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

21 Aug 2026   |   New York

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KBRA affirms all of its outstanding ratings for RFM Re-REMIC Trust 2024-FRR2, a re-securitization of two principal and two interest-only certificates (the collateral securities) from two separate fixed-rate Freddie Mac K-Series multifamily 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 an overall stable performance since last review. The review was conducted using data from the July 2026 remittance reports for the underlying trusts, borrower financial statements, rent rolls, and market information provided by REIS.

As of the July 2026 remittance period, there is one specially serviced loan (1.3%) which is current and part of the K100 underlying trust. There are no delinquent loans in either underlying transaction. KBRA identified 10 K-LOCs, of which six (8.6%) are in the K100 underlying trust and four (6.0%) are in the K123 underlying trust. Of these, 10 K-LOCs—five (7.2%) in K100 and two (2.9%) in K123—have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 6 Mueller Flats MF $40,369 3.0% N C N DSCR 12/22/2025 $7,469 18.5% 20 Estrada Oaks MF $19,071 1.4% N C N DSCR 10/23/2025 - - 22 Anew Terry Apartments MF $17,837 1.3% N C N DSCR 10/21/2022 $3,992 22.4% 27 The Nine At Memphis MF $17,238 1.3% Y C Y Specially Serviced 06/17/2020 $2,472 14.3% 38 Lake Eden Apartments And Townhomes MF $12,676 0.9% N C N DSCR 06/11/2026 $777 6.1% 54 Canyon Palms Apartments MF $7,860 0.6% N C N DSCR 07/18/2024 $2,161 27.5% Total K-LOCs $115,052 8.6% $16,872 26 Palazzo MF $29,276 2.2% N C N DSCR 11/12/2025 - - 31 Siena Apartments MF $21,779 1.6% N C N DSCR 03/14/2024 $1,379 6.3% 40 Vista Torre MF $17,006 1.3% N C N IO Expiration 01/21/2025 $3,906 23.0% 50 Wedgewood Towers MF $11,901 0.9% N C N DSCR 05/22/2025 - - Total K-LOCs $79,961 6.0% $5,284 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. FREMF 2019-K100 FREMF 2021-K123 KBRA Estimated 2 K-LOCs 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

The collateral securities for this re-securitization consist of the most subordinate principal-only class from each underlying trust and two interest-only certificates from the K123 trust.

Excluding the K-LOCs with estimated losses, the K100 underlying transaction’s WA KLTV is 99.4%, compared to 102.0% at last review, and 112.9% at re-securitization. The KDSC is 1.87x, compared to 1.85x at last review, and 1.76x at re-securitization. For the K123 underlying transaction, the WA KLTV is 104.6%, compared to 114.1% at last review, and 118.3% at re-securitization, and the KDSC is 2.04x compared to 1.97x at last review, and 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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