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

20 Mar 2026   |   New York

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KBRA affirms all of its outstanding ratings for BAMLL Re-REMIC Trust 2024-FRR2, a re-securitization of the FREMF 2017-K65 securitization’s (the underlying trust) Class D (principal-only) and Class X2-A and X2-B (interest only) certificates. The Class D certificates represent $98.0 million of the $1.2 billion FREMF 2017-K65 current mortgage pool balance. FREMF 2017-K65 was issued in conjunction with the Federal Home Loan Mortgage Corporation’s (Freddie Mac) K-Deal program. The affirmations follow a surveillance review of the underlying trust, which has exhibited an improvement in pool performance since re-securitization. However, the magnitude of the changes does not warrant ratings adjustments for the re-securitized certificates at this time. The review was conducted using data from the February 2026 remittance report for the underlying trust, borrower financial statements, rent rolls, and market information provided by REIS.

In the FREMF 2017-K65 underlying trust, as of the February 2026 remittance period, none of the loans are specially serviced or delinquent. Three loans (1.7% of the K65 Pool Balance) were identified as K-LOCs, none of which are within the Top 10 nor have estimated losses. In addition, 26 loans (42.6%) are fully defeased, including the former largest (7.3%) and fourth-largest (3.9%) loan. One loan (0.7%) defeased since last review of the underlying deal in February 2026. The WA KLTV is 80.1%, compared to 82.5% at last review, and 87.6% at re-securitization. The KDSC is 1.88x, compared to 1.78x at last review, and 1.71x at re-securitization. For information on the FREMF 2017-K65 underlying trust, which is KBRA-rated, please refer to the FREMF 2017-K65 February 2025 Surveillance Report .

KBRA Affirms the ratings on the following classes:

  • Class A at A- (sf)
  • Class B at BBB- (sf)
  • Class C at BB- (sf)
  • Class D at B- (sf)

To access ratings and relevant documents, click here.

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Disclosures

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.