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

              Sunday, November 2, 2025, Vol. 29, No. 305

                            Headlines

A10 PERMANENT 2015-I: DBRS Cuts Class C Notes Rating to CCC
ALLEGRO CLO X: Moody's Cuts Rating on $3MM Class F Notes to Caa3
ARES LXII: S&P Assigns BB- (sf) Rating on Class E-R Notes
ATLAS SENIOR XII: S&P Affirms B (sf) Rating on Class E Notes
ATLAS SENIOR XXI: S&P Assigns BB- (sf) Rating on Class E-R Notes

BALBOA BAY 2023-2: S&P Assigns BB- (sf) Rating on Class E-R Notes
BALLYROCK CLO 17: S&P Assigns BB- (sf) Rating on Class D-R Notes
BANK 2020-BNK30: DBRS Confirms BB Rating on Class XG Certs
BANK5 2025-5YR17: DBRS Finalizes BB Rating on 2 Tranches
BARROW HANLEY II: S&P Assigns BB- (sf) Rating on Class E-RR Notes

BCC MIDDLE 2025-2: S&P Assigns BB- (sf) Rating on Class E Notes
BENEFIT STREET XXXII: S&P Assigns BB- (sf) Rating on Cl. E-R Notes
BENEFIT STREET XXXII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
BLACK DIAMOND 2025-2: S&P Assigns Prelim BB-(sf) Rating on E Notes
BLUEMOUNTAIN CLO 2015-4: S&P Affirms CCC+ (sf) Rating on F-R Notes

BLUEMOUNTAIN CLO XXII: S&P Lowers Cl. E-R Notes Rating to B+ (sf)
BLUEMOUNTAIN CLO XXXI: S&P Affirms BB-(sf) Rating on Class E Notes
BRAVO 2025-10: S&P Assigns Prelim B (sf) Rating on Class B-2 Notes
BREAN ASSET 2025-RM13: DBRS Finalizes B Rating on Class M5 Notes
BRIDGECREST LENDING 2025-4: DBRS Finalizes BB Rating on E Notes

BRIDGECREST LENDING 2025-4: S&P Assigns BB (sf) Rating on E Notes
BSTN COMMERCIAL 2025-HUB: DBRS Finalizes B(high) Rating on HRR Debt
BX TRUST 2021-ACNT: DBRS Confirms B(low) Rating on Class G Certs
CEDAR FUNDING VI: S&P Assigns BB- (sf) Rating on Class E-R3 Notes
COLUMBIA CENT 30: S&P Affirms B+ (sf) Rating on Class E Notes

COMM 2015-CCRE24: DBRS Confirms C Rating on 2 Classes
CPS AUTO 2025-D: DBRS Finalizes BB Rating on Class E Notes
CRESTLINE DENALI XV: Moody's Affirms Ba3 Rating on $16MM E-1 Notes
CSAIL 2015-C3: DBRS Cuts Rating on 2 Tranches to C
DIAMETER CAPITAL 5: S&P Assigns Prelim 'BB-' Rating on D-R Notes

DLIC REREMIC 2025-FRR1: DBRS Gives (P) B(low) Rating on 9 Classes
DRYDEN 75: S&P Affirms B (sf) Rating on Class E-R2 Notes
DT AUTO OWNER: S&P Assigns BB (sf) Rating on Class E Notes
EXETER AUTOMOBILE 2025-5: S&P Assigns Prelim BB- Rating on E Notes
EXETER SELECT 2025-3: S&P Assigns BB (sf) Rating on Class E Notes

FIGRE TRUST 2025-HE6: S&P Assigns B- (sf) Rating on Class F Notes
FORTRESS CREDIT VIII: S&P Assigns BB- (sf) Rating on Class E Notes
FS COMMERCIAL 2023-4SZN: DBRS Confirms B Rating on Class HRR Certs
GCAT 2025-NQM6: S&P Assigns B (sf) Rating on Class Cl. B-2 Certs
GLS AUTO 2024-4: S&P Affirms BB (sf) Rating on Class E Notes

GS MORTGAGE 2025-HE2: DBRS Gives Prov. B Rating on Class B2 Notes
JP MORGAN 2021-NYAH: DBRS Cuts Class G Certs Rating to B
JP MORGAN 2025-CES6: S&P Assigns Prelim 'B-' Rating on B-2 Notes
MF1 2022-FL10: DBRS Confirms B(low) Rating on 3 Tranches
MONROE CAPITAL XV: S&P Assigns Prelim BB-(sf) Rating Cl. E-R Notes

MORGAN STANLEY 2015-C24: DBRS Confirms C Rating on Class F Certs
MORGAN STANLEY 2025-NQM8: S&P Assigns B (sf) Rating on B-2 Certs
MOUNTAIN VIEW 2017-2: Moody's Cuts Rating on $17.5MM E Notes to B3
MOUNTAIN VIEW IX: Moody's Cuts Rating on $27.3MM D-R Notes to Caa1
NEWARK BSL 2: Moody's Affirms Ba3 Rating on $20MM Class D Notes

OCEAN TRAILS XVII: S&P Assigns Prelim BB- (sf) Rating on E Notes
OCP CLO 2025-45: S&P Assigns BB- (sf) Rating on Class E Notes
OCP CLO 2025-46: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
OCTAGON 57: S&P Affirms B+ (sf) Rating on Class E Notes
OCTANE RECEIVABLES 2025-1: S&P Assigns BB (sf) Rating on E Notes

PALMER SQUARE 2025-5: S&P Assigns Prelim BB-(sf) Rating on E Notes
PKHL COMMERCIAL 2021-MF: S&P Lowers Cl. A Certs Rating to 'D (sf)'
RECETTE CLO: S&P Affirms B- (sf) Rating on Class F-RR Notes
SAGARD-HALSEYPOINT CLO 10: S&P Assigns BB- (sf) Rating on E Notes
SALUDA GRADE 2025-RRTL1: DBRS Gives Prov. B(low) Rating on M2 Notes

SHELTER GROWTH 2021-FL3: DBRS Confirms B(low) Rating on H Notes
STRATA CLO II: S&P Affirms BB- (sf) Rating on Class E Notes
SYCA COMMERCIAL 2025-WAG: DBRS Gives Prov. B Rating on Cl. G Certs
SYCAMORE TREE 2024-5: S&P Assigns Prelim BB-(sf) Rating on ER Notes
TOWD POINT 2025-CES4: DBRS Finalizes B(high) Rating on 5 Classes

TRIMARAN CAVU 2023-1: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
TRINITAS CLO XV: S&P Affirms B- (sf) Rating on Class F Notes
VERUS SECURITIZATION 2025-10: S&P Assigns Prelim B (sf) on B2 Notes
VISTA POINT 2025-CES3: DBRS Gives Prov. B Rating on B2 Notes
WELLESLEY PARK: S&P Assigns Prelim BB-(sf) Rating on Class E Notes

WELLINGTON 1: S&P Assigns Prelim 'BB-' Rating on Class E-R Notes
WELLS FARGO 2014-LC18: DBRS Confirms C Rating on 4 Classes
WELLS FARGO 2017-RB1: DBRS Confirms C Rating on 6 Classes
WELLS FARGO 2021-C60: DBRS Confirms B(low) Rating on LRR Certs
WFRBS COMMERCIAL 2014-LC14: DBRS Confirms CCC Rating on 3 Tranches

WINDHILL CLO 4: S&P Assigns BB- (sf) Rating on Class E Notes
WINDHILL CLO 4: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
[] DBRS Reviews 156 Classes from 15 US RMBS Transactions
[] DBRS Reviews 340 Classes From 10 US RMBS Transactions
[] S&P Takes Various Actions on 226 Classes From 30 US CMBS Deals

[] S&P Takes Various Actions on 447 Classes From 31 US CMBS Deals

                            *********

A10 PERMANENT 2015-I: DBRS Cuts Class C Notes Rating to CCC
-----------------------------------------------------------
DBRS, Inc. downgraded the credit rating on one class issued by A10
Permanent Asset Financing 2015-I, LLC (the Issuer) as follows:

-- Class C Notes to CCC (sf) from B (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A Notes at AAA (sf)
-- Class B Notes at BBB (high) (sf)

Class C has a credit rating that typically does not carry a trend
in commercial mortgage-backed securities (CMBS) transactions. The
trends on all remaining classes are Stable.

The credit rating downgrade to Class C reflects the decrease in
credit support to the bond as a result of Morningstar DBRS'
increased loss projections for the pool, primarily attributable to
the two loans in special servicing, 205 Wacker (Prospectus ID#5;
7.5% of the current pool balance) and 610 West Ash (Prospectus
ID#35; 16.8% of the current pool balance). Since the prior credit
rating action in January 2025, both loans transferred to special
servicing because of payment default. Updated property appraisals
for each asset show significant value declines since issuance, and
as such, Morningstar DBRS analyzed both loans with liquidation
scenarios, resulting in projected cumulative losses of
approximately $18.7 million. Those losses would erode approximately
95.0% of the unrated first-loss note, significantly reducing credit
support to Class C, supporting the credit rating downgrade. The
reported $22.5 million balance of the unrated first-loss note does
not reflect the liquidation of the Northwoods Crossing loan, which
resulted in a $2.7 million loss to the trust. The Morningstar DBRS
analysis included this loss in conjunction with the liquidations of
both specially serviced loans.

As of the October 2025 remittance, the pool consists of 32 loans
with a cumulative trust balance of $182.9 million, representing a
collateral reduction of 38.9% since issuance and an increase of
12.5% from the previous credit rating action. The pool is most
concentrated by office properties representing 46.9% of the current
pool balance including the two specially serviced loans. The
second-largest property type concentration in the transaction is
retail, with 17 loans representing 45.4% of the current pool
balance. This concentration remains consistent from the prior year.
In the analysis for this review, Morningstar DBRS applied upward
loan-to-value ratio (LTV) adjustments to seven loans, representing
36.7% of the current trust balance, generally reflective of higher
cap rate assumptions compared with the implied cap rates based on
the appraisals from closing.

The largest loan in special servicing, 610 West Ash, is secured by
an office property in downtown San Diego. The loan transferred to
special servicing in May 2025 for payment default. The property was
50.5% occupied as of the June 2025 rent roll, a significant decline
from the issuance figure of 92.5%. The decline was primarily
attributed to the departure of the property's former second-largest
tenant, ESET (21.6% net rentable area (NRA)), in August 2024. The
property's largest tenant, Homeland Security, executed a three-year
lease renewal through May 2028, at a gross rental rate of $45.69
psf. Despite the lease renewal, the loan will continue to operate
under a cash flow sweep until the former ESET space is backfilled.
According to Reis, the downtown San Diego office submarket
continues to experience high vacancy, with a Q2 2025 vacancy rate
of 27.5%, which reflects an increase of 3.4% when compared with the
Q3 2024 reporting. The servicer reported net cash flow of $1.2
million (a debt service coverage ratio [DSCR] of 0.51 times [x]) as
of the annualized trailing six-month period ended June 30, 2025,
down 37.4% from the YE2024 figure of $1.9 million. According to the
Q2 2025 asset status report, the Issuer is proceeding with
foreclosure. An updated appraisal completed in July 2025, valued
the property at $18.4 million, a 65.0% decline from the $52.5
million appraised value at issuance. Given the property's declining
performance and ongoing foreclosure proceedings, Morningstar DBRS
applied a stressed 20% haircut to the July 2025 appraisal and
included outstanding loan advances as well as additional projected
advances in the loan liquidation analysis. The resulting projected
loan loss severity was approximately 44.4%, or $13.6 million.

The second-largest loan in special servicing, 205 Wacker, is
secured by a 23-story, Class B office building within the Loop
submarket of downtown Chicago. The trust loan has a current balance
of $13.8 million and represents a 50.0% pari passu portion of the
total $27.5 million loan. The loan transferred to special servicing
in May 2025 for payment default. Performance of the asset has
continued to decline year-over-year as vacancy within the Chicago
office market has remained high. The property was 55.9% occupied as
of March 2025, down from 65.7% as of YE2024. Prior to the loan's
transfer, the borrower was provided a six-month forbearance through
April 2025, which included the conversion of debt service payments
to interest-only and ceased the required monthly capital
expenditure and rollover reserve collections. According to the
update provided by the servicer; however, the borrower is no longer
interested in carrying the loan and has requested a deed-in-lieu
foreclosure. The most recent appraisal, dated July 2025, valued the
property at $18.4 million, a 61.2% decline from the $47.4 million
appraised value at issuance. In its current analysis, Morningstar
DBRS applied a 20% haircut to the July 2025 appraisal and included
projected advances in the loan liquidation analysis. The resulting
projected loan loss severity was approximately 36.6%, or $5.0
million.

As of the October 2025 reporting, seven loans are on the servicer's
watchlist, representing 30.3% of the current pool balance. The
largest loan on the servicer's watchlist, View 8 (Prospectus ID#21;
10.7% of the current pool balance), is secured by a Class A office
property in Midvale, Utah. The loan is being monitored on the
servicer's watchlist for upcoming rollover concerns as the
property's largest tenant, Marriott, representing 49.6% NRA, has a
lease expiration of December 2026. While the property was 89.5%
occupied as of the June 2025 rent roll, the loss of Marriott would
decrease occupancy to 39.9%. As of YE2024, the property generated
NCF of $1.9 million, with a reported DSCR of 1.36x. In its analysis
for this credit rating action, Morningstar DBRS applied a market
cap rate to the in-place NCF, which resulted in an elevated LTV
ratio. The loan expected loss of 6.2% is approximately two times
greater than the expected loss for the pool.

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


ALLEGRO CLO X: Moody's Cuts Rating on $3MM Class F Notes to Caa3
----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by Allegro CLO X, Ltd.:

US$15M Class C-RR Mezzanine Secured Deferrable Floating Rate
Notes, Upgraded to Aaa (sf); previously on Aug 8, 2024 Assigned Aa3
(sf)

US$18.6M Class D-RR Mezzanine Secured Deferrable Floating Rate
Notes, Upgraded to A3 (sf); previously on Aug 8, 2024 Assigned Baa2
(sf)

US$3M Class F Junior Secured Deferrable Floating Rate Notes,
Downgraded to Caa3 (sf); previously on Apr 26, 2024 Downgraded to
Caa2 (sf)

Moody's have also affirmed the ratings on the following notes:

US$182M Class A-RR (Current outstanding balance US$70,664,537)
Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously
on Aug 8, 2024 Assigned Aaa (sf)

US$32.4M Class B-RR Senior Secured Floating Rate Notes, Affirmed
Aaa (sf); previously on Aug 8, 2024 Assigned Aaa (sf)

US$18M Class E Junior Secured Deferrable Floating Rate Notes,
Affirmed B1 (sf); previously on Aug 7, 2020 Downgraded to B1 (sf)

Allegro CLO X, Ltd., issued in June 2019 and refinanced in April
2021 as well as in Aug 2024, is a collateralised loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured US
loans. The portfolio is managed by AXA Investment Managers US Inc.
The transaction's reinvestment period ended in April 2024.

RATINGS RATIONALE

The rating upgrades on the Class C-RR and D-RR notes are primarily
a result of the deleveraging of the Class A-RR notes following
amortisation of the underlying portfolio since the last rating
action in Aug 2024; the downgrade to the rating on the Class F
notes is due to the deterioration in over-collateralisation ratio
and par losses experienced on the portfolio since the last rating
action in Aug 2024.

The affirmations on the ratings on the Class A-RR, B-RR 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 Class A-RR notes have paid down by approximately USD92.9mn
(48.4% of original notes amount) in the last 12 months and
USD121.3mn (63.2%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased for the more senior
tranches of the capital structure since the last rating action in
Aug 2024. According to the trustee report dated Oct 2025[1] the
Class A/B, Class C and Class D OC ratios are reported at 144.41%,
130.26% and 116.15% compared to July 2024[2] levels  of 129.61%,
121.48% and 112.73%, respectively.

At the same time, the over-collateralisation ratios of the Class E
and F notes (the latter captured in the Reinvestment
Overcollateralization Test) have deteriorated since the rating
action in Aug 2024.

According to the trustee report dated Oct 2025[1] the Class E and
the Class F OC ratios are reported at 105.13% and 103.5% compared
to July 2024[2] levels of 105.37% and 104.24%, respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: USD198,862,550

Defaulted Securities: USD2,105,175

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2823

Weighted Average Life (WAL): 3.76 years

Weighted Average Spread (WAS) (before accounting for reference
floor): 3.15%

Weighted Average Recovery Rate (WARR): 46.08%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Moody's note that the Oct 2025 trustee report was published at the
time Moody's were completing Moody's analysis of the Sept 2025
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates. Moody's considered the actual Class A-RR note
repayment that took place on interest payment date of Oct. 20, 2025
and the resulting effects on the OC ratios from this deleveraging
in Moody's analysis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, using the methodology "Structured Finance
Counterparty Risks" published in May 2025. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

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.


ARES LXII: 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, B-R, C-R, D-R, and E-R debt from Ares LXII CLO Ltd./Ares
LXII CLO LLC, a CLO managed by Ares U.S. CLO Management III LLC, a
subsidiary of Ares Management Corp. that closed in 2021. At the
same time, S&P withdrew its ratings on the previous class A-1, B,
C, D, and E following payment in full on the Oct. 27, 2025,
refinancing date.

The replacement debt was issued via a conformed indenture, which
outlines the terms of the replacement debt. According to the
conformed indenture:

-- The non-call period was extended to Oct. 25, 2026.

-- No additional assets were purchased on the Oct. 27, 2025,
refinancing date, and the target initial par amount remains the
same. There is no additional effective date or ramp-up period, and
the first payment date following the refinancing is Jan. 25, 2026.

-- No additional subordinated notes were issued on the refinancing
date.

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-1-R, $369.00 million: Three-month CME term SOFR +
1.07%

-- Class A-2-R, $21.00 million: Three-month CME term SOFR + 1.40%

-- Class B-R (deferrable), $66.00 million: Three-month CME term
SOFR + 1.50%

-- Class C-R (deferrable), $36.00 million: Three-month CME term
SOFR + 1.90%

-- Class D-R (deferrable), $36.00 million: Three-month CME term
SOFR + 3.15%

-- Class E-R (deferrable), $22.50 million: Three-month CME term
SOFR + 6.00%

Previous debt

-- Class A-1, $369.00 million: Three-month CME term SOFR +
1.39161%

-- Class A-2, $21.00 million: Three-month CME term SOFR +
1.71161%

-- Class B (deferrable), $66.00 million: Three-month CME term SOFR
+ 1.91161%

-- Class C (deferrable), $36.00 million: Three-month CME term SOFR
+ 2.31161%

-- Class D (deferrable), $36.00 million: Three-month CME term SOFR
+ 3.36161%

-- Class E (deferrable), $22.50 million: Three-month CME term SOFR
+ 6.76161%

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.

"On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the class D-R and E-R debt. Given the
overall credit quality of the portfolio and the passing coverage
tests, we assigned the prior ratings of the class D and E debt to
the class D-R and E-R debt, respectively. 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

  Ares LXII CLO Ltd./Ares LXII CLO LLC

  Class A-1-R, $369.00 million: AAA (sf)
  Class B-R, $66.00 million: AA (sf)
  Class C-R (deferrable), $36.00 million: A (sf)
  Class D-R (deferrable), $36.00 million: BBB- (sf)
  Class E-R (deferrable), $22.50 million: BB- (sf)

  Ratings Withdrawn

  Ares LXII CLO Ltd./Ares LXII CLO LLC

  Class A-1 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

  Ares LXII CLO Ltd./Ares LXII CLO LLC

  Class A-2-R, $21.00 million: NR

  Subordinated notes, $57.00 million: NR

NR--Not rated.




ATLAS SENIOR XII: S&P Affirms B (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and C debt
from Atlas Senior Loan Fund XII Ltd., a broadly syndicated U.S. CLO
managed by Crescent Capital Group L.P., and removed them from
CreditWatch where they had been placed with positive implications
on Aug. 11, 2025. S&P also raised its rating on the class D debt
from the same transaction. At the same time, S&P affirmed its
ratings on the class A-1 and E debt from the transaction.

The rating actions follow our review of the transaction's
performance using data from the September 2025 trustee report.

The transaction has made $223 million in paydowns to the class A-1
debt since S&P's March 2024 rating actions based on the January
2024 trustee report. These paydowns lowered the outstanding
balances of the senior debt, and this, in turn, increased all the
reported overcollateralization (O/C) ratios:

-- The senior O/C ratio improved to 165.33% from 125.66%.
-- The class C O/C ratio improved to 132.58% from 115.34%.
-- The class D O/C ratio improved to 116.67% from 109.16%.
-- The class E O/C ratio improved to 103.68% from 103.38%.

While the O/C ratios improved due to amortization, per the
September 2025 trustee report, the percentage of the collateral
portfolio's exposure to 'CCC' rated collateral increased, although
the exposure in dollar terms decreased to $34.93 million, compared
with $51.09 million reported in January 2024 trustee report, which
was used in S&P's previous review. Over the same period, the par
amount of defaulted collateral has decreased to $0.00 million from
$2.65 million.

The upgrades on the class B, C and D debt reflect the improved
credit support available to the debt at the prior rating levels.

The affirmations reflect adequate credit support at the current
rating levels, though any deterioration in the credit support
available to the debt could result in a rating revision.

S&P said, "Though our cash flow analysis indicated higher ratings
for the class C, D, and E debt, our rating actions reflect our
preference for extra cushion, based on additional sensitivity
analyses we ran, to consider the portfolio's increased exposure to
lower-quality assets and distressed prices.

"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 the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

  Ratings Raised And Removed From CreditWatch

  Atlas Senior Loan Fund XII Ltd.

  Class B to 'AAA (sf)' from 'AA (sf) / Watch Pos'
  Class C to 'AA (sf)' from 'A (sf) / Watch Pos'

  Rating Raised

  Atlas Senior Loan Fund XII Ltd.

  Class D to 'BBB (sf)' from 'BBB- (sf)'

  Ratings Affirmed

  Atlas Senior Loan Fund XII Ltd.

  Class A-1: AAA (sf)
  Class E: B (sf)



ATLAS SENIOR XXI: 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 and new class X-R debt from Atlas
Senior Loan Fund XXI Ltd./Atlas Senior Loan Fund XXI LLC, a CLO
managed by Crescent Capital Group L.P. that was originally issued
in July 2023. At the same time, S&P withdrew its ratings on the
previous class A-1, A-2, B, C, D-1, D-2, and E debt following
payment in full on the Oct. 20, 2025, refinancing date.

The replacement and new 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-R, and E-R debt and new
class X-R debt is expected to be issued at a lower spread over
three-month term SOFR than the previous debt.

-- The stated maturity was extended by 2.6 years.

-- The reinvestment period was extended by 4.25 years.

-- The non-call period was extended by 2.25 years.

-- The weighted average life test date was extended by two years.

-- The non-call period was extended to Oct. 20, 2027.

-- The reinvestment period was extended to Oct. 20, 2030.

-- The legal final maturity dates for the replacement debt and the
existing subordinated notes were extended to March 20, 2038.

-- No additional assets were purchased on the Oct. 20, 2027,
refinancing date, and the target initial par amount remains at $350
million. There was no additional effective date or ramp-up period,
and the first payment date following the refinancing is Jan. 20,
2026.

-- New class X-R debt was issued on the refinancing date. The debt
is expected to be paid down using interest proceeds during the
first 10 payment dates in equal installments of $0.40 million,
beginning with the April 20, 2026, payment date and ending on July
20, 2028.

-- 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

  Atlas Senior Loan Fund XXI Ltd./Atlas Senior Loan Fund XXI LLC

  Class X-R, $4.00 million: AAA (sf)
  Class A-R, $210.00 million: AAA (sf)
  Class B-R, $56.00 million: AA (sf)
  Class C-R (deferrable), $21.00 million: A (sf)
  Class D-R (deferrable), $17.50 million: BBB (sf)
  Class E-R (deferrable), $15.75 million: BB- (sf)

  Ratings Withdrawn

  Atlas Senior Loan Fund XXI Ltd./Atlas Senior Loan Fund XXI LLC

  Class A-1 to NR from 'AAA (sf)'
  Class A-2 to NR from 'AAA (sf)'
  Class B to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D-1 to NR from 'BBB (sf)'
  Class D-2 to NR from 'BBB- (sf)'
  Class E to NR from 'BB- (sf)'

  Other Debt

  Atlas Senior Loan Fund XXI Ltd./Atlas Senior Loan Fund XXI LLC

  Subordinated notes, $31.82 million: NR

NR--Not rated.



BALBOA BAY 2023-2: S&P Assigns BB- (sf) Rating on Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt from Balboa Bay Loan
Funding 2023-2 Ltd./Balboa Bay Loan Funding 2023-2 LLC, a CLO
managed by Pacific Investment Management Co. LLC that was
originally issued in November 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. 20, 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. 20, 2026.

-- No additional assets were purchased on the Oct. 20, 2025
refinancing date, and 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. 20,
2026.

-- No additional subordinated notes were issued on the refinancing
date.

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-1-R, $252.00 million: Three-month CME term SOFR +
1.15%

-- Class A-2-R, $12.00 million: Three-month CME term SOFR + 1.45%

-- Class B-R, $40.00 million: Three-month CME term SOFR + 1.55%

-- Class C-R (deferrable), $24.00 million: Three-month CME term
SOFR + 1.80%

-- Class D-R (deferrable), $20.00 million: Three-month CME term
SOFR + 2.90%

-- Class E-R (deferrable), $16.00 million: Three-month CME term
SOFR + 5.00%

Previous debt

-- Class A-1, $252.00 million: Three-month CME term SOFR + 1.78%

-- Class A-2, $12.00 million: Three-month CME term SOFR + 2.10%

-- Class B, $40.00 million: Three-month CME term SOFR + 2.35%

-- Class C (deferrable), $24.00 million: Three-month CME term SOFR
+ 2.90%

-- Class D (deferrable), $20.00 million: Three-month CME term SOFR
+4.50%

-- Class E (deferrable), $16.00 million: Three-month CME term SOFR
+ 7.25%

-- Subordinated notes, $42.75 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 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

  Balboa Bay Loan Funding 2023-2 Ltd /
  Balboa Bay Loan Funding 2023-2 LLC

  Class A-1-R, $252.00 million: AAA (sf)
  Class A-2-R, $12.00 million: AAA (sf)
  Class B-R, $40.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A+ (sf)
  Class D-R (deferrable), $20.00 million: BBB (sf)
  Class E-R (deferrable), $16.00 million: BB- (sf)

  Ratings Withdrawn

  Balboa Bay Loan Funding 2023-2 Ltd /
  Balboa Bay Loan Funding 2023-2 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

  Balboa Bay Loan Funding 2023-2 Ltd /
  Balboa Bay Loan Funding 2023-2 LLC

  Subordinated notes, $42.75 million: NR

NR--Not rated.



BALLYROCK CLO 17: S&P Assigns BB- (sf) Rating on Class D-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-1a-R, A-1b-R, A-2-R, B-R, C-1-R, C-2-R, and D-R
debt from Ballyrock CLO 17 Ltd./Ballyrock CLO 17 LLC, a CLO managed
by Ballyrock Investment Advisors LLC that was originally issued in
September 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 broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term
loans.

The preliminary ratings are based on information as of Oct. 30,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 13, 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, S&P may withdraw its
preliminary ratings on the 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

  Ballyrock CLO 17 Ltd/Ballyrock CLO 17 LLC

  Class A-1a-R, $320.00 million: AAA (sf)
  Class A-1b-R, $10.00 million: AAA (sf)
  Class A-2-R, $50.00 million: AA (sf)
  Class B-R (deferrable), $30.00 million: A (sf)
  Class C-1-R (deferrable), $25.00 million: BBB (sf)
  Class C-2-R (deferrable), $10.00 million: BBB- (sf)
  Class D-R (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $74.28 million: NR

NR--Not rated.



BANK 2020-BNK30: DBRS Confirms BB Rating on Class XG Certs
----------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2020-BNK30
issued by BANK 2020-BNK30 as follows:

-- Class A-1 at AAA (sf)
-- Class A2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (high) (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (sf)
-- Class F at BB (high) (sf)
-- Class G at BB (low) (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (low) (sf)
-- Class X-D at BBB (high) (sf)
-- Class X-F at BBB (low) (sf)
-- Class X-G at BB (sf)
-- Class A-3-1 at AAA (sf)
-- Class A-3-X1 at AAA (sf)
-- Class A-3-2 at AAA (sf)
-- Class A-3-X2 at AAA (sf)
-- Class A-4-1 at AAA (sf)
-- Class A-4-X1 at AAA (sf)
-- Class A-4-2 at AAA (sf)
-- Class A-4-X2 at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X2 at AAA (sf)

All trends are Stable.

The credit rating confirmations and Stable trends reflect the
overall stable performance of the transaction since Morningstar
DBRS' previous credit rating action in May 2025, as evidenced by a
weighted-average (WA) debt service coverage ratio (DSCR) of 3.21
times (x) and no loans in special servicing. Although the
transaction has a significant concentration of loans secured by the
office property type, which accounts for 43.6% of the pool, the
majority of these loans continue to perform as expected. Excluding
the McDonald's Global HQ (Prospectus ID#4; 7.0% of the pool), which
failed to report recent financials, the WA DSCR and debt yield for
the office-backed loans in the pool are 3.86x and 10.4%,
respectively, based on the most recent financial reporting
available. The pool also benefits from three shadow-rated loans in
the top 10 that cumulatively represent 10.2% of the pool, discussed
further below.

As of the September 2025 remittance, all 40 of the original loans
remain in the pool with a trust balance of $780.8 million,
reflecting a collateral reduction of 4.1% since issuance. The pool
is concentrated by property type; outside of the loans backed by
office properties retail and industrial properties make up 24.7%
and 9.0%, respectively. Two loans, representing 7.0% of the pool,
are on the servicer's watchlist, both of which are both being
monitored for nonperformance-related reasons. Only one loan,
representing 0.6% of the pool, is fully defeased.

The largest loan in the pool, 605 Third Avenue (Prospectus ID#1;
10.2% of the pool), is secured by a 1,072,735-square-foot Class A
office property in the Grand Central submarket of Manhattan. This
loan is pari passu with the BANK 2021-BNK31 and BANK 2021-BNK32
(Morningstar DBRS rated) transactions. According to the April 2025
rent roll, the property is 95.6% occupied, remaining in line with
recent historical figures and issuance expectations. However,
leases for approximately 13.3% of the net rentable area (NRA) are
scheduled to expire within the next 12 months, including that of
the second-largest tenant, The United Nations Population Fund
(12.7% of the NRA; lease expiry in December 2025). According to the
servicer, The United Nations Population Fund is not planning to
renew or extend its lease upon expiry, which would bring down the
occupancy rate to approximately 82.9% if no tenants were to
backfill the space. One of the sponsors, Fisher Brothers, is a
renowned New York City developer, owner, and operator that has
managed the property since developing it in 1963. The other sponsor
is JP Morgan Asset Management, a premier institutional investor and
global leader in investment management. As of Q2 2025, the Grand
Central office submarket reported an average vacancy rate,
effective rent, and asking rent of 11.9%, $59.45 per square foot
(psf), and 78.45 psf, respectively, providing the sponsors some
room to find replacement tenants. Historically, the property has
performed well, with the most recent financials reporting YE2024
net cash flow (NCF) of $21.3 million, which remains in line with
the Morningstar DBRS-derived NCF of $21.5 million. At issuance, the
subject was valued at $685.0 million, which equates to a very
moderate whole-loan loan-to-value ratio (LTV) of 33.7%. Although
occupancy is expected to decline in the near term, the loan's
strong sponsorship and continued robust historical performance
should insulate the loan from any near-term performance declines.

At issuance, Morningstar DBRS assigned investment-grade shadow
ratings to 605 Third Avenue, McDonald's Global HQ, and The Grace
Building. The McDonald's Global HQ loan, secured by a Class A
office building in Chicago, had a Morningstar DBRS LTV of 48.8% at
issuance. The loan also benefits from the tenant's demonstrated
long-term commitment with more than $117.0 million of its own
capital invested into the space at issuance. The Grace Building
loan, secured by a Class A office tower in Manhattan, also had a
relatively low Morningstar DBRS LTV of 62.9% on the senior A note
at issuance and is insulated by an additional $367 million of
subordinate B notes that are securitized in a stand-alone offering.
The Grace Building is also classified as a Class A trophy asset and
is very well located within the Grand Central submarket relative to
its competitors. With this review, Morningstar DBRS confirms the
performance of all three loans remains consistent with
investment-grade characteristics based on strong credit metrics and
continued stable performance.

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


BANK5 2025-5YR17: DBRS Finalizes BB Rating on 2 Tranches
--------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of Commercial Mortgage Pass-Through Certificates,
Series 2025-5YR17 (the Certificates) issued by BANK5 2025-5YR17
(the Issuer):

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-2-1 at AAA (sf)
-- Class A-2-2 at AAA (sf)
-- Class A-2-X1 at AAA (sf)
-- Class A-2-X2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-3-1 at AAA (sf)
-- Class A-3-2 at AAA (sf)
-- Class A-3-X1 at AAA (sf)
-- Class A-3-X2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at A (high) (sf)
-- Class A-S at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-X2 at AAA (sf)
-- Class B at AA (sf)
-- Class B-1 at AA (sf)
-- Class B-2 at AA (sf)
-- Class B-X1 at AA (sf)
-- Class B-X2 at AA (sf)
-- Class C at A (sf)
-- Class C-1 at A (sf)
-- Class C-2 at A (sf)
-- Class C-X1 at A (sf)
-- Class C-X2 at A (sf)
-- Class D at BBB (sf)
-- Class X-D at BBB (sf)
-- Class F at BB (high) (sf)
-- Class X-F at BB (high) (sf)
-- Class G at BB (sf)
-- Class X-G at BB (sf)

All trends are Stable.

Classes D, X-D, F, X-F, G, X-G, H, and X-H will be privately
placed.

The Class A-2-1, Class A-2-2, Class A-2-X1, Class A-2-X2, Class
A-3-1, Class A-3-2, Class A-3-X1, Class A-3-X2, Class A-S-1, Class
A-S-2, Class A-S-X1, Class A-S-X2, Class B-1, Class B-2, Class
B-X1, Class B-X2, Class C-1, Class C-2, Class C-X1, and Class C-X2
certificates are also offered certificates. Such classes of
certificates, together with the Class A-2, Class A-3, Class A-S,
Class B, and Class C certificates, constitute the Exchangeable
Certificates. The Class A-1, Class D, Class F, Class G, and Class H
certificates, together with the Exchangeable Certificates with a
certificate balance, are referred to as the principal balance
certificates.

The collateral for the BANK5 2025-5YR17 transaction consists of 44
loans secured by 66 commercial and multifamily properties with an
aggregate cut-off date balance of approximately $1.0 billion. Three
loans, representing 15.2% 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) Debt Service Coverage Ratio (DSCR) of the pool was 1.60 times
(x). Excluding the three shadow-rated loans, the Morningstar DBRS
Issuance DSCR drops to 1.40x. Of the 44 loans, 13 loans,
representing 23.7% of the pool, have a Morningstar DBRS Issuance
DSCR of less than 1.25x, which have historically had higher default
frequencies. The pool's Morningstar DBRS WA Issuance Loan-to-Value
Ratio (LTV) was 59.8%, and the pool is scheduled to amortize to a
Morningstar DBRS WA Balloon LTV of 59.2% at maturity based on the A
note balances. Excluding the shadow-rated loans, the deal exhibits
a moderate Morningstar DBRS WA Issuance LTV of 64.0% and a
Morningstar DBRS WA Balloon LTV of 63.2%. Sixteen of the 44 loans,
representing 39.3% of the pool, have Morningstar DBRS Issuance LTVs
above 67.6%, which have historically had higher default
frequencies. The transaction has a sequential-pay pass-through
structure.

A cash flow underwriting review and a cash flow stability and
structural review were completed on 22 of the 44 loans in the pool,
representing 77.6% of the pool. For the loans not subject to
underwriting review, Morningstar DBRS applied the average NCF
variance of its respective loan seller. Morningstar DBRS generally
adjusted cash flow to current in-place rent and, in some instances,
applied an additional vacancy or concession adjustment to account
for deteriorating market conditions or tenants with above-market
rent. In certain instances, Morningstar DBRS accepted contractual
rent bumps if they were within market levels. Generally,
Morningstar DBRS recognized most expenses based on the higher of
historical figures or the borrower's budgeted figures. Real estate
taxes and insurance premiums were inflated if a current bill was
not provided. Capital expenditures were deducted based on the
greater of the engineer's inflated estimates or the Morningstar
DBRS standard estimate, according to property type. Finally,
leasing costs were deducted to arrive at the Morningstar DBRS NCF.
If a significant upfront leasing reserve was established at
closing, Morningstar DBRS reduced its leasing costs. Morningstar
DBRS gave credit to tenants not yet in occupancy if a lease had
been signed and the loan was adequately structured with a reserve,
letter of credit, or a holdback earn-out. The Morningstar DBRS
sample has an average NCF variance of -13.2% that ranged from -3.0%
to -30.2%.

Three loans, representing 15.2% of the pool, exhibited credit
characteristics consistent with investment-grade shadow ratings.
Making up 8.7% of the pool, Vertex HQ exhibited credit
characteristics consistent with an investment-grade shadow rating
of AA (high). Aman Hotel New York, which makes up 3.9% of the pool,
exhibited credit characteristics consistent with an
investment-grade shadow rating of AA (low). Similarly, The
Pruneyard, which makes up 2.6% of the pool, exhibited credit
characteristics consistent with an investment-grade shadow rating
of BBB (high).

Seven loans, representing 19.8% 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, eight loans, representing 18.5% 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. Lastly, 13 loans, representing 31.3% 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 26.4%
of the pool, was Excellent, Above Average, or Average +, while
seven loans, representing only 18.6% 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.

Thirteen loans, representing 34.6% 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 59.8% (64.0% excluding
shadow-rated loans) and a Morningstar DBRS Balloon LTV of 59.2%
(63.2% excluding shadow-rated loans).

The pool has a relatively high concentration of loans secured by
office and retail properties, at 18 loans, representing 28.4% 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.

Thirty-nine loans, representing 82.3% 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 42.8% 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 -0.9%
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.

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


BARROW HANLEY II: S&P Assigns BB- (sf) Rating on Class E-RR Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1R, A-2R, B-R, C-R, D-1RR, D-2RR, and E-RR debt and new class X
debt from Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC, a CLO
managed by BH Credit Management LLC that was originally issued in
September 2023 and underwent a partial refinancing in March 2025.
At the same time, S&P withdrew its ratings on the previous class
A-1, A-2, B, C, D-R, and E-R debt following payment in full on the
Oct. 20, 2025, refinancing date.

The replacement and new debt was issued via a proposed supplemental
indenture, which outlines the terms of the replacement debt.
According to the proposed supplemental indenture:

-- The non-call period was extended to Oct. 20, 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 March 31, 2038.

-- The target initial par amount increased to $500 million. There
is no additional effective date or ramp-up period, and the first
payment date following the refinancing is Jan. 20, 2026.

-- New class X debt was issued on the refinancing date. This debt
is expected to be paid down using interest proceeds during the
first eight payment dates in equal installments, beginning with the
January 2026 payment date.

-- The required minimum overcollateralization was 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

  Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC

  Class X, $3.60 million: AAA (sf)
  Class A-1R, $300.00 million: AAA (sf)
  Class A-2R, $10.00 million: AAA (sf)
  Class B-R, $70.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1RR (deferrable), $25.00 million: BBB- (sf)
  Class D-2RR (deferrable), $6.25 million: BBB- (sf)
  Class E-RR (deferrable), $17.50 million: BB- (sf)

  Ratings Withdrawn

  Barrow Hanley CLO II Ltd./Barrow Hanley CLO 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 to NR from 'A (sf)'
  Class D-R to NR from 'BBB- (sf)'
  Class E-R to NR from 'BB- (sf)'

  Other Debt

  Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC

  Subordinated notes, $39.60 million: NR

NR--Not rated.



BCC MIDDLE 2025-2: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 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 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.



BENEFIT STREET XXXII: S&P Assigns BB- (sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-1-R, D-2-R, and E-R replacement debt and new class X-R debt from
Benefit Street Partners XXXII CLO Ltd./Benefit Street Partners
XXXII CLO LLC, a CLO originally issued in November 2023 that is
managed by BSP CLO Management LLC, a subsidiary of Franklin
Templeton. At the same time, S&P withdrew its ratings on the
original class A-1, B, C, D, and E debt following payment in full.


The replacement and new debt was issued via a supplemental
indenture, which outlines the terms of this 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 lower spreads than the original debt.

-- The non-call period end, reinvestment period end, and legal
final maturity dates were each extended by two years.

-- No additional assets were purchased on the Oct. 27, 2025,
refinancing date, and the target initial par amount remains at $400
million. There will be no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 26, 2026.

-- New class X-R debt was issued on the refinancing date and is
expected to be paid down using interest proceeds during the first
10 payment dates in equal installments of $200,000, beginning on
the January 2026 payment date and ending on the April 2028 payment
date.

-- 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
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

  Benefit Street Partners XXXII CLO Ltd.

  Class X-R, $2.0 million: AAA (sf)
  Class A-R, $256.0 million: AAA (sf)
  Class B-R, $48.0 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), $4.0 million: BBB- (sf)
  Class E-R (deferrable), $12.0 million: BB- (sf)

  Ratings Withdrawn

  Benefit Street Partners XXXII CLO Ltd.
  
  Class A-1 to not rated from 'AAA (sf)'
  Class B to not rated from 'AA (sf)'
  Class C (deferrable) to not rated from 'A (sf)'
  Class D (deferrable) to not rated from 'BBB- (sf)'
  Class E (deferrable) to not rated from 'BB- (sf)'
  Other Outstanding Debt

  Benefit Street Partners XXXII CLO Ltd.

  Subordinated notes, $35.4 million: Not rated



BENEFIT STREET XXXII: S&P Assigns Prelim 'BB-' Rating on E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement debt and proposed
new class X-R debt from Benefit Street Partners XXXII CLO
Ltd./Benefit Street Partners XXXII CLO LLC, a CLO originally issued
in November 2023 that is managed by BSP CLO Management L.L.C., a
subsidiary of Franklin Templeton.

The preliminary ratings are based on information as of Oct. 24,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 27, 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-1, A-2, B, C, D, and E debt and
assign ratings to the replacement class A-R, B-R, C-R, D-1-R,
D-2-R, and E-R debt and proposed new class X-R debt. However, if
the refinancing doesn't occur, we may affirm our ratings on the
existing debt and withdraw our preliminary ratings on the
replacement and proposed new debt."

The replacement and proposed new debt will be issued via a proposed
supplemental indenture, which outlines the terms of the replacement
debt. According to the proposed supplemental indenture:

-- The replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt
is expected to be issued at lower spreads than the existing debt.

-- The non-call period, reinvestment period, and legal final
maturity dates will each be extended by two years.

-- No additional assets will be purchased on the Oct. 27, 2025,
refinancing date, and the target initial par amount will remain at
$400,000,000. There will be no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 26, 2026.

-- New class X-R debt will be issued on the refinancing date. The
debt is expected to be paid down using interest proceeds during the
first 10 payment dates in equal installments of $200,000, beginning
on the January 2026 payment date and ending on the April 2028
payment date.

-- 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
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

  Benefit Street Partners XXXII CLO Ltd./
  Benefit Street Partners XXXII CLO LLC

  Class X-R, $2.00 million: AAA (sf)
  Class A-R, $256.0 million: AAA (sf)
  Class B-R, $48.0 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), $4.0 million: BBB- (sf)
  Class E-R (deferrable), $12.0 million: BB- (sf)

  Other Debt

  Benefit Street Partners XXXII CLO Ltd./
  Benefit Street Partners XXXII CLO LLC

  Subordinated notes, $35.4 million: NR

NR--Not rated.



BLACK DIAMOND 2025-2: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Black
Diamond CLO 2025-2 Ltd./Black Diamond CLO 2025-2 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 Black Diamond CLO 2025-2 Adviser
LLC.

The preliminary ratings are based on information as of Oct. 23,
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

  Black Diamond CLO 2025-2 Ltd./Black Diamond CLO 2025-2 LLC

  Class A-1, $244.00 million: AAA (sf)
  Class A-2, $16.00 million: AAA (sf)
  Class B, $44.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $24.00 million: BBB- (sf)
  Class D-2 (deferrable), $4.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $37.05 million: NR

NR--Not rated.



BLUEMOUNTAIN CLO 2015-4: S&P Affirms CCC+ (sf) Rating on F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement A-1-R2,
C-R2, and D-R2 debt from BlueMountain CLO 2015-4 Ltd./BlueMountain
CLO 2015-4 LLC, a CLO managed by Sound Point Capital Management
L.P. that was originally issued in January 2016 and underwent a
refinancing in May 2018. At the same time, S&P withdrew its ratings
on the previous class A-1-R, B-R, C-R, and D-R debt following
payment in full on the Oct. 20, 2025, refinancing date. S&P also
affirmed its ratings on the class E-R and F-R debt, which were not
refinanced.

The previous class A-1-R, A-2-R, and B-R debt were combined into
the replacement class A-1-R2 debt after the October 2025 payment
date. S&P assigned its ratings to the replacement class C-R2 and
D-R2 debt after considering the revised capital structure.

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 April 20, 2026.

-- No additional assets were purchased on the Oct. 20, 2025,
refinancing date, and the target initial par amount remains the
same. There is no additional effective date or ramp-up period.

-- No additional subordinated notes were issued on the refinancing
date.

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-1-R2, $77.95 million: Three-month CME term SOFR +
0.95%

-- Class C-R2 (deferrable), $35.00 million: Three-month CME term
SOFR + 1.30%

-- Class D-R2 (deferrable), $35.00 million: Three-month CME term
SOFR + 1.95%

Previous debt

-- Class A-1-R, $40.90 million: Three-month CME term SOFR +
1.26161%

-- Class A-2-R, $20.00 million: Three-month CME term SOFR +
1.56161%

-- Class B-R, $55.00 million: Three-month CME term SOFR +
1.91161%

-- Class C-R (deferrable), $35.00 million: Three-month CME term
SOFR + 2.16161%

-- Class D-R (deferrable), $30.00 million: Three-month CME term
SOFR + 3.21161%

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.

"On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the existing class E-R and F-R debt. We
believe the payment of principal or interest on the class F-R debt
continues to depend on favorable business, financial, or economic
conditions. Given the overall credit quality of the portfolio, the
failing junior coverage tests along with benefit from a reduction
in spreads from this refinancing, we affirmed our 'BB- (sf)' and
'CCC+ (sf)' ratings on the class E-R and F-R debt, respectively.
However, any further credit deterioration or lack of improvement
could lead to potential negative rating actions in the future.

"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

  BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC

  Class A-1-R2, $77.95 million: AAA (sf)
  Class C-R2 (deferrable), $35.00 million: AAA (sf)
  Class D-R2 (deferrable), $30.00 million: A (sf)

  Ratings Withdrawn

  BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC

  Class A-1-R to NR from 'AAA (sf)'
  Class B-R to NR from 'AA+ (sf)'
  Class C-R (deferrable) to NR from 'A+ (sf)'
  Class D-R (deferrable) to NR from 'BBB- (sf)'

  Ratings Affirmed

  BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC

  Class E-R (deferrable): BB- (sf)
  Class F-R (deferrable): CCC+ (sf)

  Other Debt

  BlueMountain CLO 2015-4 Ltd./BlueMountain CLO 2015-4 LLC

  Subordinated notes, $36.75 million: NR

NR--Not rated.



BLUEMOUNTAIN CLO XXII: S&P Lowers Cl. E-R Notes Rating to B+ (sf)
-----------------------------------------------------------------
S&P Global Ratings completed its review of 13 classes from
BlueMountain CLO XXII Ltd. and Sound Point CLO XXVII Ltd., which
are U.S. broadly syndicated CLO transactions. Of the reviewed
ratings, S&P raised two, lowered two, withdrew one, and affirmed
eight. At the same time, S&P removed two of the ratings from
CreditWatch with positive implications and two more from
CreditWatch with negative implications, where they were placed on
Aug. 11, 2025, due to a combination of paydowns and indicative cash
flow results at that time.

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."

BlueMountain CLO XXII Ltd. has exited its reinvestment period and
is paying down the notes in the order specified in its respective
documents, while Sound Point CLO XXVII Ltd. is still in its
reinvestment period.

S&P said, "In line with our criteria, our cash flow scenarios
applied forward-looking assumptions on the expected timing and
pattern of defaults and recoveries upon default under various
interest rate and macroeconomic scenarios. In addition, our
analysis considered each transaction's ability to pay timely
interest and/or ultimate principal to each of the rated tranches.
The results of the cash flow analysis--and other qualitative
factors as applicable--demonstrated, in our view, that all 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 notes;

-- Existing subordination or overcollateralization (O/C) levels
and recent trends;

-- The cushion available for coverage ratios and comparative
analysis with other CLO classes with similar ratings;

-- Forward-looking scenarios for 'CCC' and 'CCC-' rated
collateral, as well as collateral with stressed market values;

-- Current concentration levels;

-- The risk of imminent default or dependence on favorable market
conditions to meet obligations; and

-- Additional sensitivity runs to account for any of the other
considerations.

The upgrades primarily reflect the classes' increased credit
support due to the senior note paydowns, improved O/C levels, and
passing cash flow results at higher rating levels.

The downgrades primarily reflect the classes' indicative cash flow
results and decreased credit support as a result of principal
losses, reduced recoveries, decline in the weighted average spread
in their respective portfolios, and negative migration in portfolio
credit quality.

The affirmations reflect S&P's view that the available credit
enhancement for each respective class is still commensurate with
the assigned ratings.

S&P said, "Although our cash flow analysis indicated different
ratings for some classes of notes, we took the rating actions after
considering one or more qualitative factors listed above. The
ratings list highlights the key performance metrics behind the
specific rating actions.

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

  Ratings list

  Rating

   Issuer

    Class            CUSIP          To           From

  BlueMountain CLO XXII Ltd.

   Class A-1      09629PAA4     AAA (sf)     AAA (sf)

   Main rationale: Cash flow passes at the current rating level.

  BlueMountain CLO XXII Ltd.

   Class B        09629PAE6     AAA (sf)     AA (sf)/Watch Pos

   Main rationale: Senior note paydowns, improvement in O/C, and
passing cash flows.

  BlueMountain CLO XXII Ltd.

  Class C         09629PAG1     AA- (sf)     A (sf)/Watch Pos

   Main rationale: Upgraded based on senior note paydowns,
improvement in O/C, and passing cash flows at the new rating level.
While our base-case analysis indicated a higher rating, the rating
action took into account the class's credit enhancement, which
aligns with the upgraded rating, as well additional sensitivity
analyses that considered the exposures to both 'CCC'/'CCC-' rated
assets and to assets trading at low market values.

  BlueMountain CLO XXII Ltd.

   Class D        09629PAJ5     BBB- (sf)    BBB- (sf)

   Main rationale: Passing cash flows at current rating. Although
our base-case analysis indicated a higher rating, the rating action
took into account its credit enhancement, which align with the
existing rating, as well as the results of additional sensitivity
analyses that considered the exposures to both 'CCC'/'CCC-' rated
assets and to assets trading at low market values.

  BlueMountain CLO XXII Ltd.

   Class E        09629QAA2     B+ (sf)      BB- (sf)/Watch Neg

   Main rationale: Decline in credit support and failing cash flows
at the previous rating level.

  Sound Point CLO XXVII Ltd.

   Class A-R      83611VAS7     AAA (sf)     AAA (sf)

   Main rationale: Cash flow passes at the current rating level.

  Sound Point CLO XXVII Ltd.

   Class B-1-R    83611VAU2     AA (sf)      AA (sf)

   Main rationale: Passes cash flow at current rating level and at
a higher rating level. However, the rating was affirmed since the
CLO is still in its reinvestment period and its portfolio is
subject to potential change and volatility.

  Sound Point CLO XXVII Ltd.

   Class B-2-R    83611VAW8     AA (sf)      AA (sf)

   Main rationale: Passes cash flow at current rating level and at
a higher rating level. However, the rating was affirmed since the
CLO is still in its reinvestment period and its portfolio is
subject to potential change and volatility.

  Sound Point CLO XXVII Ltd.

   Class C-1-R    83611VAY4     A (sf)       A (sf)

   Main rationale: Cash flow passes at the current rating level.

  Sound Point CLO XXVII Ltd.

   Class C-2-R    83611VBA5     A (sf)       A (sf)

   Main rationale: Cash flow passes at the current rating level.

  Sound Point CLO XXVII Ltd.

   Class D-R      83611VBC1     BBB- (sf)    BBB- (sf)

   Main rationale: Cash flow passes at the current rating level.

  Sound Point CLO XXVII Ltd.

   Class E-R      83613KAJ9     B+ (sf)      BB- (sf)/Watch Neg

   Main rationale: Decline in credit support and failing cash flows
at the previous rating level. 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 relatively
lower exposure to 'CCC'/'CCC-' and defaulted assets.

  Sound Point CLO XXVII Ltd.

   Class X-R      83611VAQ1     NR AAA (sf)

   Main rationale: Class has been paid down.

O/C--Overcollateralization.
NR--Not rated.


BLUEMOUNTAIN CLO XXXI: S&P Affirms BB-(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1R, B-R, and C-R debt from BlueMountain CLO XXXI
Ltd./BlueMountain CLO XXXI LLC, a CLO managed by Assured Investment
Management LLC that was originally issued in June 2021. At the same
time, S&P withdrew its ratings on the original class A-1, B, and C
debt following payment in full on the Oct. 20, 2025, refinancing
date. S&P also affirmed its ratings on the class D and E debt,
which were not refinanced. The original class A-2 notes were not
rated and the replacement A-2R notes will also not be rated.

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 April 19, 2026.

-- 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 debt (which was not refinanced).
However, we affirmed our 'BB- (sf)' rating on the class E debt
after considering the margin of failure, the relatively stable
overcollateralization ratio since our last rating action on the
transaction, and that the transaction will soon enter its
amortization phase. Based on the latter, we expect the credit
support available to all rated classes to increase as principal is
collected and the senior debt is paid down. However, any further
credit deterioration or lack of improvement could lead to potential
negative rating actions in the future."

Replacement And Original Debt Issuances

Replacement debt

-- Class A-1R, $248.00 million: Three-month CME term SOFR + 1.10%

-- Class A-2R, $8.00 million: Three-month CME term SOFR + 1.40%

-- Class B-R, $48.00 million: Three-month CME term SOFR + 1.60%

-- Class C-R (deferrable), $24.00 million: Three-month CME term
SOFR + 1.85%

Original debt

-- Class A-1, $248.00 million: Three-month CME term SOFR + 1.15% +
CSA(i)

-- Class A-2, $8.00 million: Three-month CME term SOFR + 1.40% +
CSA(i)

-- Class B, $48.00 million: Three-month CME term SOFR + 1.70% +
CSA(i)

-- Class C (deferrable), $24.00 million: Three-month CME term SOFR
+ 2.00% + 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

  BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC

  Class A-1R, $248.00 million: AAA (sf)
  Class B-R, $48.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)

  Ratings Withdrawn

  BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC

  Class A-1 to NR from AAA (sf)
  Class B to NR from AA (sf)
  Class C to NR from A (sf)

  Ratings Affirmed

  BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC

  Class D: BBB- (sf)
  Class E: BB- (sf)

  Other Debt

  BlueMountain CLO XXXI Ltd./BlueMountain CLO XXXI LLC

  Class A-2R, $8.00 million: NR
  Subordinated notes, $40.50 million: NR

NR--Not rated.



BRAVO 2025-10: S&P Assigns Prelim B (sf) Rating on Class B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to BRAVO
Residential Funding Trust 2025-NQM10's mortgage-backed notes.

The note issuance is an RMBS securitization backed by first-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, two- to four-family residential
properties, condotels, manufactured housing and one mixed-use
property. The pool has 708 loans, backed by 708 properties, which
are qualified mortgage (QM)/safe harbor mortgage loan (average
prime offer rate), non-QM/ability-to-repay (ATR) compliant, and
ATR-exempt.

The preliminary ratings are based on information as of Oct. 24,
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 reviewed 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.

  Preliminary Ratings Assigned(i)

  BRAVO Residential Funding Trust 2025-NQM10

  Class A-1A, $217,036,000: AAA (sf)
  Class A-1B, $34,450,000: AAA (sf)
  Class A-1, $251,486,000: AAA (sf)
  Class A-2, $19,981,000: AA (sf)
  Class A-3, $36,173,000: A (sf)
  Class M-1, $18,258,000: BBB- (sf)
  Class B-1, $7,407,000: BB (sf)
  Class B-2, $7,062,000: B (sf)
  Class B-3, $4,134,686: NR
  Class SA, $16,404(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.



BREAN ASSET 2025-RM13: DBRS Finalizes B Rating on Class M5 Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
Mortgage-Backed Notes, Series 2025-RM13 (the Notes) issued by Brean
Asset-Backed Securities Trust 2025-RM13 (the Issuer) as follows:

-- $178.3 million Class A1 at AAA (sf)
-- $31.0 million Class A2 at AAA (sf)
-- $209.3 million Class AM at AAA (sf)
-- $4.9 million Class M1 at AA (sf)
-- $4.9 million Class M2 at A (sf)
-- $3.3 million Class M3 at BBB (sf)
-- $3.5 million Class M4 at BB (sf)
-- $3.6 million Class M5 at B (sf)

Class AM is an exchangeable note. This class can be exchanged for
combinations of exchange notes as specified in the offering
documents.

The AAA (sf) credit ratings reflect 111.9% of cumulative advance
rate. The AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) credit
ratings reflect 114.5%, 117.1%, 118.9%, 120.8%, and 122.7% of
cumulative advance rates, respectively.

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

Reverse mortgage loans are typically offered to people who are at
least 62 years old. Through reverse mortgage loans, borrowers are
able to access home equity through a lump sum amount or a stream of
payments without periodic repayment of principal or interest,
allowing the loan balance to negatively amortize over a period of
time until a maturity event occurs. Loan repayment is required (1)
if the borrower dies, (2) if the borrower sells the related
residence, (3) if the borrower no longer occupies the related
residence for a period (usually a year) or if it is no longer the
primary residence, (4) upon the occurrence of a tax or insurance
default, or (5) if the borrower fails to properly maintain the
related residence. In addition, borrowers are required to be
current on any homeowner's association dues if applicable. Reverse
mortgages are typically nonrecourse: Borrowers are not required to
provide additional assets in cases where the outstanding loan
amount exceeds property value (the crossover point). As a result,
liquidation proceeds will fall below the loan amount in cases where
the crossover point is reached, contributing to higher loss
severities for these loans.

As of the October 1, 2025, cut-off date, the collateral has
approximately $187.06 million in current unpaid principal balance
(UPB) from 476 performing and one called due (because of death)
fixed-rate jumbo reverse mortgage loans secured by first liens on
single-family residential properties, condominiums, townhomes,
multifamily (two- to four-family) properties, and co-operatives.
All loans in this pool were originated in 2025, with loan ages
ranging from one month to four months. All loans in this pool have
a fixed interest rate with a 9.019% weighted-average mortgage
interest rate.

The transaction uses a structure in which cash distributions are
made sequentially to each rated note until the rated amounts with
respect to such notes are paid off. No subordinate note shall
receive any payments until the balance of senior notes has been
reduced to zero.

The note rate for the Class A1 and A2 Notes (collectively, the
Class A Notes) will reduce to 0.25% if the Home Price Percentage
(as measured using the S&P Global Ratings (S&P) Cotality
Case-Shiller National Index) declines by 30% or more compared with
the value on the cut-off date.

If the notes are not paid in full or redeemed by the issuer on the
Expected Repayment Date in October 2030, the issuer will be
required to conduct an auction within 180 calendar days of the
Expected Repayment Date to offer all the mortgage assets and use
the proceeds, net of fees and expenses from auction, to be applied
to payments to all amounts owed. If the proceeds of the auction are
not sufficient to cover all the amounts owed, the issuer will be
required to conduct an auction within six months of the previous
auction.

If, on any Payment Date the average one-month conditional
prepayment rate (CPR) over the immediately preceding six-month
period is equal to or greater than 25%, 50% of available funds
remaining after payment of fees and expenses and interest to the
Class A Notes will be deposited into the Refunding Account, which
may be used to purchase additional mortgage loans.

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


BRIDGECREST LENDING 2025-4: DBRS Finalizes BB Rating on E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of notes issued by Bridgecrest Lending Auto
Securitization Trust 2025-4 (BLAST 2025-4 or the Issuer):

-- $60,600,000 Class A-1 Notes at R-1 (high) (sf)
-- $124,580,000 Class A-2 Notes at AAA (sf)
-- $124,580,000 Class A-3 Notes at AAA (sf)
-- $63,000,000 Class B Notes at AA (sf)
-- $91,000,000 Class C Notes at A (sf)
-- $89,250,000 Class D Notes at BBB (sf)
-- $42,010,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

(1) Transaction capital structure, 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 pool
composition.

(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 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.

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 Noteholders' Monthly Accrued Interest and the
related Note Balance.

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


BRIDGECREST LENDING 2025-4: S&P Assigns BB (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The availability of approximately 62.55%, 57.46%, 48.00%,
39.09%, and 34.43%, 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 final
post-pricing 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 its 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 S&P's expected loss level), all else being equal, its 'A-1+
(sf)', 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)'
ratings on the class A-1, A-2/A-3, B, C, D, and E notes,
respectively, will be within its credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios that S&P believes are appropriate for the assigned
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 Wells Fargo Bank N.A.
(A+/Stable/A-1), which do not constrain the ratings.

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

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

-- The transaction's payment and legal structures.

  Ratings Assigned

  Bridgecrest Lending Auto Securitization Trust 2025-4

  Class A-1, $60.60 million: A-1+ (sf)
  Class A-2, $124.58 million: AAA (sf)
  Class A-3, $124.58 million: AAA (sf)
  Class B, $63.00 million: AA (sf)
  Class C, $91.00 million: A (sf)
  Class D, $89.25 million: BBB (sf)
  Class E, $42.01 million: BB (sf)



BSTN COMMERCIAL 2025-HUB: DBRS Finalizes B(high) Rating on HRR Debt
-------------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of Commercial Mortgage Pass-Through Certificates,
Series 2025-HUB (the Certificates) issued by BSTN Commercial
Mortgage Trust 2025-HUB (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 HRR at B (high) (sf)

All trends are Stable.

The Trust is a single-asset/single-borrower transaction
collateralized by the borrower's fee and leasehold interests in The
Hub on Causeway, a 31-story, 1.0 million-sf office tower and retail
property. The development is in Boston, directly on top of North
Sation, one of the three major transportation hubs in Boston, and
adjacent to TD Garden, and features unencumbered 360-degree views
of downtown Boston, Boston Harbor, Cambridge, and Charlestown. The
office and retail towers are part of a larger mixed-use development
that also includes a citizen hotel and residential units; in total,
the development encompasses 1.5 million sf of space. The hotel and
residential units are not collateral to the loan. In 2013, the
sponsors, Boston Properties Limited Partnership (BXP) and Delaware
North Companies, Inc. (Delaware North), formed a partnership to
redevelop the 2.5-acre site adjacent to TD Garden and above North
Station. With three separate phases of development, the retail
space was built in the first phase in 2018 and the office tower was
the final phase in 2021. The property includes approximately
633,818 sf of office space and approximately 384,140 sf of retail
space.

As of September 1, 2025, the collateral was 98.0% leased to 18
unique tenants. The largest tenant, Verizon Corporate Services Inc.
(Verizon), represents a total of 440,010 sf and 43.2% of the total
NRA, and it has naming rights on the building. Verizon's lease
began in September 2021 and will extend until June 2042 (with the
exception of its retail lease expiring in June 2032); this space
serves as Verizon's New England headquarters. Verizon has access to
a roof deck space, which contains an indoor and outdoor space with
a full kitchen and lounge space available to employees. This floor
also hosts a number of collaborative workspaces for employees to
use and has 360-degree views of Boston and the Greater Boston Area
from both the deck and the large floor-to-ceiling windows
throughout the space. While Verizon is on a long-term lease, the
tenant collectively subleases or is marketing for sublease 299,683
sf, or 68.1% of its space. The second-largest tenant is Rapid7,
making up 214,275 sf and representing 21.0% of the NRA; its lease
extends until November 2029. Rapid7 has invested approximately
$25.0 million ($170 psf) above its provided allowance into its
space in order to transform it to better fit its needs. Currently,
about 11,045 sf, or 5.2% of the Rapid7 space, is subleased and an
additional 33,488 sf, or 15.6% of its space, is in shell condition.
The largest retail tenant at the property is AMC Theatres, which
has been at the property since January 2023 and has a remaining
lease term of 10.9 years. As of the T-12 ended June 2025 sales were
only at $314,172 per screen, compared with YE2024 at $269,444 per
screen. The second-largest retail tenant at the property is Star
Market, which has been at the property since 2019 when the retail
section opened and has a remaining lease term of 9.2 years. This is
notably the largest Star Market in the Boston area and reported
sales of $759 psf for YE2024, compared with $714 psf in 2023. In
total, 33.3% of the total NRA will roll through 2030, the final
year of the fully extended loan maturity. The loan is not
structured with an upfront reserve to mitigate any rollover during
the loan term; however, it is structured with a specified tenant
trigger cash management clause that will enact if Rapid7 has not
renewed its lease by June 1, 2028, in order to address this
rollover risk.

The property operates under both a fee and leasehold interest,
which are both owned and controlled by the members of the joint
venture and are collateral for the loan. The Podium/Office Tower
Developer LLC has the leasehold interest, and the Podium/Office
Tower Owner LP entity owns the fee interest. The ground lease is
therefore not held in an arm's-length transaction as the rent is
paid between interrelated parties. The appraisal states that the
ground lease would not encumber any potential buyer; therefore, the
interest is leased fee and there is no ground rent obligation
assumed in the cash flow.

The sponsor for this transaction is a joint venture between BXP and
Delaware North. The 50/50 partnership formed in 2013 when the two
groups decided to develop the mixed-use, transit-oriented space
directly adjacent to TD Garden. BXP is the largest publicly traded
developer, owner, and manager of office spaces in the United States
and is concentrated within six distinct markets on the East Coast
and West Coast. As of June 30, 2025, BXP's total portfolio amassed
53.7 million sf across 186 properties, including 10 properties
under construction. BXP's Boston area portfolio consists of 48
properties and 15.6 million sf. Delaware North is the owner of TD
Garden and is a global hospitality and entertainment company. The
company is still family owned today, after 100 years, and employees
40,000 team members. Delaware North is one of the world's largest
privately held hospitality and entertainment companies; the
chairman is also the owner of the National Hockey League's Boston
Bruins.

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


BX TRUST 2021-ACNT: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2021-ACNT issued by BX
Trust 2021-ACNT as follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction since Morningstar DBRS' last credit
rating action. Since the previous Morningstar DBRS review in
November 2024, five properties have been released, reducing the
total to 74 collateralized properties. As of October 2025, the
whole-loan balance has been paid down by $488.0 million, or 22.0%
since closing. While the debt service coverage ratio (DSCR) of the
underlying portfolio is below breakeven at 0.76 times (x) as of the
trailing 12-months (T-12) through June 30, 2025, driven by the
increase in the floating-rate loan's interest rate since issuance,
property cash flows are generally healthy and the weighted-average
(WA) occupancy rate for the unreleased properties in the portfolio
remains in line with Morningstar DBRS' expectations. In addition,
there is a rate cap agreement in place.

The collateral consists of the borrower's fee-simple and leasehold
interests in a portfolio of 74 industrial properties, totaling
approximately 23.2 million square feet. The properties are a mix of
last-mile e-commerce, light industrial, warehouse, and
institutional-quality logistics assets, across 18 states, with the
largest concentrations in Georgia, Minnesota, and Tennessee. The
loan benefits from experienced sponsorship provided by an affiliate
of Blackstone Inc., a global real estate investment platform, which
contributed $636.0 million in equity at closing as part of the
transaction.

The floating-rate loan has an upcoming maturity date in November
2025, with one 12-month extension option remaining as the borrower
previously exercised the second extension option in November 2024.
To exercise each extension option, the borrower must purchase new
interest rate cap agreements with a strike rate resulting in a
minimum DSCR of 1.10x. According to the most recent servicer
commentary, the borrower plans to exercise the third and final
extension option. The loan's fully extended maturity is in November
2026.

The transaction features a partial pro rata/sequential-pay
structure, which allows for pro rata paydowns for the first 30.0%
of the original principal balance, where individual properties may
be released from the trust at a price of 105.0% of the allocated
loan amount (ALA), with customary debt yield tests. Proceeds are
applied sequentially for the remaining 70.0% of the pool balance
with the release price increasing to 110.0% of the ALA. Morningstar
DBRS applied a penalty to the transaction's capital structure to
account for the pro rata nature of certain prepayments and for the
weak deleveraging premiums.

According to the T-12 through June 30, 2025 financials, the loan
reported a net cash flow (NCF) of $110.0 million, which includes
cash flow attributed to two properties that have been released from
the portfolio in August 2025. Despite the significant decline in
DSCR, which primarily stems from loan's floating-rate coupon, the
portfolio's WA occupancy rate remains healthy at approximately
92.2% for the unreleased properties. The portfolio also benefits
from a granular tenant roster, as no single tenant represents more
than 7.0% of the net rentable area (NRA), with a concentration of
investment-grade-rated tenants, which represented more than 20.0%
of the NRA at issuance, including FedEx, Amazon, Honeywell, and
Procter & Gamble.

At issuance, Morningstar DBRS derived a value of $1.7 billion based
on a Morningstar DBRS NCF of $112.1 million and a capitalization
rate of 6.75%. For this review, the Morningstar DBRS NCF was
updated to reflect the property releases, resulting in an adjusted
Morningstar DBRS NCF of $89.5 million. The resulting Morningstar
DBRS value of $1.3 billion represents a variance of -40.2% from the
issuance appraised value of $2.2 billion for the remaining 74
properties in the portfolio and implies a loan-to-value ratio of
130.6%. Morningstar DBRS maintained positive qualitative
adjustments of 7.5% to reflect the portfolio's quality, cash flow
volatility, and strong market fundamentals given geographical
diversity.

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


CEDAR FUNDING VI: S&P Assigns BB- (sf) Rating on Class E-R3 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R3, B-R3, C-R3, D-R3, and E-R3 debt from Cedar Funding VI CLO
Ltd./Cedar Funding VI CLO LLC, a CLO managed by Aegon USA
Investment Management LLC that was originally issued in November
2016 and underwent a second refinancing in April 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 20,
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 April 20, 2026.

-- No additional assets were purchased on the Oct 20, 2025,
refinancing date, and the target initial par amount remains at $500
million. There was no additional effective date or ramp-up period,
and the first payment date following the refinancing is Jan. 20,
2026.

-- No additional subordinated notes were issued on the refinancing
date.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

S&P said, "On a standalone basis, our cash flow analysis indicated
a lower rating on the class E-R3 debt. However, we assigned our
'BB- (sf)' rating on the class E-R3 debt after considering the
margin of failure, the relatively stable overcollateralization
ratio, the low 'CCC' exposure, 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 Previous Debt Issuances

Replacement debt

-- Class A-R3, $320.000 million: Three-month CME term SOFR +
1.09%

-- Class B-R3, $55.000 million: Three-month CME term SOFR + 1.55%

-- Class C-R3 (deferrable), $29.500 million: Three-month CME term
SOFR + 1.80%

-- Class D-R3 (deferrable), $29.500 million: Three-month CME term
SOFR + 3.10%

-- Class E-R3 (deferrable), $19.875 million: Three-month CME term
SOFR + 6.25%

Previous debt

-- Class A-RR, $320.000 million: Three-month CME term SOFR + 1.05%
+ CSA(i)

-- Class B-RR, $55.000 million: Three-month CME term SOFR + 1.40%
+ CSA(i)

-- Class C-RR (deferrable), $29.500 million: Three-month CME term
SOFR + 1.85% + CSA(i)

-- Class D-RR (deferrable), $29.500 million: Three-month CME term
SOFR + 3.31% + CSA(i)

-- Class E-RR (deferrable), $19.875 million: Three-month CME term
SOFR + 6.72% + CSA(i)

-- Subordinated notes, $49.125 million: N/A

(i)The CSA is 0.26161%.
CSA--Credit spread adjustment.
N/A--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 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

  Cedar Funding VI CLO Ltd. / Cedar Funding VI CLO LLC

  Class A-R3, $320.000 million: AAA (sf)
  Class B-R3 $55.000 million: AA (sf)
  Class C-R3 (deferrable), $29.500 million: A (sf)
  Class D-R3 (deferrable), $29.500 million: BBB- (sf)
  Class E-R3 (deferrable), $19.875 million: BB- (sf)

  Ratings Withdrawn

  Cedar Funding VI CLO Ltd. / Cedar Funding VI CLO LLC

  Class A-RR to NR from 'AAA (sf)'
  Class B-RR to NR from 'AA (sf)'
  Class C-RR (deferrable) to NR from 'A (sf)'
  Class D-RR (deferrable) to NR from 'BBB- (sf)'
  Class E-RR (deferrable) to NR from 'BB- (sf)'
  
  Other Debt

  Cedar Funding VI CLO Ltd. / Cedar Funding VI CLO LLC

  Subordinated notes, $49.125 million: NR

NR--Not rated.



COLUMBIA CENT 30: S&P Affirms B+ (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R2, A-2-R2, B-1-R2, B-2-R2, C-R2, and D-R2 debt from Columbia
Cent CLO 30 Ltd./Columbia Cent CLO 30 Corp., a CLO managed by
Columbia Cent CLO Advisers LLC that was originally issued in
January 2021 and underwent a partial refinancing in August 2024. At
the same time, S&P withdrew its ratings on the outstanding class
A-1-R, A-2-R, B-1-R, B-2-R, C-R, and D debt following payment in
full on the Oct. 24, 2025, refinancing date. S&P also affirmed its
ratings on the class X-R and E debt, which were not refinanced.

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

-- The non-call period was extended to April 20, 2026.

-- 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 A-2-R2, D-R2 (which were refinanced),
and E debt (which was not refinanced). However, we assigned our
'AAA (sf)' and 'BBB- (sf)' ratings to the class A-2-R2 and D-R2
debt, respectively, and affirmed our 'B+ (sf)' rating on the class
E debt after considering the margin of failure, the relatively
stable overcollateralization ratio since our last rating action on
the transaction, and that the transaction will soon enter its
amortization phase. Based on the latter, we expect the credit
support available to all rated classes to increase as principal is
collected and the senior debt is paid down. However, any further
credit deterioration or lack of improvement could lead to potential
negative rating actions in the future."

Replacement And Outstanding Debt Issuances

Replacement debt

-- Class A-1-R2, $234.141 million: Three-month CME term SOFR +
1.05%

-- Class A-2-R2, $25.859 million: Three-month CME term SOFR +
1.40%

-- Class B-1-R2, $36.578 million: Three-month CME term SOFR +
1.55%

-- Class B-2-R2, $7.422 million: Three-month CME term SOFR +
1.75%

-- Class C-R2 (deferrable), $24.000 million: Three-month CME term
SOFR + 1.90%

-- Class D-R2 (deferrable), $24.000 million: Three-month CME term
SOFR + 3.95%

Outstanding debt


-- Class A-1-R, $234.141 million: Three-month CME term SOFR +
1.28%

-- Class A-2-R, $25.859 million: Three-month CME term SOFR +
1.53%

-- Class B-1-R, $36.578 million: Three-month CME term SOFR +
1.80%

-- Class B-2-R, $7.422 million: Three-month CME term SOFR + 2.00%

-- Class C-R (deferrable), $24.000 million: Three-month CME term
SOFR + 2.30%

-- Class D (deferrable), $24.000 million: Three-month CME term
SOFR + 3.84% + 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

  Columbia Cent CLO 30 Ltd./Columbia Cent CLO 30 Corp.

  Class A-1-R2, $234.141 million: AAA (sf)
  Class A-2-R2 $25.859 million: AAA (sf)
  Class B-1-R2, $36.578 million: AA (sf)
  Class B-2-R2, $7.422 million: AA (sf)
  Class C-R2 (deferrable), $24.000 million: A (sf)
  Class D-R2 (deferrable), $24.00 million: BBB- (sf)

  Ratings Withdrawn

  Columbia Cent CLO 30 Ltd./Columbia Cent CLO 30 Corp.

  Class A-1-R to NR from 'AAA (sf)'
  Class A-2-R to NR from 'AAA (sf)'
  Class B-1-R to NR from 'AA (sf)'
  Class B-2-R to NR from 'AA (sf)'
  Class C-R to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'

  Ratings Affirmed

  Columbia Cent CLO 30 Ltd./Columbia Cent CLO 30 Corp.

  Class X-R: AAA (sf)
  Class E: B+ (sf)

  Other Debt

  Columbia Cent CLO 30 Ltd./Columbia Cent CLO 30 Corp.

  Subordinated notes, $39.32 million: NR

NR--Not rated.



COMM 2015-CCRE24: DBRS Confirms C Rating on 2 Classes
-----------------------------------------------------
DBRS Limited downgraded its credit ratings on four classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-CCRE24
issued by COMM 2015-CCRE24 Mortgage Trust as follows:

-- Class D to C (sf) from BB (sf)
-- Class X-C to C (sf) from BB (high) (sf)
-- Class E to C (sf) from CCC (sf)
-- Class X-D to C (sf) from CCC (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Morningstar DBRS discontinued the credit rating on Class B as it
was repaid with the October 2025 remittance.

The trends on Classes C and X-B are Negative, while all other
classes are assigned credit ratings that do not typically carry a
trend in commercial mortgage-backed securities (CMBS) credit
ratings.

The credit rating downgrades reflect Morningstar DBRS' updated
recoverability analysis for the remaining loans in the pool. Since
the last credit rating action in May 2025, 47 loans have repaid
from the pool, leaving eight loans remaining as of the October 2025
remittance. Of the eight outstanding loans, seven (67.3% of the
pool) are in special servicing, with most of these loans beyond
their scheduled maturity dates. Additionally, since Morningstar
DBRS' last review, accumulating nonrecoverable advances and other
expenses stemming from the largest specially serviced loan, Westin
Portland (Prospectus ID#8; 20.7% of the pool), have been reimbursed
from principal, resulting in the unrated Class H being written down
by $9.5 million (26.0% of the original class balance). The
liquidation analysis assumptions are generally based on
conservative haircuts to the most recent appraised values while
accounting for accrued servicer advances and projected expenses. In
the analysis for the current review, Morningstar DBRS expects all
seven specially serviced loans to resolve with a loss to the trust,
with total liquidated losses in excess of $91.0 million, which
would fully erode the balances of Classes F through H and nearly
the entirety of Class E, supporting the credit rating downgrades to
C (sf).

In addition to the increased loss projections, the transaction's
ongoing interest shortfalls have continued to accrue. At the last
review, interest shortfalls were contained to Class F, totaling
$2.4 million. As of the October 2025 remittance, cumulative unpaid
interest has increased to $4.5 million, with Class D no longer
receiving any interest. The primary contributor to the ongoing
shortfalls is the Westin Portland loan, which the servicer has
deemed nonrecoverable. While Class C is currently receiving full
interest, this class had been affected by interest shortfalls from
July through September 2025, before being fully recovered following
the payoff of three loans in October 2025. Given the pool's
concentration, adverse selection, and potential for further value
declines for the remaining loans, Morningstar DBRS expects
prolonged disposition timelines for all seven specially serviced
loans, increasing the propensity for interest shortfalls and
supporting the Negative trend on Class C.

The largest loan in special servicing is the Westin Portland loan,
which is secured by a 205-key full-service hotel in the financial
district of Portland, Oregon. The loan transferred to special
servicing for the second time in October 2023 for payment default
as a result of declining cash flows, which have been negative since
year-end 2022. Following several unsuccessful attempts to execute a
loan modification, the court appointed a receiver in July 2025,
along with a new property manager. The loan has now surpassed its
August 2025 maturity and discussions surrounding another loan
modification are reportedly underway. The property was reappraised
in May 2025 at $25.3 million, a further drop from the September
2024 appraised value of $26.7 million, and represents a 69.7%
decline from the issuance value of $83.6 million. Given the
prolonged delinquency, sustained decline in performance, value
deterioration, and nonrecoverable advances, Morningstar DBRS
liquidated this loan from the pool with a 30.0% haircut to the May
2025 value, which results in implied losses of $35.3 million (loss
severity of 72.0%).

The second-largest loan in special servicing is the McMullen
Portfolio loan (Prospectus ID#11; 12.6% of the pool), secured by a
portfolio of eight office buildings located within a three-mile
radius of each other in Ann Arbor, Michigan. The loan transferred
to special servicing in July 2025 for maturity default. Prior to
the loan's transfer, the borrower planned to release one of the
collateral properties; however, per the October 2025 remittance,
all eight properties remain in the portfolio. According to the
trailing three months ended March 31, 2025, financials, the
portfolio's occupancy remains stagnant at 64.0%, while the debt
service coverage ratio dropped below breakeven levels due to an
increase in operating expenses and a decrease in base rent. Per the
servicer's commentary, discussions regarding a potential loan
modification and property releases are ongoing. Although the
portfolio has not been reappraised since issuance, Morningstar DBRS
believes the value of the collateral has deteriorated given its
suburban location and the declining demand for office space. As
such, Morningstar DBRS applied a conservative haircut of 70.0% to
the $42.8 million issuance value in its liquidation scenario,
resulting in implied losses of $19.0 million (loss severity of
68.0%).

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


CPS AUTO 2025-D: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following classes of notes issued by CPS Auto Receivables Trust
2025-D (CPS 2025-D or the Issuer):

-- 170,910,000 Class A Notes at AAA (sf)
-- 52,200,000 Class B Notes at AA (sf)
-- 64,950,000 Class C Notes at A (sf)
-- 43,170,000 Class D Notes at BBB (sf)
-- 53,370,000 Class E Notes at BB (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

(1) Transaction capital structure, 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 does not include a CNL trigger.
-- The 2025-D transaction does 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 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.


CRESTLINE DENALI XV: Moody's Affirms Ba3 Rating on $16MM E-1 Notes
------------------------------------------------------------------
Moody's Ratings has upgraded the rating on the following notes
issued by Crestline Denali CLO XV, Ltd.:

US$22M Class D Senior Secured Deferrable Floating Rate Notes,
Upgraded to Aa3 (sf); previously on May 12, 2025 Upgraded to A3
(sf)

Moody's have also affirmed the ratings on the following notes:

US$50M (Current outstanding balance US$19,070,713) Class B-R
Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously
on May 12, 2025 Affirmed Aaa (sf)

US$24M Class C-R Senior Secured Deferrable Floating Rate Notes,
Affirmed Aaa (sf); previously on May 12, 2025 Upgraded to Aaa (sf)

US$16M Class E-1 Secured Deferrable Floating Rate Notes, Affirmed
Ba3 (sf); previously on May 12, 2025 Affirmed Ba3 (sf)

US$6M Class E-2 Secured Deferrable Floating Rate Notes, Affirmed
Caa2 (sf); previously on May 12, 2025 Affirmed Caa2 (sf)

Crestline Denali CLO XV, Ltd., originally issued in May 2017 and
partially refinanced in July 2021, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured US loans. The portfolio is managed by Crestline Denali
Capital, LLC. The transaction's reinvestment period ended in April
2022.

RATINGS RATIONALE

The rating upgrade on the Class D notes is primarily a result of
the significant deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in May 2025.

The affirmations on the ratings on the Class B-R, Class C-R, Class
E-1 and Class E-2 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 remaining USD4.3 million of the Class A-R notes have been fully
paid down and Class B-R started paying down by approximately
USD30.9 million (61.9%) since the last rating action in May 2025.
As a result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report dated October 2025[1] the Class A/B, Class C, Class D and
Class E OC ratios are reported at 267.5%, 170.5%, 128.0% and 102.5%
compared to April 2025[2] levels of 194.7%, 147.3%, 120.5% and
101.9%, respectively. Moody's note that the October 2025 principal
payments are not reflected in the reported OC ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: USD93.0 million

Defaulted Securities: USD0

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3677

Weighted Average Life (WAL): 2.8 years

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.2%

Weighted Average Recovery Rate (WARR): 46.0%

Par haircut in OC tests and interest diversion test: 4.5%

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.

Moody's note that the October 2025 trustee report was published at
the time Moody's were completing Moody's analysis of the September
2025 data. Key portfolio metrics such as WARF, diversity score,
weighted average spread, and OC ratios exhibit little or no change
between these dates. Moody's took into account the USD24.1 million
of principal proceeds reported in October 2025 that was used to pay
down Class B-R, as well as the subsequent impact on WAL and par
haircut in OC tests in Moody's model runs.

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.

-- 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.


CSAIL 2015-C3: DBRS Cuts Rating on 2 Tranches to C
--------------------------------------------------
DBRS Limited downgraded its credit ratings on six classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-C3
issued by CSAIL 2015-C3 Commercial Mortgage Trust as follows:

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

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

-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)

Morningstar DBRS changed the trend on Class C to Negative from
Stable and maintained the Negative trends on Classes X-D and D.
Classes X-E, E, X-F, and F have credit ratings that do not
typically carry a trend in commercial mortgage-backed securities
(CMBS) credit ratings. The remaining classes have Stable trends.

Since the last credit rating action in May 2025, 42 loans have been
repaid from the transaction, as expected. As of the September 2025
reporting, 10 loans remained in the pool, eight of which were in
special servicing following maturity defaults. Of these eight
loans, foreclosure is actively being pursued on four loans, two are
listed as modification or extension pending, and the remaining
three are listed as other, with discussions ongoing for the workout
strategy. Only two of the eight loans in special servicing have
received updated appraisals; however, updated broker opinion values
and/or appraisals have been ordered, and Morningstar DBRS expects
most of these loans to reflect significant value deterioration from
issuance because of declining performance. The most notable of
these loans are The Mall of New Hampshire (Prospectus ID#3, 24.5%
of the pool), Westfield Wheaton (Prospectus ID#4, 23.8% of the
pool), and Westfield Trumbull (Prospectus ID#7, 10.1% of the pool),
which have reported net cash flow (NCF) declines ranging from 32.0%
to 46.0% over issuance figures, based on the most recent reporting
available.

The credit rating downgrades on Classes D, E, F, X-D, X-E, and X-F,
which previously carried Negative trends, reflect the increased
loss expectations for the remaining loans in the pool based on a
recoverability analysis. In addition, the servicer has passed
through an interest reduction of more than $300,000 per month
because of non-recoverability during the last several reporting
periods tied to the Westfield Wheaton. According to a news article
from August 2025, the borrower has reached a deal with a buyer,
which would likely involve a loan extension and assumption;
however, nothing has been confirmed to date. The article cites a
potential sale value of $136 million, reflecting a 66.0% decline
from the issuance appraised value of $402 million. While interest
was only being sorted through Class F with the September 2025
reporting, following an interest recovery of more than $600,000,
the recurring interest reduction has previously shorted Classes D
and E. The Negative trend on Class C reflects the risk of further
performance and/or value deterioration to the underlying
collateral, as well as the propensity for further interest
shortfalls.

With this review, Morningstar DBRS considered liquidation scenarios
for the eight loans in special servicing (72.7% of the pool),
resulting in loss projections exceeding $121.3 million, which would
partially erode Class D and fully wipe out Classes, E, F, and NR.
While the resolution for The Mall of New Hampshire, Westfield
Wheaton, and Westfield Trumbull will likely be drawn out given the
recent and pending loan extensions, Morningstar DBRS notes that the
refinance risk associated with these loans by final resolution is
high and may ultimately result in loss to the trust.

The Mall of New Hampshire loan is secured by 405,723 square feet
(sf) of in-line space in an 811,573-sf Class B regional mall in
Manchester, New Hampshire. The loan transferred to special
servicing after the borrower failed to repay at the July 2025
maturity date and has since been granted a two-year extension
through July 2027. Although the loan continues to report a healthy
debt service coverage ratio (DSCR) of 1.66 times (x) for the
trailing 12-month period through March 31, 2025, both revenue and
NCF have been trending downward since issuance. The
servicer-reported NCF figure of $10.4 million for that same period
represents a decline of nearly 35.0% from the issuance figure of
$15.8 million. The occupancy rate has hovered around 85.0% over the
last few reporting periods, most recently reported at 87.0% as of
March 2025. While the loan benefits from sponsorship in Simon
Property Group and the Canada Pension Plan Investment Board, the
property value has likely declined significantly from issuance
because of the declining performance. When applying a
capitalization rate (cap rate) of 11.0%, the high end of
Morningstar DBRS' range, to the above mentioned most recent NCF
figure, the resulting implied property value is $94.0 million,
reflecting a decline of more than 63.0% from the issuance value of
$256.0 million.

Westfield Wheaton is secured by a mixed-use property in Wheaton,
Maryland. The collateral consists of a super-regional mall,
inclusive of four retail anchors, two retail/commercial strip
buildings, two Class B office buildings, two parking garages, and
various single-tenant outparcels. The loan transferred to special
servicing after the borrower failed to repay at the maturity date
in March 2025. Discussions between the borrower and lender
regarding a possible sale, which would likely require a loan
extension and assumption, remain ongoing. As of the YE2024
reporting, the collateral reported an occupancy rate of 99.0% and a
NCF figure of $19.4 million (reflecting a DSCR of 2.22x), well
below the issuance figure of $22.0 million. Based on the cited sale
value of $136.0 million, the property would have an implied cap
rate of 14.3% over the most recent NCF and reflect a property value
decline of more than 66.0% from the issuance value of $402.0
million.

The third-largest loan in the pool, Charles River Plaza North
(Prospectus ID#1, 23.5% of the pool), has passed its anticipated
repayment date; however, it benefits from stable performance with
long-term tenancy and will amortize for the full remaining loan
term through April 2029. The other non-specially serviced loan,
Syracuse Office Portfolio (3.8% of the pool), is listed as
nonperforming matured balloon; however, the borrower has confirmed
its intention to refinance, and loan performance is healthy with
only moderate near-term tenant rollover.

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


DIAMETER CAPITAL 5: S&P Assigns Prelim 'BB-' Rating on D-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R debt and
proposed new class A-1L-R loans from Diameter Capital CLO 5
Ltd./Diameter Capital CLO 5 LLC, a CLO managed by Diameter CLO
Advisors LLC that was originally issued in September 2023.

The preliminary ratings are based on information as of Oct. 28,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 31, 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-1, C-2, and D debt and assign ratings
to the replacement class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R
debt and proposed new class A-1L-R loans. 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-1-R, C-2-R, and D-R
debt and proposed new class A-1L-R loans are expected to be issued
at a lower spread over three-month CME term SOFR than the existing
debt.

-- The replacement class A-1-R, A-2-R, B-R, C-1-R, C-2-R, and D-R
debt and proposed new class A-1L-R loans are expected to be issued
at a floating spread, replacing the current floating spread.

-- The target initial par amount of the transaction will be
increased to $550 million.

-- An additional $16.6 million in subordinated notes will be
issued on the transaction's closing date.

-- The non-call period will be extended to Oct. 31, 2027.

-- The reinvestment period will be extended to Jan. 15, 2031.

-- The legal final maturity dates for the replacement debt will be
extended to Jan. 15, 2039.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

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

  Diameter Capital CLO 5 Ltd./Diameter Capital CLO 5 LLC

  Class A-1-R, $264.250 million: AAA (sf)
  Class A-1L-R loans, $87.750 million: AAA (sf)
  Class A-2-R, $66.000 million: AA (sf)
  Class B-R (deferrable), $33.000 million: A (sf)
  Class C-1-R (deferrable), $33.000 million: BBB- (sf)
  Class C-2-R (deferrable), $5.500 million: BBB- (sf)
  Class D-R (deferrable), $16.500 million: BB- (sf)

  Other Debt

  Diameter Capital CLO 5 Ltd./Diameter Capital CLO 5 LLC

  Subordinated notes, $47.100 million: NR

NR--Not rated.



DLIC REREMIC 2025-FRR1: DBRS Gives (P) B(low) Rating on 9 Classes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Multifamily Mortgage Certificate-Backed Certificates,
Series 2025-FRR1 (the Certificates) to be issued by DLIC Re-REMIC
Trust 2025-FRR1 (the Trust):

-- Class AK57 at (P) AA (low) (sf)
-- Class BK57 at (P) A (low) (sf)
-- Class CK57 at (P) BBB (low) (sf)
-- Class DK57 at (P) BB (low) (sf)
-- Class EK57 at (P) B (low) (sf)
-- Class AGX1 at (P) BB (low) (sf)
-- Class BGX1 at (P) B (high) (sf)
-- Class CGX1 at (P) B (low) (sf)
-- Class AK104 at (P) A (low) (sf)
-- Class BK104 at (P) BBB (low) (sf)
-- Class CK104 at (P) BB (high) (sf)
-- Class DK104 at (P) BB (low) (sf)
-- Class EK104 at (P) B (low) (sf)
-- Class AK111 at (P) BBB (low) (sf)
-- Class BK111 at (P) BB (high) (sf)
-- Class CK111 at (P) BB (low) (sf)
-- Class DK111 at (P) B (low) (sf)
-- Class AK120 at (P) BBB (low) (sf)
-- Class BK120 at (P) BB (high) (sf)
-- Class CK120 at (P) BB (low) (sf)
-- Class DK120 at (P) B (low) (sf)
-- Class ACX1 at (P) B (low) (sf)
-- Class CD104 at (P) BB (low) (sf)
-- Class DE104 at (P) B (low) (sf)
-- Class BC111 at (P) BB (low) (sf)
-- Class CD111 at (P) B (low) (sf)
-- Class BC120 at (P) BB (low) (sf)
-- Class CD120 at (P) B (low) (sf)

All trends are Stable.

This transaction is a resecuritization collateralized by all or a
portion of the beneficial interests in 13 commercial
mortgage-backed pass-through certificates from five underlying
transactions: FREMF 2016-K57 Mortgage Trust, Multifamily Mortgage
Pass-Through Certificates, Series 2016-K57 (FREMF 2016-K57); FREMF
2017-KGS1 Mortgage Trust, Multifamily Mortgage Pass-Through
Certificates, Series 2017-KGS1 (FREMF 2017-KGS1); FREMF 2020-K104
Mortgage Trust, Multifamily Mortgage Pass-Through Certificates,
Series 2020-K104 (FREMF 2020-K104); FREMF 2020-K111 Mortgage Trust,
Multifamily Mortgage Pass-Through Certificates, Series 2020-K111
(FREMF 2020-K111); and FREMF 2020-K120 Mortgage Trust, Multifamily
Mortgage Pass-Through Certificates, Series 2020-K120 (FREMF
2020-K120). The ratings are dependent on the performance of the
underlying transactions.

The Class AK57, Class BK57, Class CK57, Class DK57, and Class EK57
certificates (Group 1 certificates) are collateralized by a portion
of the beneficial interests in the Class D (principal-only), Class
X2-A (interest-only), and Class X2-B (interest-only) multifamily
mortgage-backed pass-through certificates from the Morningstar
DBRS-rated underlying transaction, FREMF 2016-K57 (see
https://dbrs.morningstar.com/issuers/24471). The principal balances
of the underlying certificates total approximately $90.7 million,
approximately 83.02% of which is being contributed to the Trust.
The Class D certificate is the most subordinate principal-only
class in the underlying transaction. The Class X2-A certificate has
a notional balance equal to the aggregate outstanding principal
balance of the Class A-1 and Class A-2 certificates in the
underlying transaction. The Class X2-B certificate has a notional
balance equal to the aggregate outstanding principal balance of the
Class A-M, Class B, Class C, and Class D certificates in the
underlying transaction. The Class X2-A and Class X2-B certificates
are subject to fluctuations based on principal repayments in the
pool.

The Class AGX1, Class BGX1, Class CGX1, and Class ACX1 certificates
(Group 2 certificates) are collateralized by a portion of the
beneficial interests in the Class C-FX multifamily mortgage-backed
pass-through certificate issued by FREMF 2017-KGS1. The principal
balance of the underlying certificate is approximately $53.6
million, 50.00% of which is being contributed to the Trust. The
Class C-FX certificate is the most subordinate
principal-and-interest class in the underlying transaction.

The collateral of the FREMF 2017-KGS1 underlying transaction
includes fixed-rate loans and hybrid ARM loans; the Class C-FX
certificate is collateralized solely by the fixed-rate group of
loans. The fixed-rate group of loans currently comprises 12 loans
secured by 12 multifamily properties, including three garden-style
multifamily properties, six mid-rise apartment complexes, and three
high-rise apartment complexes. Two loans, comprising 12.9% of the
current fixed-rate pool balance, are defeased as of October 2025.
All 12 fixed-rate loans have a 10-year loan term and are full-term
IO.

Morningstar DBRS analyzed the fixed-rate loans in the FREMF
2017-KGS1 underlying transaction to determine the provisional
credit ratings, reflecting the long-term probability of loan
default within the term and the liquidity at maturity. Excluding
the two defeased loans, the fixed-rate loans have a
weighted-average (WA) Issuance Loan-to-Value Ratio (LTV) of 56.2%.
Morningstar DBRS concluded to a Morningstar DBRS Value of
$623,920,924 for the fixed-rate portion of the pool excluding
defeased loans, based on a -7.5% variance to the total Issuer Net
Cash Flow and a blended Morningstar DBRS cap rate of 6.71%,
resulting in a Morningstar DBRS Issuance LTV of 99.8%. As of the
September 2025 underlying monthly reports, none of the fixed-rate
loans are delinquent or are on Freddie Mac's watchlist for having a
debt service coverage ratio (DSCR) below 1.10 times (x).

The Class AK104, Class BK104, Class CK104, Class DK104, Class
EK104, Class CD104, and Class DE104 certificates (Group 3
certificates) are collateralized by the beneficial interests in the
Class D (principal-only), Class X2-A (interest-only), and Class
X2-B (interest-only) multifamily mortgage-backed pass-through
certificates issued by FREMF 2020-K104. The principal balances of
the underlying certificates total approximately $108.5 million, all
of which is being contributed to the Trust. The Class D certificate
is the most subordinate principal-only class in the underlying
transaction. The Class X2-A certificate has a notional balance
equal to the aggregate outstanding principal balance of the Class
A-1 and Class A-2 certificates in the underlying transaction. The
Class X2-B certificate has a notional balance equal to the
aggregate outstanding principal balance of the Class A-M, Class B,
Class C, and Class D certificates in the underlying transaction.
The Class X2-A and Class X2-B certificates are subject to
fluctuations based on principal repayments in the pool.

The collateral of the FREMF 2020-K104 underlying transaction
currently comprises 55 loans secured by 55 multifamily properties,
including 33 garden-style multifamily properties, four mid-rise
apartment complexes, two high-rise apartment complexes, four age-
restricted properties, one student housing property, three townhome
properties, four manufactured housing communities, two
age-restricted manufactured housing communities, one assisted
living property, and one independent living property. Five loans,
comprising 9.2% of the current pool balance, are defeased as of
October 2025. An additional two loans were securitized as part of
the underlying securitization but paid off prior to October 2025.
All the loans in the pool are fixed-rate loans with a 10-year or
11-year loan term. Of the nondefeased loans, 32 loans (64.6% of the
total current pool balance) are partial IO, 11 loans (20.3% of the
total current pool balance) are full-term IO, and seven loans (5.9%
of the total current pool balance) amortize on a 30-year schedule.

Morningstar DBRS analyzed the FREMF 2020-K104 underlying
transaction 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 WA Issuance LTV of the
current pool (excluding defeased and paid-off loans) was 69.1%, and
the current pool is scheduled to amortize to a Morningstar DBRS WA
Balloon LTV of 62.6% based on the A note balances at maturity.
About 63.3% 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.
Morningstar DBRS applied additional stress to the default rate of
two loans that are on Freddie Mac's watchlist as of the September
2025 underlying monthly reports due to a decrease in DSCR,
comprising 1.7% of the current pool balance. No loans are
delinquent as of the September 2025 underlying monthly reports.

The Class AK111, Class BK111, Class CK111, Class DK111, Class
BC111, and Class CD111 certificates (Group 4 certificates) are
collateralized by the beneficial interests in the Class D
(principal-only), Class X2-A (interest only), and Class X2-B
(interest-only) multifamily mortgage-backed pass-through
certificates issued by FREMF 2020-K111. The principal balances of
the underlying certificates total approximately $93.9 million, all
of which is being contributed to the Trust. The Class D certificate
is the most subordinate principal-only class in the underlying
transaction. The Class X2-A certificate has a notional balance
equal to the aggregate outstanding principal balance of the Class
A-1 and Class A-2 certificates in the underlying transaction. The
Class X2-B certificate has a notional balance equal to the
aggregate outstanding principal balance of the Class A-M and Class
D certificates in the underlying transaction. The Class X2-A and
Class X2-B certificates are subject to fluctuations based on
principal repayments in the pool.

The collateral of the FREMF 2020-K111 underlying transaction
currently comprises 59 loans secured by 59 multifamily properties,
including 39 garden-style multifamily properties, five mid-rise
apartment complexes, one high-rise apartment complex, four
age-restricted properties, one townhome property, eight
manufactured housing communities, and one military housing
property. One loan, comprising 3.5% of the current pool balance, is
defeased as of October 2025. No loans have paid off as of October
2025. All the loans in the pool are fixed-rate loans with a 10-year
or 11-year loan term. Of the nondefeased loans, 39 loans (60.2% of
the total current pool balance) are partial IO, 11 loans (28.7% of
the total current pool balance) are full-term IO, and eight loans
(7.6% of the total current pool balance) amortize on a 30-year
schedule.

Morningstar DBRS analyzed the FREMF 2020-K111 underlying
transaction 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 WA Issuance LTV of the
current pool (excluding the one defeased loan) was 71.3%, and the
current pool is scheduled to amortize to a Morningstar DBRS WA
Balloon LTV of 65.2% based on the A note balances at maturity.
About 78.7% 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.
Morningstar DBRS applied additional stress to the default rate of
three loans that are on Freddie Mac's watchlist as of the September
2025 underlying monthly reports due to a decrease in DSCR,
comprising 10.2% of the current pool balance. No loans are
delinquent as of the September 2025 underlying monthly reports.

The Class AK120, Class BK120, Class CK120, Class DK120, Class
BC120, and Class CD120 certificates (Group 5 certificates) are
collateralized by the beneficial interests in the Class D
(principal-only), Class X2-A (interest only), and Class X2-B
(interest-only) multifamily mortgage-backed pass-through
certificates issued by FREMF 2020-K120. The principal balances of
the underlying certificates total approximately $101.3 million, all
of which is being contributed to the Trust. The Class D certificate
is the most subordinate principal-only class in the underlying
transaction. The Class X2-A certificate has a notional balance
equal to the aggregate outstanding principal balance of the Class
A-1 and Class A-2 certificates in the underlying transaction. The
Class X2-B certificate has a notional balance equal to the
aggregate outstanding principal balance of the Class A-M and Class
D certificates in the underlying transaction. The Class X2-A and
Class X2-B certificates are subject to fluctuations based on
principal repayments in the pool.

The collateral of the underlying securitization currently comprises
57 loans secured by 57 multifamily properties, including 38
garden-style multifamily properties, six mid-rise apartment
complexes, one age-restricted property, one student housing
property, six manufactured housing communities, three
assisted-living properties, one independent living property, and
one military housing property. Two loans, comprising 0.3% of the
current pool balance, are defeased as of October 2025. No loans
have paid off as of October 2025. All the loans in the pool are
fixed-rate loans with a loan term of 113, 120, or 126 months. Of
the nondefeased loans, 36 loans (74.3% of the total current pool
balance) are partial IO, 14 loans (18.9% of the total current pool
balance) are full-term IO, and five loans (6.6% of the total
current pool balance) amortize on a 30-year schedule.

Morningstar DBRS analyzed the FREMF 2020-K120 underlying
transaction 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 WA Issuance LTV of the
current pool (excluding defeased loans) was 69.0%, and the total
pool is scheduled to amortize to a Morningstar DBRS WA Balloon LTV
of 61.6% based on the A note balances at maturity. About 68.9% 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.
Morningstar DBRS applied additional stress to the default rate of
four loans that are on Freddie Mac's watchlist as of the September
2025 underlying monthly reports due to a decrease in DSCR,
comprising 2.5% of the current pool balance. In addition, two
loans, comprising 1.4% of the current pool balance, were delinquent
as of the September 2025 underlying monthly reports. Morningstar
DBRS applied an additional stress to the default rate of these
loans to mitigate the risk of near-term default.

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


DRYDEN 75: S&P Affirms B (sf) Rating on Class E-R2 Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R3 and B-R3 debt from Dryden 75 CLO Ltd./Dryden 75 CLO LLC, a CLO
managed by PGIM Inc. that was originally issued in February 2019
and underwent a second refinancing in April 2021. At the same time,
S&P withdrew its ratings on the outstanding class A-R2 and B-R2
debt following payment in full on the Oct. 29, 2025, refinancing
date. S&P also affirmed its ratings on the class C-R2, D-R2, and
E-R2 debt, which were not refinanced.

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

-- The non-call period was extended to April 29, 2026.

-- No additional assets were purchased on the Oct. 29, 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, 2026.

-- 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-R2 debt (which was not
refinanced). However, we affirmed our 'B (sf)' rating on the class
E-R2 debt after considering the margin of failure, the relatively
stable overcollateralization ratio since our last rating action on
the transaction, and that the transaction will soon enter its
amortization phase. Based on the latter, we expect the credit
support available to all rated classes to increase as principal is
collected and the senior debt is paid down. In addition, we believe
the payment of principal or interest on the class E-R2 debt when
due does not depend on favorable business, financial, or economic
conditions. Therefore, this class does not fit our definition of
'CCC' risk in accordance with our criteria, "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012."

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-R3, $336.00 million: Three-month CME term SOFR + 1.04%

-- Class B-R3, $63.00 million: Three-month CME term SOFR + 1.50%

Previous debt

-- Class A-R2, $336.00 million: Three-month CME term SOFR + 1.04%
+ CSA(i)

-- Class B-R2, $63.00 million: Three-month CME term SOFR + 1.40% +
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

  Dryden 75 CLO Ltd./Dryden 75 CLO LLC

  Class A-R3, $336.00 million: AAA (sf)
  Class B-R3, $63.00 million: AA (sf)

  Ratings Withdrawn

  Dryden 75 CLO Ltd./Dryden 75 CLO LLC

  Class A-R2 to NR from 'AAA (sf)'
  Class B-R2 to NR from 'AA (sf)'

  Ratings Affirmed

  Dryden 75 CLO Ltd./Dryden 75 CLO LLC

  Class C-R2: A (sf)
  Class D-R2: BBB- (sf)
  Class E-R2: B (sf)

  Other Debt

  Dryden 75 CLO Ltd./Dryden 75 CLO LLC

  Subordinated notes, $45.80 million: NR

NR--Not rated.



DT AUTO OWNER: S&P Assigns BB (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings raised its ratings on six classes and affirmed
its ratings on two classes of notes from DT Auto Owner Trust 2023-3
(DTAOT 2023-3) and Bridgecrest Lending Auto Securitization Trust
2023-1 (BLAST 2023-1) transactions. These are ABS transactions
backed by subprime retail auto loan receivables originated
primarily by DriveTime Car Sales Co. LLC and serviced by
Bridgecrest Acceptance Corp.

The rating actions reflect:

-- Each transaction's collateral performance to date and its
expectation regarding their future collateral performances;

-- S&P's revised cumulative net loss (CNL) expectations for each
transaction and their structure and credit enhancement levels; and

-- Other credit factors such as credit stability, payment
priorities under various scenarios, and sector- and issuer-specific
analyses, including our forward-looking view of the U.S. auto
finance sector and our most recent macroeconomic outlook, which
incorporates a baseline forecast for U.S. GDP and unemployment.

-- Considering all these factors, S&P believes the
creditworthiness of each class of notes is consistent with the
raised and affirmed ratings.

-- S&P said, "Since our last review in November 2024, the DTAOT
2023-3 and BLAST 2023-1 transactions have performed worse than our
previously revised CNL expectations. Given their relative weaker
performances and prevailing adverse economic headwinds, we revised
and raised our expected CNLs for both the transactions."

  Table 1

  Collateral performance (%)(i)


                       Pool   60+ day  Current Current  Current
     Series      Mo.   Factor delinq.   CGL  CRR    CNL

  DTAOT 2023-3   27   43.27   13.89     30.98   33.53   20.59
  BLAST 2023-1   24   48.17   12.93     28.87   33.01   19.34

(i)As of the October 2025 distribution date.
Mo.--Month.
Delinq.--Delinquencies.
CGL--Cumulative gross loss.
CRR--Cumulative recovery rate.
CNL--Cumulative net loss.
DTAOT--DT Auto Owner Trust.
BLAST--Bridgecrest Lending Auto Securitization Trust.

  Table 2

  CNL expectations (%)

                Original    Previous     Revised
                lifetime    lifetime     lifetime
  Series        CNL exp.    CNL exp.(i)  CNL exp.

  DTAOT 2023-3 25.50      25.50       30.50
  BLAST 2023-1 25.50      25.50       31.50

(i)Revised in November 2024.
CNL exp.--Cumulative net loss expectations.
DTAOT--DT Auto Owner Trust.
BLAST--Bridgecrest Lending Auto Securitization Trust.

Each transaction has a sequential principal payment structure in
which the notes are paid principal by seniority, which will
increase the credit enhancement for the senior notes as the pool
amortizes. Each transaction also has credit enhancement consisting
of a non-amortizing reserve account, overcollateralization (O/C),
subordination for the more senior classes, and excess spread. As of
the October 2025 distribution date, both transactions are at their
specified target O/C and reserve levels. The transactions'
sequential principal payment structures have led to an increase in
the components of hard credit enhancement since issuance as their
collateral pools amortize.

  Table 3

  Hard credit support(i)(ii)

                    Total hard
                         credit support   credit support   
    Series       Class   at issuance (%)  (% of current)

  DTAOT 2023-3      B        45.60          91.26
  DTAOT 2023-3      C        33.95          64.33
  DTAOT 2023-3      D        20.90          34.17
  DTAOT 2023-3      E        15.40          21.47
  BLAST 2023-1      B        47.35          87.20
  BLAST 2023-1      C        35.70          63.01
  BLAST 2023-1      D        22.20          34.99
  BLAST 2023-1      E        16.00          22.11

(i)As of the October 2025 distribution date.
(ii)Calculated as a percentage of the total gross receivable pool
balance, which consists of overcollateralization and a reserve
account, and if applicable, subordination. Excludes excess spread,
which can also provide additional enhancement.
DTAOT--DT Auto Owner Trust.
BLAST--Bridgecrest Lending Auto Securitization Trust.

S&P said, "We analyzed the current hard credit enhancement compared
to the remaining expected CNLs for those classes where hard credit
enhancement alone--without credit to the stressed excess
spread--was sufficient, in our view, to raise or affirm the ratings
on the notes. For other classes, we incorporated a cash flow
analysis to assess the loss coverage level, giving credit to
stressed excess spread. Our various cash flow scenarios included
forward-looking assumptions on recoveries, timing of losses, and
voluntary absolute prepayment speeds that we believe are
appropriate, given the transactions' performances to date and our
current economic outlook.

"In addition to our break-even cash flow analysis, we also
conducted sensitivity analyses for the transactions to determine
the impact a moderate ('BBB') stress scenario would have on our
ratings if losses began trending higher than our revised base-case
loss expectations.

"In our view, the results, which are based on our analysis as of
the collection period ended Sept. 2025 (the October 2025
distribution date), demonstrated that all of the classes have
adequate credit enhancement at their respective raised and affirmed
rating levels.

"We will continue to monitor the performance of all outstanding
ratings to ensure that the credit enhancement remains sufficient,
in our view, to cover our CNL expectations under our stress
scenarios for each of the rated classes."

  Ratings Raised

  DT Auto Owner Trust 2023-3

  Class B to 'AAA (sf)' from 'AA+ (sf)'
  Class C to 'AAA (sf)' from 'A+ (sf)'
  Class D to 'BBB+' (sf) from 'BBB (sf)'
  Class E to 'BB+ (sf)' from 'BB (sf)'

  Bridgecrest Lending Auto Securitization Trust 2023-1

  Class B to 'AAA (sf)' from 'AA+ (sf)'
  Class C to 'AAA (sf)' from 'A (sf)'

  Ratings Affirmed

  Bridgecrest Lending Auto Securitization Trust 2023-1

  Class D: BBB (sf)
  Class E: BB (sf)



EXETER AUTOMOBILE 2025-5: S&P Assigns Prelim BB- Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Exeter
Automobile Receivables Trust 2025-5's automobile receivables-backed
notes.

The note issuance is an ABS transaction backed by subprime auto
loan receivables.

The preliminary ratings are based on information as of Oct. 30,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 56.20%, 49.97%, 41.68%,
31.47%, and 25.31% credit support (hard credit enhancement and
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 cash flow scenarios. These credit support levels provide
at least 2.70x, 2.40x, 2.00x, 1.50x, and 1.20x coverage of S&P's
expected cumulative net loss of 20.75% for classes A, B, C, D, and
E, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.50x 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 principal repayment by the
designated legal final maturity dates under our 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.,
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 credit factors, which are in
line with our sector benchmark.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Exeter Automobile Receivables Trust 2025-5(i)

  Class A-1, $97.00 million ($122.00 million if upsized): A-1+
(sf)
  Class A-2, $211.62 million ($264.28 million if upsized): AAA
(sf)
  Class A-3, $195.68 million ($245.48 million if upsized): AAA
(sf)
  Class B, $105.63 million ($132.33 million if upsized): AA (sf)
  Class C, $108.17 million ($135.51 million if upsized): A (sf)
  Class D, $138.65 million ($173.69 million if upsized): BBB (sf)
  Class E, $113.25 million ($141.87 million if upsized): BB- (sf)

(i)The interest rate, and base or upsize amount for each class will
be determined on the pricing date.



EXETER SELECT 2025-3: S&P Assigns BB (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 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 '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 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 does not constrain the 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 credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

  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)



FIGRE TRUST 2025-HE6: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to FIGRE Trust 2025-HE6's
mortgage-backed notes.

The transaction is an RMBS securitization backed by first- and
subordinate-lien, simple-interest, fixed-rate, fully amortizing
residential mortgage loans that are open-ended home equity lines of
credit (HELOCs). The loans are secured by single-family residences,
condominiums, townhouses, and two- to four-family residential
properties. The pool is composed of 3,564 initial HELOCs plus 198
subsequent draws (3,762 HELOC mortgage loans), which are all
ability-to-repay exempt.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, representations and warranties framework, and geographic
concentration;

-- The mortgage originator, Figure Lending LLC;

-- Sample due diligence results consistent with represented loan
characteristics; and

-- S&P's outlook that considers 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

  FIGRE Trust 2025-HE6(i)

  Class A, $187,099,000: AAA (sf)
  Class B, $24,867,000: AA- (sf)
  Class C, $32,713,000: A- (sf)
  Class D, $18,355,000: BBB- (sf)
  Class E, $15,690,000: BB- (sf)
  Class F, $11,398,000: B- (sf)
  Class G, $5,921,060: NR
  Class XS, notional(ii): NR
  Class FR(iii): 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)The class XS notes will have a notional amount equal to the
aggregate principal balance of the mortgage loans and any real
estate owned properties as of the first day of the related
collection period.
(iii)The initial class FR certificate balance is zero. In certain
circumstances, class FR is obligated to remit funds to the reserve
account to reimburse the servicer for funding subsequent draws in
the event there is insufficient available funds or amounts on
deposit in the reserve account. Any amounts remitted by the class
FR certificates will be added to and increase the balance of the
class FR certificates.
NR--Not rated.


FORTRESS CREDIT VIII: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1RR, A-1TR, A-1LR, A-2R, B-R, C-R, D-1TR, D-1FR, D-2R, and E-R
debt and new class X-R debt from Fortress Credit Opportunities VIII
CLO LLC, a CLO managed by FCOO CLO Management LLC that was
originally issued in November 2023.

The replacement and new debt will be issued via a supplemental
indenture, which outlines the terms of the replacement debt.
According to the supplemental indenture:

-- The replacement class A-1RR, A-1TR, A-1LR, A-2R, B-R, C-R,
D-1TR, D-1FR, D-2R, and E-R debt and new class X-R debt was issued
at a lower coupon/spread over three-month term SOFR than the
existing debt.

-- The replacement class A-1RR, A-1TR, A-1LR, A-2R, B-R, C-R,
D-1TR, D-2R, and E-R debt was issued at a floating spread, and
D-1FR debt was issued at a fixed coupon, replacing the current
floating spread debt.

-- The stated maturity/reinvestment period date was extended by
three years, and the non-call period/weighted average life test
date was extended by two years.

-- The non-call period was extended to Oct. 22, 2027.

-- The reinvestment period was extended to Oct. 22, 2029.

-- The legal final maturity dates for the replacement debt and the
existing subordinated notes were extended to Oct. 22, 2037.

-- Additional assets were purchased on the Oct. 22, 2025,
refinancing date, and the target initial par amount was remain at
$300 million. There is no additional effective date or ramp-up
period, and the first payment date following the refinancing is
Jan. 22, 2026.

-- New class X-R debt was issued on the refinancing date. This
debt is expected to be paid down using interest proceeds during the
first 14 payment dates in equal installments of $285,714, beginning
on the second payment date.

-- Class A-1RR is a variable-funding note (VFN) that can be drawn
on to fund revolving or delayed draw obligations and to purchase
new collateral obligations during the reinvestment period. The VFN
can also be repaid. If our short-term issuer credit rating on the
class A-1RR loan holder falls below 'A-1', the loan holder must
fully fund its unfunded commitment for the CLO's benefit. We
modeled the A-1RR revolving tranche as both fully funded and fully
unfunded.

-- The preliminary rating on the class A-1RR loans addresses only
the full and timely payment of principal and the base interest
amount, which includes the stated interest rate on the funded
amounts and any commitment fee due on the undrawn commitment. It
does not include any capped amounts.

-- The preliminary ratings do not reflect the payment of any
increased costs on the class A-1RR loans, which are additional
payments, based on changes in law, made to the lender. The costs
may not be predictable or quantifiable. Increased cost payments are
subordinate to principal and interest distributions on the rated
debt in the payment waterfall and, therefore, do not affect
scheduled distributions to the rated notes.

-- There is no concentration limit on 'CCC' rated assets, but a
haircut is taken in the overcollateralization (O/C) test if they
exceed 30.00% of the pool. The transaction structure passed our
cash flow analysis, assuming a sensitivity of 92.50% exposure to
'CCC' rated assets

-- The required minimum O/C 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 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

  Fortress Credit Opportunities VIII CLO LLC

  Class X-R, $4.00 million: AAA (sf)
  Class A-1RR loans, $54.00 million: AAA (sf)
  Class A-1TR, $58.00 million: AAA (sf)
  Class A-1LR loans, $50.00 million: AAA (sf)
  Class A-2R, $9.00 million: AAA (sf)
  Class B-R, $15.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1TR (deferrable), $11.00 million: BBB (sf)
  Class D-1FR (deferrable), $10.00 million: BBB (sf)
  Class D-2R (deferrable), $6.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Ratings Withdrawn

  Fortress Credit Opportunities VIII CLO LLC

  Class A-1R to NR from AAA (sf)
  Class A-1T 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

  Fortress Credit Opportunities VIII CLO LLC

  Subordinated notes, $50.70 million: NR

NR--Not rated.


FS COMMERCIAL 2023-4SZN: DBRS Confirms B Rating on Class HRR Certs
------------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-4SZN
issued by FS Commercial Mortgage Trust 2023-4SZN (the Issuer) as
follows:

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

All trends are Stable.

The credit rating confirmations reflect the overall stable to
improving performance of the transaction. In the relatively short
time since closing, the underlying collateral -- Four Seasons
Resort Palm Beach and Four Seasons Hotel at The Surf Club -- have
demonstrated improvements in operating performance with increases
in occupancy and net cash flow (NCF) that, as of the most recent
reporting, have surpassed Morningstar DBRS' issuance figures and
the Issuer's underwritten figures.

The transaction is secured by two luxury hotel and resort
properties with 309 keys, 25 of which are condominium units owned
by third parties and managed by the sponsor subject to a
revenue-sharing program. The properties benefit from their location
on the eastern seaboard of South Florida and offer a combined 1,300
feet of direct ocean frontage. Both properties carry the
prestigious AAA Five Diamond designation and offer a wide range of
amenities, including beachfront cabanas, a full-service spa, food
and beverage (F&B) outlets, and outdoor swimming pools. Since 2019,
the sponsor has invested more than $80.0 million toward upgrading
the Four Seasons Resort Palm Beach property, renovating all 207
rooms and suites, the F&B outlets, and the ballrooms and meeting
space.

The $410.0 million whole loan refinanced existing debt with
approximately $56.5 million of cash-out proceeds returned to the
sponsor, Fort Hospitality Group LLC (Fort). Fort owns several other
luxury hotels and resorts in Florida, including Four Seasons Hotel
Miami, Four Seasons Fort Lauderdale, and The Surf Club at Norman's
Cay. The four-year fixed-rate loan is interest-only (IO) through
its maturity in November 2027. Prepayment of the loan is locked out
except for the last 12 months of the loan term.

According to the financial reporting for the trailing 12-month
(T-12) period ended March 31, 2025, the collateral generated NCF of
$68.4 million with a debt service coverage ratio (DSCR) of 1.84
times (x), an improvement from NCF of $56.3 million with a DSCR of
1.52x at YE2023 and well above the Morningstar DBRS issuance NCF of
$32.1 million with a DSCR of 0.89x. The growth in NCF was driven by
an increase in room revenue and a decrease in operating expenses
compared with Morningstar DBRS' figures at issuance. The servicer
reported revenue of $196.2 million for the T-12 period ended March
31, 2025, compared with Morningstar DBRS' figure of $174.7 million
at issuance whereas operating expenses for the same period were
lower at $45.9 million compared with Morningstar DBRS' figure of
$62.7 million at issuance. Given the historical reporting available
at issuance, which shows significantly higher expenses, it is
unlikely that operating expenses will continue this sustained
decline. As of the date of this press release, Morningstar DBRS was
awaiting responses from the servicer regarding certain line items.

According to the March 2025 STR, Inc. report, the Four Seasons
Resort Palm Beach property reported T-12 occupancy, average daily
rate (ADR), and revenue per available room (RevPAR) figures of
62.1%, $1,220 and $757, respectively, which were higher than
Morningstar DBRS' issuance figures of 56.6%, $1,144, and $648,
respectively. During the same period, the Four Seasons Hotel at the
Surf Club reported T-12 occupancy, ADR, and RevPAR figures of
70.3%, $2,617 and $1,839, respectively, which were higher than
Morningstar DBRS' issuance figures of 61.1%, $2,448, and $1,496,
respectively.

For the purposes of this credit rating action, Morningstar DBRS
maintained its valuation approach derived at issuance, which was
based on a capitalization rate of 7.14% applied to the Morningstar
DBRS Issuance NCF figure noted above. The Morningstar DBRS Value of
$450.3 million represents a -43.7% variance from the issuance
appraised value of $799.8 million. The resulting Morningstar DBRS
Loan-to-Value Ratio (LTV) was 91.1% compared with the LTV of 51.3%
based on the appraised value at issuance. Morningstar DBRS
maintained positive qualitative adjustments totaling 7.0% to
reflect the exceptional quality of the portfolio and its strong
historical performance and management under Four Seasons Hotels
Limited, which is considered one of the best luxury hotel operators
in the world. There is limited competition, construction, or
development of similar products in the area and, as such,
Morningstar DBRS believes that the portfolio will continue to
perform well.

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


GCAT 2025-NQM6: S&P Assigns B (sf) Rating on Class Cl. B-2 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to GCAT 2025-NQM6 Trust's
mortgage pass-through certificates.

The certificate issuance is an RMBS securitization backed by
first-lien, fixed- 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, condominiums, and two- to
four-family residential properties. The pool has 647 loans that are
either QM/non-HPML (APOR), QM/HPML, non-QM/ATR-compliant, or
ATR-exempt.

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 V 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 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

  GCAT 2025-NQM6 Trust

  Class A-1A, $235,415,000: AAA (sf)
  Class A-1B, $34,393,000: AAA (sf)
  Class A-1, $269,808,000: AAA (sf)
  Class A-2, $15,992,000: AA (sf)
  Class A-3, $32,501,000: A (sf)
  Class M-1, $13,413,000: BBB- (sf)
  Class B-1, $4,643,000: BB (sf)
  Class B-2, $4,643,000: B (sf)
  Class B-3, $2,923,804: NR
  Class A-IO-S, Notional(i): NR
  Class X, Notional(i): NR
  Class R, N/A: NR

(i)The notional amount equals the aggregate stated principal
balance of the loans.
NR--Not rated.
N/A--Not applicable.



GLS AUTO 2024-4: S&P Affirms BB (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings raised its ratings on 13 classes of notes and
affirmed its ratings on nine classes of notes from seven GLS Auto
Receivables Issuer Trust (GCAR) transactions. These are ABS
transactions that are backed by subprime retail auto loan
receivables originated and serviced by Global Lending Services
LLC.

The rating actions reflect:

-- Each transaction's collateral performance to date and S&P's
expectations regarding its future collateral performance;

-- S&P's revised cumulative net loss (CNL) expectations for each
transaction 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, including our most recent macroeconomic outlook that
incorporates baseline forecasts for U.S. GDP and unemployment.

Considering all these factors, S&P believes the creditworthiness of
each class of notes is consistent with the rating actions.

The GCAR 2021-2, 2021-3, and 2021-4 transactions are performing in
line with our original or prior CNL expectations. S&P said, "As a
result, we maintained our expected CNLs for these transactions. The
GCAR 2022-1, 2023-3, and 2023-4 transactions care performing worse
than our prior revised higher expectations. As such, we raised our
expected CNLs for this series. While early, the 2024-4 transaction
is performing better than our initial expected CNL, and we lowered
our expected CNL for this transaction. "

  Table 1

  Collateral performance (%)(i)

                 Pool    60+ day  Current Current  Current Current
  Series     Mo. Factor  delinq.  ext. CGL      CRR     CNL

  2021-2     52   12.10   12.67   4.61    23.09    47.12    12.21
  2021-3     49   14.16   11.98   4.75    23.38    42.36    13.48
  2021-4     46   16.91   10.76   3.91    24.10    39.18    14.66

  2022-1     43   18.92   10.95   4.21    26.18    37.08    16.48
  2023-3     26   45.88    7.89   4.17    20.03    35.31    12.96
  2023-4     23   50.38    7.79   3.80    17.86    35.45    11.53
  2024-4     11   76.61    4.37   3.15     4.64    42.84     2.65

(i)As of the October 2025 distribution date.
Mo.--Month. Delinq.--Delinquencies.
Ext.--Extensions.
CGL--Cumulative gross loss.
CRR--Cumulative recovery rate.
CNL--Cumulative net loss.

  Table 2

  CNL expectations (%)

                 Original       Prior revised     Revised
  Series         lifetime         lifetime   lifetime
                  CNL exp.        CNL exp.        CNL exp.

  2021-2           19.50           13.00           13.00
  2021-3           17.25           14.50           14.50
  2021-4           16.75           16.50           16.50
  2022-1           16.75           18.00           18.50
  2023-3           17.50           19.00           21.00
  2023-4           17.50           18.50           21.00
  2024-4           17.50           N/A             17.25

(i)Previously revised in October 2024 for series 2021-2 through
2023-3 and in December 2024 for 2023-4.
CNL exp.--Cumulative net loss expectations.
N/A–-Not applicable.

Each transaction has a sequential principal payment structure--in
which the notes are paid principal by seniority--that will increase
the credit enhancement for the senior notes as the pool amortizes.
Each transaction also has credit enhancement consisting of a
non-amortizing reserve account, overcollateralization,
subordination for the more senior classes, and excess spread. As of
the October 2025 distribution date, each transaction is at its
target reserve level and target overcollateralization level. Each
transaction's sequential principal payment structure has led to an
increase in hard credit enhancement since issuance.

  Table 3

  Hard credit support(i)(ii)

  
                   Total hard        Current total hard
                   credit support    credit support
  Series    Class  at issuance (%)   (% of current)

  2021-2      D        11.70            96.30
  2021-2      E         4.10            33.51
  2021-3      D        11.60            76.62
  2021-3      E         4.75            28.24
  2021-4      D        12.60            60.71
  2021-4      E         6.75            26.12
  2022-1      D        15.60            62.88
  2022-1      E         8.75            26.68
  2023-3      B        41.80            90.32
  2023-3      C        29.50            63.51
  2023-3      D        15.90            44.87
  2023-3      E         7.35            15.23
  2023-4      B        41.35            82.10
  2023-4      C        28.45            57.45
  2023-4      D        15.30            32.32
  2023-4      E         6.15            14.83
  2024-4      A        53.80            74.32
  2024-4      B        39.05            55.69
  2024-4      C        25.20            38.20
  2024-4      D        12.10            21.65
  2024-4      E         5.60            13.44

(i)As of the October 2025 distribution date.
(ii)Calculated as a percentage of the total gross receivable pool
balance, which consists of overcollateralization and a reserve
account, and if applicable, subordination. Excludes excess spread,
which can also provide additional enhancement.

S&P said, "We analyzed the current hard credit enhancement compared
to the remaining expected CNLs for those classes where hard credit
enhancement alone--without credit to the stressed excess
spread--was sufficient, in our view, to raise or affirm the ratings
on the notes. For other classes, we incorporated a cash flow
analysis to assess the loss coverage level, giving credit to
stressed excess spread. Our various cash flow scenarios included
forward-looking assumptions on recoveries, timing of losses, and
voluntary absolute prepayment speeds that we believe are
appropriate, given each transaction's performance to date and our
current economic outlook.

"We also conducted sensitivity analyses to determine the impact
that a moderate ('BBB') stress scenario would have on our ratings
if losses began trending higher than our revised base-case loss
expectation.

"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 Sept. 30, 2025 (the October 2025 distribution date).

"We will continue to monitor the performance of all outstanding
transactions to ensure that the credit enhancement remains
sufficient, in our view, to cover our CNL expectations under our
stress scenarios for each of the rated classes."

  Ratings Raised

  GLS Auto Receivables Issuer Trust 2021-2

    Class E to 'AAA (sf)' from 'A- (sf)'

  GLS Auto Receivables Issuer Trust 2021-3

    Class E to 'AAA (sf)' from 'BBB (sf)'

  GLS Auto Receivables Issuer Trust 2021-4

    Class D to 'AAA (sf)' from 'A+ (sf)'
    Class E to 'A+ (sf)' from 'BB (sf)'

  GLS Auto Receivables Issuer Trust 2022-1

    Class D to 'AAA (sf)' from 'A+ (sf)'
    Class E to 'A- (sf)' from 'BB- (sf)'

  GLS Auto Receivables Issuer Trust 2023-3

    Class C to 'AAA (sf)' from 'A (sf)'
    Class D to 'A (sf)' from 'BBB (sf)'

  GLS Auto Receivables Issuer Trust 2023-4

    Class C to 'AAA (sf)' from 'A (sf)'
    Class D to 'A- (sf)' from 'BBB- (sf)'

  GLS Auto Receivables Issuer Trust 2024-4

    Class B to 'AA+ (sf)' from 'AA (sf)'
    Class C to 'A+ (sf)' from 'A (sf)'
    Class D to 'BBB+ (sf)' from 'BBB (sf)'


  Ratings Affirmed

  GLS Auto Receivables Issuer Trust 2021-2

    Class D: AAA (sf)

  GLS Auto Receivables Issuer Trust 2021-3

    Class D: AAA (sf)

  GLS Auto Receivables Issuer Trust 2023-3

    Class B: AAA (sf)
    Class E: BB- (sf)

  GLS Auto Receivables Issuer Trust 2023-4

    Class B: AAA (sf)
    Class E: BB- (sf)

  GLS Auto Receivables Issuer Trust 2024-4

    Class A-2: AAA (sf)
    Class A-3: AAA (sf)
    Class E: BB (sf)



GS MORTGAGE 2025-HE2: DBRS Gives Prov. B Rating on Class B2 Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Mortgage-Backed Notes, Series 2025-HE2 (the Notes) to be issued by
GS Mortgage-Backed Securities Trust 2025-HE2 (GSMBS 2025-HE2):

-- $206.0 million Class A-1 at (P) AAA (sf)
-- $19.5 million Class M-1 at (P) AA (sf)
-- $11.3 million Class M-2 at (P) A (sf)
-- $11.7 million Class M-3 at (P) BBB (sf)
-- $11.1 million Class B-1 at (P) BB (sf)
-- $7.0 million Class B-2 at (P) B (sf)

The (P) AAA (sf) credit rating on the Class A Notes reflects 25.00%
of credit enhancement provided by subordinate notes. The (P) AA
(sf), (P) A (sf), (P) BBB (sf), (P) BB (sf), and (P) B (sf) credit
ratings reflect 17.90%, 13.80%, 9.55%, 5.50%, and 2.95% of credit
enhancement, respectively.

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

The securitization is backed by recently originated first- and
junior-lien revolving home equity lines of credit (HELOCs) funded
by the issuance of mortgage-backed securities (the Notes). The
Notes are backed by 2,890 loans with a total unpaid principal
balance (UPB) of $289,156,194 and a total current credit limit of
$310,638,840 as of the Cut-Off Date (September 30, 2025).

The portfolio, on average, is five months seasoned, though
seasoning ranges from two to 190 months. Approximately 97.7% of the
loans are current and 86.3% have never been 30 or more (30+) days
delinquent since origination. Most 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.

GSMBS 2025-HE2 represents the fourth securitization of 100% HELOCs
by the Sponsor, Goldman Sachs Mortgage Company. The performance of
the previous transactions to date has been satisfactory.

HELOC Features

In this transaction, all but six 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. Post the draw term and interest-only (IO) period,
HELOC borrowers have a repayment period and are no longer allowed
to draw. A majority of the HELOCs in this transaction are
floating-rate loans with 10-year IO payment periods, though some
align with the shorter draw period. 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 95.6% after five months of seasoning on average.

Transaction and Other Counterparties

The mortgages were originated by United Wholesale Mortgage, LLC
(75.0%) and Amerisave Mortgage Corporation (12.6%) as well as other
originators each comprising less than 5.0% of the pool by balance.

Shellpoint will service all loans within the pool for a servicing
fee of 0.15% per year. Computershare Trust Company, N.A. will serve
as the Collateral Trustee, Paying Agent, Trust Registrar, Rule
17g-5 Information Provider, and Custodian.

Draw Funding Mechanism
This transaction uses a structural mechanism similar to other HELOC
transactions to fund future draw requests. The Servicer will fund
draws from principal and interest collections received. If
collections are insufficient, then the Servicer will be required to
fund any additional net draws with its own funds and will be
entitled to reimbursement. The Funding Interest Owner, initially
and the Retained Interest Owner will reimburse the Servicer for
their funded net draws.

Goldman Sachs Bank USA (rated A (high) with a Stable trend by
Morningstar DBRS) will act as the Initial Funding Interest Owner
and the Retained Interest Owner. The Initial Funding Interest owner
may transfer some or all of the funding interest to one or more
parties that satisfy the related eligibility criteria. Any
transferee must be a Qualified Funding Interest Owner with a
long-term senior debt rating of at least "A" by Morningstar DBRS.

In its analysis of the proposed transaction structure, Morningstar
DBRS does not rely on the creditworthiness of the Servicer. Rather,
the analysis relies on the creditworthiness of the Initial Funding
Interest Owner, Retained Interest Owner, 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 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 M-1, M-2,
and M-3 Notes will be locked out from receiving principal
payments.

Additionally, the pro rata cash flow structure is subject to a
sequential trigger (Trigger Event), which is based on certain
performance trigger events related to cumulative losses and
delinquencies. If a Trigger 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 Trigger 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 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 UPB falls to or below 30% of the
Cut-Off Date UPB, the Controlling Holder, may exercise a call and
purchase all of the outstanding Notes at the redemption price
(Optional Redemption) described in the transaction documents.

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 5% of the aggregate pool
balance as of the Cut-Off Date, the Master Servicer will have the
option to purchase the mortgage loans and cause an early retirement
of the Notes.

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


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

-- Class F to BB (low) (sf) from BBB (low) (sf)
-- Class G to B (sf) from BB (low) (sf)
-- Class H to CCC (sf) from B (low) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (high) (sf)
-- Class X-EXT at AA (sf)
-- Class D at AA (low) (sf)
-- Class E at A (low) (sf)

The trend on Classes D, E, F, G, and X-EXT is Negative. The trends
on all other classes are Stable, with the exception of Class H,
which has a credit rating that typically does not carry a trend in
commercial mortgage-backed securities (CMBS) transactions.

With this review, Morningstar DBRS removed the credit ratings on
all classes from Under Review with Negative Implications, where
they were placed on August 8, 2025.

The underlying loan is collateralized by the borrower's fee-simple
interest in 11 multifamily portfolios comprising 31 properties
across the Bronx, Brooklyn, Queens, and Upper Manhattan boroughs of
New York. The portfolio is heavily exposed to rent-stabilized,
affordable housing, which represents 86.9% of the total units. The
credit rating downgrades and Negative trends reflect the result of
a conservative value exercise for the underlying collateral
outlined in further detail below. That scenario shows that classes
as high as Class F could be at higher risk of loss in a
hypothetical liquidation scenario, supporting the credit rating
downgrades. The Negative trends reflect the possibility for further
value and/or performance declines prior to ultimate resolution. In
addition, Morningstar DBRS has ongoing concerns with the
performance of the underlying portfolio, which continues to
struggle under increased operating expenses and limits on
residential rent increases to offset the higher expense load. The
property performance issues have been exacerbated by the floating
rate nature of the loan, as well.

The loan transferred to special servicing in October 2024 for
maturity default after the borrower was unsuccessful in meeting the
requirements for exercising the first extension option in June
2024, which included the replacement of the in-place interest rate
cap agreement and a minimum debt yield of 5.5% on the trust loan.
The borrower missed the June 2025 loan payment and remains
delinquent as of the September 2025 reporting. Workout discussions
have been ongoing since November 2024; recent servicer commentary
confirmed that the borrower has been co-operative.

The interest-only (IO) loan has two one-year extension options that
are subject to the purchase of a replacement interest rate cap
agreement, confirmation of no events of default, and the
satisfaction of a debt yield of at least 5.5%. Based on the net
cash flow (NCF) reported by the servicer as of the YE2024
reporting, the debt yield was just 5.3%; the servicer has confirmed
that the borrower did not meet the requirements to exercise the
first extension option.

Although occupancy across the portfolio has remained above 85.0%
since 2019, expense increases have outpaced rent growth, partially
because of caps on rent increases as mandated by the Housing
Stability & Tenant Protection Act of 2019. According to the
December 2024 rent roll, the portfolio was 92.7% occupied, a slight
improvement from 89.7% at issuance. For the same period, the
portfolio generated a NCF of $26.9 million (reflecting a debt
service coverage ratio (DSCR) of 0.59 times (x)), less than the
YE2023 figure of $27.4 million (a DSCR of 0.55x) and the
Morningstar DBRS NCF of $29.3 million derived at issuance. While
the servicer-reported financials reflect consistent growth in
revenue, operating expenses have grown significantly (up by 18.0%
over the Morningstar DBRS figure at YE2024), primarily driven by
increases in utilities, property insurance, management fees, and
professional fees. In addition, there has been downward pressure on
the actual DSCR as a result of increased debt service obligations
for the floating-rate loan, which have increased by approximately
four times from issuance. As noted, however, there is a requirement
for an interest rate cap agreement.

At issuance, Morningstar DBRS derived a value of $468.6 million
based on a capitalization rate of 6.25% and a Morningstar DBRS NCF
of $29.3 million. Given the payment delinquency, uncertainty around
the ultimate workout of the loan and general performance declines,
Morningstar DBRS updated the LTV Sizing Benchmarks to reflect a
stressed value analysis. The updated LTV Sizing considered a 6.75%
capitalization rate applied to the YE2024 NCF of $26.9 million,
resulting in a Morningstar DBRS Value of $398.8 million, a -14.9%
decline from the Morningstar DBRS Value derived at issuance, and a
-48.5% decline from the issuance appraised value of $775.0 million.
The updated Morningstar DBRS Value implies a trust loan LTV of
127.0%, compared with the Morningstar DBRS issuance LTV of 108.0%
and 65.3% based on the issuance appraised value. Morningstar DBRS
maintained positive qualitative adjustments of 4.5% to the LTV
sizing benchmarks to account for the portfolio's geographic
diversification across several boroughs of New York City. Given the
demand driver for housing and the fact that 86.9% of the
portfolio's units are rent-stabilized, a credit for cash flow
volatility was also maintained.

The Morningstar DBRS credit ratings on Classes C, D, E, and G are
higher than the results implied by the LTV sizing benchmarks by
three or more notches. The variances are warranted given the
higher-rated certificates are generally well insulated against loss
as suggested by the value analysis with this review. Given the
uncertainty of the ultimate workout for the loan, Morningstar DBRS
considered conservative assumptions in determining the collateral's
value and changed trends on several classes to Negative from
Stable, including Classes D, E and G, to signal the possibility for
future downgrade actions should the collateral's value or
performance deteriorate further. In a hypothetical liquidation
scenario which considers the Morningstar DBRS Value of $398.8
million, Classes A through E would be repaid in full, with losses
contained to the subordinate classes below, all of which now carry
below investment-grade credit ratings.

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


JP MORGAN 2025-CES6: S&P Assigns Prelim 'B-' Rating on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to J.P. Morgan
Mortgage Trust 2025-CES6'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, planned-unit developments,
condominiums, two- to four-family residential properties,
townhouses, and condotels. The pool has 5,042 loans and comprise
QM/non-HPML (safe harbor), non-QM/compliant, QM rebuttable
presumption, and ATR-exempt loans.

The preliminary ratings are based on information as of Oct. 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;

-- 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.

  Preliminary Ratings Assigned

  J.P. Morgan Mortgage Trust 2025-CES6(i)

  Class A-1A, $371,428,000: AAA (sf)
  Class A-1B, $31,804,000: AAA (sf)
  Class A-1-X, $403,232,000: AAA (sf)
  Class A-1, $403,232,000: AAA (sf)
  Class A-2, $19,035,000: AA- (sf)
  Class A-3, $14,393,000: A- (sf)
  Class M-1, $11,143,000: BBB- (sf)
  Class B-1, $7,196,000: BB- (sf)
  Class B-2, $5,804,000: B- (sf)
  Class B-3, $3,482,675: NR
  Class A-IO-S, Notional(ii): NR
  Class XS, Notional(iii): NR
  Class PT, N/A(iv): NR
  Class A-R, N/A(v): NR

(i)The preliminary 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 interim serviced by NewRez LLC doing
business as Shellpoint Mortgage Servicing before the servicer
transfer date on or about Dec. 3, 2025, and Nationstar Mortgage LLC
d/b/a Rushmore Servicing on and after the servicer transfer date.
(iii)The notional amount equals the aggregate unpaid principal
balance of loans in the pool as of the cutoff date.
(iv)Certain proportions of the class A-1-X, A-1A, A-1B, A-2, A-3,
M-1, B-1, B-2, B-3, A-IO-S, and XS notes are exchangeable for the
class PT notes, and vice versa.
(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.
NR--Not rated.


MF1 2022-FL10: DBRS Confirms B(low) Rating on 3 Tranches
--------------------------------------------------------
DBRS, Inc. upgraded its credit ratings on two classes of notes
issued by MF1 2022-FL10 LLC as follows:

-- Class B Notes to AA (sf) from AA (low) (sf)
-- Class C Notes to A (sf) from A (low) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A Notes at AAA (sf)
-- Class A-S Notes at AAA (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BBB (low) (sf)
-- Class F Notes at BB (high) (sf)
-- Class G Notes at BB (low) (sf)
-- Class H Notes at B (low) (sf)
-- Class F-X Notes at BB (high) (sf)
-- Class G-X Notes at BB (low) (sf)
-- Class H-X Notes at B (low) (sf)
-- Class F-E Notes at BB (high) (sf)
-- Class G-E Notes at BB (low) (sf)
-- Class H-E Notes at B (low) (sf)

Morningstar DBRS also changed the trends on the Class F, G, F-E,
G-E, F-X, and G-X Notes to Stable from Negative. The trends on the
Class H, H-X, and H-E Notes remain Negative, and the trends on all
remaining classes are Stable.

The credit rating upgrades reflect the increased credit support to
the transaction since Morningstar DBRS' previous credit rating
action in May 2025. There has been a collateral reduction of 29.5%
since closing, with a 21.6% collateral reduction realized since
April 2025. Additionally, the transaction benefits from the loan
collateral being secured by multifamily (19 loans, representing
94.4% of the current trust balance) and manufactured housing
properties (one loan, representing 5.6% of the current trust
balance), which have historically proven to be better able to
retain property value and cash flow compared with other property
types. While individual borrowers have had mixed success in
implementing the respective business plans to increase property
cash flows and asset values, the transaction continues to benefit
from significant credit support to the investment-grade-rated bonds
as the below investment-grade-rated bonds, Classes F, G, and H,
have a cumulative balance of $78.2 million, and the unrated first
loss piece also has a balance of $75.6 million. These factors
supported the credit rating confirmations for the remainder of the
capital stack, as well as the trend changes to Stable from Negative
for the Class F, G, F-E, G-E, F-X, and G-X Notes.

Morningstar DBRS maintained the Negative trend on Classes H, H-E,
and H-X because of increased loan-level expected loss (EL) figures
for the five loans in special servicing (35.4% of the current trust
balance) as well as the increased EL figures for additional select
underperforming loans in the transaction. Morningstar DBRS
liquidated two loans, Hairston Woods (Prospectus ID#17; 4.2% of the
current pool balance) and The Aviary at Middleton Market
(Prospectus ID#21; 3.4% of the current pool balance), in the
analysis for this review with cumulative projected losses of $15.9
million. Morningstar DBRS also applied increased loan-to-value
ratio (LTV) and/or probability of default penalties on the
remaining loans of concern to reflect the respective increased
credit risks. The CMBS Insight Model output, when compared against
the increased credit support for the transaction since issuance as
a result of paydown, supported the credit rating actions with this
review.

In conjunction with this press release, Morningstar DBRS published
a Surveillance Performance Update report with an in-depth analysis
and credit metrics for the transaction and with business plan
updates on select loans. For access to this report, please click on
the link under Related Documents below or contact us at
info-DBRS@morningstar.com.

The initial collateral consisted of 24 floating-rate mortgage loans
secured by 34 transitional multifamily properties. Most loans were
in a period of transition with plans to stabilize performance and
improve the asset value. The transaction was structured with a
Reinvestment Period that expired with the August 2024 Payment Date.
As of the September 2025 remittance, the pool comprised 20 loans
secured by 29 properties with a cumulative trust balance of $723.7
million. Of the original 24 loans, 16 loans, representing 88.0% of
the current trust balance, remained in the pool. Since Morningstar
DBRS' previous credit rating action in May 2025, four loans,
totaling $211.3 million, have been repaid in full.

Leverage across the pool has increased as of September 2025
reporting when compared with issuance metrics, as the current
weighted-average (WA) as-is appraised LTV is 80.2%, with a current
WA stabilized LTV of 70.8%. In comparison, these figures were 72.1%
and 64.5%, respectively, at issuance. Morningstar DBRS recognizes
that select property values may be inflated as the majority of the
individual property appraisals were completed in 2022 or earlier
and may not fully reflect the effects of increased interest rates
and/or widening capitalization rates (cap rates) in the current
environment. In the analysis for this review, Morningstar DBRS
applied upward LTV adjustments across 14 loans, representing 84.2%
of the current trust balance, generally reflective of higher cap
rate assumptions compared with the implied cap rates based on the
issuance appraisals.

As of September 2025 reporting, five loans, representing 35.4% of
the current trust balance, were in special servicing and two loans,
representing 7.6% of the current trust balance, were more than 90
days delinquent. As noted above, Morningstar DBRS liquidated both
delinquent loans from the trust in the analysis with total combined
projected losses of $15.9 million contained to the unrated first
loss piece. The Hairston Woods loan is secured by a 240-unit Class
B, garden-style multifamily property in Stone Mountain, Georgia.
The loan transferred to special servicing in November 2024 and has
been delinquent on debt service payments since May 2024. According
to the Q2 2025 collateral manager update, a receiver was installed
at the property in December 2024 with the lender currently pursuing
its enforcement options. The collateral manager provided an updated
projected as-stabilized property value of $39.1 million in March
2025, down from $55.9 million at closing; however, it did not
provide an updated as-is appraised value. In its analysis,
Morningstar DBRS concluded to an as-is property value of $27.2
million by applying a 30% haircut to the original as-is appraised
property value of $38.8 million. Morningstar DBRS incorporated
outstanding lender advances as well as additional projected future
advances and liquidated the loan from the trust, resulting in a
loan loss severity of approximately 40.0% or $12.0 million.

There are 14 loans on the servicer's watchlist, representing 69.1%
of the current trust balance. The loans have primarily been flagged
for below-breakeven debt service coverage ratios (DSCRs) and
upcoming loan maturity. The largest loan on the servicer's
watchlist, Highland Park (Prospectus ID#2; 10.2% of the current
trust balance), is secured by a 373-unit mid-rise multifamily
property in Washington, D.C. The collateral also includes 17,893
square feet of ground-floor commercial space. The loan is on the
servicer's watchlist for a low DSCR, which was 0.56 times at Q1
2025; however, the more pressing concern is the past due maturity
date as the loan matured in July 2025. The loan is currently
categorized as a performing matured balloon as the mezzanine lender
has continued to remit monthly debt service payments to keep the
senior loan current. According to servicer commentary, the
mezzanine lender has commenced enforcement to take control of the
borrower. The borrower's business plan focuses on increasing the
occupancy rate back to stabilization after it decreased to as low
as 70.0% during the coronavirus pandemic. As of March 2025, the
multifamily units were 93.1% occupied with an average rental rate
of $2,432 per unit. The 299 market-rate units reported figures of
92.3% and $2,521 per unit, respectively, while the 74 affordable
units reported figures of 96.1% and $2,070 per unit, respectively.
Morningstar DBRS did not receive further information regarding the
loan resolution strategy and timing amid the ongoing negotiations
between the senior lender and mezzanine lender. In its current
analysis, Morningstar DBRS applied increased as-is and
as-stabilized LTV adjustments as well as an increased probability
of default penalty to the loan to reflect the increased credit
risk. The resulting loan EL was lower than the EL for the pool.

As a result of lagging business plans and loan exit strategies, 13
loans, representing 66.0% of the current trust balance, have been
modified. Terms for the modifications vary from loan to loan;
however, common terms include interest deferrals via a hard and
soft pay structure, waiving interest rate cap agreement
requirements, and forbearance agreements, which have been executed
to facilitate further modification discussions between both the
lender and borrowers. The transaction also faces heightened
maturity risk as 11 loans, representing 63.9% of the current trust
balance, have already matured or will mature by Q1 2026. While all
such loans have built-in extension options, Morningstar DBRS notes
a number of loans will not qualify to exercise the related options
based on current loan performance and therefore will likely need to
be modified. Modifications, if executed, are expected to require
additional equity commitments from borrowers.

Through September 2025, the lender had advanced cumulative loan
future funding of $215.3 million to 16 outstanding individual
borrowers. The largest advance, $39.5 million, was made to the
borrower of The 600 loan, which is secured by a 404-unit high-rise
multifamily property in Birmingham, Alabama. The advanced funds
were used to fund the conversion of the former office property into
a multifamily asset. The Q2 2025 collateral manager report noted
that the initial lease-up of the subject was still in process as
the property was 63.1% occupied with an average rental rate of
$1,957 per unit as of June 2025. The loan matured in July 2025 and
was extended six months to January 2026 after the borrower made a
$1.0 million principal curtailment. The borrower can extend the
loan an additional six months with another $4.0 million principal
curtailment.

An additional $14.8 million of loan future funding allocated to
seven of the outstanding individual borrowers remains available.
The largest portion of available funding ($4.4 million) is
allocated to the borrower of the 175 West 87th Street loan, which
is secured by a 266-unit high-rise multifamily property on
Manhattan's Upper West Side. Loan future funding is available to
finance the borrower's capital expenditure (capex) plan to upgrade
property exteriors, mechanicals, common areas, and unit interiors.
Through September 2025, the lender had advanced future funding of
$23.4 million. The loan transferred to the special servicer in June
2025 ahead of the July 2025 maturity date; however, the loan is
current on debt service payments as the borrower and lender are
negotiating a loan modification and maturity extension. Morningstar
DBRS expects the borrower and lender to come to an agreement with
the lender requiring the borrower to deposit fresh equity into a
debt service reserve account and/or to purchase a new interest rate
cap agreement. The property continues to progress towards
stabilization as capex work is expected to be completed in 2025 and
as of March 2025, the property was 84.6% occupied across all units
and 91.8% on available units.

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


MONROE CAPITAL XV: S&P Assigns Prelim BB-(sf) Rating Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-R, B-R, C-R, D-R, and E-R notes and class A-R
loans from Monroe Capital MML CLO XV LLC, a CLO managed by Monroe
Capital CLO Manager II LLC, a subsidiary of Monroe Capital that was
originally issued in September 2023 that 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.

On the Oct. 21, 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, S&P 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

  Monroe Capital MML CLO XV LLC

  Class A-R, $175.60 million: AAA (sf)
  Class A-R loans, $50.00 million: AAA (sf)
  Class B-R, $39.90 million: AA (sf)
  Class C-R (deferrable), $25.90 million: A (sf)
  Class D-R (deferrable), $31.50 million: BBB- (sf)
  Class E-R (deferrable), $26.30 million: BB- (sf)
  Subordinated A notes, $49.00 million: NR
  Subordinated B notes, $1.00 million: NR

NR--Not rated.



MORGAN STANLEY 2015-C24: DBRS Confirms C Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited downgraded its credit ratings on four classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-C24
issued by Morgan Stanley Bank of America Merrill Lynch Trust
2015-C24 as follows:

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

Morningstar DBRS also confirmed its credit rating on Class C at A
(low) (sf) and discontinued its credit rating on Class B as the
certificate was repaid in full with the September 2025 reporting.
The trend on Class C is Stable, while the trends on Classes X-D and
D are Negative. Classes E and F have credit ratings that do not
typically carry trends in commercial mortgage-backed securities
(CMBS) credit ratings.

Since the last credit rating action in October 2024, 60 loans have
repaid from the pool, as expected. As of the October 2025
reporting, only three loans remain in the pool, all of which are in
special servicing following maturity defaults. While none of the
loans have received updated appraisals, updated broker opinion
values and/or appraisals have been ordered, and Morningstar DBRS
expects value deterioration from issuance because of declining
performance.

The credit rating downgrades on Classes X-D, D, E, and F, which
previously carried Negative trends, reflect the increased loss
expectations for the remaining loans in the pool based on a
recoverability analysis. With this review, Morningstar DBRS
considered liquidation scenarios for all three loans, resulting in
loss projections of nearly $45.0 million, which would erode the
majority of Class F, and significantly erode the credit support
provided to Classes D and E. Despite the credit erosion and
elevated refinance risk of the remaining loans, Morningstar DBRS
concluded that even in an extremely adverse scenario, the most
senior certificate, Class C, would continue to be insulated from
loss, support the credit rating confirmation and Stable trend.

The largest loan in the pool is 535-545 Fifth Avenue (Prospectus
ID#1, 78.0% of the pool), which is secured by a mixed-use property
comprising 415,440 square feet (sf) of office space and 91,247 sf
of retail space in midtown Manhattan. The loan transferred to
special servicing in March 2025 for maturity default and has been
listed as nonperforming since. Workout negotiations remain ongoing.
As of June 2025, the property had an occupancy rate of 87.0%, with
an annualized net cash flow (NCF) for the T-6 period of $25.1
million (a debt service coverage ratio of 2.09 times (x)). Given
the uncertainty surrounding the ultimate resolution, as well as the
general stress on office values amid the current cycle, a
liquidation scenario based on a stressed value was considered in
the analysis for this review.

When applying a stressed cap rate of 9.0%, the higher end of
Morningstar DBRS' range, to the year-end 2024 NCF figure of $23.9
million, the resulting value was roughly $265.0 million, reflecting
a decline of nearly 60.0% from the issuance value of $630.0
million. The analyzed liquidation scenario implied a loss to the
trust of $28.4 million and a loss severity above 25%.

The second largest loan in the pool, 626 Wilshire Boulevard
(Prospectus ID#5, 15.3% of the pool), is secured by a 153,758 sf
office building in Los Angeles financial district. The loan
transferred to special servicing in June 2025 ahead of its maturity
in July 2025 and has been listed as nonperforming since. According
to servicer commentary, the borrower is seeking a loan modification
and extension. The collateral's occupancy has continuously declined
year over year since 2022, most recently reported at 59.9% as of
June 2025 rent roll. Additionally, there is a high rollover risk in
the next 24 months with tenant leases representing 15.9% of the NRA
either expired or scheduled to expire in the next 12 months,
followed by an additional 11.5% in the subsequent 12-month period.
According to Reis, office properties in the Los Angeles Downtown
submarket reported a Q2 2025 vacancy rate of 19.3%, an increase
over the Q2 2024 reported figure of 17.9%. Given the recent
transfer to special servicing, soft office submarket fundamentals
and the property's declining performance, Morningstar DBRS analyzed
this loan with a liquidation scenario, wherein a conservative 70%
haircut was applied to the issuance value of $40.1 million,
resulting in an implied loss of approximately $12.5 million or a
loss severity approaching 60%.

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


MORGAN STANLEY 2025-NQM8: S&P Assigns B (sf) Rating on B-2 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Morgan Stanley
Residential Mortgage Loan Trust 2025-NQM8's mortgage-backed
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 including townhouses,
planned-unit developments, condominiums, two- to four-family
residential properties, five- to 10-unit multifamily properties,
and a mixed-use property. The pool consists of 763 loans backed by
783 properties, which are qualified-mortgage (QM) safe harbor (APOR
[average prime offer rate]), QM/ higher-priced mortgage loan
(HPML), non-QM/ability-to-repay (ATR)-compliant, and ATR-exempt
loans. Of the 763 loans, nine loans are cross-collateralized loans
backed by 29 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 mortgage originators, including S&P Global Ratings reviewed
originators;

-- The 100% due diligence results consistent with represented loan
characteristics; 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 our view of housing fundamentals; and is
updated, if necessary, when these projections change materially.

  Ratings Assigned

  Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8

  Class A-1-A, $267,321,000: AAA (sf)
  Class A-1-B, $39,632,000: AAA (sf)
  Class A-1, $306,953,000: AAA (sf)
  Class A-2, $17,835,000: AA- (sf)
  Class A-3, $42,605,000: A- (sf)
  Class M-1, $12,286,000: BBB- (sf)
  Class B-1, $6,539,000: BB (sf)
  Class B-2, $6,143,000: B (sf)
  Class B-3, $3,963,810: NR
  Class A-IO-S, notional(i): NR
  Class XS, notional(i): NR
  Class R-PT, $19,819,460: 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 $396,324,810.
NR--Not rated.
N/A--Not applicable.



MOUNTAIN VIEW 2017-2: Moody's Cuts Rating on $17.5MM E Notes to B3
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Mountain View CLO 2017-2 Ltd.:

US$21,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to Aaa (sf);
previously on August 20, 2024 Upgraded to Aa1 (sf)

US$25,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Upgraded to A1 (sf);
previously on February 29, 2024 Upgraded to Baa2 (sf)

Moody's have also downgraded the rating on the following notes:

US$17,500,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Downgraded to B3 (sf); previously
on August 20, 2024 Downgraded to B1 (sf)

Mountain View CLO 2017-2 Ltd., originally issued in January 2018
and refinanced 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 ended in January 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 actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since September 2024. The Class
A-R notes have been paid in full, and the Class B notes have been
paid down by approximately 37% or $17.7 million since then. Based
on the trustee's September 2025[1] report, the OC ratios for the
Class C and Class D notes are reported at 184.41% and 123.15%,
respectively, versus September 2024[2] levels of 125.22% and
111.13%, respectively.

The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's September 2025[3] report, the OC ratio for the Class
E notes is reported at 100.72% versus September 2024[4] level of
103.17%. Additionally, based on trustee's September 2025[5] report,
the weighted average rating factor (WARF) is reported at 3423
versus September 2024[6] level of 3150.

No actions were taken on the Class B and Class F 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 the
"Collateralized Loan Obligations" rating methodology.

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: $98,150,781

Defaulted par: $2,135,930

Diversity Score: 35

Weighted Average Rating Factor (WARF): 3059

Weighted Average Spread (WAS): 3.43%

Weighted Average Coupon (WAC): 8.0%

Weighted Average Recovery Rate (WARR): 46.66%

Weighted Average Life (WAL): 2.66 years

Par haircut in OC tests and interest diversion test: 4.55%

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

Methodology Used for the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

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

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


MOUNTAIN VIEW IX: Moody's Cuts Rating on $27.3MM D-R Notes to Caa1
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Mountain View CLO IX Ltd.:

US$30,500,000 Class B-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on March 26, 2025
Upgraded to Aa1 (sf)

US$30,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa2 (sf); previously on August 31,
2020 Confirmed at Baa3 (sf)

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

US$27,300,000 Class D-R Junior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Caa1 (sf); previously on July 12,
2024 Downgraded to B1 (sf)

Mountain View CLO IX Ltd., originally issued in June 2015 and
refinanced in June 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 June 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 actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since March 2025. The Class
A-1-R notes have been paid down by approximately 67.9% or $87.7
million since then. Based on Moody's calculations, the OC ratios
for the Class B-R and Class C-R notes are currently 145.30% and
118.70%, respectively, versus 131.79% and 116.08%, respectively, in
March 2025.

The downgrade rating action on the Class D-R notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on Moody's calculations, the OC
ratio for the Class D-R notes is currently 101.76% versus 104.71%
in March 2025.

No actions were taken on the Class A-1-R, Class A-2-R and Class E
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 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, 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: $190,239,238

Defaulted par:  $10,854,630

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3273

Weighted Average Spread (WAS) (before accounting for reference

rate floors): 3.34%

Weighted Average Coupon (WAC): 8.00%

Weighted Average Recovery Rate (WARR): 45.85%

Weighted Average Life (WAL): 2.91 years

Par haircut in OC tests and interest diversion test:  5.13%

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.


NEWARK BSL 2: Moody's Affirms Ba3 Rating on $20MM Class D Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Newark BSL CLO 2, Ltd:

US$34M Class B-R Senior Secured Deferrable Floating Rate Notes,
Upgraded to Aaa (sf); previously on Jan 22, 2025 Upgraded to Aa1
(sf)

US$30M Class C-R Senior Secured Deferrable Floating Rate Notes,
Upgraded to Baa1 (sf); previously on Jan 22, 2025 Upgraded to Baa2
(sf)

Moody's have also affirmed the ratings on the following notes:

US$320M (Current outstanding amount US$112,999,510) Class A-1-R
Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously
on Jan 22, 2025 Affirmed Aaa (sf)

US$56M Class A-2-R Senior Secured Floating Rate Notes, Affirmed
Aaa (sf); previously on Jan 22, 2025 Upgraded to Aaa (sf)

US$20M Class D Senior Secured Deferrable Floating Rate Notes,
Affirmed Ba3 (sf); previously on Jan 22, 2025 Affirmed Ba3 (sf)

Newark BSL CLO 2, Ltd., issued in July 2017 and partially
refinanced in March 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured US loans.
The portfolio is managed by PGIM, Inc. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-R and C-R notes are primarily a
result of the  deleveraging of the Class A-1-R notes following
amortisation of the underlying portfolio since the last rating
action in January 2025.

The affirmations on the ratings on the Class A-1-R, Class A-2-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 Class A-1-R notes have paid down by approximately USD53.9
million (16.9%) since the last rating action in January 2025 and
USD207.0 million (64.7%) since closing. 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, Class B, Class C and Class D OC ratios are
reported at 158.14%, 131.66%, 114.71% and 105.64% compared to
December 2024[2] levels of 138.59%, 122.69%, 111.40% and 104.97%,
respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: USD254m

Defaulted Securities: USD5.69m

Diversity Score: 66

Weighted Average Rating Factor (WARF): 2770

Weighted Average Life (WAL): 3.22 years

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 2.84%

Weighted Average Recovery Rate (WARR): 47.47%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties using the methodology "Structured Finance
Counterparty Risks" published in May 2025. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


OCEAN TRAILS XVII: S&P Assigns Prelim BB- (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Ocean Trails CLO
XVII Ltd./Ocean Trails CLO XVII 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 Five Arrows Managers North America
LLC.

The preliminary ratings are based on information as of Oct. 23,
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, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' and
lower) senior secured term loans;

-- 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

  Ocean Trails CLO XVII Ltd./Ocean Trails CLO XVII LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $16.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D-1 (deferrable), $22.00 million: BBB+ (sf)
  Class D-2 (deferrable), $6.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $37.32 million: NR

NR--Not rated.



OCP CLO 2025-45: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to OCP CLO 2025-45 Ltd./OCP
CLO 2025-45 LLC's floating-rate debt.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  OCP CLO 2025-45 Ltd./OCP CLO 2025-45 LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $49.45 million: NR

NR--Not rated.



OCP CLO 2025-46: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OCP CLO
2025-46 Ltd./OCP CLO 2025-46 LLC's floating-rate debt.

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

The preliminary ratings are based on information as of Oct. 23,
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 notes through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  OCP CLO 2025-46 Ltd./OCP CLO 2025-46 LLC

  Class A, $378.00 million: NR
  Class B, $78.00 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D-1 (deferrable), $36.00 million: BBB- (sf)
  Class D-2 (deferrable), $6.00 million: BBB- (sf)
  Class E (deferrable), $18.00 million: BB- (sf)
  Subordinated notes, $56.60 million: NR

NR--Not rated.



OCTAGON 57: S&P Affirms B+ (sf) Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R, B-1-R, and C-R debt from Octagon 57 Ltd./Octagon 57 LLC, a CLO
managed by Octagon Credit Investors, LLC that was originally issued
in November 2021. At the same time, S&P withdrew its ratings on the
previous class A, B-1, and C debt following payment in full on the
Oct. 24, 2025, refinancing date. S&P also affirmed its ratings on
the class B-2, D, and E debt, which were not refinanced.

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

-- The non-call period was extended to April 24, 2026.

-- No additional assets were purchased on the Oct. 24, 2025,
refinancing date, and the target initial par amount remains at $500
million. There was no additional effective date or ramp-up period,
and the first payment date following the refinancing is Jan. 15,
2026.

-- No additional subordinated notes were issued on the refinancing
date.

-- The transaction has adopted benchmark replacement language and
was updated to conform to current rating agency methodology.

S&P said, "On a standalone basis, our cash flow analysis indicated
lower ratings on the class D and E debt (which was not refinanced).
However, we affirmed our 'BBB- (sf)' and 'BB- (sf)' ratings on the
class D and E debt, respectively, after considering the relatively
stable overcollateralization ratio since our last rating actions on
the transaction. The transaction remains in its reinvestment
period, and, notably, class D and E debt are not included in the
current refinancing. We view the refinancing as credit-neutral to
credit-positive for the transaction. In addition, we believe the
payment of principal or interest on the class D and E debt, when
due, does not depend on favorable business, financial, or economic
conditions. Therefore, this class does not fit our definition of
'CCC' risk according to our "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published Oct. 1, 2012."

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-R, $315.00 million: Three-month CME term SOFR + 1.07%

-- Class B-1-R, $50.00 million: Three-month CME term SOFR + 1.45%

-- Class C-R (deferrable), $30.00 million: Three-month CME term
SOFR + 1.85%

Previous debt

-- Class A, $315.00 million: Three-month CME term SOFR + 1.15% +
CSA(i)

-- Class B-1, $50.00 million: Three-month CME term SOFR + 1.65% +
CSA(i)

-- Class C (deferrable), $30.00 million: Three-month CME term SOFR
+ 2.05% + CSA(i)

-- Subordinated notes, $48.3 million: N/A

(i)The CSA is 0.26161%.
CSA--Credit spread adjustment.
N/A--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

  Octagon 57 Ltd./Octagon 57 LLC

  Class A-R, $315.00 million: AAA (sf)
  Class B-1-R, $50.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)

  Ratings Withdrawn

  Octagon 57 Ltd./Octagon 57 LLC

  Class A to NR from 'AAA (sf)'
  Class B-1 to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'

  Ratings Affirmed

  Octagon 57 Ltd./Octagon 57, LLC

  Class B-2: AA (sf)
  Class D: BBB- (sf)
  Class E: B+ (sf)

  Other Debt

  Octagon 57 Ltd./Octagon 57, LLC

  Subordinated notes, $48.3 million: NR

NR--Not rated.



OCTANE RECEIVABLES 2025-1: S&P Assigns BB (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Octane Receivables Trust
2025-1's asset-backed notes.

The note issuance is an ABS transaction backed by consumer
powersport receivables.

The ratings reflect S&P's view of:

-- The availability of approximately 30.56%, 24.19%, 18.00%,
12.11%, and 9.72% 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 post-pricing 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 our stressed cash flow modeling
scenarios, which we believe are appropriate for the assigned
ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x our expected loss level), all else being equal, our 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 77.75%) 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.

  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)



PALMER SQUARE 2025-5: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Palmer
Square CLO 2025-5 Ltd./Palmer Square CLO 2025-5 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 Palmer Square Capital Management
LLC.

The preliminary ratings are based on information as of Oct. 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 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

  Palmer Square CLO 2025-5 Ltd./Palmer Square CLO 2025-5 LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $5.00 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $42.53 million: NR

NR--Not rated.



PKHL COMMERCIAL 2021-MF: S&P Lowers Cl. A Certs Rating to 'D (sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from PKHL Commercial
Mortgage Trust 2021-MF and removed them from CreditWatch with
negative implications.

S&P said, "We had lowered our ratings on these classes and placed
them on CreditWatch with negative implications on Sept. 22, 2025,
due to interest shortfalls that affected all classes following the
master servicer's, Midland Loan Services (Midland), nonrecoverable
determination for the sole collateral loan.

"As part of resolving our CreditWatch placements, our analysis
considered the magnitude and duration of the interest shortfalls
and updates from the special servicer, CWCapital Asset Management
LLC (CWCapital), regarding the resolution strategy and timing of
the defaulted loan."

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by an unhedged floating-rate, interest-only (IO) mortgage loan
secured by the borrower's fee-simple interest in Parkhill City, a
two-tower apartment complex totaling 538 units in the Jamaica
neighborhood of Queens in New York City. The loan has a $225.0
million principal balance as of the Oct. 15, 2025, trustee
remittance report, pays a floating interest rate indexed to
one-month SOFR plus a 3.97% spread, and matured July 9, 2023.

Rating Actions

The downgrades on the class A, B, C, and D certificates to 'D (sf)'
reflect our view of the magnitude and duration of the interest
shortfalls due to a nonrecoverable determination. As of the Oct.
15, 2025, trustee remittance report, all the classes have
experienced interest shortfalls for at least two consecutive
months, with accumulated interest shortfalls totaling $3.2 million.
Further, the reported loan exposure is $252.7 million and includes
the $225.0 million outstanding principal balance, $23.2 million for
debt service payments, $2.3 million for other expenses, and $2.2
million for cumulative accrued unpaid advance interest. According
to CWCapital, the loan exposure build (both to-date and potential
future build) was one of the factors considered by Midland in
making the nonrecoverable determination.

According to CWCapital, other than the property being 93.4%
occupied as of July 2025, it is still gathering information from
the receiver, which was appointed in July 2025, on the property's
operating performance. CWCapital stated that it is exploring
various resolution strategies, including foreclosure proceedings,
and anticipates the resolution timing to be protracted. There is
currently no reserve in place. As a result, S&P expects the
shortfalls to continue for the foreseeable future.

The downgrade on the class X-NCP IO certificates is based on S&P's
criteria for rating IO securities, which states that the rating on
the IO securities would not be higher than that of the lowest-rated
reference class. Class X-NCP references class A.

  Ratings Lowered And Removed From CreditWatch Negative

  PKHL Commercial Mortgage Trust 2021-MF

  Class A: to 'D (sf)' from 'BB+ (sf)/Watch Neg'
  Class B: to 'D (sf)' from 'CCC- (sf)/Watch Neg'
  Class C: to 'D (sf)' from 'CCC- (sf)/Watch Neg'
  Class D: to 'D (sf)' from 'CCC- (sf)/Watch Neg'
  Class X-NCP: to 'D (sf)' from 'BB+ (sf)/Watch Neg'



RECETTE CLO: S&P Affirms B- (sf) Rating on Class F-RR Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R3, B-R3, C-R3, and X-R3 debt from Recette CLO Ltd./Recette CLO
LLC, a CLO managed by INVESCO Senior Secured Management Inc. that
was refinanced in 2021 (the original deal was not rated by S&P
Global Ratings). At the same time, S&P withdrew its ratings on the
previous class A-RR, B-RR, C-RR, and X-RR debt following payment in
full on the Oct. 28, 2025, refinancing date. S&P also affirmed its
ratings on the class D-RR, E-RR, and F-RR debt, which were not
refinanced.

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

-- The principal balance of the class X-R3 debt will be paid down
across three payment dates.

-- The non-call period was extended to April 28, 2026.

-- No additional assets were purchased on the Oct. 28, 2025,
refinancing date, and the target initial par amount remains the
same. There is no additional effective date or ramp-up period.

-- No additional subordinated notes were issued on the refinancing
date.

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-R3, $224.00 million: Three-month CME term SOFR + 1.03%

-- Class B-R3, $42.00 million: Three-month CME term SOFR + 1.55%

-- Class C-R3 (deferrable), $21.00 million: Three-month CME term
SOFR + 1.80%

-- Class X-R3 (deferrable), $0.27 million: Three-month CME term
SOFR + 0.65%

Previous debt

-- Class A-RR, $224.00 million: Three-month CME term SOFR +
1.34161%

-- Class B-RR, $42.00 million: Three-month CME term SOFR +
1.66161%

-- Class C-RR (deferrable), $21.00 million: Three-month CME term
SOFR + 2.01161%

-- Class X-RR (deferrable), $0.27 million: Three-month CME term
SOFR + 1.06161%

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.

"The previous class D-RR, E-RR, and F-RR debt (not refinanced) were
placed on CreditWatch with negative implications on Aug. 11, 2025.
On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the class E-RR and F-RR debt. We plan
to resolve our CreditWatch placement on these three classes of debt
in coming days.

"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

  Recette CLO Ltd./Recette CLO LLC

  Class A-R3, $224.00 million: AAA (sf)
  Class B-R3, $42.00 million: AA (sf)
  Class C-R3 (deferrable), $21.00 million: A (sf)
  Class X-R3, $0.27 million: AAA (sf)

  Ratings Withdrawn

  Recette CLO Ltd./Recette CLO 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 X-RR to NR from 'AAA (sf)'

  Ratings Affirmed

  Recette CLO Ltd./Recette CLO LLC

  Class D-RR (deferrable): BBB- (sf)/Watch Neg
  Class E-RR (deferrable): BB- (sf)/Watch Neg
  Class F-RR (deferrable): B- (sf)/Watch Neg

  Other Debt

  Recette CLO Ltd./Recette CLO LLC

  Subordinated notes, $43.50 million: NR

NR--Not rated.



SAGARD-HALSEYPOINT CLO 10: S&P Assigns BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 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

  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

NR--Not rated.



SALUDA GRADE 2025-RRTL1: DBRS Gives Prov. B(low) Rating on M2 Notes
-------------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Notes, Series 2025-RRTL1 (the Notes) to be issued
by Saluda Grade Alternative Mortgage Trust 2025-RRTL1 (the Issuer)
as follows:

-- $151.6 million Class A-1 at (P) A (low) (sf)
-- $16.7 million Class A-2 at (P) BBB (low) (sf)
-- $15.6 million Class M-1 at (P) BB (low) (sf)
-- $16.5 million Class M-2 at (P) B (low) (sf)

The (P) A (low) (sf) credit rating reflects 27.80% 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 19.85%, 12.40%, and
4.55% of CE, respectively.

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

This transaction is a securitization of a two-year revolving
portfolio of residential transition loans (RTLs) funded by the
issuance of the Notes. As of the Initial Cut-Off Date, the Notes
are backed by:

-- 256 mortgage loans with a total principal balance of
approximately $125,083,420

-- Approximately $84,916,580 in the Revolving Period Reinvestment
Account

-- Approximately $750,000 in the Pre-Funding Interest Reserve
Account

Additional RTLs may be added to the revolving portfolio on future
additional transfer dates, subject to the transaction's eligibility
criteria.

GRADE 2025-RRTL1 represents the sixteenth RTL securitization (and
first rated RTL securitization) issued by the Sponsor, Saluda Grade
Opportunities Fund LLC. The Asset Manager, Saluda Grade Asset
Management, LLC, is a capital solutions provider to the alternative
real estate asset origination market owned by Saluda Grade
Investments LLC, a privately owned company with approximately $3.3
billion of assets under management as of September 1, 2025. Founded
in 2019, Saluda Grade Investments LLC is a vertically integrated
advisory and asset management platform that operates across three
business lines that work together synergistically: Saluda Grade
Advisory, Saluda Grade Ventures, and Saluda Grade Asset Management,
LLC.

The revolving portfolio generally consists of first-lien, fixed-
and adjustable-rate, interest-only (IO) balloon RTL with original
terms to maturity of 5 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 735.
-- A maximum NZ WA loan-to-cost (LTC) ratio of 83.0%.
-- A maximum NZ WA as repaired loan-to-value (ARV LTV) ratio of
67.5%.

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+ (limited to 5.0% of the revolving portfolio) and mixed used
properties (limited to 0.0% 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 Servicer.

In the GRADE 2025-RRTL1 revolving portfolio, RTLs may be:

Fully funded:

-- With no obligation of further advances to the borrower,

-- With a portion of the loan proceeds allocated to a
rehabilitation (rehab) escrow account for future disbursement to
fund construction draw requests upon the satisfaction of certain
conditions, or

-- With a portion of the loan proceeds held back by the Servicers
for future disbursement to fund interest draw requests upon the
satisfaction of certain conditions.

Partially funded:

-- With a commitment to fund borrower-requested draws for
construction, rehabilitation, or repair on the mortgaged property
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 GRADE
2025-RRTL1 eligibility criteria and concentration limits, 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 Revolving Period Reinvestment
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 April 2028, the Class A-1 and A-2
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 Servicers or any other party to the transaction.
However, the Servicers are obligated to fund Servicing Advances
which include taxes, insurance premiums, and reasonable costs
incurred in the course of servicing and disposing properties. The
Servicers will be entitled to reimburse themselves for Servicing
Advances from available funds prior to any payments on the Notes.

The Servicers will satisfy borrower draw 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, directing funds from principal collections on deposit
in the related collection account. If there are any draw shortfall
amounts not covered by principal collections, the Asset Manager or
the Master Servicer (or a secured third party via the Master
Servicer) will fund such amounts. The advancing party will be
entitled to reimbursements for rehab advances from time to time
from the Revolving Period Reinvestment Account.

The Revolving Period Reinvestment 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 Revolving Period
Reinvestment Account, along with the mortgage collateral, must be
sufficient to maintain a minimum credit enhancement (CE) of
approximately 4.55% (the initial subordination) to the most
subordinate rated class. The transaction incorporates this via a
Minimum Credit Enhancement Test during the reinvestment period,
which if breached, redirects available funds to pay down the Notes,
sequentially, prior to replenishing the Revolving Period
Reinvestment 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 Reserve Account is in place to help cover
three months of interest payments to the Notes. Such account is
funded upfront in an amount equal to $750,000. On the payment dates
occurring in November 2025, December 2025 and January 2026, 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 Saluda Grade's historical aggregations 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 in
April 2028 or (2) the date on which the aggregate Note Amount of
Class A-1, A-2, M-1, and M-2 falls to 20% 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.

Purchase Option

The Sponsor will have the option to purchase any DQ or defaulted
mortgage loan at the Repurchase Price, which is equal to par plus
interest and fees. 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 Sponsor or the related Originator is
unable to cure,
-- The Sponsor elects to exercise its Purchase Option, or
-- An optional redemption occurs.

U.S. Credit Risk Retention

As the Sponsor, Saluda Grade Opportunities Fund LLC, through a
majority-owned affiliate, will initially retain an eligible
vertical interest comprising at least 5% of the aggregate fair
value of the securities 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 Servicers follow 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.


SHELTER GROWTH 2021-FL3: DBRS Confirms B(low) Rating on H Notes
---------------------------------------------------------------
DBRS, Inc. upgraded its credit ratings on five classes of notes
issued by Shelter Growth CRE 2021-FL3 Issuer Ltd as follows:

-- Class B Notes to AAA (sf) from AA (sf)
-- Class C Notes to AA (sf) from A (sf)
-- Class D Notes to A (sf) from BBB (high) (sf)
-- Class E Notes to BBB (high) (sf) from BBB (sf)
-- Class F Notes to BBB (sf) from BBB (low) (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-S Notes at AAA (sf)
-- Class G Notes at BB (low) (sf)
-- Class H Notes at B (low) (sf)

The trends on Classes C, D, E, and F were changed to Positive from
Stable. The trends on all remaining classes are Stable.

The credit rating upgrades reflect the increased credit support to
the transaction, as there has been a total collateral reduction of
57.5% since closing, including 9.1% since the previous Morningstar
DBRS credit rating action in November 2024. Additionally, the
transaction benefits from the loans primarily being secured by
traditional multifamily properties (six loans, representing 82.7%
of the current trust balance), which have historically proven to be
better able to retain property value and cash flow compared with
other property types. The Positive trends on Classes C, D, E, and F
reflect Morningstar DBRS' expectation that credit enhancement to
the transaction will increase further as three loans, representing
48.5% of the transaction, are expected to pay in full in the near
term.

While there are two delinquent loans, representing 15.9% of the
transaction, and select borrowers have had mixed success in
implementing the respective business plans to increase property
cash flows and asset values, the transaction continues to benefit
from credit support to the investment-grade-rated bonds as the
below-investment-grade-rated bonds, Classes G and H, have a
cumulative balance of $36.9 million, and the unrated first-loss
piece also has a balance of $32.9 million. These factors support
the credit rating confirmations for the remainder of the capital
stack and the Stable trends.

In conjunction with this press release, Morningstar DBRS published
a Surveillance Performance Update report with an in-depth analysis
and credit metrics for the transaction and with business plan
updates on select loans. For access to this report, please click on
the link under Related Documents below or contact us at
info-DBRS@morningstar.com.

The initial collateral consisted of 20 floating-rate mortgages
secured by 26 transitional properties with a cut-off date balance
totaling $453.9 million. As of the October 2025 remittance, the
pool comprised eight loans secured by 13 properties with a
cumulative trust balance of $193.2 million. Most of the loans are
backed by collateral in a period of transition with plans to
stabilize performance and improve the asset value. Beyond the
multifamily concentration noted above, one loan, representing 11.8%
of the current pool balance, is secured by an age-restricted
independent living property, and one loan, representing 5.3% of the
current pool balance, is secured by an office property.

As of the October 2025 remittance, there are three loans in special
servicing, representing 43.4% of the current pool balance. The
largest loan in special servicing and in the pool, Fulton & Ralph
(Prospectus ID#2; 27.4% of the current pool balance), is secured by
a two-building, multifamily property in Brooklyn, New York. The
loan originally transferred to special servicing in October 2023
for a pending maturity default; however, the loan was modified and
extended as the borrower remains current on debt service payments.
The borrower's business plan to obtain a 421a real estate tax
exemption and complete the initial lease up of the property was
delayed; however, according to the Q2 2025 collateral manager
update, the borrower is in the process of finalizing take-out
financing with closing expected in Q4 2025.

The two other loans in special servicing, Monica Apartments
(Prospectus ID#13; 8.2% of the current pool balance) and Westwood
Walnut (Prospectus ID#16; 7.7% of the current pool balance) are
both delinquent and currently categorized as nonperforming matured
balloons. Both assets are also secured by multifamily properties in
Philadelphia. According to servicer commentary, the lender is
pursuing receivership and foreclosure on each property with
ultimate resolution timing unknown. In its current analysis,
Morningstar DBRS liquidated the loans from the trust by applying a
30.0% haircut to the original respective as-is appraised property
value and incorporated all outstanding servicer advances as well as
additional projected servicer advances. The resulting projected
loss for Monica Apartments was in excess of $2.8 million (loan loss
severity of approximately 20.0%) while the projected loss for
Westwood Walnut was in excess of $6.5 million (loan loss severity
of approximately 45.0%). The cumulative projected losses were
contained to the unrated $32.9 million first-loss piece.

Excluding the Fulton & Ralph loan, three loans, representing 39.3%
of the current trust balance, have already matured or will mature
by year-end 2025. Morningstar DBRS expects two of the three loans
to pay in full; however, if any borrower requires an extension,
Morningstar DBRS expects the lender will require an additional
equity commitment from the borrower. As a result of lagging
business plans and loan exit strategies, five loans, representing
72.3% of the current trust balance, have been modified. Terms for
the modifications vary from loan to loan; however, common terms
include waiving property performance tests and interest rate cap
agreement requirements for maturity extensions and forbearance
agreements.

As of September 2025, there is no more future funding available to
any of the outstanding eight individual borrowers. A total of $11.2
million has been advanced to six of the individual borrowers with
the largest allocation ($4.0 million) advanced to the borrower of
the Vesta OKC Portfolio loan (Prospectus ID#4; 18.5% of the current
pool balance). The borrower used the funds to complete the majority
of its planned $5.5 million capital expenditure program across the
four properties in the portfolio as $1.5 million of potential
future funding was waived. According to the Q2 2025 collateral
manager update, the lender approved a one-year maturity extension
to August 2026, which contemplates the sale of three stabilized
properties and the paydown of the loan. The fourth property is
expected to stabilize prior to the extended maturity date.

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


STRATA CLO II: S&P Affirms BB- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R2, B-R2, C-R2, and D-R2 debt from Strata CLO II Ltd./Strata CLO
II LLC, a CLO managed by HPS Investment Partners LLC that was
originally issued in October 2021 and underwent a partial
refinancing in July 2024. At the same time, S&P withdrew its
ratings on the previous class A-R, B-R, C-R, and D-R debt and class
A-L loans following payment in full on the Oct. 20, 2025,
refinancing date. S&P also affirmed its rating on the class E debt,
which was not refinanced.

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

-- The non-call period was extended to April 20, 2026.

-- No additional assets were purchased on the Oct. 20, 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.

-- The previous class A-R debt and class A-L loans were combined
into the replacement class A-R2 debt.

S&P said, "On a standalone basis, our cash flow analysis indicated
lower ratings on the class C-R2, D-R2, and E debt. However, we
assigned out 'A (sf)' and 'BBB- (sf)' rating on the class C-R2 and
D-R2 debt, respectively, and affirmed our 'BB- (sf)' rating on the
class E debt after considering the margin of failure, the
relatively stable overcollateralization ratio since our last rating
action on the transaction, and that the transaction has entered its
amortization phase. Based on the latter, we expect the credit
support available to all rated classes to increase as principal is
collected and the senior debt is paid down. In addition, we believe
the payment of principal or interest on the class C-R2, D-R2, and E
debt, when due, does not depend on favorable business, financial,
or economic conditions. Additionally, for the class E debt, we
believe that it does not fit our definition of 'CCC' risk in
accordance with our "Criteria For Assigning 'CCC+', 'CCC', 'CCC-',
And 'CC' Ratings," published Oct. 1, 2012.

"Since our last rating action in June 2024, there has been some par
loss leading to a decline in overcollateralization (O/C) levels,
and slight declines in weighted average recovery and weighted
average spread. However, any further credit deterioration or lack
of improvement could lead to potential negative rating actions in
the future."

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-R2, $220.0 million: Three-month CME term SOFR + 1.05%

-- Class B-R2, $52.0 million: Three-month CME term SOFR + 1.65%

-- Class C-R2 (deferrable), $39.0 million: Three-month CME term
SOFR + 2.05%

-- Class D-R2 (deferrable), $26.0 million: Three-month CME term
SOFR + 4.00%

Previous debt

-- Class A-R, $146.5 million: Three-month CME term SOFR + 1.38%

-- Class A-L loans, $73.5 million: Three-month CME term SOFR +
1.38%

-- Class B-R, $52.0 million: Three-month CME term SOFR + 2.00%

-- Class C-R (deferrable), $39.0 million: Three-month CME term
SOFR + 2.90%
-- Class D-R (deferrable), $26.0 million: Three-month CME term
SOFR + 4.41%

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

  Strata CLO II Ltd./Strata CLO II LLC

  Class A-R2, $220.0 million: AAA (sf)
  Class B-R2, $52.0 million: AA (sf)
  Class C-R2 (deferrable), $39.0 million: A (sf)
  Class D-R2 (deferrable), $26.0 million: BBB- (sf)

  Ratings Withdrawn

  Strata CLO II Ltd./Strata CLO II LLC

  Class A-L Loans to NR from 'AAA (sf)'
  Class A-R to NR from 'AAA (sf)'
  Class B-R to NR from 'AA (sf)'
  Class C-R (deferrable) to NR from 'A (sf)'
  Class D-R (deferrable) to NR from 'BBB- (sf)'

  Rating Affirmed

  Strata CLO II Ltd./Strata CLO II LLC

  Class E (deferrable): BB- (sf)

  Other Debt

  Strata CLO II Ltd./Strata CLO II LLC

  Subordinated notes, $55.6 million: NR

NR--Not rated.



SYCA COMMERCIAL 2025-WAG: DBRS Gives Prov. B Rating on Cl. G Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2025-WAG (the Certificates) to be issued by SYCA Commercial
Mortgage Trust 2025-WAG (the Trust):

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

All trends are Stable.

The Trust is a single-asset/single-borrower transaction
collateralized by the borrower's fee-simple interest in a
207-property retail portfolio totaling approximately 2.9 million
square feet (sf) under one absolute master lease between affiliates
of Walgreens as the tenant and the transaction borrower as lessor.
The borrower sponsor closed a take-private transaction of Walgreens
Boots Alliance, Inc. (WBA) in August 2025, resulting in the
subsequent spinoff of the Walgreens core retail pharmacy business
as its own stand-alone entity, which serves as the PropCo, or
lessee, in this securitization.

In conjunction with the take-private transaction of WBA, Walgreen
Co. executed a master-lease with the borrower-sponsor affiliate in
August 2025 for a base rent of $22.40 per sf (psf), or
approximately $64.8 million annually for a 15-year initial term and
featuring three five-year extension options with annual 3.0% rent
escalations. Under the lease, the master tenant is responsible for
all operating expenses across the portfolio including real estate
taxes, insurance, and maintenance for the properties within the
portfolio. Furthermore, the lease has no termination options,
notwithstanding the release of individual properties within the
portfolio, at which point the total rent is reduced by the amount
of rent allocated to the to-be-released property. Although there
are release provisions, Morningstar DBRS notes they are subject to
standard lender provisions related to LTV, DSCR, and DY for the
portfolio remaining after such a release.

The borrower sponsor for the transaction is Sycamore Partners
Management L.P. (Sycamore). The borrower sponsor along with WBA's
largest former existing shareholder committed a total of $4.0
billion in rolled and common equity to facilitate the take-private
transaction. Sycamore is a private equity firm based in New York
specializing in consumer, distribution, and retail-related
investments. Notably, Sycamore has demonstrated success in the
retail sector and deconsolidating large companies as evidenced by
its acquisition, break-up, and turnaround of Staples in 2017, which
featured a similar take-private transaction and splitting of
business sectors. Sycamore boasts approximately $11 billion in
aggregate committed capital today which is deployed across
approximately 23 portfolio companies.

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


SYCAMORE TREE 2024-5: S&P Assigns Prelim BB-(sf) Rating on ER Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-1-R, A-2-R, B-R, C-R, D-1A-R, D-1B-R, D-2-R,
and E-R debt and proposed new class X-R debt from Sycamore Tree CLO
2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC, a CLO managed by Sycamore
Tree CLO Advisors L.P., a subsidiary of Sycamore Tree Capital
Partners L.P., that was originally issued in April 2024.

The preliminary ratings are based on information as of Oct. 23,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 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-1, A-2, B, C, D-1, D-2, and E debt
and assign ratings to the replacement class A-1-R, A-2-R, B-R, C-R,
D-1A-R, D-1B-R, D-2-R, and E-R debt and proposed new class X-R
debt. However, if the refinancing doesn't occur, we may affirm our
ratings on the existing debt and withdraw our preliminary ratings
on the replacement and proposed new debt."

The replacement and proposed new debt will be issued via a proposed
supplemental indenture, which outlines the terms of the replacement
debt. According to the proposed supplemental indenture:

-- The replacement class A-1-R, A-2-R, B-R, C-R, D-2-R, and E-R
debt is expected to be issued at a lower spread over three-month
CME term SOFR than the existing debt.

-- The replacement class D-1A-R and D-1B-R debt is expected to be
issued at a floating spread and fixed coupon, respectively,
replacing the existing floating-rate class D-1 debt.

-- New class X-R debt will be issued in connection with this
refinancing and is expected to be paid down using interest proceeds
during the first 10 payment dates, beginning with the first payment
date.

-- The non-call period will be extended to October 2027.

-- The reinvestment period will be extended to October 2030.

-- The legal final maturity dates for the replacement debt and the
existing subordinated notes will be extended to October 2038.

-- The target initial par amount will remain at $500.00 million.
There will be no additional effective date or ramp-up period, and
the first payment date following the refinancing is Jan. 20, 2026.

-- 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

  Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC

  Class X-R, $2.00 million: AAA (sf)
  Class A-1-R, $315.00 million: AAA (sf)
  Class A-2-R, $7.00 million: AAA (sf)
  Class B-R, $58.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)
  Class D-1A-R (deferrable), $18.00 million: BBB- (sf)
  Class D-1B-R (deferrable), $12.00 million: BBB- (sf)
  Class D-2-R (deferrable), $5.00 million: BBB- (sf)
  Class E-R (deferrable), $15.00 million: BB- (sf)

  Other Debt

  Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC

  Subordinated notes, $46.93 million: NR

NR--Not rated.



TOWD POINT 2025-CES4: DBRS Finalizes B(high) Rating on 5 Classes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
following Asset-Backed Securities, Series 2025-CES4 (the Notes)
issued by Towd Point Mortgage Trust 2025-CES4 (TPMT 2025-CES4 or
the Trust):

-- $376.4 million Class A1A at AAA (sf)
-- $11.8 million Class A1B at AAA (sf)
-- $21.6 million Class A2 at AA (sf)
-- $18.8 million Class M1 at A (low) (sf)
-- $16.2 million Class M2 at BBB (sf)
-- $11.1 million Class B1 at BB (high) (sf)
-- $8.7 million Class B2 at B (high) (sf)
-- $388.2 million Class A1 at AAA (sf)
-- $21.6 million Class A2A at AA (sf)
-- $21.6 million Class A2AX at AA (sf)
-- $21.6 million Class A2B at AA (sf)
-- $21.6 million Class A2BX at AA (sf)
-- $21.6 million Class A2C at AA (sf)
-- $21.6 million Class A2CX at AA (sf)
-- $21.6 million Class A2D at AA (sf)
-- $21.6 million Class A2DX at AA (sf)
-- $18.8 million Class M1A at A (low) (sf)
-- $18.8 million Class M1AX at A (low) (sf)
-- $18.8 million Class M1B at A (low) (sf)
-- $18.8 million Class M1BX at A (low) (sf)
-- $18.8 million Class M1C at A (low) (sf)
-- $18.8 million Class M1CX at A (low) (sf)
-- $18.8 million Class M1D at A (low) (sf)
-- $18.8 million Class M1DX at A (low) (sf)
-- $16.2 million Class M2A at BBB (sf)
-- $16.2 million Class M2AX at BBB (sf)
-- $16.2 million Class M2B at BBB (sf)
-- $16.2 million Class M2BX at BBB (sf)
-- $16.2 million Class M2C at BBB (sf)
-- $16.2 million Class M2CX at BBB (sf)
-- $16.2 million Class M2D at BBB (sf)
-- $16.2 million Class M2DX at BBB (sf)
-- $11.1 million Class B1A at BB (high) (sf)
-- $11.1 million Class B1AX at BB (high) (sf)
-- $11.1 million Class B1B at BB (high) (sf)
-- $11.1 million Class B1BX at BB (high) (sf)
-- $8.7 million Class B2A at B (high) (sf)
-- $8.7 million Class B2AX at B (high) (sf)
-- $8.7 million Class B2B at B (high) (sf)
-- $8.7 million Class B2BX at B (high) (sf)

The AAA (sf) credit rating on the Notes reflects 17.50% of credit
enhancement provided by subordinated notes. The AA (sf), A (low)
(sf), BBB (sf), BB (high) (sf), and 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.


TRIMARAN CAVU 2023-1: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt and new class
X-R debt from Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC, a
CLO managed Trimaran Advisors, LLC that was originally issued in
August 2023. At the same time, S&P withdrew its ratings on previous
class B, C, D, and E debt following payment in full on the Oct. 24,
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 replacement class B-R, C-R, and E-R debt was issued at a
lower spread over three-month term SOFR than the existing debt.

-- The replacement class A-1-R and A-2-R debt was issued at a
floating spread, replacing the current class A floating spread
debt.

-- The replacement class D-1-R and D-2-R debt was issued at a
floating spread, replacing the current class D floating spread
debt.

-- New class X-R debt was issued on the Oct. 24, 2025, refinancing
date. This debt is expected to be paid down using interest proceeds
during the first seven payment dates, beginning with the second
payment date.

-- The reinvestment period and non-call period were extended by
2.25 years.

-- The legal final maturity dates for the replacement debt and the
existing subordinated notes were extended to March 2028.

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

  Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC

  Class X-R, $1.00 million: AAA (sf)
  Class A-1-R, $244.00 million: AAA (sf)
  Class A-2-R, $12.00 million: AAA (sf)
  Class B-R, $48.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1-R (deferrable), $24.00 million: BBB- (sf)
  Class D-2-R (deferrable), $4.00 million: BBB- (sf)
  Class E-R (deferrable), $12.00 million: BB- (sf)

  Ratings Withdrawn

  Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC

  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

  Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC

  Subordinated notes, $42.70 million: NR

NR--Not rated.


TRINITAS CLO XV: S&P Affirms B- (sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement A-1-R,
B-1-R, and C-R debt from Trinitas CLO XV Ltd., a CLO managed by
Trinitas Capital Management LLC that closed in 2021. At the same
time, S&P withdrew its ratings on the previous class A-1, B-1, and
C debt following payment in full on the Oct. 22, 2025, refinancing
date. S&P also affirmed its rating on the class A-2, B-2, D, E, and
F debt, which were not refinanced.

The replacement debt was issued via a conformed indenture, which
outlines the terms of the replacement debt. According to the
conformed indenture:

-- The non-call period was extended to April 22, 2026.

-- No additional assets were purchased on the Oct. 22, 2025,
refinancing date, and the target initial par amount remains the
same. There is no additional effective date or ramp-up period, and
the first payment date following the refinancing is Jan. 22, 2026.

-- No additional subordinated notes were issued on the refinancing
date.

-- On a standalone basis, the results of the cash flow analysis
indicated a lower rating on the existing class E and F debt. We
believe the payment of principal or interest on the class E and F
debt do not currently depend on favorable business, financial, or
economic conditions.

Replacement And Previous Debt Issuances

Replacement debt

-- Class A-1-R notes, $297.00 million: Three-month CME term SOFR +
1.12%

-- Class B-1-R notes, $50.00 million: Three-month CME term SOFR +
1.65%

-- Class C-R notes (deferrable), $30.00 million: Three-month CME
term SOFR + 2.05%

Previous debt

-- Class A-1 notes, $297.00 million: Three-month CME term SOFR +
1.37161%

-- Class B-1 notes, $50.00 million: Three-month CME term SOFR +
1.96161%

-- Class C notes (deferrable), $30.00 million: Three-month CME
term SOFR + 2.61161%

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

  Trinitas CLO XXII Ltd./Trinitas CLO XXII LLC

  Class A-1-R, $297.00 million: AAA (sf)
  Class B-1-R loans, $50.00 million: AA (sf)
  Class C-R (deferrable), $30.00 million: A (sf)

  Ratings Withdrawn

  Trinitas CLO XXII Ltd./Trinitas CLO XXII LLC

  Class A-1 to NR from 'AAA (sf)'
  Class B-1 to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'

  Ratings Affirmed

  Trinitas CLO XXII Ltd./Trinitas CLO XXII LLC

  Class A-2: AAA (sf)
  Class B-2: AA (sf)
  Class D (deferrable): BBB- (sf)
  Class E (deferrable): BB- (sf)
  Class F (deferrable): B- (sf)

  Other Debt

  Trinitas CLO XXII Ltd./Trinitas CLO XXII LLC

  Subordinated notes, $48.50 million: NR

NR--Not rated.



VERUS SECURITIZATION 2025-10: S&P Assigns Prelim B (sf) on B2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2025-10's mortgage-backed notes.

The note issuance is an RMBS transaction backed by both newly
originated and seasoned first- and second-lien, fixed- and
adjustable-rate residential mortgage loans, including mortgage
loans with initial interest-only periods, to prime and nonprime
borrowers with original terms to maturity up to 40 years. The loans
are secured by single-family residences, planned-unit developments,
two- to four-family residential properties, condominiums,
condotels, townhouses, mixed-use properties, and five- to 10-unit
multifamily residences. The pool has 843 loans with 844 properties
and comprises QM/non-HPML (safe harbor), QM rebuttable presumption,
non-QM/compliant, and ATR-exempt loans.

The preliminary ratings are based on information as of Oct. 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;

-- The transaction's credit enhancement, associated structural
mechanics, representations and warranties framework, and geographic
concentration;

-- The mortgage aggregator, Invictus Capital Partners;

-- The 100% due diligence results consistent with represented loan
characteristics; and

-- S&P's outlook that considers its current projections for U.S.
economic growth, unemployment rates, and interest rates, as well as
its view of housing fundamentals. S&P's outlook is updated, if
necessary, when these projections change materially.

  Preliminary Ratings Assigned

  Verus Securitization Trust 2025-10(i)

  Class A-1FCF, $211,928,000: AAA (sf)
  Class A-1LCF, $70,642,000: AAA (sf)
  Class A-1(ii), $282,570,000: AAA (sf)
  Class A-2, $26,077,000: AA (sf)
  Class A-3, $38,533,000: A (sf)
  Class M-1, $16,930,000: BBB (sf)
  Class B-1, $5,644,000: BB+ (sf)
  Class B-2, $13,623,000: B (sf)
  Class B-3, $5,838,357: NR
  Class A-IO-S, notional(iii): NR
  Class XS, notional(iii): NR
  Class R, N/A: NR

(i)The collateral and structural information reflect the
preliminary private placement memorandum dated Oct. 28, 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-1 notes will not have a note rate, but on each
payment that occurs after an exchange, the class A-1 notes will be
entitled to receive a proportionate share of the amounts otherwise
payable to the related initial exchangeable notes for such payment
date.
(iii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period.
N/A--Not applicable.
N/R--Not rated.



VISTA POINT 2025-CES3: DBRS Gives Prov. B Rating on B2 Notes
------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Asset-Backed Securities, Series 2025-CES3 (the Notes) to be issued
by Vista Point Securitization Trust 2025-CES3 (VSTA 2025-CES3 or
the Trust):

-- $253.3 million Class A-1 at (P) AAA (sf)
-- $17.5 million Class A-2 at (P) AA (sf)
-- $17.7 million Class A-3 at (P) A (sf)
-- $18.9 million Class M-1 at (P) BBB (sf)
-- $17.4 million Class B-1 at (P) BB (sf)
-- $11.7 million Class B-2 at (P) B (sf)

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 Notes reflects 27.75% of
credit enhancement provided by subordinate Notes. The (P) AA (sf),
(P) A (sf), (P) BBB (sf), (P) BB (sf), and (P) B (sf) credit
ratings reflect 22.75%, 17.70%, 12.30%, 7.35%, and 4.00% of credit
enhancement, respectively.

VSTA 2025-CES3 is a securitization of a portfolio of fixed, prime,
expanded-prime, closed-end second-lien (CES) residential mortgages
funded by the issuance of the Notes. The Notes are backed by 1,398
mortgage loans with a total principal balance of $350,522,946 as of
the Cut-Off Date (September 30, 2025).

The portfolio, on average, is two months seasoned, though seasoning
ranges from zero to seven months. Borrowers in the pool represent
prime and expanded-prime credit quality--weighted-average
Morningstar DBRS-calculated FICO score of 734, Issuer-provided
original combined loan-to-value ratio of 65.7%. The loans were
generally originated with Morningstar DBRS-defined full
documentation standards.

As of the Cut-Off Date, all but seven loans (0.4% of the pool),
were current. Since then, four loans (0.1%) that were 30 days
delinquent have self-cured, leaving 0.3% of the pool 30 days
delinquent under the Mortgage Bankers Association (MBA) delinquency
method. Additionally, none of the borrowers are in active
bankruptcy.

VSTA 2025-CES3 represents the sixth CES securitization by Vista
Point Mortgage, LLC. Vista Point Mortgage, LLC (19.1%) and
FundLoans Capital, Inc. (10.2%) are the top originators for the
mortgage pool. The remaining originators each comprise less than
10.0% of the mortgage loans.

Carrington Mortgage Services, LLC (Carrington; 100.0%) is the
Servicer of all 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, Paying Agent,
Note Registrar, and Certificate Registrar. U.S. Bank National
Association will act as the Custodian. U.S. Bank Trust National
Association will act as the Delaware Trustee.

On or after the earlier of (1) the Payment Date occurring in
October 2028 or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Controlling Holder (majority holder of the Class XS
Notes; initially expected to be affiliate of the Sponsor), may
terminate the Issuer at a price equal to the greater of (A) the
class balances of the related Notes plus accrued and unpaid
interest, including any cap carryover amounts and (B) the principal
balances of the mortgage loans plus accrued and unpaid interest,
including fees, expenses, and indemnification amounts. The
Controlling Holder must complete a qualified liquidation, which
requires (1) a complete liquidation of assets within the Trust and
(2) proceeds to be distributed to the appropriate holders of
regular or residual interests.

The Controlling Holder will have the option, but not the
obligation, to repurchase any mortgage loan (other than loans under
forbearance plan as of the Closing Date) that becomes 90 or more
days delinquent 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.

Although the majority of the mortgage loans were originated to
satisfy the Consumer Financial Protection Bureau's 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, 73.1% of the loans are
designated as non-QM, 6.2% are designated as QM Safe Harbor, and
0.2% are designated as QM Rebuttable Presumption. Approximately
20.5% of the mortgages are loans were not subject to the QM/ATR
rules as they are made to investors for business purposes.

There will not be any advancing of delinquent principal or interest
on any mortgages by the Servicer or any other party to the
transaction. In addition, the related servicer is not obligated to
make advances in respect of homeowner association fees, taxes, and
insurance, installment payments on energy improvement liens, and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties unless a determination is made that
there will be material recoveries.

For this transaction, any loan that 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 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 employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls after
the more senior tranches are paid in full (IPIP).

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


WELLESLEY PARK: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Wellesley
Park CLO Ltd./Wellesley Park CLO 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 Blackstone CLO Management LLC.

The preliminary ratings are based on information as of Oct. 30,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P views 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

  Wellesley Park CLO Ltd./Wellesley Park CLO LLC

  Class A, $116.50 million: NR
  Class A-L, $203.50 million: NR
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $30.00 million: BBB- (sf)
  Class D-2 (deferrable), $4.00 million: BBB- (sf)
  Class E (deferrable), $16.00 million: BB- (sf)
  Subordinated notes, $49.65 million: NR

NR--Not rated.



WELLINGTON 1: S&P Assigns Prelim 'BB-' Rating on Class E-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R notes and
class A-R loans from Wellington Management CLO 1 Ltd./Wellington
Management CLO 1 LLC, a CLO managed by Wellington Management CLO
Advisors LLC that was originally issued in October 2023.

The preliminary ratings are based on information as of Oct. 24,
2025. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Nov. 3, 2025, refinancing date, the proceeds from the
replacement debt will be used to redeem the existing debt. S&P
said, "At that time, we expect to withdraw our ratings on the
existing class A, B, C, D, and E notes and class A loans, and
assign ratings to the replacement class A-R, B-R, C-R, D-1-R,
D-2-R, and E-R notes and class A-R loans. However, if the
refinancing doesn't occur, we may affirm our ratings on the
existing debt and withdraw our preliminary ratings on the
replacement debt."

The replacement debt will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement debt.
According to the proposed supplemental indenture:

-- The replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R
notes and A-R loans are expected to be issued at a lower spread
over three-month SOFR than the existing debt.

-- The replacement class D-1-R and D-2-R debt is expected to be
issued to replace the current class D debt.

-- 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
existing subordinated notes will be extended to Oct. 20, 2038.

-- The required minimum overcollateralization and interest
coverage ratios will be amended.

-- No additional subordinated notes will be issued on the
refinancing date.

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

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

  Preliminary Ratings Assigned

  Wellington Management CLO 1 Ltd./Wellington Management CLO 1 LLC

  Class A-R, $150.000 million: AAA (sf)
  Class A-R loans(i), $100.000 million: AAA (sf)
  Class B-R, $54.000 million: AA (sf)
  Class C-R (deferrable), $24.000 million: A (sf)
  Class D-1-R (deferrable), $20.000 million: BBB (sf)
  Class D-2-R (deferrable), $5.000 million: BBB- (sf)
  Class E-R (deferrable), $13.400 million: BB- (sf)

  Other Debt

  Wellington Management CLO 1 Ltd./Wellington Management CLO 1 LLC

  Subordinated notes, $42.000 million: NR

(i)All or a portion of the class A-R loans can be converted into
class A-R notes. Upon that conversion, the class A-R loans decrease
by the converted amount with a corresponding increase in the class
A-R notes. No class A-R notes or any other class of notes may be
converted into class A-R loans.
NR--Not rated.



WELLS FARGO 2014-LC18: DBRS Confirms C Rating on 4 Classes
----------------------------------------------------------
DBRS, Inc. downgraded its credit ratings on two classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-LC18
issued by Wells Fargo Commercial Mortgage Trust 2014-LC18 as
follows:

-- Class X-B to CCC (sf) from BB (high) (sf)
-- Class D to CCC (sf) from BB (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class C at A (sf)
-- Class PEX at A (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class X-E at C (sf)
-- Class X-F at C (sf)

All trends are Stable except for Classes D, E, F, X-B, X-E, and
X-F, which have credit ratings that typically do not carry trends
in commercial mortgage-backed securities.

The credit rating downgrades for Classes D and X-B reflect ongoing
interest shortfalls that have reached Morningstar DBRS' tolerance
for timely interest. As of the September 2025 remittance,
cumulative unpaid interest totaled approximately $3.0 million, up
from $1.9 million at the last credit rating action in January 2025.
Class D did not receive full interest between April 2025 and
September 2025, bringing it to the Morningstar DBRS shortfall
tolerance of six remittance periods for the BB and B credit rating
categories, supporting the credit rating downgrade for this class.

Since Morningstar DBRS' previous credit rating action, four loans
have been repaid or disposed of from the pool. Seven loans remain
in the pool, six of which (83.7% of the pool) are currently in
special servicing because of maturity default. The adverse
selection includes three loans (40.3% of the pool) that are
currently delinquent, including the largest contributor to
Morningstar DBRS' losses and the largest loan in the pool, 2900
Fairview Park Drive (Prospectus ID#4; 20.9% of the pool). Realized
losses for the transaction increased to $13.1 million as of the
September 2025 remittance, up from $9.6 million at the time of the
previous credit rating action in January 2025, because of
nonrecoverable advances tied to YRC Headquarters (Prospectus ID#13;
9.9% of the pool) and Hilton Garden Inn Austin Northwest
(Prospectus ID#16; 9.5% of the pool). One loan, Colorado Mills
(Prospectus ID#6; 16.3% of the pool), was modified, extending the
loan's maturity to November 2026.

The credit rating confirmations reflect Morningstar DBRS' negative
credit view for the junior bonds and the ultimate recoverability of
the remaining loans in the pool, based on liquidation scenarios
that considered haircuts to the most recent appraisal values. The
results of the recoverability analysis suggest that losses would
erode the majority of the Class E certificate and fully erode the
Class F and G certificates.

The 2900 Fairview Park Drive loan is secured by a 147,000-square
foot suburban office property in Falls Church, Virginia. The loan
transferred to the special servicer in January 2025 because of
maturity default. The subject is fully occupied by its sole tenant,
HITT Contracting, through September 2027, and serves as the
company's headquarters. Media reports indicate that the tenant
broke ground on a new, innovative building to house its
headquarters, which is slated to be complete by YE2026 prior to its
lease expiration. According to the servicer, the borrower would
like to negotiate a loan modification to extend the loan's
maturity; however, Morningstar DBRS notes the increased credit risk
and expected difficulty in finding take-out refinancing given the
anticipated tenant departure. Since the last credit rating action,
the property was reappraised at $10.5 million as of February 2025,
representing a substantial decline from the appraisal value of
$62.6 million at issuance. Morningstar DBRS' liquidation scenario
included a 20.0% haircut to the most recent appraised value,
resulting in losses of $31.0 million or a loss severity of 88.5%.

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


WELLS FARGO 2017-RB1: DBRS Confirms C Rating on 6 Classes
---------------------------------------------------------
DBRS Limited downgraded credit ratings on 11 classes of Commercial
Mortgage Pass-Through Certificates, Series 2017-RB1 issued by Wells
Fargo Commercial Mortgage Trust 2017-RB1 as follows:

-- Class A-S to A (high) (sf) from AAA (sf)
-- Class B to BBB (high) (sf) from A (sf)
-- Class C to BB (sf) from BB (high) (sf)
-- Class D to CCC (sf) from B (low) (sf)
-- Class E-1 to C (sf) from CCC (sf)
-- Class E-2 to C (sf) from CCC (sf)
-- Class X-B to BB (high) (sf) from BBB (low) (sf)
-- Class X-D to CCC (sf) from BB (low) (sf)
-- Class E to C (sf) from CCC (sf)
-- Class EF to C (sf) from CCC (sf)
-- Class F to C (sf) from CCC (sf)

In addition, Morningstar DBRS confirmed the following credit
ratings:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class F-1 at C (sf)
-- Class F-2 at C (sf)
-- Class G-1 at C (sf)
-- Class G-2 at C (sf)
-- Class X-A at AAA (sf)
-- Class EFG at C (sf)
-- Class G at C (sf)

The trends on Classes A-S, B, C, and X-B are Negative. The trend on
Class X-A was changed from Negative to Stable. Classes D, E-1, E-2,
F-1, F-2, G-1, G-2, X-D, E, EF, EFG, F, and G have credit ratings
that do not typically carry a trend in commercial mortgage-backed
securities (CMBS) credit ratings. The trends on all remaining
classes are Stable.

The credit rating downgrades reflect Morningstar DBRS' increased
loss projections across all three specially serviced loans (10.8%
of the pool). The loans were analyzed with liquidation scenarios,
resulting in a total implied loss of $40.7 million, which would
erode approximately 80% of Class E1 and significantly reduce the
available credit support to the more senior bonds in the
transaction. During the previous credit rating action in May 2025,
Morningstar DBRS projected losses of approximately $15.0 million,
which have increased by nearly $25.0 million with the current
review. The significant increase in projected losses stem from an
updated appraisal showing a value decline of 75% for the largest
loan in special servicing, 1166 Avenue of the Americas (Prospectus
ID#8, 5.4% of the pool) as well as the transfer and new liquidation
approach for 100 Ashford Center (Prospectus ID#16, 2.8% of the
pool), which was analyzed with a nearly 75% loss severity or
approximately $11.0 million in projected losses.

The Negative trends on Classes AS, X-A, B, X-B, and C reflect
Morningstar DBRS' credit concerns across a select number of master
serviced loans, most notably the Center West loan (Prospectus ID#3,
7.3% of the pool balance), discussed further below. As part of its
review, Morningstar DBRS identified six loans, representing nearly
36.0% of the pool balance, primarily secured by office and lodging
properties, that continue to exhibit credit deterioration with
respective loan maturities approaching in 2027 increasing maturity
default risk. In the analysis for this review, Morningstar DBRS
applied updated loan-to-value ratio (LTV) stresses and probability
of default (POD) penalties to these loans, where applicable,
resulting in a weighted-average (WA) expected loss approximately
2.0 times (x) greater than the pool's average. Coinciding with the
projected deterioration in credit support, the updated CMBS Insight
Model output continues to show negative pressure to the credit
ratings toward the middle and top of the capital stack, supporting
the Negative trends.

As of the September 2025 remittance, outstanding interest
shortfalls totaled approximately $1.0 million, an increase from the
$0.4 million at the previous credit rating action in May 2025. As
of the September 2025 remittance, Class E2 received its scheduled
monthly interest; however, the class carries an interest shortfall
balance of approximately $11,000, which continues to persist since
the June 2025 remittance. The primary contributing factors to the
increased interest shortfalls are ASER amounts for two of the
specially serviced loans, including 1166 Avenue of the Americas and
340 Bryant. Class E2 now carries a credit rating that is indicative
of loss with interest shortfalls expected; however, if the servicer
were to make nonrecoverability determination for the loans
currently in special servicing or future transfers, interest
shortfalls could climb further up the capital stack, supporting the
Negative trends.

The 1166 Avenue of the Americas loan is secured by the first five
floors of a Class A office property in Midtown, Manhattan. The loan
was originally added to the servicer's watchlist in July 2023 after
the largest tenant (The D.E. Shaw Group, formerly 43.6% of the net
rentable area (NRA)) confirmed its intention to vacate the property
upon its lease expiration in September 2024. At the time, the
second-largest tenant, Arcesium (formerly 20.0% of NRA), also
confirmed that it was looking for space elsewhere. Both tenants
have now vacated the property and the loan ultimately transferred
to special servicing in July 2024 for imminent monetary default.
The servicer noted that the borrower's initial loan modification
proposal was rejected by the lender. As of the September 2025
reporting, the loan continues to remain delinquent, having last
paid in December 2024. The annualized trailing three months ended
March 31, 2025, net cash flow was $1.3 million (reflecting a debt
service coverage ratio (DSCR) of 0.43x), significantly below the
YE2024 and issuance figures of $6.8 million (DSCR of 1.48x) and
$8.2 million (DSCR of 1.79x), respectively. As of the June 2025
rent roll, the occupancy declined to 36.5%, down from the YE2023
and issuance reported figures of 100.0% and 91.5%, respectively.
The loan is structured with a cash flow sweep that was triggered
when D.E. Shaw Group and Arcesium failed to provide notice of lease
renewal 18 months prior to their lease expiration dates. According
to the September 2025 reporting from the lead securitization,
Morningstar DBRS-rated BBCMS Mortgage Trust 2017-C1, reserve
balances total $2.6 million, the majority of which is held in a
tenant reserve account. An updated appraisal was provided in May
2025, valuing the collateral at just $55.0 million (an implied LTV
of 200.0% based on the current whole loan amount of $110.0
million), a 75.6% decline from the issuance appraised value of
$225.0 million. Given the significant reduction in value, low
occupancy rate, and the lack of meaningful leasing traction,
Morningstar DBRS analyzed the loan with a liquidation scenario
based on a 25% haircut to the May 2025 appraisal while accounting
for outstanding and expected servicer expenses, resulting in a
total loss of $17.8 million and a loss severity of 62.0%.

The 340 Bryant loan is secured by a 62,270-square foot (sf), Class
B office property in downtown San Francisco, which is fully vacant
as of the June 2025 rent roll. In December 2021, the property's
largest former tenant, WeWork (77.0% of NRA), terminated its leases
ahead of their respective scheduled expirations in 2028 and 2029
and paid a termination fee of approximately $5.0 million. The last
remaining tenant, Logitech (23.0% of the NRA), had a lease
expiration in April 2024 and vacated the subject. The loan
transferred to the special servicer in September 2022 and has been
real estate owned since October 2023. The subject previously had a
contract to be sold in Q4 2025; however, the proposed buyer elected
to not proceed with the transaction and the property remains on the
market to be sold. The property's value was reappraised in December
2024 at $13.0 million, an increase from the April 2024 value of
$8.2 million but remaining below the issuance value of $52.0
million. Morningstar DBRS analyzed the loan with a liquidation
scenario based on a 30% haircut to the December 2024 appraisal
while accounting for outstanding and expected servicer expenses,
resulting in a total loss of $11.9 million and a loss severity of
85.0%.

One of the identified loans of concern, the Center West loan
(Prospectus ID#3, 7.3% of the pool balance) is secured by the
borrower's leasehold interest in a 349,000-sf office building in
Los Angeles. The loan is being monitored on the servicer's
watchlist for a low DSCR and occupancy, which was 34.3% as of the
August 2025 rent roll. The borrower has stated that the vacant
space at the property is being marketed for lease by a broker;
however, given historical occupancy rates at the property have
remained below 50.0% since 2021, Morningstar DBRS does not expect
any positive leasing momentum to occur in the near to moderate
term. According to the annualized trailing six months ended June
30, 2025, financial reporting, the property generated a DSCR of
0.69x, significantly below the issuance expectations. Morningstar
DBRS evaluated the loan with a stressed LTV of 200% and elevated
POD penalty, resulting in an expected loss that was approaching
four times the pool average.

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


WELLS FARGO 2021-C60: DBRS Confirms B(low) Rating on LRR Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-C60
issued by Wells Fargo Commercial Mortgage Trust 2021-C60 as
follows:

-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class C at AA (sf)
-- Class X-D at AA (sf)
-- Class D at AA (low) (sf)
-- Class E-RR at A (sf)
-- Class F-RR at BBB (high) (sf)
-- Class G-RR at BBB (sf)
-- Class H-RR at BB (high) (sf)
-- Class J-RR at BB (high) (sf)
-- Class K-RR at BB (low) (sf)
-- Class L-RR at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which has generally remained in
line with Morningstar DBRS' expectations since the prior credit
rating action in April 2025. The pool continues to exhibit healthy
credit metrics as evidenced by a defeasance excluded
weighted-average (WA) loan-to-value ratio (LTV) of 57.6% and WA
debt service coverage ratio (DSCR) of 2.57 times (x). The pool also
benefits from its minimal exposure to office-backed loans, which as
of the September 2025 remittance, accounted for 17.4% of the
current pool balance, including the second-largest loan in the
pool, The Grace Building (Prospectus ID#2, 6.9% of the pool
balance), which is shadow-rated investment grade by Morningstar
DBRS.

As of the September 2025 remittance, 59 of the 61 original loans
remained in the pool with a trust balance of $725.1 million,
reflecting a nominal collateral reduction of 3.15% since issuance.
To date, the trust has incurred a total loss of $2.7 million, which
has been contained to the nonrated Class M-RR certificate. Two
loans, representing 1.3% of the pool balance, are in special
servicing. Ten loans, representing 26.6% of the pool balance, are
on the servicer's watchlist; however, only six of those loans,
representing 9.9% of the pool balance, are being monitored for
performance-related reasons. In addition, two loans, which
represent 1.4% of the pool balance, have been fully defeased. Loans
secured by retail properties account for 28.6% of the pool,
followed by multifamily and industrial loans at 21.6% and 16.9%,
respectively.

The Malibu Colony Plaza loan (Prospectus ID#3, 6.6% of the pool),
is secured by a 114,370-square-foot (sf) shopping center in Malibu,
California. The loan is monitored on the servicer's watchlist
because the largest tenant at property, Ralph's Fresh Store (31.7%
of the net rentable area (NRA)), is currently on a month-to-month
lease after its previous lease expired in August 2023. The borrower
has advised that the tenant has a 90-day lease termination notice.
The second largest tenant at the property, CVS (20.0% of the NRA),
extended its lease by five years through 2030. Per the June 2025
rent roll, the property was 87.3% occupied with 37.8% of the leases
set to expire within the next 12 months (including the Ralph's
Fresh Store lease). According to the year-end (YE) 2024 financial
reporting, the property generated a net cash flow (NCF) of $4.6
million (a DSCR of 2.55x), an increase of almost 60.0% from the
YE2023 figure of $2.9 million (a DSCR of 1.6x). The growth in NCF
is primarily attributable to an increase in base rent. Given the
concentrated tenant rollover risk, the collateral could experience
cash flow volatility should Ralph's Fresh Store opt to vacate the
property. Morningstar DBRS analyzed this loan with an elevated
probability of default (POD) penalty, resulting in an expected loss
more than twice the pool average.

The Gramercy Plaza loan (Prospectus ID# 5; 3.8% of the pool) is
secured by a suburban Class A office property in Torrance,
California. The loan is currently exhibiting increased credit risk
due to high tenant rollover (35.2% of the NRA) within the next 12
months. However, mitigating factors include the loan's strong
reported YE2024 DSCR of 3.1x and a reserve balance exceeding $2.0
million. According to the June 2025 rent roll, the property was
88.5% occupied compared with 80.0% the prior year. According to a
Q2 2025 Reis report, office properties in the South Bay submarket
reported a vacancy rate of 12.7%. Given the upcoming tenant roll
over, coupled with soft submarket conditions, Morningstar DBRS
analyzed the loan with an elevated probability of default penalty
and stressed loan-to-value ratio, resulting in an expected loss
that was more than 5x the pool average.

The largest specially serviced loan, Boonton Industrial (Prospectus
ID#35; 0.8% of the pool) is secured by the borrower's fee-simple
interest in a 55,000-sf light industrial warehouse in Boonton, New
Jersey. The loan transferred to special servicing in December 2022
because of payment default and a receiver was appointed in November
2023. A fire occurred at the property in Q4 2024 and the servicer
has noted that repair and remediation work remain ongoing with the
receiver overseeing the process. Recent servicer commentary notes
that the lender is conducting pre-foreclosure due diligence while
discussing potential reinstatement with the borrower. The loan's
DSCR was reported below breakeven at 0.62x for the trailing
12-month period ended September 2024. The second loan in special
servicing, Villas at the Woodlands (Prospectus ID# 50, 0.4% of the
pool), is secured by a multifamily property in Jacksonville,
Florida. The loan was transferred to special servicing in April
2025 due to a payment default. The property was almost 98% occupied
with a DSCR of 2.22x as of the trailing nine-month period ended
September 2024. The loan was previously watch listed due to major
deferred maintenance items. According to the servicer, the lender
is currently evaluating resolution options; however, the borrower
has been unresponsive to requests for information. For this review,
Morningstar DBRS analyzed both loans with elevated POD penalties,
resulting in expected losses more than twice and three times the
pool average, respectively.

At issuance, Morningstar DBRS assigned an investment-grade shadow
rating to one loan, The Grace Building. This assessment was
supported by the loans' strong credit metrics, strong sponsorship
strength, and historically stable collateral performance. With this
review, Morningstar DBRS confirms that the performance of this loan
remains consistent with investment-grade characteristics.

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


WFRBS COMMERCIAL 2014-LC14: DBRS Confirms CCC Rating on 3 Tranches
------------------------------------------------------------------
DBRS, Inc. downgraded its credit ratings on two classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-LC14
issued by WFRBS Commercial Mortgage Trust 2014-LC14 as follows:

-- Class D to CCC (sf) from BBB (low) (sf)
-- Class X-B to CCC (sf) from BBB (sf)

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

-- Class E at CCC (sf)
-- Class F at CCC (sf)
-- Class X-C at CCC (sf)

Classes D, E, F, X-B, and X-C have credit ratings that do not
typically carry a trend in commercial mortgage-backed securities
(CMBS) credit ratings.

The credit rating downgrades are driven by Morningstar DBRS'
limited tolerance for periods of ongoing shorted interest. As of
the September 2025 remittance, interest shortfalls increased to
$5.6 million from $3.8 million at the previous credit rating action
in March 2025. All scheduled interest has been shorted on Classes E
and F for more than 12 reporting periods, with Class D shorted for
the last three reporting periods. Morningstar DBRS' tolerance for
shorted interest at the BBB (low) (sf) credit rating category is
limited to three to four remittance periods. Current interest
shortfalls stem from nonrecoverable advances and reimbursement of
interest advances from the two delinquent loans, Williams Center
Towers (Prospectus ID#6; 42.2% of the pool) and 465 Park Avenue
Retail Condominium (Prospectus ID# 16; 18.4% of the pool). Given
the uncertainty surrounding the timing for the disposition of the
remaining assets, as discussed further below, it is unlikely that
the interest shorted to Class D will be recovered within
Morningstar DBRS' tolerance periods, supporting the credit rating
downgrade on Class D to CCC (sf).

As of the September 2025 remittance, four loans remain in the pool.
Of these, three loans, representing 66.2% of the pool, are in
special servicing and one loan, Canadian Pacific Plaza (Prospectus
ID#8; 33.8% of the pool), is not specially serviced and is
hyper-amortizing with a November 2028 maturity date. Given that the
transaction is in wind-down, Morningstar DBRS analyzed the
remaining loans in a recoverability scenario. Morningstar DBRS
liquidated all three of the specially serviced loans with this
review, with projected losses totaling $27.7 million, which were
constrained to the unrated Class G. While Morningstar DBRS is not
projecting realized losses for Classes D, E, and F, its credit
ratings are constrained by the ongoing and sustained interest
shortfalls throughout the entire capital stack supporting the
credit rating downgrades and confirmations.

The largest loan, Williams Center Towers (Prospectus ID#6; 42.2% of
the pool), is secured by an office complex totaling 765,809 square
feet (sf) of space in the central business district (CBD) of Tulsa,
Oklahoma. Occupancy began to decline at the subject in 2018 when
the loan transferred to the special servicer following the
bankruptcy of a large tenant, Samson Investment Company. By June
2023, occupancy had declined to 61.0%. In the last year, positive
leasing activity helped the subject continue to improve occupancy
to 80% as of the March 31, 2025, rent roll. An updated appraisal
dated June 2025, accounting for the improved occupancy, valued the
property at $41.8 million, which is above the $40.6 million and
$41.5 million values in March 2024 and November 2024, respectively.
With the increased occupancy, the debt service coverage ratio
(DSCR) of 1.05 times (x) as of the trailing three-month financials
for the period ended March 31, 2025, also improved to above
breakeven. While performance continues to marginally improve year
over year, the submarket remains depressed with Reis reporting
vacancy at 19.4% as of Q2 2025 compared with 20.9% in Q2 2024, the
likelihood of a significant rebound remains low. For these reasons,
Morningstar DBRS stress tested the value, applying a stressed
capitalization rate to the most recent financials. Morningstar DBRS
liquidated the loan with a 40.0% haircut to the June 2025 value
while accounting for outstanding advances as well as expected
future servicer expenses, which was generally in line with the
stressed value. This resulted in an implied loss of nearly $20.0
million and a loss severity approaching 50%.

The second-largest loan, Canadian Pacific Plaza (Prospectus ID#8;
33.8% of the pool), is secured by a 394,000-sf Class B office
property in the Minneapolis CBD. The loan has been on the
servicer's watchlist since June 2020 because of a significant drop
in occupancy. According to the YE2024 financials, the DSCR and
occupancy were 0.36x and 59.0%, respectively. While both figures
are above the 2023 reporting, poor performance remains a concern.
The loan had an anticipated repayment date in November 2023 and is
now scheduled to hyper-amortize through November 2028. According to
the servicer's commentary, the loan is in cash management but
remains current on payments. The loan's continued deleveraging
mitigates some of the concerns mentioned above. The current
loan-to-value ratio (LTV) is 60.2% based on the issuance appraised
value, down from the issuance LTV of 74.3%. However, given the
significantly depressed performance and soft submarket, Morningstar
DBRS expects that the property value has declined since issuance,
increasing the default risk for this loan.

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


WINDHILL CLO 4: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Windhill CLO 4
Ltd./Windhill CLO 4 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 PGIM Inc. and Deerpath Capital Management L.P., an
affiliate of PGIM Inc. serving as a sub-advisor to PGIM Inc.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Windhill CLO 4 Ltd./Windhill CLO 4 LLC

  Class A, $232.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB (sf)
  Class E (deferrable), $38.00 million: BB- (sf)
  Subordinated notes, $41.65 million: NR

NR--Not rated.



WINDHILL CLO 4: S&P Assigns Prelim BB-(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Windhill CLO
4 Ltd./Windhill CLO 4 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 PGIM Inc. and Deerpath Capital Management L.P.
(Deerpath), an affiliate of PGIM Inc. serving as a sub-advisor to
PGIM Inc.

The preliminary ratings are based on information as of Oct. 20,
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 notes through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  Windhill CLO 4 Ltd./Windhill CLO 4 LLC

  Class A, $232.00 million: AAA (sf)
  Class B, $40.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB (sf)
  Class E (deferrable), $38.00 million: BB- (sf)
  Subordinated notes, $41.65 million: NR

NR--Not rated.



[] DBRS Reviews 156 Classes from 15 US RMBS Transactions
--------------------------------------------------------
DBRS, Inc. reviewed 156 classes from 15 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 15
transactions reviewed, 14 are classified as legacy RMBS and one is
classified as a home equity line of credit (HELOC) transaction. Of
the 156 classes reviewed, Morningstar DBRS upgraded its credit
ratings on 12 classes and confirmed its credit ratings on the
remaining 144 classes.

The Affected Ratings are available at https://bit.ly/43hZofR

The Issuers are:

Morgan Stanley Home Equity Loan Trust 2005-2
Lehman Mortgage Trust 2008-6
MASTR Adjustable Rate Mortgages Trust 2005-2
FIGRE Trust 2024-HE5
Lehman XS Trust 2006-5
J.P. Morgan Mortgage Trust 2006-S1
J.P. Morgan Mortgage Trust 2005-A5
GSR Mortgage Loan Trust 2005-AR6
DSLA Mortgage Loan Trust 2005-AR6
Long Beach Mortgage Loan Trust 2005-3
Encore Credit Receivables Trust 2005-4
First Franklin Mortgage Loan Trust 2005-FF9
First Franklin Mortgage Loan Trust 2006-FF8
CWABS Asset-Backed Certificates Trust 2004-BC5
CWABS Asset-Backed Certificates Trust 2006-SPS1

CREDIT RATING RATIONALE/DESCRIPTION

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

The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns September 2025 Update" published on September 30, 2025
(https://dbrs.morningstar.com/research/463860/). These baseline
macroeconomic scenarios replace Morningstar DBRS' moderate and
adverse coronavirus pandemic scenarios, which were first published
in April 2020.

The credit rating actions are the result of Morningstar DBRS'
application of its "U.S. RMBS Surveillance Methodology," published
on June 28, 2024.

Notes: All figures are in US Dollars unless otherwise noted.


[] DBRS Reviews 340 Classes From 10 US RMBS Transactions
--------------------------------------------------------
DBRS, Inc. reviewed 340 classes from 10 U.S. residential
mortgage-backed securities (RMBS) transactions. The reviewed deals
are classified as mortgage insurance-linked notes, and prime jumbo
transactions. Of the 340 classes reviewed, Morningstar DBRS
upgraded its credit ratings on two classes and confirmed its credit
ratings on the remaining 338 classes.

The Affected Ratings are available at https://bit.ly/4nhi1aF

The Issuers are:

  Home Re 2023-1 Ltd.
  Triangle Re 2023-1 Ltd.
  Bellemeade Re 2023-1 Ltd.
  J.P. Morgan Mortgage Trust 2024-12
  J.P. Morgan Mortgage Trust 2024-10
  Radian Mortgage Capital Trust 2024-J2
  Chase Home Lending Mortgage Trust 2024-9
  Chase Home Lending Mortgage Trust 2024-11
  Citigroup Mortgage Loan Trust 2024-CMI1
  GS Mortgage-Backed Securities Trust 2024-PJ9

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).

Notes: All figures are in US Dollars unless otherwise noted.


[] S&P Takes Various Actions on 226 Classes From 30 US CMBS Deals
-----------------------------------------------------------------
S&P Global Ratings reviewed its ratings on 226 classes from 30 U.S.
CMBS transactions. Of the 29 conduit transactions, 18 are each
secured by a diversified pool of commercial real estate assets to
unrelated borrowers and 11 are currently secured by one to five
remaining loans. The remaining transaction is backed by a single
property office loan. The ratings on 223 classes 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 60 downgrades and 166
affirmations. It also removed 223 of these ratings from UCO.

A list of Affected Ratings can be viewed at:

              https://tinyurl.com/4n7ck9ub

S&P said, "Of the 2,088 ratings that were placed on UCO following
our August 2025 CMBS criteria revision, we have resolved 1,396 of
them to date. We expect to review the remaining ratings with the
UCO identifier within six months from the date they were placed 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, in most cases, 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 or annual reviews.

"However, where we observed a sustained decline in property
performance and/or a perceived increase in the level of risk
associated with the property NCF, we revised our NCF downward
and/or increased our capitalization rate assumption to account for
these developments. For portfolio loans with property releases
since our last review, we also adjusted our metrics accordingly.
For any defaulted and credit-impaired loans that we assess will
liquidate from the trust, we generally considered the latest
available appraisal value, broker's opinion of value, or S&P Global
Ratings' liquidation value (whichever is the lowest) in forecasting
principal losses and recoveries on the assets. For the VNDO Trust
2016-350P transaction, we included details of our revised
assumptions on the office loan below.

"We determined asset quality and income stability scores for all
the collateral loans, and we 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
transaction.

"For the loan-specific "CSQ"- and "SP"-raked classes in the JPMBB
Commercial Mortgage Securities Trust 2014-C19 and LB-UBS Commercial
Mortgage Trust 2005-C7 transactions, respectively, we specifically
considered the performance of the Centreville Square ("CSQ") and
Station Place I ("SP") loans, which serve as the sole collateral
for the respective raked classes. Moreover, while the master
servicer deemed the Station Place I loan nonrecoverable on July 29,
2025, the "SP" bonds have not incurred any interest shortfalls
because the borrower has remitted the full debt service payments on
the whole loan to date. We may re-assess the bonds' ongoing
liquidity profile and take rating actions as we determine
necessary.

"For the VNDO Trust 2016-350P transaction, we reviewed new
property-level information and revised our credit view on the
underlying office collateral. In our last published comprehensive
review in December 2022, we qualitatively considered that the loan
sponsor, Vornado Realty Trust L.P. and the neighboring landlord,
Rudin Management Co. Inc., were preparing the collateral building
for redevelopment. They intended to construct an approximately
1,600-foot-tall, 62-story, 1.7 million-sq.-ft. office tower. The
project, which was in the planning stages for six years, recently
moved to the next stage. According to multiple news outlets, the
New York City Council unanimously approved the redevelopment
project in late September 2025. Demolition of the three buildings
is anticipated to start early next year and the new office tower,
estimated to cost approximately $4.5 billion to complete, is
expected to open in 2032. As a result, in our current review, we
used the initial property-level assumptions that we derived at
issuance (S&P Global Ratings NCF of $24.4 million, capitalization
rate of 6.25%, and expected-case value of $478.2 million). This
yielded an S&P Global Ratings loan-to-value ratio of 83.6% on the
whole loan balance.

"The rating actions 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 upon favorable business, financial, and economic
conditions, and that the classes are vulnerable to default.
Additionally, classes F and G from J.P. Morgan Chase Commercial
Mortgage Securities Trust 2012-LC9, class E from JPMBB Commercial
Mortgage Securities Trust 2013-C12, class C from Wells Fargo
Commercial Mortgage Trust 2016-BNK1, and classes C, D, E, and F
from JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10
have accumulated interest shortfalls outstanding. If these
shortfalls are not repaid timely and continue to be outstanding for
a prolonged period, we may further lower the ratings on these
classes to 'D (sf)'."

The ratings on the exchangeable certificates reflect the lowest
rating of the certificates for which they can be exchanged.

The ratings on the IO certificates are based on S&P's 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, we lowered or
affirmed our outstanding ratings (versus the higher model-indicated
ratings) due to qualitative considerations including the
following:

-- Credit subordination levels and positions of the classes within
the capital structure;

-- Collateral property performance (both historical and expected),
particularly where it may have influenced prior comprehensive
reviews;

-- Loan performance, including current and expected payment
status;

-- 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; and

-- Current and expected bond-level liquidity.

Specifically, for the conduit transactions issued between 2004 and
2013 that have low pool factors and are currently backed by one or
a few class B or lower-quality mall loans and/or class B office
loans that have defaulted and where we believe the borrowers will
continue to face challenges refinancing the loans, we capped our
ratings at the 'BB' or 'B' rating categories.



[] S&P Takes Various Actions on 447 Classes From 31 US CMBS Deals
-----------------------------------------------------------------
S&P Global Ratings reviewed its ratings on 447 classes from 31 U.S.
CMBS conduit transactions. Each transaction is secured by a
diversified pool of commercial real estate assets to unrelated
borrowers. The ratings on 445 classes were previously placed under
criteria observation (UCO) on Aug. 21, 2025, following the
publication of its revised global criteria framework for rating
CMBS transactions. The review yielded 13 downgrades and 434
affirmations. S&P also removed 445 of these ratings from UCO.

A list of Affected Ratings can be viewed at:

             https://tinyurl.com/452zft7t

S&P said, "Of the 2,088 ratings that were placed on UCO following
our August 2025 CMBS criteria revision, we have resolved 1,619 of
them to date. We discontinued the ratings on the remaining 24
classes from 16 U.S. CMBS transactions following their full
repayments as denoted in the respective trustee remittance
reports."

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, in most cases, 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 or annual reviews.

"However, where we observed a sustained decline in property
performance and/or a perceived increase in the level of risk
associated with the property NCF, we revised our NCF downward
and/or increased our capitalization rate assumption to account for
these developments. For portfolio loans with property releases
since our last review, we also adjusted our metrics accordingly.
For any defaulted and credit-impaired loans that we assess will
liquidate from the trust, we generally considered the latest
available appraisal value, broker's opinion of value, or S&P Global
Ratings' liquidation value (whichever is the lowest) in forecasting
principal losses and recoveries on the assets.

"We determined asset quality and income stability scores for all
the collateral loans, and we 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
transaction."

For the loan-specific "65" and "SW" raked classes in the CF
2019-CF1 Mortgage Trust and CF 2019-CF2 Mortgage Trust
transactions, respectively, we specifically considered the
performance of the 65 Broadway ("65") and The Stanwix ("SW") loans,
which serve as the sole collateral for the respective raked
classes.

S&P said, "The rating actions 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 upon favorable business, financial, and economic
conditions, and that the classes are vulnerable to default.
Moreover, the master servicer implemented a $58.6 million appraisal
reduction amount on the 65 Broadway loan in the CF 2019-CF1
Mortgage Trust transaction, which caused all the "65" raked classes
to incur interest shortfalls. If the interest shortfalls remain
outstanding for a prolonged time frame, we may further lower our
ratings on the classes to 'D (sf)'."

The ratings on the exchangeable certificates reflect the lowest
rating of the certificates for which they can be exchanged.

The ratings on the IO certificates are based on S&P's 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, we affirmed our
outstanding ratings (versus the higher model-indicated ratings) due
to qualitative considerations including the following:

-- Credit subordination levels and positions of the classes within
the capital structure;

-- Collateral property performance (both historical and expected),
particularly where it may have influenced comprehensive reviews;

-- Loan performance, including current and expected payment
status;

-- 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; and

-- Current and expected bond-level liquidity.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The single-user TCR subscription rate is $1,400 for six months
or $2,350 for twelve months, delivered via e-mail.  Additional
e-mail subscriptions for members of the same firm for the term
of the initial subscription or balance thereof are $25 each per
half-year or $50 annually.  For subscription information, contact
Peter A. Chapman at 215-945-7000.

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