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KBRA Affirms All Ratings for RFM Re-REMIC Trust 2024-FRR2

22 Aug 2025   |   New York

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KBRA affirms all of its outstanding ratings for RFM Re-REMIC Trust 2024-FRR2, a re-securitization of ten certificates from two separate securitizations, FREMF 2019-K100 and FREMF 2021-K123 (the underlying trusts). The collateral securities for this re-securitization consist of the Class D (principal only) certificate from each underlying trust and the X2-A, and X2-B (interest only) certificates from the K123 underlying trust. FREMF 2019-K100 and FREMF 2021-K123 were issued in conjunction with the Federal Home Loan Mortgage Corporation (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the underlying collateral, which has exhibited overall stable performance since re-securitization.

As of the July 2025 remittance period, there are no specially serviced or delinquent loans. KBRA identified eight K-LOCs, of which four (6.3%) are in the K100 underlying trust and four (3.9%) are in the K123 underlying trust. Of these, four K-LOCs, three (5.6%) in K100 and one (1.6%) in K123, have estimated losses.

Loss Given Default (000s) Loss Severity 6 Mueller Flats MF 41,186 3.0% N C N DSCR 01/31/2025 $4,586 11.1% 22 Anew Terry Apartments MF 18,227 1.3% N C N DSCR 10/21/2022 $4,315 23.7% 27 The Nine At Memphis MF 17,532 1.3% N C Y DSCR 06/17/2020 $1,632 9.3% 54 Canyon Palms Apartments MF 8,055 0.6% N C N DSCR 07/18/2024 - - Total K-LOCs $85,000 6.3% $10,533 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs - FREMF 2019-K100 Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA
Loss Given Default (000s) Loss Severity 31 Siena Apartments MF 22,301 1.6% N C N DSCR 03/14/2024 $3,001 13.5% 40 Vista Torre MF 17,250 1.3% N C N IO Expiration 01/21/2025 - - 50 Wedgewood Towers MF 12,185 0.9% N C N DSCR 05/22/2025 - - 81 5751 South Michigan Avenue MF 1,485 0.1% N C N DSCR 05/28/2025 - - Total K-LOCs $53,221 3.9% $3,001 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs - FREMF 2021-K123 Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the K100 underlying transaction’s WA KLTV is 102.0%, compared to 112.9% at re-securitization. The KDSC is 1.85x, compared to 1.76x at re-securitization. For the K123 underlying transaction, the WA KLTV is 114.1%, compared to 118.3% at re-securitization, and the KDSC is 1.97x compared to 1.91x at re-securitization.

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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.

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