of 21%). Nine loans, constituting 34.7% of the pool, are currently in special servicing. Eight of the specially serviced loans, representing 33.1% of the pool, have the same sponsor (the "Emerald Bronx Multifamily Portfolios") and have been in special servicing since May 2023. The Emerald Bronx Multifamily Portfolio loans are secured by eight separate multifamily portfolios that include primarily rent stabilized residential units and are located in the Bronx borough of New York, NY. Property performance across these portfolios has generally declined due to non-paying tenants and higher operating expenses. The total updated appraised value across the eight portfolios from January 2025 was 21% below the total outstanding loan amount (with the value ranging between 13% and 34% lower than each respective loan balance). As a result of the lower values and the significant advances, each loan had an appraisal reduction amount of 36% or higher based on their outstanding loan balance and four of the loans (17% of the pool) have been deemed non-recoverable by the master servicer. As of the September 2025 remittance, each loan had a last payment date in 2023, was classified as in foreclosure and the special servicer indicated a receiver has taken over the properties in February 2025. The portfolios are each interest-only throughout their entire 10-year loan terms with fixed rates of approximately 4.2%. Due to the prolonged delinquency, significant loan advances and distressed performance Moody's have assumed a material loss for each of the eight portfolio loans. The remaining loan in special servicing is the Executive Center V Loan ($5.6 million, 1.7% of the pool), which is secured by an office in Brookfield, WI. The loan transferred to special servicing in May 2024 due to monetary default and is now classified as in foreclosure in the remittance report of September 2025. Furthermore, it was reportedly converted to REO and is currently operated by a third-party property management and leasing company. As of the September 2025 the loan had an appraisal reduction of 32% of the loan balance and the loan was last paid through its April 2024 payment date. Moody's have also assumed a high default probability for five poorly performing loans, constituting 8.6% of the pool, and have estimated an aggregate loss of $53.2 million (a 36.9% expected loss on average) from these specially serviced loans and troubled loans. The largest troubled loan is the Gutman and Hoffman Multifamily Portfolio - Pool A Loan ($12.3 million - 3.7% of the pool), which is secured by two multifamily properties totaling 86-units and located in the Bronx borough of New York City, NY. The two properties have a combined 84 rent stabilized units, one rent-controlled unit, and one market rate unit. The properties have faced declining net operating income (NOI) due to a combination of rent collection issues and high insurance expenses. As of June 2025, the NOI DSCR was 0.74X, compared to 1.77X in 2022. The second and third troubled loans are the Innerbelt Lofts Loan ($6.0 million – 1.8% of the pool) and Village South Apartments loan ($5.5 million – 1.7% of the pool), both secured by multifamily properties with declining performance since securitization and low DSCRs. The two remaining troubled loans are the Ramada Inn Greensboro Loan ($3.1 million – 0.9% of the deal) and the Jeth Court Apartments loan ($1.7 million – 0.5% of the deal), both of which have declining DSCRs in recent years and are secured by properties with declining revenues and higher expenses since securitization. Furthermore, the Jeth Court Apartment loan was last paid through June 2025 and reportedly transferred to special servicing in September 2025. The credit risk of loans is determined primarily by two factors: 1) Moody's assessments of the probability of default, which is largely driven by each loan's DSCR, and 2) Moody's assessments of the severity of loss upon a default, which is largely driven by each loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV. As described in the CMBS methodology used to rate this transaction, Moody's makes various adjustments to the MLTV. Moody's adjust the MLTV for each loan using a value that reflects capitalization (cap) rates that are between Moody's sustainable cap rates and market cap rates. Moody's also uses an adjusted loan balance that reflects each loan's amortization profile. The MLTV reported in this publication reflects the MLTV before the adjustments described in the methodology. Moody's received full year 2023 and 2024 operating results for 100% of the pool (excluding specially serviced and defeased loans). Moody's weighted average conduit MLTV is 107%, compared to 115% at Moody's last reviews. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 14.4% to the most recently available net operating income (NOI). Moody's Value reflects a weighted average capitalization rate of 9.7%. Moody's actual and stressed conduit DSCRs are 1.62X and 1.04X, respectively, compared to 1.50X and 0.94X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance. The top three conduit loans represent 9.9% of the pool balance. The largest loan is the Gutman and Hoffman Multifamily Portfolio - Pool B Loan ($11.7 million – 3.5% of the pool), which is secured by three walk-up apartments located in Bronx and Brooklyn, New York. The properties revenue has increased since securitization, however, cash flow has been declining due to the increase in operating expenses having outpaced the higher revenue. The NOI DSCR was 1.27X as of June 2025. The loan is interest-only with a 4% interest rate for its entire term and Moody's LTV and stressed DSCR are 143% and 0.63X, respectively, compared to 123% and 0.73X at the last review. The second largest loan is the Hurstbourne Landings and Oak Run Apartments Loan ($11.4 million – 3.4% of the pool), which is secured by two garden style apartments located in Louisville, KY. The properties' cash flow has been stable since 2022 and remains above levels at securitization. The loan has been amortized by about 10.5% and Moody's LTV and stressed DSCR are 68% and 1.46X, respectively, compared to 71% and 1.41X at the last review. The third largest loan is the Crystal Townhomes Loan ($9.8 million – 2.9% of the pool), which is secured by a 124-unit garden-style multifamily property located in Atlanta, Georgia. The property NOI has increased annually since securitization due to higher revenues. The loan is interest-only for its entire term and Moody's LTV and stressed DSCR are 95% and 1.05X, respectively, compared to 109% and 0.92X at the last review. SEQUOIA MORTGAGE 2025-10: 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 2025-10 (SEMT 2025-10). Entity/Debt Rating ----------- ------ SEMT 2025-10 A1 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating A3 LT AAA(EXP)sf Expected Rating A4 LT AAA(EXP)sf Expected Rating A5 LT AAA(EXP)sf Expected Rating A6 LT AAA(EXP)sf Expected Rating A7 LT AAA(EXP)sf Expected Rating A8 LT AAA(EXP)sf Expected Rating A9 LT AAA(EXP)sf Expected Rating A10 LT AAA(EXP)sf Expected Rating A11 LT AAA(EXP)sf Expected Rating A12 LT AAA(EXP)sf Expected Rating A13 LT AAA(EXP)sf Expected Rating A14 LT AAA(EXP)sf Expected Rating A15 LT AAA(EXP)sf Expected Rating A16 LT AAA(EXP)sf Expected Rating A17 LT AAA(EXP)sf Expected Rating A18 LT AAA(EXP)sf Expected Rating A19 LT AAA(EXP)sf Expected Rating A20 LT AAA(EXP)sf Expected Rating A21 LT AAA(EXP)sf Expected Rating A22 LT AAA(EXP)sf Expected Rating A23 LT AAA(EXP)sf Expected Rating A24 LT AAA(EXP)sf Expected Rating A25 LT AAA(EXP)sf Expected Rating A26F LT AAA(EXP)sf Expected Rating A27 LT AAA(EXP)sf Expected Rating A28 LT AAA(EXP)sf Expected Rating A29 LT AAA(EXP)sf Expected Rating A30 LT AAA(EXP)sf Expected Rating A31 LT AAA(EXP)sf Expected Rating AIO1 LT AAA(EXP)sf Expected Rating AIO2 LT AAA(EXP)sf Expected Rating AIO3 LT AAA(EXP)sf Expected Rating AIO4 LT AAA(EXP)sf Expected Rating AIO5 LT AAA(EXP)sf Expected Rating AIO6 LT AAA(EXP)sf Expected Rating AIO7 LT AAA(EXP)sf Expected Rating AIO8 LT AAA(EXP)sf Expected Rating AIO9 LT AAA(EXP)sf Expected Rating AIO10 LT AAA(EXP)sf Expected Rating AIO11 LT AAA(EXP)sf Expected Rating AIO12 LT AAA(EXP)sf Expected Rating AIO13 LT AAA(EXP)sf Expected Rating AIO14 LT AAA(EXP)sf Expected Rating AIO15 LT AAA(EXP)sf Expected Rating AIO16 LT AAA(EXP)sf Expected Rating AIO17 LT AAA(EXP)sf Expected Rating AIO18 LT AAA(EXP)sf Expected Rating AIO19 LT AAA(EXP)sf Expected Rating AIO20 LT AAA(EXP)sf Expected Rating AIO21 LT AAA(EXP)sf Expected Rating AIO22 LT AAA(EXP)sf Expected Rating AIO23 LT AAA(EXP)sf Expected Rating AIO24 LT AAA(EXP)sf Expected Rating AIO25 LT AAA(EXP)sf Expected Rating AIO26 LT AAA(EXP)sf Expected Rating AIO27 LT AAA(EXP)sf Expected Rating AIO27F LT AAA(EXP)sf Expected Rating AIO28 LT AAA(EXP)sf Expected Rating AIO29 LT AAA(EXP)sf Expected Rating B1 LT AA(EXP)sf Expected Rating B1A LT AA(EXP)sf Expected Rating B1X LT AA(EXP)sf Expected Rating B2 LT A(EXP)sf Expected Rating B2A LT A(EXP)sf Expected Rating B2X LT A(EXP)sf Expected Rating B3 LT BBB(EXP)sf Expected Rating B4 LT BB(EXP)sf Expected Rating B5 LT B(EXP)sf Expected Rating B6 LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating Transaction Summary The certificates are supported by 606 loans with a total balance of approximately $684.6 million as of the cutoff date. The pool consists of prime jumbo fixed-rate mortgages acquired by Redwood Residential Acquisition Corp. (RRAC) and originated by Fairway Independent Mortgage Corp., CMG Mortgage, Guild Mortgage and various originators. Servicing is performed by SPS and Cornerstone Servicing. 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 37.9% debt-to-income ratio (DTI). The borrowers also have moderate leverage, with a 72.2% mark-to-market combined LTV (cLTV). Overall, 92.5% of the pool loans are for a primary residence, while the remainder are second homes or investment properties. Additionally, 100% of the loans were underwritten to full documentation. Additionally, SEMT 2025-10 is the first Redwood transaction to be analyzed and rated under Fitch's updated U.S. RMBS Rating Criteria published on October 1st, 2025. KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. SEMT 2025-10 has a final probability of default (PD) of 9.32% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 36.48%. The expected loss in the 'AAAsf' rating stress is 3.40%. Structural Analysis: The mortgage cash flow and loss allocation in SEMT 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. 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 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: 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 96.9% 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 2025-10 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 2025-10, 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 38.5% at 'AAAsf'. The analysis indicates there is some potential rating migration with higher MVDs compared to the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper MVDs than assumed at the MSA level. Sensitivity analysis was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. This defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class, excluding those assigned ratings of 'AAAsf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by SitusAMC, Clayton, and Consolidated Analytics. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp 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. SHACKLETON 2013-IV-R: Moody's Cuts $8.4MM E Notes Rating to Caa3 ---------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Shackleton 2013-IV-R CLO, Ltd.: US$21M Class B Mezzanine Secured Deferrable Floating Rate Notes, Upgraded to Aaa (sf); previously on Oct 30, 2024 Upgraded to Aa1 (sf) US$27.75M Class C Mezzanine Secured Deferrable Floating Rate Notes, Upgraded to A3 (sf); previously on Oct 30, 2024 Upgraded to Baa2 (sf) US$8.4M Class E Mezzanine Secured Deferrable Floating Rate Notes, Downgraded to Caa3 (sf); previously on Sep 14, 2020 Downgraded to Caa2 (sf) Moody's have also affirmed the ratings on the following notes: US$255M (Current outstanding balance USD46,965,161) Class A-1a Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Apr 15, 2018 Definitive Rating Assigned Aaa (sf) US$15.7M (Current outstanding balance USD2,891,580) Class A-1b-R Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Oct 26, 2020 Assigned Aaa (sf) US$32M Class A-2a Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Oct 30, 2024 Upgraded to Aaa (sf) US$11.75M Class A-2b-R Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Oct 30, 2024 Upgraded to Aaa (sf) US$3M Class A-2c-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Oct 30, 2024 Upgraded to Aaa (sf) US$18.3M Class D Mezzanine Secured Deferrable Floating Rate Notes, Affirmed B1 (sf); previously on Sep 14, 2020 Downgraded to B1 (sf) Shackleton 2013-IV-R CLO, Ltd., originally issued in April 2018 and partially refinanced in October 2020, is a managed cashflow CLO. The notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The portfolio is managed by Alcentra NY, LLC. The transaction's reinvestment period ended in April 2023. RATINGS RATIONALE The upgrades on the ratings 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 since the last rating action in October 2024. The Class A-1a and A-1b-R notes have collectively paid down by approximately USD84.6 million (31.3% of original balance) since the last rating action in October 2024 and USD220.8 million (81.6%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for Class A, Class B, Class C and Class D. According to the trustee report dated September 2025[1], the OC ratios for Class A, Class B, Class C and Class D are reported at 178.90%, 146.95%, 118.90 and 105.60%, compared to September 2024[2] levels of 139.13%, 126.07%, 112.16% and 104.55%, 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 downgrade action on the Class E notes reflects the specific risks to the junior notes posed by credit deterioration observed in the underlying CLO portfolio since the last rating action in October 2024. The credit quality has deteriorated as reflected in the deterioration in the average credit rating of the portfolio (measured by the weighted average rating factor, or WARF) and an increase in the proportion of securities from issuers with ratings of Caa1 or lower. According to the trustee report dated September 2025[1], the WARF was 3637, compared with 3122 in September 2024[2]. Securities with ratings of Caa1 or lower currently make up approximately 17.88% of the underlying portfolio, as per the September 2025[1] report, versus 10.95% in September 2024[2]. The affirmations on the ratings on the Class A-1a, Class A-1b-R, Class A-2a, Class A-2b-R, Class A-2c-R and Class D 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 methodologies 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: USD175.5m Defaulted Securities: USD7.5m Diversity Score: 49 Weighted Average Rating Factor (WARF): 3670 Weighted Average Life (WAL): 2.89 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.32% Weighted Average Recovery Rate (WARR): 47.26% Par haircut in OC tests and interest diversion test: 3.20% 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: -- 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 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. SHRN TRUST 2025-MF18: Fitch Assigns 'B(EXP)sf' Rating on HRR Certs ------------------------------------------------------------------ Fitch Ratings has assigned the following expected ratings and Rating Outlooks to SHRN Trust 2025-MF18 commercial mortgage pass-through certificates, series 2025-MF18: - $534,700,000 class A 'AAA(EXP)sf'; Outlook Stable; - $84,900,000 class B 'AA-(EXP)sf'; Outlook Stable; - $66,800,000 class C 'A-(EXP)sf'; Outlook Stable; - $94,000,000 class D 'BBB-(EXP)sf'; Outlook Stable; - $143,000,000 class E 'BB-(EXP)sf'; Outlook Stable; - $48,600,000 class HRR 'B(EXP)sf'; Outlook Stable. Horizontal risk retention (HRR) interest represents at least 5.0% of the estimated fair value of all classes. The ratings are based on information provided by the issuer as of Oct. 6, 2025. Transaction Summary The certificates represent beneficial interests in a trust that will hold a $972 million, two-year, floating-rate, interest-only (IO) mortgage loan with three one-year extension options. The mortgage will be secured by 18 different borrowers' fee simple interest in 18 garden-style and midrise apartment complexes with a total of 5,963 units located across eight states and 10 markets. The sponsorship, which is a joint venture between Starlight Investments Ltd., Public Sector Pension Investment Board (PSPIB) and Future Fund Board of Guardians, acquired the portfolio through a series of transactions between 2015 and 2023; the sponsorship has a reported cost basis of approximately $1.8 billion. Mortgage loan proceeds, together with $50 million in mezzanine debt and approximately $73 million in sponsor equity, will be used to refinance approximately $1.07 billion in prior debt and pay an estimated $22 million in closing-related costs. The loan is expected to be co-originated by JPMorgan Chase Bank, National Association, Citi Real Estate Funding Inc. and Wells Fargo Bank, National Association, which will act as mortgage loan sellers. KeyBank National Association is expected to serve as both the servicer and special servicer. Deutsche Bank National Trust Company will act as the trustee, while Computershare Trust Company, N.A. will act as certificate administrator. Pentalpha Surveillance LLC will act as operating advisor. The certificates will follow a pro rata paydown structure for the initial 30% of the loan amount and a standard senior sequential paydown structure thereafter. To the extent the mezzanine loan is outstanding, and no mortgage loan event of default (EOD) is continuing, voluntary prepayments would be applied pro rata between the mortgage and the mezzanine loan. The transaction is expected to close on Oct. 24, 2025. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch's net cash flow (NCF) for the portfolio is estimated at $68.3 million; this is 7.1% lower than the issuer's NCF. Fitch applied a 7.5% cap rate to derive a Fitch value of $910.1 million. High Fitch Leverage: The $972 million loan has a Fitch stressed debt service coverage ratio (DSCR), loan-to-value ratio (LTV) and debt yield of 0.83, 106.8% and 7.0%, respectively. Inclusive of the $50.0 million mezzanine loan, total debt would amount to have a Fitch DSCR, LTV and debt yield of 0.79, 112.3% and 6.7%, respectively. Portfolio Diversity: The portfolio consists of 18 multifamily properties with a total of 5,963 units located across 10 MSAs in eight states. The top three MSAs in the portfolio are Tampa, FL (17.5% of the ALA and 16.8% of the total units), Raleigh, NC (15.5%; 16.1%), and Atlanta, GA (14.4%; 14.6%). The portfolio has a current effective property count of 17.2 and effective geographical count of 9.8. Substantial Renovation Plan: Since acquisition of the properties, the sponsor has invested over $103.9 million ($17,422/unit) in capital improvements at the property. Investments include $47.2 million in unit renovations, $13.2 million in amenity improvements and $43.5 million in site work. Approximately 3,313 units (55.6% of the portfolio) have been upgraded since acquisition; unit renovations have included new stainless-steel appliances, bathroom upgrades, refreshed cabinetry/countertops and new flooring. Institutional Sponsorship: The loan is sponsored by a joint venture between Starlight Investments Ltd., PSPIB and Future Fund Board of Guardians. Starlight Investments Ltd. is a privately held global real estate investment and asset management company with over $22 billion in assets under management. PSPIB, founded in1999, is one of Canada's largest pension investment managers. Future Fund Board of Guardians, founded in 2006, is a sovereign wealth fund that manages money on behalf of the Australian federal government. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'Bsf'; - 10% NCF Decline: 'AAsf'/'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf'/'B-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/'BBB-sf'/'BB-sf'/'Bsf'; - 10% NCF Increase: 'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBsf'/'BB-sf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Ernst & Young LLP. The third-party due diligence described in Form 15E focused on comparison and re-computation of certain characteristics with respect to the mortgage loan. 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. SIERRA TIMESHARE 2025-3: Fitch Gives BB(EXP) Rating on Cl. D Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to notes issued by Sierra Timeshare 2025-3 Receivables Funding LLC (Sierra 2025-3). The notes are backed by a pool of fixed-rate timeshare loans originated by Wyndham Vacation Resorts, Inc. (WVRI) and the Wyndham Resort Development Corporation (WRDC). Both entities are indirect, wholly owned operating subsidiaries of Travel + Leisure Co. (T+L; formerly Wyndham Destinations, Inc.). This is T+L's 53rd public Sierra transaction. Entity/Debt Rating ----------- ------ Sierra Timeshare 2025-3 Receivables Funding LLC 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 KEY RATING DRIVERS Borrower Risk — Consistent Credit Quality: Approximately 70.48% of Sierra 2025-3 consists of WVRI-originated loans. The remainder of the pool comprises WRDC loans. Fitch has determined that, on a like-for-like FICO basis, WRDC's receivables perform better than WVRI's. The weighted average (WA) original FICO score of the pool is 742, which is consistent with the prior transaction. The collateral pool has nine months of seasoning and comprises 62.24% of upgraded loans. Forward-Looking Approach on Rating Case CGD Proxy — Shifting CGDs: Similar to other timeshare originators, T+L's delinquency and default performance exhibited notable increases in the 2007-2008 vintages before stabilizing in 2009 and thereafter. However, the 2017 through 2023 vintages show increasing gross defaults, tracking outside of peak levels experienced in 2008. This is partially driven by an increased usage of paid product exits (PPEs). The 2022-2024 transactions are generally demonstrating weakening default trends relative to improved performance in 2020-2021 transactions, although trending around the worst-performing 2019 transactions. Fitch's rating case cumulative gross default (CGD) proxy for the pool is 21.50%, consistent with 21.50% for 2025-2. Given the current economic environment, default vintages reflecting more recent vintage performance were used, specifically of the 2015-2019 vintages. Structural Analysis — Shifting CE: The initial hard credit enhancement (CE) for class A, B, C and D notes is 53.00%, 33.10%, 13.60% and 4.50%, respectively. CE is lower for classes A, B, and C, and the same for class D, relative to 2025-2, mainly due to differences in subordination. Hard CE comprises overcollateralization, a reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 9.00% per annum. Default coverage for all notes can support CGD multiples of 3.00x, 2.25x, 1.50x and 1.25x for 'AAAsf', 'Asf', 'BBBsf' and 'BBsf', respectively. Originator/Seller/Servicer Operational Review — Quality of Origination/Servicing: Fitch considers T+L to have demonstrated sufficient capabilities as an originator and servicer of timeshare loans. This is shown by the historical delinquency and loss performance of securitized trusts and the managed portfolio. 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 that are higher than the rating case and would likely result in declines of CE and remaining default coverage levels available to the notes. Unanticipated increases in prepayment activity could also result in a decline in coverage. Decreased default coverage may make certain note ratings susceptible to potential negative rating actions depending on the extent of the decline in coverage. Therefore, Fitch conducts sensitivity analyses 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 rating case 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. The CGD and prepayment sensitivities include 1.5x and 2.0x increases to the prepayment assumptions, representing moderate and severe stresses, respectively. These analyses are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a trust's performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing CE levels and consideration for potential upgrades. If the CGD is 20% less than the projected rating case CGD proxy, the expected ratings would be maintained for class A notes at a stronger rating multiple. For class B, C and D notes the multiples would increase, resulting in potential upgrades of up to one rating category for the subordinate classes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Deloitte & Touche LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to 155 sample loans. Fitch considered this information in its analysis and it did not have an effect on its 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. SIERRA TIMESHARE 2025-3: S&P Assigns Prelim 'BB-' Rating on D Notes ------------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Sierra Timeshare 2025-3 Receivables Funding LLC's timeshare loan-backed notes. The note issuance is an ABS securitization backed by vacation ownership interest (timeshare) loans. The preliminary ratings are based on information as of Oct. 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 credit enhancement available in the form of subordination, overcollateralization, a reserve account, and available excess spread. -- The transaction's ability, on average, to withstand breakeven default levels of 69.6%, 54.4%, 40.1%, and 33.1% for the class A, B, C, and D notes, respectively, based on our various stressed cash flow scenarios. These levels are higher than the 3.19x, 2.29x, 1.78x, and 1.34x multiples of our expected cumulative gross defaults (ECGD) of 21.4% for the class A, B, C, and D notes, respectively. -- The transaction's ability to make interest and principal payments according to the terms of the transaction documents on or before the legal final maturity date under S&P's rating stresses, and performance under the credit stability and sensitivity scenarios at their respective rating levels. -- The collateral characteristics of the series' timeshare loans, S&P's view of the credit risk of the collateral, and its updated macroeconomic forecast and forward-looking view of the timeshare sector. -- The series' bank accounts at U.S. Bank Trust Co. N.A. and the reserve account amount to be represented by a letter of credit to be provided by The Bank of Nova Scotia, which do not constrain the preliminary ratings. -- S&P's operational risk assessment of Travel+Leisure Consumer Finance Inc. (TLCF, formerly known as Wyndham Consumer Finance Inc.) as servicer, and our views of the company's servicing ability and experience in the timeshare market. -- S&P's assessment of the transaction's potential exposure to environmental, social, and governance (ESG) credit factors. -- The transaction's payment and legal structures. Preliminary Ratings Assigned Sierra Timeshare 2025-3 Receivables Funding LLC Class A, $151.531 million: AAA (sf) Class B, $60.918 million: A (sf) Class C, $59.694 million: BBB (sf) Class D, $27.857 million: BB- (sf) SOFI PERSONAL 2024-3: Fitch Affirms 'B+sf' Rating on Two Tranches ----------------------------------------------------------------- Fitch Ratings has taken the following rating actions on two SoFi Personal Loan Trusts (SPLTs). Entity/Debt Rating Prior ----------- ------ ----- SoFi Personal Loan Trust 2023-1 A 78474NAA0 LT AAAsf Affirmed AAAsf SoFi Personal Loan Trust 2024-3 A 83390LAA5 LT AAAsf Affirmed AAAsf B 83390LAB3 LT AA+sf Upgrade AAsf C 83390LAC1 LT A+sf Upgrade Asf D 83390LAD9 LT BBBsf Affirmed BBBsf E-1 83390LAE7 LT BBsf Affirmed BBsf E-2 83390LAG2 LT BBsf Affirmed BBsf F-1 83390LAF4 LT B+sf Affirmed B+sf F-2 83390LAH0 LT B+sf Affirmed B+sf Transaction Summary SPLT 2023-1 and SPLT 2024-3 are discrete trusts backed by static pools of unsecured consumer loans originated by SoFi Bank, National Association (SoFi Bank) under the SoFi Personal Loan Program. Due to delinquencies and defaults that are higher than initially expected, Fitch revised its base case default assumption upward for each of these transactions. Fitch has increased SPLT 2023-1 and SPLT 2024-3's lifetime cumulative default rate assumptions to 7.50% and 7.00%, respectively, from 5.00% and 6.11% at closing. SPLT 2023-1: Fitch has raised its base case lifetime default assumption to 7.50%, up from 6.25% at the last review and 5.00% at issuance, reflecting significant increases in delinquencies and defaults. The transaction's turbo feature, triggered by a CNL breach, has accelerated credit enhancement (CE) build-up. Fitch has affirmed the ratings with a Stable Outlook, reflecting sufficient CE relative to pool delinquencies and expected losses. SPLT 2024-3: The turbo feature, activated by a CNL trigger breach, has accelerated CE build-up for all classes. Fitch has affirmed the rating with a Stable Outlook for class A, upgraded class B and C based on improved CE relative to issuance and pool performance, and affirmed classes D, E1, E2, F1, and F2. The affirmation for subordinate classes reflects the expectation that excess cash will be released after the maximum performance rebate amount, equal to $10,500,025.08, is reached, which may increase weighted average life (WAL) and slow CE build-up. All affirmations reflect sufficient CE relative to pool delinquencies and expected losses. KEY RATING DRIVERS Adequate Receivable Quality: The SPLT 2023-1 and SPLT 2024-3 pools primarily consist of unsecured consumer loans made to obligors with strong credit scores (at issuance, average credit scores of 744 and 744, respectively) and high incomes (at issuance, weighted average income of $175,385 and $173,085, respectively). As of August 2025, payment date, the pools consist of amortizing loans with a WA net interest rate of 14.89% and 12.84%, respectively. At issuance, weighted average original terms were 49 and 48 months, respectively and all pools at issuance were between one and three months seasoned. As of August 2025, payment date, weighted average term is 31.82 and 37.19 months. Base Case Default Reflects Weakened Performance: The default performance for securitizations issued after 2022 has been trending weaker than historical originations. Due to this deterioration and observed pool performance being worse than initial expectations, Fitch revised its lifetime base case gross default assumption for the two pools. For SPLT 2023-1, Fitch assigned base case gross default assumption of 7.50% from the previous 6.25%% set at last annual review in October 2024. For SPLT 2024-3, Fitch assigned base case gross default assumption of 7.00% from the initial 6.11% set at issuance. In October 2024, Fitch also applied a stress multiple of 4.5x at the 'AAAsf' stress level for SPLT 2023-1. At issuance, Fitch also applied a stress multiple of 4.5x at the 'AAAsf' stress level for SPLT 2024-3. Fitch revised the stress multiple to 4.20x and 4.28x at the 'AAAsf' level for SPLT 2023-1 and SPLT 2024-3, respectively, to account for the portfolios' higher losses to date. Credit Enhancement Mitigates Stressed Losses for Senior Notes: Despite the worsening performance and revised default assumption, both SPLT 2023-1 and SPLT 2024-3 transactions have built up CE to the degree that it is able to absorb the higher losses at the current rating level stresses. In particular, the transactions turbo feature, triggered by the breach of CNL triggers, contributes to an acceleration in the CE build-up. As of August 2025, payment date, SPLT 2023-1 class A CE is 43.00% compared to 16.00% at origination. Similarly, as of August 2025, payment date, in SPLT 2024-3, class A CE is 47.51% up from 27.36% at issuance; class B CE is 33.40% up from 19.16% at issuance; class C CE is 20.50% up from 11.66% at issuance; class D CE is 10.87% up from 6.06% at issuance; class E CE is 1.62% up from 0.68% at issuance; and class F CE is 1.58% up from 0.66% at issuance. Adequate Servicing Capabilities: SoFi has a long track record as an originator, underwriter and servicer. SoFi began originating personal loans in 2015. The entity's credit risk profile is mitigated by backup servicing provided by Systems & Services Technologies, Inc. (SST). Fitch considers all parties to be adequate servicers for this pool at their rating levels. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade SPLT 2023-1 Current Ratings: 'AAAsf' Increased default base case by 10%: 'AAAsf' Increased default base case by 25%: 'AAAsf' Increased default base case by 50%: 'AAAsf' SPLT 2024-3 Current Ratings: 'AAAsf', 'AA+sf', 'A+sf', 'BBBsf', 'BBsf', 'BBsf', 'B+sf', 'B+sf' Increased default base case by 10%: 'AAAsf', 'AA+sf', A+sf', 'BBB+sf', 'BB-sf', 'BB-sf', 'BB-sf', 'BB-sf' Increased default base case by 25%: 'AAAsf', 'AA+sf', 'Asf', 'BBB-sf', 'Bsf', 'Bsf', 'B-sf', 'B-sf' Increased default base case by 50%: 'AA+sf', 'AA-sf', 'BBB+sf', 'BB+sf', 'CCCsf', 'CCCsf', 'CCCsf', 'CCCsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade SPLT 2023-1 No positive rating action/upgrade sensitivity is provided for the notes as the class A notes are at their highest achievable ratings. SPLT 2024-3 Current Ratings: 'AAAsf', 'AA+sf', 'A+sf', 'BBBsf', 'BBsf', 'BBsf', 'B+sf', 'B+sf' Decreased default base case by 10%: 'AAAsf', 'AAAsf', 'AAsf', 'A-sf', 'BB+sf', 'BB+sf', 'BB+sf', 'BB+sf' Decreased default base case by 25%: 'AAAsf', 'AAAsf', 'AA+sf', 'A+sf', 'BBB-sf', 'BBB-sf', 'BBB-sf', 'BBB-sf' Decreased default base case by 50%: 'AAAsf', 'AAAsf', 'AAAsf', 'AAAsf', 'A-sf', 'A-sf', 'A-sf', 'A-sf' 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. SYCAMORE TREE 2023-4: S&P Assigns BB- (sf) Rating on Cl. E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from Sycamore Tree CLO 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC, a CLO managed by Sycamore Tree CLO Advisors L.P. that was originally issued in September 2023. At the same time, S&P withdrew its ratings on the previous class A-1, A-2, B, C, D, and E debt following payment in full on the Oct. 2, 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-R, B-R, C-R, D-1-R, D-2-R, and E-R debt was issued at a lower spread over three-month CME term SOFR than the previous debt. -- The stated maturity, reinvestment period, and non-call period was extended by two years. -- The required minimum overcollateralization and interest coverage ratios were amended. -- No additional subordinated notes were issued on the refinancing date. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and the recoveries upon default under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each rated tranche. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Ratings Assigned Sycamore Tree CLO 2023-4 Ltd./Sycamore Tree CLO 2023-4 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), $24.00 million: BBB- (sf) Class D-2-R (deferrable), $3.60 million: BBB- (sf) Class E-R (deferrable), $12.40 million: BB- (sf) Ratings Withdrawn Sycamore Tree CLO 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC Class A-1 to NR from AAA (sf) Class A-2 to NR from AAA (sf) Class B to NR from AA (sf) Class C to NR from A (sf) Class D to NR from BBB- (sf) Class E to NR from BB- (sf) Other Debt Sycamore Tree CLO 2023-4 Ltd./Sycamore Tree CLO 2023-4 LLC Subordinated notes, $43.05 million: NR NR--Not rated. SYMPHONY CLO 50: S&P Assigns BB- (sf) Rating on Class E Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to Symphony CLO 50 Ltd./Symphony CLO 50 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 Symphony Alternative Asset Management LLC, a subsidiary of Nuveen Asset Management LLC. The ratings reflect S&P's view of: -- The diversification of the collateral pool; -- The credit enhancement provided through subordination, excess spread, and overcollateralization; -- The experience of the collateral manager's team, which can affect the performance of the rated debt through portfolio identification and ongoing management; and -- The transaction's legal structure, which is expected to be bankruptcy remote. Ratings Assigned Symphony CLO 50 Ltd./Symphony CLO 50 LLC Class A-1, $252.0 million: AAA (sf) Class A-2, $13.0 million: AAA (sf) Class B, $39.0 million: AA (sf) Class C (deferrable), $24.0 million: A (sf) Class D-1 (deferrable), $24.0 million: BBB- (sf) Class D-2 (deferrable), $4.0 million: BBB- (sf) Class E (deferrable), $12.0 million: BB- (sf) Subordinated notes, $39.2 million: NR NR--Not rated. TIKEHAU US III: Fitch Affirms BB-sf Rating on Class ER Debt ----------------------------------------------------------- Fitch Ratings has affirmed the ratings on eight classes of notes of Tikehau US CLO III Ltd. Fitch has also revised the Rating Outlook on the class ER notes to Negative from Stable, and maintained Stable Outlooks for all other rated tranches. Entity/Debt Rating Prior ----------- ------ ----- Tikehau US CLO III LTD. A-1R 88676NAQ0 LT AAAsf Affirmed AAAsf AJR 88676NAS6 LT AAAsf Affirmed AAAsf BR 88676NAU1 LT AAsf Affirmed AAsf C1R 88676NAW7 LT Asf Affirmed Asf CFR 88676NAY3 LT Asf Affirmed Asf D1R 88676NBA4 LT BBB-sf Affirmed BBB-sf DFR 88676NBC0 LT BBB-sf Affirmed BBB-sf ER 88676MAG4 LT BB-sf Affirmed BB-sf Transaction Summary Tikehau US CLO III Ltd. is an arbitrage broadly syndicated loan collateralized loan obligation (CLO) that is managed by Tikehau Structured Credit Management LLC. The transaction originally closed in January 2023 and the secured notes were refinanced in whole in January 2024. This transaction is secured primarily by first lien, senior secured leveraged loans and will exit its reinvestment period in January 2028. KEY RATING DRIVERS Cumulative Par Losses, Declining Spread and Recovery The Negative Outlook on the class ER notes is driven by cumulative portfolio par losses of 1.7% of the original portfolio target par amount, based on the collateral balance adjusted for trustee-reported recoveries on defaulted assets in September 2025. Portfolio losses stemmed from defaults and credit risk sales since the last review in October 2024, reducing credit enhancement (CE) levels and eroding breakeven default rate (BEDR) cushions for the rated notes. Fitch calculated the weighted average recovery rate (WARR) of the portfolio at 73.3%, down from 75.12% measured at the last review. The weighted average spread (WAS) also decreased to 3.34% from 3.68%, further pressuring cash flow break even default rate (BEDR) cushions. Credit quality of the portfolio deteriorated slightly, with Fitch's weighted average rating factor (WARF) rising to 25.4 from 25.61 (B/B-). Exposure to defaults and obligors with a Negative Outlook is 0.6% and 18.2% of the portfolio (excluding principal cash), respectively. The portfolio remains diversified with 268 obligors, and the 10 largest obligors represent 7.2% of the portfolio. Updated Cash Flow Analysis Fitch conducted an updated cash flow analysis on the current portfolio and an updated Fitch Stressed Portfolio (FSP) since the class BR, C1R and CFR notes were testing above their current ratings in the current portfolio analysis. The FSP analysis stressed the current portfolio to account for permissible concentration and collateral quality test (CQT) limits and was updated to stress weighted average life to 6.0 years. The rating actions on all rated classes are in line with their respective model-implied ratings (MIRs), except for the class ER notes. Fitch affirmed the class ER rating one notch below its MIR and revised the Outlook to Negative due to its sensitivity to potential portfolio deterioration and portfolio losses. The Stable Outlooks on the class A-1R, AJR, BR, C1R, CFR, D1R, and DFR notes reflect Fitch's expectation that the notes have sufficient level of credit protection to withstand potential deterioration in the credit quality of the portfolio in stress scenarios commensurate with each class rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades may occur if realized and projected losses of the portfolio are higher than what was assumed at closing and the notes' credit enhancement do not compensate for the higher loss expectation than initially assumed; - A 25% increase of the mean default rate across all ratings, along with a 25% decrease of the recovery rate at all rating levels for the current portfolio, would lead to downgrades of up to four notches based on MIRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrades may occur in the event of better-than-expected portfolio credit quality and transaction performance; - Except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded, a 25% reduction of the mean default rate across all ratings, along with a 25% increase of the recovery rate at all rating levels for the current portfolio, would lead to upgrades of up to five notches based on the MIRs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for Tikehau US CLO III 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. TOWD POINT 2025-CES4: DBRS Gives Prov. B(high) Rating on 4 Classes ------------------------------------------------------------------ DBRS, Inc. assigned provisional credit ratings to the following Asset-Backed Securities, Series 2025-CES4 (the Notes) to be issued by Towd Point Mortgage Trust 2025-CES4 (TPMT 2025-CES4 or the Trust): -- $376.4 million Class A1A at (P) AAA (sf) -- $11.8 million Class A1B at (P) AAA (sf) -- $21.6 million Class A2 at (P) AA (sf) -- $18.8 million Class M1 at (P) A (low) (sf) -- $16.2 million Class M2 at (P) BBB (sf) -- $11.1 million Class B1 at (P) BB (high) (sf) -- $8.7 million Class B2 at (P) B (high) (sf) -- $388.2 million Class A1 at (P) AAA (sf) -- $21.6 million Class A2A at (P) AA (sf) -- $21.6 million Class A2AX at (P) AA (sf) -- $21.6 million Class A2B at (P) AA (sf) -- $21.6 million Class A2BX at (P) AA (sf) -- $21.6 million Class A2C at (P) AA (sf) -- $21.6 million Class A2CX at (P) AA (sf) -- $21.6 million Class A2D at (P) AA (sf) -- $21.6 million Class A2DX at (P) AA (sf) -- $18.8 million Class M1A at (P) A (low) (sf) -- $18.8 million Class M1AX at (P) A (low) (sf) -- $18.8 million Class M1B at (P) A (low) (sf) -- $18.8 million Class M1BX at (P) A (low) (sf) -- $18.8 million Class M1C at (P) A (low) (sf) -- $18.8 million Class M1CX at (P) A (low) (sf) -- $18.8 million Class M1D at (P) A (low) (sf) -- $18.8 million Class M1DX at (P) A (low) (sf) -- $16.2 million Class M2A at (P) BBB (sf) -- $16.2 million Class M2AX at (P) BBB (sf) -- $16.2 million Class M2B at (P) BBB (sf) -- $16.2 million Class M2BX at (P) BBB (sf) -- $16.2 million Class M2C at (P) BBB (sf) -- $16.2 million Class M2CX at (P) BBB (sf) -- $16.2 million Class M2D at (P) BBB (sf) -- $16.2 million Class M2DX at (P) BBB (sf) -- $11.1 million Class B1A at (P) BB (high) (sf) -- $11.1 million Class B1AX at (P) BB (high) (sf) -- $11.1 million Class B1B at (P) BB (high) (sf) -- $11.1 million Class B1BX at (P) BB (high) (sf) -- $8.7 million Class B2A at (P) B (high) (sf) -- $8.7 million Class B2AX at (P) B (high) (sf) -- $8.7 million Class B2B at (P) B (high) (sf) -- $8.7 million Class B2BX at (P) B (high) (sf) The (P) AAA (sf) credit rating on the Notes reflects 17.50% of credit enhancement provided by subordinated notes. The (P) AA (sf), (P) A (low) (sf), (P) BBB (sf), (P) BB (high) (sf), and (P) B (high) (sf) credit ratings reflect 12.90%, 8.90%, 5.45%, 3.10%, and 1.25% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. TPMT 2025-CES4 is a securitization of a portfolio of fixed, prime and near-prime, closed-end second-lien (CES) residential mortgages funded by the issuance of the Notes. The Notes are backed by 4,629 mortgage loans with a total principal balance of $470,536,998 as of the Cut-Off Date. The Notes are backed by 4,675 mortgage loans with a total principal balance of $476,421,919 as of the Statistical Calculation Date. Unless specified otherwise, all the statistics regarding the mortgage loans in this press release are based on the Statistical Calculation Date. The portfolio, on average, is two months seasoned, though seasoning ranges from one to 37 months. Borrowers in the pool represent prime and near-prime credit quality with a weighted-average (WA) Morningstar DBRS-calculated FICO score of 744, a Morningstar DBRS-calculated original combined loan-to-value ratio (CLTV) of 74.5%, and 92.8% were originated with Issuer-defined full documentation. All the loans are current and 97.2% of the mortgage pool has been clean for the last 24 months or since origination. TPMT 2025-CES4 represents the thirteenth CES securitization by FirstKey Mortgage, LLC and fourth by CRM 2 Sponsor, LLC. Spring EQ, LLC (Spring EQ; 79.2%) and Rocket Mortgage, LLC (Rocket; 20.8%) are the originators for the mortgage pool. Newrez, LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint; 79.2%) and Rocket Mortgage, LLC (20.8%) are the Servicers of the loans in this transaction. U.S. Bank Trust Company, National Association (rated AA with a Stable trend by Morningstar DBRS) will act as the Indenture Trustee and Administrator. U.S. Bank National Association (rated AA with a Stable trend by Morningstar DBRS) and Computershare Trust Company, N.A. (rated BBB (high) with a Stable trend by Morningstar DBRS) will act as Custodians. CRM 2 Sponsor, LLC (CRM) will acquire the loans from various transferring trusts on the Closing Date. The transferring trusts acquired the mortgage loans from the Originators. CRM and the transferring trusts are beneficially owned by funds and accounts managed by affiliates of Cerberus Capital Management, L.P. Upon acquiring the loans from the transferring trusts, CRM will transfer the loans to CRM 2 Depositor, LLC (the Depositor). The Depositor in turn will transfer the loans to the Trust. As a Sponsor, CRM, through one or more majority-owned affiliates, will acquire and retain a 5% eligible vertical interest in each class of securities to be issued (other than any residual certificates) to satisfy the credit risk retention requirements. Although the mortgage loans were originated to satisfy the Consumer Financial Protection Bureau's (CFPB) Ability-to-Repay (ATR) rules, 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 Qualified Mortgage (QM)/ATR rules, 17.2% of the loans are designated as non-QM, 14.2% are designated as QM Rebuttable Presumption, and 66.3% are designated as QM Safe Harbor. Approximately 2.2% of the mortgages are loans made to investors for business purposes or were originated by a Community Development Financial Institution (CDFI) and were not subject to the QM/ATR rules. The Servicers (except the servicer servicing the Actual Serviced Mortgage Loans) will generally fund advances of delinquent principal and interest (P&I) on any mortgage until such loan becomes 60 days delinquent under the Office of Thrift Supervision (OTS) delinquency method (equivalent to 90 days delinquent under the Mortgage Bankers Association (MBA) delinquency method), contingent upon recoverability determination. However, the Servicer will stop advancing delinquent P&I if the aggregate amount of unreimbursed P&I advances owed to a Servicer exceeds 90.0% of the amounts on deposit in the custodial account maintained by such Servicer. In addition, the related servicer is obligated to make advances in respect of homeowner association fees, taxes, and insurance, installment payments on energy improvement liens, and reasonable costs and expenses incurred in the course of servicing and disposing of properties unless a determination is made that there will not be material recoveries. For this transaction, any loan that is 150 days delinquent under the OTS delinquency method (equivalent to 180 days delinquent under the 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 (UPB) will be considered a realized loss and will be allocated reverse sequentially to the Noteholders. If there are any subsequent recoveries for such Charged Off Loans, the recoveries will be included in the principal remittance amount and applied in accordance with the principal distribution waterfall; in addition, any class principal balances of Notes that have been previously reduced by allocation of such realized losses may be increased by such recoveries sequentially in order of seniority. Morningstar DBRS' analysis assumes reduced recoveries upon default on loans in this pool. This transaction incorporates a sequential-pay cash flow structure. Principal proceeds and excess interest can be used to cover interest shortfalls on the Notes, but such shortfalls on Class M1 and subordinate bonds will not be paid from principal proceeds until the Class A1 and A2 Notes are retired. The Sponsor will have the option, but not the obligation, to repurchase any mortgage loan that becomes 30 or more days delinquent within 90 days of the Closing Date 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. On or after (1) the payment date in October 2028 or (2) the first payment date when the aggregate pool balance of the mortgage loans (other than the Charged Off Loans and the REO properties) is reduced to less than 30.0% of the Cut-Off Date balance, the call option holder may, at its option, cause the Issuer to redeem the Notes and Certificates by selling all of the loans so long as the aggregate proceeds from such purchase exceeds the minimum price (Optional Redemption). Minimum price will at least equal sum of (A) class balances of the Notes plus the accrued interest and unpaid interest, (B) any fees, expenses and indemnification amounts, and (C) accrued and unpaid amounts owed to the Class X Notes minus the Class AX payment amount. On or after the first payment date on which the aggregate pool balance of the mortgage loans and the REO properties is less than 10% of the aggregate pool balance as of the Cut-Off Date, the call option holder will have the option to purchase P&I Grantor Trust Certificate at the minimum price (Clean-Up Call). Notes: All figures are in U.S. dollars unless otherwise noted. TOWD POINT 2025-CES4: S&P Assigns Prelim 'B-' Rating on B2BX Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Towd Point Mortgage Trust 2025-CES4's mortgage-backed notes. TPMT 2025-CES4's assets consist of primarily newly originated closed-end, second-lien residential mortgage loans, which are fixed-rate and fully amortizing loans. The mortgage loans comprise of QM/non-HPML (safe harbor), QM rebuttable presumption, non-QM/compliant, and ATR-exempt loans. The loans have 10-year, 15-year, 20-year, 25-year and 30-year original terms-to-maturity, with a pool weighted average original term-to-maturity of 280 months as of the statistical calculation date. As of the cutoff date of Oct 1, 2025, the current balance of the mortgage pool is $470,536,998. S&P's analysis is based on the transaction cutoff date pool balance. There were no material differences in pool characteristics between the statistical pool and the transaction cutoff date pool for our analysis. The preliminary ratings are based on information as of Oct. 9, 2025. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. 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 (R&W) framework, and geographic concentration; -- The mortgage originators, Spring EQ LLC and Rocket Mortgage LLC; -- Sample due diligence results consistent with represented loan characteristics; and -- S&P's economic outlook, which considers our current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals, and is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned Towd Point Mortgage Trust 2025-CES4 (i) Class A1A, $376,430,000: AAA (sf) Class A1B, $11,763,000: AAA (sf) Class A2, $21,644,000: AA- (sf) Class M1, $18,822,000: A- (sf) Class M2, $16,233,000: BBB- (sf) Class B1, $11,058000: BB-(sf) Class B2, $8,705,000: B- (sf) Class B3, $5,881,997: NR Class A1, $388,193,000: AAA (sf) Class A2A, $21,644,000: AA- (sf) Class A2AX, $21,644,000(ii): AA- (sf) Class A2B, $21,644,000: AA- (sf) Class A2BX, $21,644,000(ii): AA- (sf) Class A2C, $21,644,000: AA- (sf) Class A2CX, $21,644,000(ii): AA- (sf) Class A2D, $21,644,000: AA- (sf) Class A2DX, $21,644,000(ii): AA- (sf) Class M1A, $18,822,000: A- (sf) Class M1AX, $18,822,000(ii): A- (sf) Class M1B, $18,822,000: A- (sf) Class M1BX, $18,822,000(ii): A- (sf) Class M1C, $18,822,000: A- (sf) Class M1CX, $18,822,000(ii): A- (sf) Class M1D, $18,822,000: A- (sf) Class M1DX, $18,822,000(ii): A- (sf) Class M2A, $16,233,000: BBB- (sf) Class M2AX, $16,233,000(ii): BBB- (sf) Class M2B, $16,233,000: BBB- (sf) Class M2BX, $16,233,000(ii): BBB- (sf) Class M2C, $16,233,000: BBB- (sf) Class M2CX, $16,233,000(ii): BBB- (sf) Class M2D, $16,233,000: BBB- (sf) Class M2DX, $16,233,000(ii): BBB- (sf) Class B1A, $11,058,000: BB- (sf) Class B1AX, $11,058,000(ii): BB- (sf) Class B1B, $11,058,000: BB- (sf) Class B1BX, $11,058,000(ii): BB- (sf) Class B2A, $8,705,000: B- (sf) Class B2AX, $8,705,000(ii): B- (sf) Class B2B, $8,705,000: B- (sf) Class B2BX, $8,705,000(ii): B- (sf) Class XS1, notional(ii): NR Class XS2, notional(ii): NR Class X, notional(ii): NR Class R, N/A: NR CVR loan, N/A: NR (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts (net WAC shortfalls). (ii)Notional amount. NR--Not rated. N/A—Not applicable. UBS CITIGROUP 2011-C1: DBRS Confirms C Rating on 3 Classes ---------------------------------------------------------- DBRS Limited confirmed its credit ratings on the Commercial Mortgage Pass-Through Certificates Series 2011-C1 issued by UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1 as follows: -- Class E at C (sf) -- Class F at C (sf) -- Class G 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 are reflective of continued unpaid interest to all remaining classes. The sole remaining loan in the transaction, Poughkeepsie Galleria (Prospectus ID#2), is secured by the borrower's fee-simple interest in a 691,325-square foot (sf) portion of a 1,206,057-sf regional mall in Poughkeepsie, New York. The loan was modified in June 2023, terms of which included an extension of the maturity date to January 2025 with two one-year extension options in addition to the loan remaining in cash management. The first extension option was approved, extending the loan's maturity to January 2026. As part of the modification, the interest rate was also reduced, which has contributed to ongoing interest shortfalls. Classes E, F, and G have been shorted interest for nearly two years or more as of the September 2025 reporting. The subject is anchored by Target and Macy's, neither of which are collateral for the loan. The largest collateral tenants are Regal Cinemas and Dick's Sporting Goods. Although performance has continued to stabilize since the loan was modified, the most recent appraised value of $68.0 million, dated March 2023, represents a 71.3% decline from the issuance-appraised value of $237.0 million. The mall is owned and operated by Pyramid Management Group, which has faced challenges meeting debt payments and maturity dates on other encumbered assets within its portfolio. Although the subject loan is not currently in special servicing and continues to perform in accordance with the modification terms, Morningstar DBRS' analysis included a liquidation scenario to determine recoverability of the bonds. Based on a stress to the most recent appraised value, all remaining classes may be exposed to losses, further supporting the credit ratings. Notes: All figures are in U.S. dollars unless otherwise noted. VERUS SECURITIZATION 2025-9: S&P Assigns Prelim B+(sf) on B2 Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Verus Securitization Trust 2025-9's mortgage-backed notes. The note issuance is an RMBS transaction backed by primarily newly originated first- and second-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to prime and nonprime borrowers with original terms to maturity up to 40-years. The loans are secured by single-family residences, planned-unit developments, two- to four-family residential properties, condominiums, a cooperative, condotels, townhouses, mixed-use properties, and five- to 10-unit multifamily residences. The pool has 1,268 loans with 1,283 properties and comprises QM/non-HPML (safe harbor), QM rebuttable presumption, non-QM/compliant, and ATR-exempt loans. The preliminary ratings are based on information as of Oct. 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 pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representations and warranties (R&W) framework, and geographic concentration; -- The mortgage aggregator, Invictus Capital Partners (Invictus); -- The 100% 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. S&P's outlook is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned Verus Securitization Trust 2025-9 Class A-1, $386,025,600: AAA (sf) Class A-1A, $332,854,000: AAA (sf) Class A-1B, $53,171,600: AAA (sf) Class A-1F, $96,506,400: AAA (sf) Class A-1IO1, $96,506,400(ii): AAA (sf) Class A-1IO2, $96,506,400(ii): AAA (sf) Class A-1IO, $96,506,400(ii): AAA (sf) Class A-2, $44,531,000: AA (sf) Class A-3, $64,803,000: A (sf) Class M-1, $28,580,000: BBB (sf) Class B-1, $19,939,000: BB (sf) Class B-2, $10,967,000: B+ (sf) Class B-3, $13,293,464: NR Class A-IO-S, Notional(iii): NR Class XS, Notional(iii): NR Class R, N/A: NR (i)The collateral and structural information reflect the term sheet dated Sept. 30, 2025. The preliminary ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)The class A-1IO1, A-1IO2, and A-1IO notes are inverse floating-rate notes. They will have a notional amount equal to the note amount of the class A-1F notes and will not be entitled to payments of principal. (iii)The notional amount will equal the aggregate stated principal balance of the mortgage loans as of the first day of the related due period. WARWICK CAPITAL 1: S&P Assigns BB- (sf) Rating on Class E-R Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-R, B-R, C-1-R, C-2-R, D-1-R, D-2-R, and E-R debt from Warwick Capital CLO 1 Ltd./Warwick Capital CLO 1 LLC, a CLO managed by Warwick Capital CLO Management LLC – Management Series that was originally issued in September 2023. At the same time, S&P withdrew its ratings on the previous class A, B, C, D, and E debt following payment in full on the Sept. 30, 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-R, B-R, C-1-R, C-2-R, D-1-R, D-2-R, and E-R debt was issued at a lower spread over three-month CME term SOFR than the previous debt. -- The non-call period was extended to Sept. 30, 2027. -- The reinvestment period was extended to Oct. 20, 2030. -- The legal final maturity date for the replacement debt and the existing subordinated notes was extended to Oct. 20, 2038. -- The required minimum overcollateralization and interest coverage ratios were amended. -- The transaction has adopted benchmark replacement language and was updated to conform to current rating agency methodology. -- Of the identified underlying collateral obligations, 100.0% have credit ratings (which may include confidential ratings, private ratings, and credit estimates) assigned by S&P Global Ratings. -- Of the identified underlying collateral obligations, 93.38% have recovery ratings (which may include confidential and private ratings) assigned by S&P Global Ratings. S&P said, "Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults and 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." Ratings Assigned Warwick Capital CLO 1 Ltd./ Warwick Capital CLO 1 LLC Class A-R, $256.00 million: AAA (sf) Class B-R, $48.00 million: AA (sf) Class C-1-R (deferrable), $16.00 million: A+ (sf) Class C-2-R (deferrable), $8.00 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) Ratings Withdrawn Warwick Capital CLO 1 Ltd./ Warwick Capital CLO 1 LLC Class A to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C (deferrable) to NR from 'A(sf)' Class D(deferrable) to NR from 'BBB-(sf)' Class E (deferrable) to NR from 'BB-(sf)' Other Debt Warwick Capital CLO 1 Ltd./Warwick Capital CLO 1 LLC Subordinated notes, $38.00 million: NR NR--Not rated. WEHLE PARK: Fitch Assigns 'BB-sf' Rating on Class E-R Notes ----------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Wehle Park CLO, Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Wehle Park CLO, Ltd. X-R LT NRsf New Rating A-1-R LT NRsf New Rating A-2-R LT AAAsf New Rating B 94860LAC9 LT PIFsf Paid In Full AAsf B-R LT AAsf New Rating C 94860LAE5 LT PIFsf Paid In Full Asf C-R LT Asf New Rating D 94860LAG0 LT PIFsf Paid In Full BBB-sf D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-R LT BB-sf New Rating Transaction Summary Wehle Park CLO, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is managed by Blackstone CLO Management LLC. The deal originally closed in April 2022. This is the first reset with existing notes to be redeemed on Oct. 2, 2025. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $536.5 million of primarily first lien senior secured leveraged loans (excluding defaulted assets). KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.1 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 96.59% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.38% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 47% 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 weighted average life (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-R, between 'BB+sf' and 'A+sf' for class B-R, between 'Bsf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, between less than 'B-sf' and 'BB+sf' for class D-2-R, and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-R, 'A+sf' for class D-1-R, 'A-sf' for class D-2-R, and 'BBB+sf' for class E-R. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Wehle Park CLO, 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. WELLFLEET CLO 2020-1: Moody's Assigns Ba3 Rating to Cl. D-RR Notes ------------------------------------------------------------------ Moody's Ratings has assigned ratings to five classes of CLO refinancing notes (the "Refinancing Notes") issued by Wellfleet CLO 2020-1, Ltd. (the "Issuer"). Moody's rating actions are as follow: US$246,813,288 Class A-1-RR Senior Secured Floating Rate Notes due 2033, Assigned Aaa (sf) US$63,000,000 Class A-2-RR Senior Secured Floating Rate Notes due 2033, Assigned Aa1 (sf) US$22,500,000 Class B-RR Mezzanine Secured Deferrable Floating Rate Notes due 2033, Assigned A2 (sf) US$29,250,000 Class C-RR Mezzanine Secured Deferrable Floating Rate Notes due 2033, Assigned Baa3 (sf) US$17,125,000 Class D-RR Junior Secured Deferrable Floating Rate Notes due 2033, Assigned Ba3 (sf) RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks particularly those associated with the CLO's portfolio and structure. Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The transaction's reinvestment period ended in April 2025. Blue Owl Liquid Credit Advisors LLC (the "Manager") will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer. The Issuer previously issued one class of subordinated notes, which will remain outstanding. In addition to the issuance of the Refinancing Notes, and an additional class of secured notes, changes to transaction features will occur in connection with the refinancing including: extension of the non-call period; and changes to the "Collateral Quality Matrix" and related terms. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in "Collateralized Loan Obligations." The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score, weighted average spread, and weighted average recovery rate, are based on Moody's published methodologies and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par and principal proceeds balance: $401,747,631 Defaulted par: $2,917,898 Diversity Score: 64 Weighted Average Rating Factor (WARF): 2769 Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.05% Weighted Average Recovery Rate (WARR): 46.70% Weighted Average Life (WAL): 4.04 years In addition to base case analysis, Moody's ran additional scenarios where outcomes could diverge from the base case. The additional scenarios consider one or more factors individually or in combination, and include: defaults by obligors whose low ratings or debt prices suggest distress, defaults by obligors with potential refinancing risk, deterioration in the credit quality of the underlying portfolio, and lower recoveries on defaulted assets. Methodology 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 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. WELLS FARGO 2020-C57: Fitch Affirms 'B-sf' Rating on Cl. K-RR Debt ------------------------------------------------------------------ Fitch Ratings has affirmed 28 classes of Wells Fargo Commercial Mortgage Trust 2020-C57 (WFCM 2020-C57). The Outlook for classes A-S, A-S-1, A-S-2, A-S-X1, and A-S-X2 were revised to Positive from Stable. In addition, the Outlook for class E-RR was revised to Stable from Positive. The Outlook for classes B, C, D, X-B and X-D remain Positive. Entity/Debt Rating Prior ----------- ------ ----- WFCM 2020-C57 A-3 95002XBC8 LT AAAsf Affirmed AAAsf A-3-1 95002XBK0 LT AAAsf Affirmed AAAsf A-3-2 95002XBL8 LT AAAsf Affirmed AAAsf A-3-X1 95002XBM6 LT AAAsf Affirmed AAAsf A-3-X2 95002XBN4 LT AAAsf Affirmed AAAsf A-4 95002XBD6 LT AAAsf Affirmed AAAsf A-4-1 95002XBP9 LT AAAsf Affirmed AAAsf A-4-2 95002XBQ7 LT AAAsf Affirmed AAAsf A-4-X1 95002XBR5 LT AAAsf Affirmed AAAsf A-4-X2 95002XBS3 LT AAAsf Affirmed AAAsf A-S 95002XBE4 LT AA+sf Affirmed AA+sf A-S-1 95002XBT1 LT AA+sf Affirmed AA+sf A-S-2 95002XBU8 LT AA+sf Affirmed AA+sf A-S-X1 95002XBV6 LT AA+sf Affirmed AA+sf A-S-X2 95002XBW4 LT AA+sf Affirmed AA+sf A-SB 95002XBB0 LT AAAsf Affirmed AAAsf B 95002XBF1 LT AA-sf Affirmed AA-sf C 95002XBG9 LT A-sf Affirmed A-sf D 95002XAC9 LT BBBsf Affirmed BBBsf E-RR 95002XAE5 LT BBB-sf Affirmed BBB-sf F-RR 95002XAG0 LT BBB-sf Affirmed BBB-sf G-RR 95002XAJ4 LT BB+sf Affirmed BB+sf H-RR 95002XAL9 LT BBsf Affirmed BBsf J-RR 95002XAN5 LT BB-sf Affirmed BB-sf K-RR 95002XAQ8 LT B-sf Affirmed B-sf X-A 95002XBH7 LT AAAsf Affirmed AAAsf X-B 95002XBJ3 LT AA-sf Affirmed AA-sf X-D 95002XAA3 LT BBBsf Affirmed BBBsf KEY RATING DRIVERS Performance and 'Bsf' Loss Expectations: The affirmations reflect generally stable pool performance and loss expectations since the prior rating action. Deal-level 'Bsf' rating case loss has increased slightly to 5.4% compared to 4.5% at the prior rating action. The transaction has four Fitch Loans of Concern (FLOCs; 10.6% of the pool), and there are no specially serviced loans in the pool. The Positive Outlooks reflect increased credit enhancement (CE), continued stable to improved asset performance of most of the pool and the potential for upgrades with sustained overall stable performance. The Outlook revisions to Positive from Stable for classes A-S, A-S-1, A-S-2, A-S-X1, and A-S-X2 reflect increased CE since issuance, and expectation of further increases from scheduled principal amortization. The Outlook revision to Stable from Positive for class E-RR reflects the slight increase in pool losses since Fitch's last review, concerns with office properties and tenant rollover in weaker submarkets, and uncertainty with the long-term viability of cash flow performance improvement. However, the transaction has comparably fewer office than other transactions with 19.7%. Largest Contributors to Loss: The largest contributor to overall loss expectations is the Landmark Corporate Center (4.7%) loan, which is secured by a 211,106-sf suburban office building located in Greenwood Village, Colorado. The property's major tenants include Air Methods Corporation d/b/a United Rotorcraft (31.9% of NRA, leased through January 2031), PAX8 Inc (29.2%, Month-to-Month), RSIEH LLP (9.6%, November 2030). Occupancy was 79.9% as of the servicer-provided July 2025 rent roll compared to 87.4% as of YE 2024, 96.1% at YE 2023 and 96.1%. According to the servicer, PAX8 Inc, is expected to vacate in 2025, which would lead to a decline in occupancy to 50.0% from 79.9% as of July 2025. The loan reported $2.1MM or $9.9 psf in total reserves as of the August 2025 loan level reserve report. Per CoStar, the property lies within the Greenwood Village Office submarket of the Denver, CO market. As of 2Q25, submarket asking rents averaged $29.59 psf and the submarket vacancy rate was 24.1%. Fitch's 'Bsf' rating case loss of 22.0% (prior to a concentration adjustment) is based on a 10.0% cap rate and 30.0% stress to the YE 2024 NOI, and factors in an increased probability of default due to the significant upcoming lease rollover, increase in vacancy and weak submarket fundamentals. The second largest contributor to overall loss expectations is the 501 3rd Street loan (3.3%), secured by a three floor, 24,000-sf mixed use office/retail property located in the SOMA district in CBD San Francisco, CA. The FLOC was flagged due to above market rents, month-to-month, and sponsor affiliated tenancy and weak submarket performance. Per the July 2025 rent roll, the property was 100% occupied and the largest tenant is an affiliate of the sponsor (Schox, 50% NRA; 52.5% annual base rent; exp in 2032 and 2033). The second largest tenant Urban Digital Color Inc. (25.0% NRA) is on a month-to-month lease and has been at the property for over 10 years. Per CoStar as of 2Q25, the Rincon/South Beach Office submarket had a 29.5% vacancy rate, 32.5% availability rate and $41.74 market asking rent. Per the July 2025 rent roll, the property had a weighted average in-place rent of $86.33 psf. Fitch's 'Bsf' rating case loss of 24.7% (prior to a concentration adjustment) reflects a 10.0% cap rate to the Fitch issuance NCF, and factors in an elevated probability of default due to the sponsor affiliated tenancy and weak submarket fundamentals. Increase in CE: As of the September 2025 remittance reporting, the pool's aggregate principal balance has been reduced by 4.3% since issuance. The transaction is estimated to paydown approximately 11.0% by 2030. Twelve loans (22.1%) are full term, interest-only, and twelve loans (49.9%) have a partial, interest-only component, all of which have begun amortizing. There are no defeased loans in the pool. Cumulative interest shortfalls are impacting the non-rated risk-retention RRI class M-RR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades to the 'AAAsf' rated classes are not expected due to the position in the capital structure and expected continued amortization and loan repayments, but may occur if deal-level losses increase significantly and/or interest shortfalls occur or are expected to occur. - Downgrades to classes rated in the 'AAsf' and 'Asf' categories are not expected but may occur should performance of the FLOCs deteriorate further or if more loans than expected default at or prior to maturity. - Downgrades to classes rated in the 'BBBsf', 'BBsf', and 'Bsf' categories could occur with higher than expected losses from continued underperformance of the aforementioned FLOCs and with greater certainty of losses on the FLOCs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrades to 'AAsf' and 'Asf' category rated classes, which have Positive Outlooks, are expected with continued increased CE from paydowns, sustained stable to improved pool-level loss expectations and performance stabilization of FLOCs. Upgrades of these classes to 'AAAsf' will also consider the concentration of defeased loans in the transaction. - Upgrades to the 'BBBsf' category rated classes, particularly those with Positive Outlooks, would occur with sustained improvement in pool performance coupled with stabilization of the FLOCs. Upgrades would be limited based on sensitivity to concentrations or the potential for future concentration. - Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely until the later years in a transaction and only if the performance of the remaining pool is stable and there is sufficient CE to the classes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WELLS FARGO 2025-5C6: DBRS Finalizes BB(low) Rating on J-RR Certs ----------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2025-5C6 (the Certificates) issued by Wells Fargo Commercial Mortgage Trust 2025-5C6 (the Trust): -- Class A-1 at AAA (sf) -- Class A-2 at AAA (sf) -- Class A-3 at AAA (sf) -- Class X-A at AAA (sf) -- Class X-B at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AAA (sf) -- Class C at AAA (sf) -- Class X-D at AA (sf) -- Class D at AA (low) (sf) -- Class E-RR at A (high) (sf) -- Class F-RR at A (low) (sf) -- Class G-RR at BBB (sf) -- Class H-RR at BBB (low) (sf) -- Class J-RR at BB (low) (sf) All trends are Stable. Classes X-D, D, E-RR, F-RR, G-RR, H-RR, J-RR, K-RR, and R are privately placed. The collateral for the Wells Fargo Commercial Mortgage Trust 2025-5C6 transaction consists of 26 loans secured by 51 commercial and multifamily properties with an aggregate cut-off date balance of approximately $622.7 million. Three loans, representing 18.0% of the pool, are shadow-rated investment grade by Morningstar DBRS. Morningstar DBRS analyzed the conduit pool to determine the provisional credit ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off balances were measured against the Morningstar DBRS Net Cash Flow (NCF) and their respective constants, the initial Morningstar DBRS Weighted-Average (WA) Issuance Debt Service Coverage Ratio (DSCR) of the pool was 1.50x. Excluding the three shadow-rated loans, the Morningstar DBRS Issuance DSCR drops to 1.26 times (x). Of the 26 loans, 14 loans, representing 47.3% of the pool, have a Morningstar DBRS Issuance DSCR below 1.25x, which have historically had higher default frequencies. The pool's Morningstar DBRS WA Issuance LTV was 57.8% and the pool is scheduled to amortize to a Morningstar DBRS WA Balloon LTV of 57.7% at maturity based on the A note balances. Excluding the shadow-rated loans, the deal still exhibits a moderate Morningstar DBRS WA Issuance LTV of 63.3% and a Morningstar DBRS WA Balloon LTV of 63.1%. Five of the 26 loans, representing 14.5% of the pool, have Morningstar DBRS Issuance LTV ratios above 67.6%, which have historically had higher default frequencies. The transaction has a sequential-pay pass-through structure. Three loans, representing 18.0% of the pool, exhibited credit characteristics consistent with investment-grade shadow ratings. Aman Hotel New York, which makes up 8.8% of the pool, exhibited credit characteristics consistent with an investment-grade shadow rating of AA (low). Making up 5.2% of the pool, Vertex HQ exhibited credit characteristics consistent with an investment-grade shadow rating of AA (high). Similarly, The Campus at Lawson Lane, which makes up 3.9% of the pool, exhibited credit characteristics consistent with an investment-grade shadow rating of AAA. Five loans, representing 38.8% of the pool, are within Morningstar DBRS Market Rank 7, which is indicative of dense urban areas that benefit from increased liquidity driven by consistently strong investor demand, even during times of economic stress. Additionally, nine loans, representing 27.9% of the pool, are in areas with Morningstar DBRS Market Ranks 5 or 6, which benefit from lower default frequencies than less dense suburban, tertiary, and rural markets. New York and Los Angeles are the predominant urban markets represented in this transaction. Lastly, 13 loans, representing 56.9% of the pool, are in Morningstar DBRS Metropolitan Statistical Area (MSA) Group 3, the best-performing group in terms of historical CMBS default rates among the top 25 MSAs. The property quality assessment for seven loans, representing 33.9% of the pool, was Excellent, Above Average, or Average +, while five loans, representing only 12.0% of the pool, received a property quality assessment of Average- or Below Average; the remaining loans in the pool received a property quality assessment of Average. Higher-quality properties are more likely to retain existing tenants/guests and more easily attract new tenants/guests, resulting in more stable performance. Eleven loans, representing 42.5% of the pool, have Morningstar DBRS Issuance LTVs lower than 60.9%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency. The pool has a Morningstar DBRS Issuance LTV of 57.8% (63.3% excluding shadow-rated loans) and a Morningstar DBRS Balloon LTV of 57.7% (63.1% excluding shadow-rated loans). There are only five loans (14.5% of the pool) with Morningstar DBRS Issuance LTVs above 67.6%, with the highest LTV coming in at 71.2% for 2505 & 2533 Foster Avenue, which makes up only 2.0% of the pool. The 26-loan pool results in a Herfindahl score of 16.4 with the top 10 loans representing a staggering 71.4% of the transaction by cut-off date trust balance. The Herfindahl score is lower than all recent multi-borrower conduits Morningstar DBRS has rated in 2025. Recent transactions include BBCMS 2025-5C34 (Herfindahl score of 22.5), BANK5 2025-5YR16 (Herfindahl score of 21.6), BMARK 2025-B41(Herfindahl score of 18.2), and WFCM 2025-5C5 (Herfindahl score of 17.5). Twenty-four loans, representing 94.8% of the pool, have interest-only (IO) payment structures throughout the loan term. Loans with IO payment structures potentially face refinance risk at maturity if the appraised values do not remain stable. The two remaining loans amortize over their full loan terms with no periods of IO payments. Twenty loans, representing 87.9% of the pool, are being used to refinance existing debt. Additionally, one loan, representing 1.5% of the pool, is a recapitalization. Morningstar DBRS views loans that refinance existing debt as more credit negative compared with loans that finance an acquisition. Acquisition financing typically includes a meaningful cash investment from the sponsor, which aligns its interests more closely with the lenders, whereas refinance transactions may be cash neutral or cash-out transactions, the latter of which may reduce the borrower's commitment to a property. The pool has a relatively high concentration of loans secured by office and retail properties, at seven loans, representing 46.1% of the pool. These property types were among the most affected by the COVID-19 pandemic and many have yet to return to pre-pandemic performance. Future demand for office space is uncertain because of the post-pandemic growth in remote or hybrid work, resulting in less use and, in some cases, companies downsizing their office footprints. Declining consumer sentiment and spending will continue to affect the retail sector, with many companies closing stores as a result of decreased sales. Twenty-one loans, representing 86.2% of the pool, exhibit negative leverage, defined as the Issuer's implied capitalization rate (cap rate) (Issuer's NCF divided by the appraised value), less the current interest rate. On average, the transaction exhibits -1.2% of negative leverage. While cap rates have been increasing over the last few years, they have not surpassed the current interest rates. In the short term, this suggests borrowers are willing to have their equity returns reduced in order to secure financing. In the longer term, should interest rates hold steady, the loans in this transaction could be subject to negative value adjustments that may affect the borrower's ability to refinance its loans. Properties in New York City secure five loans, representing 34.4% of the pool. Conduit pools generally benefit from location diversity in case there is an adverse event that affects a certain location. Changes in New York and New York City government policy or local economic trends could negatively affect around one-quarter of the loans in the pool secured by properties in New York City. Notes: All figures are in U.S. dollars unless otherwise noted. WESTLAKE AUTOMOBILE 2023-4: Fitch Affirms BB Rating on Class E Debt ------------------------------------------------------------------- Fitch Ratings has affirmed the ratings of eight classes of Westlake Automobile Receivables Trust notes and upgraded the ratings of four classes. Fitch also assigned a Positive Rating Outlook to two of the upgraded classes of notes and revised two of the affirmed notes to Positive from Stable. The Outlook for the 2023-4 class E notes was revised to Negative from Positive. Entity/Debt Rating Prior ----------- ------ ----- Westlake Automobile Receivables Trust 2023-4 A-3 96041AAG1 LT AAAsf Affirmed AAAsf B 96041AAJ5 LT AAAsf Upgrade AA+sf C 96041AAL0 LT AAsf Upgrade Asf D 96041AAN6 LT BBBsf Affirmed BBBsf E 96041AAQ9 LT BBsf Affirmed BBsf Westlake Automobile Receivables Trust 2024-3 A2A 96043CAB6 LT AAAsf Affirmed AAAsf A2B 96043CAC4 LT AAAsf Affirmed AAAsf A3 96043CAD2 LT AAAsf Affirmed AAAsf B 96043CAE0 LT AAAsf Upgrade AA+sf C 96043CAF7 LT AAsf Upgrade Asf D 96043CAG5 LT BBBsf Affirmed BBBsf E 96043CAH3 LT BBsf Affirmed BBsf KEY RATING DRIVERS The Negative Outlook for 2023-4 class E reflects the possibility of a downgrade in the next one to two years. The revision from Positive to Negative is due to underperformance relative to initial loss assumptions at close, resulting in deteriorating loss coverage under Fitch's cash flow modeling. While losses are tracking higher, credit enhancement for the notes has continued to build. Fitch will closely monitor the pace of losses and any further rating pressure on the notes if performance does not improve. The affirmations and upgrades of the outstanding notes reflect available credit enhancement (CE) and loss performance to date. However, the class E notes in both transactions are under pressure from rising CNLs in both deals. The increase is most notable in 2023-4, while 2024-3 is performing significantly better. Hard CE levels have grown for all classes of notes in both transactions since close based on the current collateral balance. The Stable Outlooks on 'AAAsf'-rated notes reflect Fitch's expectation that the notes have sufficient levels of credit protection to withstand potential deterioration in credit quality of the portfolio in stress scenarios and that loss coverage will continue to increase as the transactions amortize. The Positive Outlooks on the applicable classes reflect the possibility of an upgrade in the next one to two years. As of the September 2025 distribution date, 31+, 61+ and 91+ day delinquencies for 2023-4 were 4.77%, 1.60% and 0.25% of the remaining collateral balance, respectively. Delinquencies are down across all three buckets from peak levels in 1Q25; however, the CNL at 8.87% is tracking above Fitch's initial rating case of 14.00%. Hard CE has grown for all classes since close. As of the September 2025 distribution date, 31+, 61+ and 91+ day delinquencies for 2024-3 were 3.57%, 0.99% and 0.17% of the remaining collateral balance, respectively. CNL was 2.51% tracking below Fitch's initial rating case of 14.00%. Furthermore, hard CE has grown for all classes since close. The revised lifetime CNL proxies consider the transactions' remaining pool factor, pool composition, and performance to date. Furthermore, it considers current and future macroeconomic conditions that drive loss frequency, along with the state of wholesale vehicle values, which affect recovery rates and ultimately transaction losses. To account for potential increases in delinquencies and losses, Fitch applied conservative assumptions by using projections based on performance to date in deriving the rating case loss proxy. Given the increased pace of losses for 2023-4, Fitch increased the rating case proxy to 16.00% from 14.00%. The rating case proxy for 2024-3 was lowered to 12.00% from 13.00%, which reflects the strong performance for 2024-3. Under the revised lifetime rating case loss proxies, cash flow modeling continues to support multiples consistent with or in excess of 3.0x for 'AAAsf', 2.5x for 'AAsf', 2.0x for 'Asf', 1.5x for 'BBBsf' and 1.25x for 'BBsf' (except for 2023-4 class E which demonstrates some compression to the multiple due to sensitivity to excess spread). Fitch's base case loss expectation, which does not include a margin of safety and is not used in Fitch's quantitative analysis, is 14.50% and 10.00% for 2023-4 and 2024-3, respectively, based on Fitch's updated "Global Economic Outlook - September 2025," historical securitization performance and forecast projections. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults could produce default levels higher than the current projected rating case default proxies and affect available loss coverage and multiples levels for the transactions. Weakening asset performance is strongly correlated to increasing levels of delinquencies and defaults that could negatively affect CE levels. Lower loss coverage could affect the ratings and Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review, the notes were found to have sensitivity to a 1.5x and 2.0x increase of Fitch's rating case loss expectation for each transaction. For outstanding transactions, this scenario suggests a possible downgrade of up to three categories for all classes of notes. To date, performance for the 2023-4 notes has weakened with projected losses exceeding Fitch's initial expectations, though hard credit enhancement has built to a degree that is supportive of adequate loss coverage and multiple levels at the current ratings for all notes except for the class E notes, which have seen a decrease in loss coverage since the last annual review. A continued pace of higher losses could result in a downgrade to the class E notes. For the remaining 2023-4 and 2024-3 notes, a further deterioration in performance would have to occur within the asset collateral to have potential negative impact on the outstanding notes. 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 CNLs were 20% less than projected CNL proxy, the ratings could be affirmed or upgraded. 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. WESTLAKE AUTOMOBILE 2025-3: DBRS Finalizes BB Rating on E Notes --------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the classes of notes issued by Westlake Automobile Receivables Trust (Westlake 2025-3 or the Issuer) as follows: -- $237,880,000 Class A-1 Notes at R-1 (high) (sf) -- $431,460,000 Class A-2 Notes at AAA (sf) -- $298,050,000 Class A-3 Notes at AAA (sf) -- $113,340,000 Class B Notes at AA (sf) -- $175,600,000 Class C Notes at A (sf) -- $143,670,000 Class D Notes at BBB (sf) -- $79,020,000 Class E Notes at BB (sf) Morningstar DBRS also withdrew its provisional credit rating on the Class A-2-B Notes due to this class of notes not being issued. CREDIT RATING RATIONALE/DESCRIPTION The credit ratings are based on a review by Morningstar DBRS of the following analytical considerations: (1) Transaction capital structure, proposed credit ratings, and form and sufficiency of available credit enhancement. -- Credit enhancement is in the form of subordination, OC, amounts held in the reserve fund, and available excess spread. Credit enhancement levels are sufficient to support the Morningstar DBRS-projected 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 ratings address the timely payment of interest on a monthly basis and principal by the legal final maturity date for each class. (3) Morningstar DBRS' CNL assumption for the Westlake 2025-3 transaction is 12.25% based on the pool composition as of the Statistical Calculation Date (August 31, 2025). -- 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 Disease (COVID-19) pandemic scenarios, which were first published in April 2020. (4) The Westlake 2025-3 transaction has positive structural features, including the following: -- A nondeclining reserve account that is fully funded at closing (equal to 1.00% of the initial pool balance). -- A targeted OC of 17.00% of the current pool balance that will step down to 16.00% after the Class A-2-B Notes are paid in full. Initial OC levels start at 7.35% and are subject to a floor of 1.00% of the initial pool balance. (5) The credit quality of the collateral as of the Statistical Calculation Date and performance of the auto loan portfolio by origination channels. (6) The capabilities of Westlake with regard to originations, underwriting, and servicing. -- Morningstar DBRS has performed an operational review of the Company and considers the entity to be an acceptable originator and servicer of subprime automobile loan contracts with an acceptable backup servicer. -- The Westlake senior management team has considerable experience and a successful track record within the auto finance industry, having managed the Company through multiple economic cycles. (7) The quality and consistency of provided historical static pool data for Westlake originations and performance of the Westlake auto loan portfolio. (8) Computershare Trust Company, N.A. (rated BBB and R-2 (middle), both with Stable trends, by Morningstar DBRS) has served as a backup servicer for Westlake. (9) The legal structure and presence of legal opinions that address the true sale of the assets to the Issuer, the nonconsolidation of the special-purpose vehicle with Westlake, 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. The collateral securing the notes consists entirely of a pool of retail automobile contracts secured by predominantly used vehicles that typically have high mileage. The loans are primarily made to obligors who are categorized as subprime, largely because of their credit history and credit scores. Westlake is an independent full-service automotive financing and servicing company that provides (1) financing to borrowers who do not typically have access to prime credit-lending terms for the purchase of late-model vehicles and (2) refinancing of existing automotive financing. The ratings on the Class A-1, A-2, and A-3 Notes reflect 40.40% of initial hard credit enhancement provided by subordinated notes in the pool (32.05%), the reserve account (1.00%), and OC (7.35%). The ratings on the Class B, Class C, Class D, and Class E Notes reflect 33.30%, 22.30%, 13.30%, and 8.35% of initial hard credit enhancement, respectively. Additional credit support may be provided from excess spread available in the structure. Notes: All figures are in U.S. dollars unless otherwise noted. WESTLAKE AUTOMOBILE 2025-3: S&P Assigns BB (sf) Rating on E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to Westlake Automobile Receivables Trust 2025-3's automobile receivables-backed notes. The note issuance is an ABS transaction backed by subprime auto loan receivables. The ratings reflect: -- The availability of approximately 45.6%, 39.3%, 30.6%, 23.7%, and 20.4% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on final post-pricing stressed break-even cash flow scenarios. These credit support levels provide at least 3.50x, 3.00x, 2.30x, 1.75x, and 1.50x coverage of S&P's expected cumulative net loss (ECNL) of 12.75% for the class A, B, C, D, and E notes, respectively. -- The expectation that under a moderate ('BBB') stress scenario (1.75x S&P's expected loss level), all else being equal, its 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings on the class A, B, C, D, and E notes, respectively, are within its credit stability limits. -- The timely payment of interest and principal by the designated legal final maturity dates under S&P's stressed cash flow modeling scenarios, which it believes are appropriate for the assigned ratings. -- The collateral characteristics of the series' subprime automobile loans, S&P's view of the credit risk of the collateral, and our updated macroeconomic forecast and forward-looking view of the auto finance sector. -- The series' bank accounts at Wells Fargo Bank N.A., which do not constrain the ratings. -- S&P's operational risk assessment of Westlake Services LLC (Westlake Services) as servicer and its view of the company's underwriting and the backup servicing arrangement with Computershare Trust Co. N.A. -- S&P's assessment of the transaction's potential exposure to environmental, social, and governance (ESG) credit factors, which are in line with its sector benchmark. -- The transaction's payment and legal structures. Ratings Assigned Westlake Automobile Receivables Trust 2025-3 Class A-1, $237.88 million: A-1+ (sf) Class A-2, $431.46 million: AAA (sf) Class A-3, $298.05 million: AAA (sf) Class B, $113.34 million: AA (sf) Class C, $175.60 million: A (sf) Class D, $143.67 million: BBB (sf) Class E, $79.02 million: BB (sf) WFRBS COMMERCIAL 2014-C21: Moody's Affirms Ba1 Rating on C Certs ---------------------------------------------------------------- Moody's Ratings has affirmed the ratings on two classes and downgraded the ratings on one class in WFRBS Commercial Mortgage Trust 2014-C21, Commercial Mortgage Pass-Through Certificates, Series 2014-C21 as follows: Cl. B, Affirmed A2 (sf); previously on Dec 12, 2024 Affirmed A2 (sf) Cl. C, Affirmed Ba1 (sf); previously on Dec 12, 2024 Affirmed Ba1 (sf) Cl. PEX, Downgraded to Baa3 (sf); previously on Dec 12, 2024 Downgraded to Baa2 (sf) RATINGS RATIONALE The ratings on two P&I classes were affirmed because of their due to their credit support, Moody's expected principal paydowns from the remaining loans in the pool as well as the transaction's key metrics, including Moody's loan-to-value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) are within acceptable ranges. The rating on the exchangeable class, Cl. PEX, was downgraded due to a decline in the credit quality of its referenced exchangeable classes. Cl. PEX references Cl. A-S, Cl. B and Cl. C and however, Class A-S has previously paid off in full. Moody's rating action reflects a base expected loss of 39.7% of the current pooled balance, compared to 29.1% at Moody's last review. Moody's base expected loss plus realized losses is now 10.0% of the original pooled balance, compared to 9.1% at the last review. 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. Moody's analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 67.1% of the pool is in special servicing and Moody's have identified additional troubled loans representing 32.9% of the pool. 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 and troubled loans to the most junior classes and the recovery as a pay down of principal to the most senior classes. 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 September 17, 2025 distribution date, the transaction's aggregate certificate balance has decreased by 81% to $273 million from $1.42 billion at securitization. The certificates are collateralized by eight mortgage loans, all of which are now in special servicing and have passed their original maturity dates. As of the September 2025 remittance statement, cumulative interest shortfalls were $2.4 million. Moody's anticipates interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), loan modifications and extraordinary trust expenses. Four loans have been liquidated from the pool, resulting in an aggregate realized loss of $34.3 million (for an average loss severity of 48.4%). The largest loss was from the Montgomery Mall Loan, which was liquidated in December 2021 with a realized loss of $21.8 million (a loss severity of 47%). The largest specially serviced loan is the Queens Atrium Loan ($80.0 million – 29.3% of the pool), which represents a pari passu portion of a $168 million mortgage loan. The loan is secured by a 1.03 million square feet (SF) office building located in Long Island City, New York. The collateral consists of two buildings that are 100% leased, almost entirely by New York City agencies. The properties are within a ten-minute walk of the Court Square and Queens Plaza subway stops. The loan transferred to the special servicer in July 2024 after failing to pay off at its original maturity date in June 2024. The property had consistently maintained full occupancy since securitization. The largest tenant, NYC SCA (30.5% of the net rentable area (NRA)) with a lease expiration in January 2029, has gone dark but is still fulfilling its lease obligations. Furthermore, the property faces additional lease rollover risk with an additional 25% of the NRA having lease expirations through year-end 2026. The loan has amortized 11.1% since securitization after an initial 5-year interest only period. The special servicer commentary indicates the loan has entered into a forbearance agreement, and the maturity date has been extended to July 2026. As of the September 2025 remittance, the loan is current. The second largest specially serviced loan is the Cedar Crest Professional Park Loan ($47.4 million – 17.4% of the pool), which is secured by a medical office campus located approximately 4 miles southwest of Allentown, Pennsylvania. Property performance has deteriorated as a result of decline in occupancy and the property was 59% leased as of December 2024, compared to 42% in 2023, 60% in 2022, and 80% at securitization. The most recent appraisal from August 2024 valued the property at $62.2 million, a 33% decline in value since securitization. The loan transferred to special servicing in July 2024 due to maturity default. The servicer commentary indicated that the court-approved receiver has been appointed, and the foreclosure proceedings were authorized in July 2025, while also noting significant deferred maintenance issues at the property. The loan has been deemed non-recoverable by the master servicer and remains last paid through its May 2025 payment date. Given the property's performance and market conditions, the loan will likely continue to face refinance risk at its extended maturity date, and Moody's anticipates a significant loss on this loan. The third largest specially serviced loan is the Lovejoy Loan ($22.5 million – 8.2% of the pool), which is secured by a five story, 83,422 SF office building located in Portland, Oregon. Property performance has declined significantly in recent years as a result of the decline in occupancy. The property was 66% leased in September 2023, compared to 66% in December 2022, 91% in 2021 and 96% at securitization. The loan transferred to special servicing again in April 2024, prior to its scheduled maturity in July 2024 and is now REO. The most recent appraisal from August 2024 valued the property 56% below the value at securitization, and 25% below the loan balance, and the master servicer has taken a 29% appraisal reduction on the loan. The special servicer is currently evaluating resolution strategies with the borrower, including marketing the property for sale. As of the September 2025 remittance statement, the loan was last paid through May 2025. The remaining four specially serviced loans are secured primarily by two office and two manufactured housing loans that have experienced significant performance declines since securitization and low DSCRs. All the special serviced loans failed to pay off at their original maturity. Moody's have also assumed a high default probability for one poorly performing loan and have estimated an aggregate loss of $108.4 million (a 39.7% expected loss on average) from these specially serviced and troubled loans. The troubled loan is the Fairview Park Drive Loan ($90 million – 32.9% of the pool), which is secured by a 360,000 SF office building located in Falls Church, Virginia. The collateral consists of a 15-story office building and an adjacent 5-story parking garage and is part of a 220-acre master planned office development called Fairview Park. At securitization, the property served as the global headquarters for its largest tenant, General Dynamics (170,380 SF or 47% of NRA). However, General Dynamics vacated in October 2019, and the lender subsequently backfilled most of the vacated space with BAE Systems Inc. As of March 2025, the property was 88% occupied, compared to 86% in 2024. The loan had previously transferred to the special servicer in May 2024, ahead of its June 2024 maturity date. The loan was modified in December 2024, extending the maturity date to July 2026 and returned to the master servicer in February 2025. The most recent appraisal dated August 2024 valued the property at $91.1 million, which was a 33% decline in value since securitization but slightly above the outstanding loan balance. While the loan remains current on debt service payments, Moody's expects a moderate loss from this loan. WIND RIVER 2014-1: Moody's Cuts Rating on $11.7MM F Notes to Ca --------------------------------------------------------------- Moody's Ratings has upgraded the rating on the following notes issued by Wind River 2014-1 CLO Ltd.: US$36,500,000 Class D-RR Secured Deferrable Floating Rate Notes due 2031 (the "Class D-RR Notes"), Upgraded to Aaa (sf); previously on April 9, 2025 Upgraded to A3 (sf) Moody's have also downgraded the rating on the following notes: US$11,700,000 Class F Secured Deferrable Floating Rate Notes due 2031 (the "Class F Notes"), Downgraded to Ca (sf); previously on May 25, 2023 Downgraded to Caa3 (sf) Wind River 2014-1 CLO Ltd., originally issued in May 2014 and partially refinanced in March 2017 and fully refinanced in May 2018, is a managed cashflow CLO. The notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The transaction's reinvestment period ended in July 2023. A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrade rating action is primarily a result of deleveraging of the senior notes and an increase in the transaction's over-collateralization (OC) ratios since April 2025. The Class A-RR notes have been paid down in full, and the Class B-RR notes have been paid down by approximately 0.4% or $261,552 since April 2025. Based on Moody's calculations, the OC ratio for the Class D-RR notes is currently 125.43%, versus April 2025 level of 118.02%. The downgrade rating action on the Class F notes reflects the specific risks to the junior notes posed by par loss in the underlying CLO portfolio. Based on Moody's calculations, the OC ratio for the Class F notes is 94.54% versus April 2025 level of 98.97%. Additionally, the Class F notes are carrying a deferred interest balance of $2.65 million. No actions were taken on the Class B-RR, Class C-RR and Class E-R notes because their expected losses remain commensurate with their current ratings, after taking into account the CLO's latest portfolio information, its relevant structural features and its actual over-collateralization and interest coverage levels. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in "Moody's Global Approach to Rating Collateralized Loan Obligations." The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score, weighted average spread, and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Performing par and principal proceeds balance: $164,488,626 Diversity Score: 21 Weighted Average Rating Factor (WARF): 2825 Weighted Average Spread (WAS): 2.82% Weighted Average Recovery Rate (WARR): 47.40% Weighted Average Life (WAL): 3.29 years Par haircut in OC tests and interest diversion test: 5.79% In addition to base case analysis, Moody's ran additional scenarios where outcomes could diverge from the base case. The additional scenarios consider one or more factors individually or in combination, and include: defaults by obligors whose low ratings or debt prices suggest distress, defaults by obligors with potential refinancing risk, deterioration in the credit quality of the underlying portfolio, and, lower recoveries on defaulted assets. Methodology Used for the Rating Action: The principal methodology used in these ratings was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2024. Factors that Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the rated notes is subject to uncertainty. The performance of the rated notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the rated notes. ZAIS CLO 13: Moody's Affirms B1 Rating on $17MM Class E Notes ------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Zais CLO 13, Limited: US$21M Class C-1-R Deferrable Mezzanine Floating Rate Notes, Upgraded to Aa1 (sf); previously on Aug 14, 2024 Assigned Aa3 (sf) US$2M Class C-2 Deferrable Mezzanine Fixed Rate Notes, Upgraded to Aa1 (sf); previously on Aug 14, 2024 Upgraded to Aa3 (sf) Moody's have also affirmed the ratings on the following notes: US$212.15M (Current outstanding balance US$110,556,444) Class A-1A-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Aug 14, 2024 Assigned Aaa (sf) US$25M (Current outstanding balance US$12,855,400) Class A-1B Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Aug 23, 2019 Assigned Aaa (sf) US$20M Class A-2A-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Aug 14, 2024 Assigned Aaa (sf) US$4M Class A-2B Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Aug 23, 2019 Assigned Aaa (sf) US$16M Class B-1-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Aug 14, 2024 Assigned Aaa (sf) US$22M Class B-2 Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Aug 14, 2024 Upgraded to Aaa (sf) US$19M Class D-1 Deferrable Mezzanine Floating Rate Notes, Affirmed Baa3 (sf); previously on Aug 14, 2024 Upgraded to Baa3 (sf) US$5M Class D-2 Deferrable Mezzanine Fixed Rate Notes, Affirmed Baa3 (sf); previously on Aug 14, 2024 Upgraded to Baa3 (sf) US$17M Class E Deferrable Mezzanine Floating Rate Notes, Affirmed B1 (sf); previously on Sep 1, 2020 Downgraded to B1 (sf) Zais CLO 13, Limited, initially issued in August 2019 and refinanced in August 2024, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by ZAIS Leveraged Loan Master Manager, LLC. The transaction's reinvestment period ended in July 2024. RATINGS RATIONALE The rating upgrades on the Class C-1-R and C-2 notes are primarily a result of the deleveraging of the senior notes following the amortisation of the underlying portfolio since the payment date in October 2024. The affirmations on the ratings on the Class A-1A-R, A-1B, A-2A-R, A-2B, B-1-R, B-2, D-1, D-2 and E notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The senior notes have paid down by approximately USD 113.4 million (48% of the refinanced balance) in the last 12 months. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated September 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 141.3%, 125.7%, 112.7% and 105.0% compared to October 2024[2] levels of 127.4%, 118.3%, 110.0% and 104.9%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodologies 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: USD266.1 million Defaulted Securities: USD1.3 million Diversity Score: 53 Weighted Average Rating Factor (WARF): 2917 Weighted Average Life (WAL): 3.8 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.3% Weighted Average Recovery Rate (WARR): 46.3% 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. -- 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 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. ZAYO ISSUER 2025-3: Fitch Affirms 'BB-sf' Rating on Class C Notes ----------------------------------------------------------------- Fitch Ratings has assigned final ratings and Rating Outlooks for Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-3 as follows: - $610.0 million 2025-3 class A-2 'A-sf'; Outlook Stable; - $98.4 million 2025-3 class B 'BBB-sf'; Outlook Stable; - $137.8 million 2025-3 class C 'BB-sf'; Outlook Stable. The following class is not expected to be rated by Fitch: - $45.23 million(a) series 2025-3, class R. Horizontal credit risk retention interest representing 5% of the 2025-3 notes. In addition, Fitch has affirmed the ratings of Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-1 and 2025-2. Entity/Debt Rating Prior ----------- ------ ----- Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-2 A-2 98919WAG8 LT A-sf Affirmed A-sf B 98919WAJ2 LT BBB-sf Affirmed BBB-sf C 98919WAL7 LT BB-sf Affirmed BB-sf Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-1 A-1-L LT Asf Affirmed Asf A-2 98919WAA1 LT A-sf Affirmed A-sf B 98919WAC7 LT BBB-sf Affirmed BBB-sf C 98919WAE3 LT BB-sf Affirmed BB-sf Zayo Issuer, LLC, Secured Fiber Network Revenue Notes, Series 2025-3 A-2 LT A-sf New Rating A-(EXP)sf B LT BBB-sf New Rating BBB-(EXP)sf C LT BB-sf New Rating BB-(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The transaction is a $3,792,900,000 securitization of a regional long-haul fiber network and the sponsor's metro market fiber assets, operated by Zayo Group, LLC. The transaction is backed by a first-priority security interest in the underlying fiber network, current and future customer contracts, and transaction accounts, as well as a pledge of equity of the asset entities, and an access agreement to Zayo Group's backbone network. The transaction cash flows are supported by a regional network of dark/lit long-haul fiber routes and metro market fiber connectivity services for cellular, wholesale and enterprise customers. The transaction reflects an Anticipated Repayment Date (ARD) structure, where all tranches will be interest-only until their seven-year, soft-bullet maturities, after which all excess cash flow will be swept to pay down outstanding principal balances through the transaction's 30-year legal final maturity date. Losses will be borne reverse sequentially and the transaction will reflect a structure where class A-2 and B receive interest first, then principal, with deferable interest on class C. The transaction is also expected to be structured with a liquidity reserve account and triggers tied to interest coverage and total leverage levels. It includes a class A-1 liquidity funding note (LFN) that can be drawn to fund liquidity funding advances subject to the satisfaction of certain conditions. The note balance will be $0 at issuance. The class may be drawn to a maximum amount of $81 million, sized to fund approximately 50% of the required liquidity reserve amount. The other 50% will be reserved for in cash and letter of credit in the liquidity reserve account. Fitch previously rated Series 2025-1 in February 2025 and Series 2025-2 in May 2025. Series 2025-2 expanded the master trust geography to include 10 additional states (IL, IN, MN, WI, ML, KY, MO, IA, CO, NE), adding over 16,900 customer contracts to the collateral. Series 2025-3 will contribute an additional five southcentral states to the ABS master trust (NM, KS, OK, TX, and LA), providing further geographic diversification in network coverage. The transaction adds 10,800+ customer contracts, bringing the total number of customer contracts in the master trust to over 39,400. The sponsor, Zayo Group, LLC., founded in 2007, is one of the largest U.S. independent fiber infrastructure providers with a footprint in North America and Europe and a focus on business-to-business (B2B) connectivity. The sponsor's network consists of over 250 North American markets with around 17 million fiber miles across 133,000 route miles serving approximately 1,200 data centers and approximately 28,000 on-net locations. KEY RATING DRIVERS Net Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool is $351.1 million, implying a 16% haircut to issuer NCF. The debt multiple relative to Fitch's NCF on the rated classes is 10.8x, compared to the debt/issuer NCF leverage of 9.1x. Haircut drivers are historical average churn, success-based capex, and inflation. Based on the Fitch NCF and assumed annual revenue growth of 2.0%, and following the transaction's anticipated repayment date (ARD), the notes would be repaid approximately 19 years from closing. Credit Risk Factors: The major factors impacting Fitch's determination of cash flow and maximum potential leverage (MPL) include: the high quality of the underlying collateral networks, high contract renewal rates, low market and industry concentration, low lease rollover risk, high historical barriers to entry, tenant quality, and the size and capability of the sponsor. Technology-Dependent Credit: Due to the specialized nature of the collateral and potential for changes in technology to affect long-term demand for digital infrastructure, the senior classes do not achieve ratings above 'Asf'. The securities have a rated final payment date 30 years after closing. The long-term tenor of the securities increases the risk that an alternative technology will be developed, rendering obsolete the current transmission of data through fiber optic cables. Fiber optic cable networks are currently the fastest and most reliable means to transmit information, and data providers continue to invest in and utilize this technology. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow because of higher expenses, customer churn, contract amendments, declining contract rates or the development of an alternative technology for the transmission of data could lead to downgrades; Fitch's base case NCF is 16% below the issuer's underwritten cash flow. A further 10% decline in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 from 'A-sf' to 'BBBsf'; class B from 'BBB-sf' to 'BBsf'; class C from 'BB-sf' to 'Bsf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing cash flow from rate increases, additional customers, lower expenses or contract amendments could lead to upgrades; A 10% increase in Fitch's NCF indicates the following ratings based on Fitch's determination of MPL: class A-2 from 'A-sf' to 'Asf'; class B from 'BBB-sf' to 'BBB+sf'; class C from 'BB-sf' to 'BBsf'. Upgrades, however, are unlikely given the issuer's ability to issue additional pari passu notes. In addition, the senior classes are capped in the 'Asf' category. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. [] DBRS Confirms 47 Credit Ratings From 16 Carvana Auto Trusts -------------------------------------------------------------- DBRS, Inc. upgraded 30 credit ratings and confirmed 47 credit ratings from 16 Carvana Auto Receivables Trust transactions. The Affected Ratings are available at https://bit.ly/4o9RWep The Issuers are: Carvana Auto Receivables Trust 2021-N1 Carvana Auto Receivables Trust 2023-N3 Carvana Auto Receivables Trust 2021-N4 Carvana Auto Receivables Trust 2021-N2 Carvana Auto Receivables Trust 2024-N3 Carvana Auto Receivables Trust 2021-P2 Carvana Auto Receivables Trust 2021-N3 Carvana Auto Receivables Trust 2022-N1 Carvana Auto Receivables Trust 2020-P1 Carvana Auto Receivables Trust 2024-N1 Carvana Auto Receivables Trust 2024-N2 Carvana Auto Receivables Trust 2025-N1 Carvana Auto Receivables Trust 2023-N4 Carvana Auto Receivables Trust 2021-P1 Carvana Auto Receivables Trust 2023-N1 Carvana Auto Receivables Trust 2023-N2 The credit rating actions are based on the following analytical considerations: -- Current credit enhancement (CE) levels have increased for each transaction compared to initial levels. -- As a percentage of the current collateral balances, total delinquencies for each Transaction have increased in recent months. -- For Carvana Auto Receivables Trust 2020-P1, Carvana Auto Receivables Trust 2021-P1, and Carvana Auto Receivables Trust 2021-P2, the prime transactions, losses are tracking below the Morningstar DBRS initial base-case cumulative net loss (CNL) expectations. The current levels of hard CE and estimated excess spread are sufficient to support the Morningstar DBRS revised projected remaining CNL assumptions at multiples of coverage commensurate with the credit ratings. -- For Carvana Auto Receivables Trust 2021-N1, losses are tracking below the Morningstar DBRS initial base-case CNL expectation. The current levels of hard CE and estimated excess spread are sufficient to support the Morningstar DBRS revised projected remaining CNL assumption at multiples of coverage commensurate with the credit ratings. -- For Carvana Auto Receivables Trust 2021-N2 through Carvana Auto Receivables Trust 2024-N1, although losses are tracking above the Morningstar DBRS initial base-case CNL expectations, the current level of hard CE and estimated excess spread are sufficient to support the Morningstar DBRS revised projected remaining CNL assumptions at multiples of coverage commensurate with the credit ratings. -- For Carvana Auto Receivables Trust 2024-N2 through Carvana Auto Receivables Trust 2025-N1, losses are tracking in line with or below the Morningstar DBRS initial base-case CNL expectations. The current levels of hard CE and estimated excess spread are sufficient to support the Morningstar DBRS remaining CNL assumptions at multiples of coverage commensurate with the credit ratings. -- The credit rating actions are the result of collateral performance to date and Morningstar DBRS' assessment of future performance assumptions. -- The transaction capital structures and form and sufficiency of available credit enhancement. -- The transaction parties' capabilities with regard to originating, 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 COVID-19 pandemic scenarios, which were first published in April 2020. Notes: The principal methodology applicable to the credit ratings is Morningstar DBRS Master U.S. ABS Surveillance (June 17, 2025). [] DBRS Reviews 151 Classes From 13 US RMBS Transactions -------------------------------------------------------- DBRS, Inc. reviewed 151 classes from 13 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 13 transactions reviewed, one is classified as an agency credit transaction, one is classified as a small-balance commercial mortgage transaction collateralized by various types of commercial, multifamily rental, and mixed-use properties, one is classified as reperforming mortgages, two are classified as securitization of a revolving portfolio of residential transition loans (RTLs) and the remaining 8 deals are classified as non-qualified mortgages (non-QM). Of the 151 classes reviewed, Morningstar DBRS upgraded its credit ratings on 39 classes and confirmed its credit ratings on the remaining 112 classes. The Affected Ratings are available at https://bit.ly/3KMU6SU The Issuers are: MFA 2022-INV3 Trust GCAT 2022-NQM5 Trust NYMT Loan Trust 2022-INV1 Roc Mortgage Trust 2024-RTL1 PRPM 2023-NQM2 Trust ACRA Trust 2024-NQM1 Citigroup Mortgage Loan Trust 2022-RP5 LHOME Mortgage Trust 2024-RTL5 Velocity Commercial Capital Loan Trust 2024-5 Verus Securitization Trust 2022-INV2 Imperial Fund Mortgage Trust 2022-NQM7 Connecticut Avenue Securities, Series 2023-R07 BRAVO Residential Funding Trust 2023-NQM7 CREDIT RATING RATIONALE/DESCRIPTION The credit rating upgrades reflect a positive performance trend and an increase in credit support sufficient to withstand stresses at the new credit rating level. The credit rating confirmations reflect asset-performance and credit-support levels that are consistent with the current credit ratings. The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary "Baseline Macroeconomic Scenarios for Rated Sovereigns September 2025 Update" published on September 30, 2025 (https://dbrs.morningstar.com/research/463860/). These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse coronavirus pandemic scenarios, which were first published in April 2020. The credit rating actions are the result of Morningstar DBRS' application of its "U.S. RMBS Surveillance Methodology," published on June 28, 2024 (https://dbrs.morningstar.com/research/435291), North American CMBS Surveillance Methodology (February 28, 2025) https://dbrs.morningstar.com/research/448963 and Rating U.S. Structured Finance Transactions (Appendix XVIII: U.S. Small Business) (March 10, 2025). Notes: All figures are in U.S. dollars unless otherwise noted. [] Moody's Downgrades Ratings on 12 Bonds from 2 US RMBS Deals -------------------------------------------------------------- Moody's Ratings, on Oct. 1, 2025, downgraded the ratings of 12 bonds from two US residential mortgage-backed transactions (RMBS), backed by resecuritized mortgages issued between 2007 and 2008. 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: Structured Asset Securities Corp Trust 2007-4 Cl. 1-A1, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 1-A2-A, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 1-A2-B1, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 1-A2-B2, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 1-A3*, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 1-A4*, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 3-A1, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Cl. 3-A2*, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) Issuer: Structured Asset Securities Corporation Trust 2008-1 Cl. 1-A-1, Downgraded to Caa1 (sf); previously on Mar 23, 2023 Downgraded to B1 (sf) Cl. 1-A-2*, Downgraded to Caa1 (sf); previously on Jul 26, 2012 Downgraded to B1 (sf) Cl. 1-A-4*, Downgraded to Caa1 (sf); previously on Jul 26, 2012 Downgraded to B1 (sf) Cl. 1-A-5*, Downgraded to Caa1 (sf); previously on Nov 5, 2024 Downgraded to B3 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The rating downgrades are primarily due to continued interest shortfalls as a result of a mismatch between interest promised on the resec bonds and that on the underlying bonds backing these resec transactions. The interest due on some of the underlying bonds are subject to a net weighted average coupon (net WAC) cap whereas interest due on the resec bonds are not subject to a similar cap. Thus, the interest due on the resec bonds are currently higher than that of the underlying bonds, resulting in continued interest shortfalls on the resec bonds. In addition to the Principal Methodologies, the methodology used was "Guarantees, Letters of Credit and Other Forms of Credit Substitution Methodology" published in July 2022. No action was taken on the other rated class in these deals because the expected loss remains commensurate with the current rating, after taking into account the updated performance information, structural features, and credit enhancement. Principal Methodologies The principal methodology used in rating all classes except interest-only classes was "Repackaged Securities" published in June 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. An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds. 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. [] Moody's Upgrades Ratings on 14 Bonds from 5 US RMBS Deals ------------------------------------------------------------ Moody's Ratings has upgraded the ratings of 14 bonds from five US residential mortgage-backed transactions (RMBS), backed by subprime mortgages issued by multiple issuers. A comprehensive review of all credit ratings for the respective transactions has been conducted during a rating committee. The complete rating actions are as follows: Issuer: EquiFirst Loan Securitization Trust 2007-1 Cl. A-1, Upgraded to A1 (sf); previously on Dec 9, 2024 Upgraded to Baa1 (sf) Cl. A-2B, Upgraded to Baa1 (sf); previously on Dec 9, 2024 Upgraded to Ba1 (sf) Cl. A-2C, Upgraded to Baa1 (sf); previously on Dec 9, 2024 Upgraded to Ba1 (sf) Issuer: First Franklin Mortgage Loan Trust 2006-FF11 Cl. I-A-2, Upgraded to Aaa (sf); previously on Dec 6, 2024 Upgraded to Aa1 (sf) Cl. II-A-3, Upgraded to A1 (sf); previously on Dec 6, 2024 Upgraded to Ba1 (sf) Cl. II-A-4, Upgraded to A1 (sf); previously on Dec 6, 2024 Upgraded to Ba1 (sf) Issuer: First Franklin Mortgage Loan Trust 2006-FF12 Cl. A1, Upgraded to A1 (sf); previously on Dec 6, 2024 Upgraded to Ba1 (sf) Cl. A5, Upgraded to A1 (sf); previously on Dec 6, 2024 Upgraded to Baa3 (sf) Issuer: RASC Series 2004-KS8 Trust Cl. M-I-2, Upgraded to Aaa (sf); previously on Dec 18, 2024 Upgraded to Aa1 (sf) Cl. M-I-3, Upgraded to Caa2 (sf); previously on Jan 30, 2024 Upgraded to Ca (sf) Cl. M-II-1, Upgraded to A3 (sf); previously on Dec 18, 2024 Upgraded to Baa1 (sf) Cl. M-II-2, Upgraded to Caa2 (sf); previously on Mar 30, 2011 Downgraded to C (sf) Issuer: RASC Series 2005-KS3 Trust Cl. M-8, Upgraded to Baa2 (sf); previously on Dec 18, 2024 Upgraded to Ba2 (sf) Cl. M-9, Upgraded to Ca (sf); previously on Mar 5, 2013 Affirmed C (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, Moody's updated loss expectations on the underlying pools and Moody's revised loss-given-default expectation for each bond. Some of the bonds experiencing a rating change have 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 expectations 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, 1.1x for these bonds. Moody's analysis also considered the existence of historical interest shortfalls for some of the bonds. While some shortfalls have since been recouped, the size and length of the past shortfalls, as well as the potential for recurrence, were analyzed as part of the upgrades. 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 175 Classes From 37 US CMBS Deals ----------------------------------------------------------------- S&P Global Ratings completed its review of 175 classes from 37 U.S. CMBS transactions that are each backed by a single- or multi-property lodging, data center, self-storage, mixed-use, industrial, or leased fee interest in land parcel loan. The ratings were previously placed under criteria observation (UCO) on Aug. 21, 2025, following the publication of S&P's revised global criteria framework for rating CMBS transactions. The review yielded eight upgrades, 35 downgrades, and 132 affirmations. At the same, S&P's removed the ratings from UCO. A list of Affected Ratings can be viewed at: https://tinyurl.com/3y2sxre8 S&P said, "Of the 2,088 ratings that were placed on UCO following our August 2025 CMBS criteria revision, we resolved 636 in September. We expect to review the remaining ratings with the UCO identifier within six months from the date that we placed them on UCO." Rating Actions And Analytical Considerations S&P said, "In resolving the UCO placements, we conducted a cursory review of collateral and transaction performance trends. In the review, we concluded that our existing S&P Global Ratings' net cash flows (NCFs), capitalization rates, and values for the collateral loans remain appropriate from our last published comprehensive reviews, except one noted in the Property-Level Analysis Update section below. Also, for portfolio loans with property releases since our last review, we adjusted our metrics accordingly. "We determined asset quality and income stability scores for all the collateral loans. We also applied loan-level and additional adjustments in accordance with our revised criteria to arrive at our required credit enhancement levels by rating category for each deal. For certain transactions, such as SFAVE Commercial Mortgage Securities Trust 2015-5AVE and STWD 2021-HTS Mortgage Trust, which have loan characteristics that could increase performance volatility, we applied a ratings cap of 'A+ (sf)'. "The raised, lowered, and affirmed ratings on the principal- and interest-paying classes primarily reflect the application of our updated methodology and the considerations highlighted above. "The downgrades to the 'CCC' rating category further reflect our qualitative consideration that the repayment of the affected bonds is dependent on favorable business, financial, and economic conditions, and that the classes are vulnerable to default. "The ratings on the interest-only (IO) certificates are based on our criteria for rating IO securities, which states that the ratings on the IO securities would not be higher than that of the lowest-rated reference class." For certain principal- and interest-paying classes, S&P tempered its upgrades (versus the higher model-indicated ratings) because it also qualitatively considered the following: -- Credit subordination of the classes within the capital structure; -- Collateral property performance (both historical and expected); -- Material exposure to near-term maturities; and -- Current and expected bond-level liquidity. For certain principal- and interest-paying classes, S&P lowered or affirmed its outstanding ratings despite higher model-indicated ratings because S&P also qualitatively considered the following (among others): -- Loan performance, including current and expected payment status; -- Collateral property performance (both historical and expected); -- Significant exposure to concerning property types; -- Material exposure to near-term maturities; -- Adverse selection risk, including transactions that are currently, or could potentially be, secured solely by worse-performing or defaulted loan collateral; -- Credit subordination of the classes within the capital structure; and -- Current and expected bond-level liquidity. Property-Level Analysis Update New Orleans Hotel Trust 2019-HNLA S&P said, "We reviewed new property-level information for the New Orleans Hotel Trust 2019-HNLA transaction and revised our credit view on the underlying lodging collateral. In our prior comprehensive review, we observed stressed NCF performance due to the adverse impact of the COVID-19 pandemic and believed that the property would take longer to recover and used a higher S&P Global Ratings capitalization rate of 10.5% to account for this. Since then, the servicer-reported NCF for the property has increased year over year, with NCF for the reported trailing-12-months ended June 30, 2025, exceeding the 2019 pre-pandemic level. As a result, in our current review, we lowered our S&P Global Ratings' capitalization rate to 9.25%--the same as at issuance. This yielded an S&P Global Ratings expected-case value of $285.2 million and an S&P Global Ratings loan-to-value of 114.0%." ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. 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