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

15 Apr 2026   |   New York

Contacts

KBRA is pleased to announce the assignment of preliminary ratings to nine classes of PTCM Re-REMIC Trust 2026-FRR1. PTCM Re-REMIC Trust 2026-FRR1 is a re-securitization of three principal-only (PO) and six interest-only (IO) certificates (the collateral securities) from three separate fixed-rate KBRA-rated Freddie Mac K-Series multifamily securitizations: FREMF 2023-K157, FREMF 2024-K162 and FREMF 2025-K169 (the underlying trusts). The collateral securities for this re-securitization consist of the most subordinate principal-only class and two interest-only certificates from each underlying trust.

The re-securitization trust will issue three separate groups totalling 13 certificates, with each group corresponding to one underlying trust. Of the 13 classes of trust certificates within the three groups, four are entitled to principal only payments and nine are entitled to principal and interest payments. Additionally, the Class DK169 and EK169 certificates maybe exchanged for the Class DE169 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 trust 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.

Click here to view the report.

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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: 1014481