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KBRA Assigns Preliminary Ratings to HGI Re-REMIC Trust 2026-FRR1

10 Aug 2026   |   New York

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KBRA is pleased to announce the assignment of preliminary ratings to four classes of HGI Re-REMIC Trust 2026-FRR1. HGI Re-REMIC Trust 2026-FRR1 is a re-securitization of six principal-only (PO) and 13 interest-only (IO) certificates (the collateral securities) from six separate fixed-rate Freddie Mac K-Series multifamily securitizations (the underlying trusts): FREMF 2022-K749, FREMF 2024-K755, FREMF 2023-K751, FREMF 2023-K754, FREMF 2022-K152, and FREMF 2022-KG07. The collateral securities for this re-securitization consist of the most subordinate principal-only class and two or three, as applicable, interest-only certificates from each underlying trust. The re-securitization trust will issue three separate groups totaling 19 certificates and a residual interest, with each group corresponding to two underlying trusts. KBRA provided ratings for the certificates of Group 1 (FREMF 2022-K749 and FREMF 2024-K755).

Of the 19 classes of trust certificates within the three groups, six are entitled to principal only payments and 13 are entitled to principal and interest payments. Additionally, the Class B1 and C1 certificates maybe exchanged for the Class BC1 certificates, the Class B2 and C2 certificates may be exchanged for the Class BC2 certificates, the Class A3 and B3 certificates may be exchanged for the Class AB3 certificates, and the Class C3 and D3 certificates may be exchanged for the Class CD3 certificates. Cash flow from each group of collateral securities will be used to make payments to the corresponding group of trust certificates in sequential order, after required allocations for trust expenses and fees. Each group of certificates is only entitled to distributions from amounts received with respect to the collateral securities from the underlying trusts related to that group and is not entitled to amounts received by the trust with respect to any other group. With respect to each group, any losses which impact the collateral securities will in turn be borne by the re-securitization trust certificates in reverse sequential order.

To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1016423