KBRA assigns preliminary ratings to eight classes of mortgage-backed notes from BRAVO Residential Funding Trust 2024-CES2 (BRAVO 2024-CES2), a $379.2 million RMBS transaction, sponsored by Loan Funding Structure LLC, an affiliate of PIMCO. BRAVO 2024-CES2 consists entirely of closed-end second lien mortgages (CES; 100.0%) and is less than three months seasoned. The underlying pool comprises of 5,263 loans originated primarily by NewRez LLC (37.0%), PennyMac (32.7%), and Nationstar Mortgage (29.4%).

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Related Publications

• RMBS KCAT
• BRAVO 2024-CES2 Tear Sheet

Methodologies

• RMBS: U.S. RMBS Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006244

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