Morningstar DBRS Assigns Provisional Credit Ratings to GS Mortgage-Backed Securities Trust 2025-PJ1

DBRS, Inc. (Morningstar DBRS) assigned the following provisional credit ratings to the Mortgage-Backed Notes, Series 2025-PJ1 (the Notes) to be issued by GS Mortgage-Backed Securities Trust 2025-PJ1:

-- $278.4 million Class A-1 at (P) AAA (sf)
-- $278.4 million Class A-2 at (P) AAA (sf)
-- $278.4 million Class A-3 at (P) AAA (sf)
-- $208.8 million Class A-4 at (P) AAA (sf)
-- $208.8 million Class A-5 at (P) AAA (sf)
-- $208.8 million Class A-6 at (P) AAA (sf)
-- $167.0 million Class A-7 at (P) AAA (sf)
-- $167.0 million Class A-8 at (P) AAA (sf)
-- $167.0 million Class A-9 at (P) AAA (sf)
-- $41.8 million Class A-10 at (P) AAA (sf)
-- $41.8 million Class A-11 at (P) AAA (sf)
-- $41.8 million Class A-12 at (P) AAA (sf)
-- $111.4 million Class A-13 at (P) AAA (sf)
-- $111.4 million Class A-14 at (P) AAA (sf)
-- $111.4 million Class A-15 at (P) AAA (sf)
-- $69.6 million Class A-16 at (P) AAA (sf)
-- $69.6 million Class A-17 at (P) AAA (sf)
-- $69.6 million Class A-18 at (P) AAA (sf)
-- $32.9 million Class A-19 at (P) AAA (sf)
-- $32.9 million Class A-20 at (P) AAA (sf)
-- $32.9 million Class A-21 at (P) AAA (sf)
-- $311.3 million Class A-22 at (P) AAA (sf)
-- $311.3 million Class A-23 at (P) AAA (sf)
-- $311.3 million Class A-24 at (P) AAA (sf)
-- $311.3 million Class A-25 at (P) AAA (sf)
-- $311.3 million Class A-X-1 at (P) AAA (sf)
-- $278.4 million Class A-X-2 at (P) AAA (sf)
-- $278.4 million Class A-X-3 at (P) AAA (sf)
-- $278.4 million Class A-X-4 at (P) AAA (sf)
-- $208.8 million Class A-X-5 at (P) AAA (sf)
-- $208.8 million Class A-X-6 at (P) AAA (sf)
-- $208.8 million Class A-X-7 at (P) AAA (sf)
-- $167.0 million Class A-X-8 at (P) AAA (sf)
-- $167.0 million Class A-X-9 at (P) AAA (sf)
-- $167.0 million Class A-X-10 at (P) AAA (sf)
-- $41.8 million Class A-X-11 at (P) AAA (sf)
-- $41.8 million Class A-X-12 at (P) AAA (sf)
-- $41.8 million Class A-X-13 at (P) AAA (sf)
-- $111.4 million Class A-X-14 at (P) AAA (sf)
-- $111.4 million Class A-X-15 at (P) AAA (sf)
-- $111.4 million Class A-X-16 at (P) AAA (sf)
-- $69.6 million Class A-X-17 at (P) AAA (sf)
-- $69.6 million Class A-X-18 at (P) AAA (sf)
-- $69.6 million Class A-X-19 at (P) AAA (sf)
-- $32.9 million Class A-X-20 at (P) AAA (sf)
-- $32.9 million Class A-X-21 at (P) AAA (sf)
-- $32.9 million Class A-X-22 at (P) AAA (sf)
-- $311.3 million Class A-X-23 at (P) AAA (sf)
-- $311.3 million Class A-X-24 at (P) AAA (sf)
-- $311.3 million Class A-X-25 at (P) AAA (sf)
-- $311.3 million Class A-X-26 at (P) AAA (sf)
-- $7.5 million Class B-1A at (P) AA (low) (sf)
-- $7.5 million Class B-X-1 at (P) AA (low) (sf)
-- $7.5 million Class B-1 at (P) AA (low) (sf)
-- $3.8 million Class B-2A at (P) A (low) (sf)
-- $3.8 million Class B-X-2 at (P) A (low) (sf)
-- $3.8 million Class B-2 at (P) A (low) (sf)
-- $2.3 million Class B-3 at (P) BBB (low) (sf)
-- $1.3 million Class B-4 at (P) BB (low) (sf)
-- $328,000 Class B-5 at (P) B (low) (sf)
-- $278.4 million Class A-1L at (P) AAA (sf)
-- $278.4 million Class A-2L at (P) AAA (sf)
-- $278.4 million Class A-3L at (P) AAA (sf)

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12, A-13, A-14, A-15, A-16, A-17, A-18, A-1L, A-2L, and A-3L are super senior notes or loans. These classes benefit from additional protection from the senior support note (Class A-21) with respect to loss allocation.

Classes A-X-1, A-X-2, A-X-3, A-X-4, A-X-5, A-X-6, A-X-7, A-X-8, A-X-9, A-X-10, A-X-11, A-X-12, A-X-13, A-X-14, A-X-15, A-X-16, A-X-17, A-X-18, A-X-19, A-X-20, A-X-21, A-X-22, A-X-23, A-X-24, A-X-25, A-X-26, B-X-1, and B-X-2 are interest-only (IO) notes. The class balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-10, A-11, A-13, A-14, A-15, A-16, A-17, A-19, A-20, A-22, A-23, A-24, A-25, A-X-2, A-X-3, A-X-4, A-X-5, A-X-6, A-X-7, A-X-8, A-X-11, A-X-14, A-X-15, A-X-16, A-X-17, A-X-20, A-X-23, A-X-24, A-X-25, A-X-26, B-1, and B-2 are exchangeable notes. These classes can be exchanged for combinations of exchange notes as specified in the offering documents.

Classes A-1L, A-2L, and A-3L are loans that may be funded at the Closing Date as specified in the offering documents.

The (P) AAA (sf) credit ratings on the Notes reflect 4.95% of credit enhancement provided by subordinated notes. The (P) AA (low) (sf), (P) A (low) (sf), (P) BBB (low) (sf), (P) BB (low) (sf), and (P) B (low) (sf) credit ratings reflect 2.65%, 1.50%, 0.80%, 0.40%, and 0.30% credit enhancement, respectively.

Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction.

The securitization is of a portfolio of first-lien fixed-rate prime residential mortgages funded by the issuance of the Notes. The Notes are backed by 250 loans with a total principal balance of $327,512,006 as of the Cut-Off Date.

The pool consists of first-lien, fully amortizing fixed-rate mortgages with original terms to maturity of 30 years. The weighted-average original combined loan-to-value ratio for the portfolio is 66.3%. In addition, all the loans in the pool were originated in accordance with the general Qualified Mortgage rule subject to the average prime offer rate designation.

The mortgage loans were originated by United Wholesale Mortgage, LLC (UWM; 37.6%), CMG Mortgage, Inc. doing business as (dba) CMG Financial (15.3%), Guaranteed Rate, Inc. (12.8%), and various other originators, each comprising less than 10.0% of the pool.

The mortgage loans will be serviced by Newrez, LLC dba Shellpoint Mortgage Servicing (89.6%), loanDepot.com, LLC (8.2%), PennyMac Loan Services (1.8%) and UWM/Cenlar FSB (0.5%).

Computershare Trust Company, N.A. will act as the Master Servicer, Paying Agent, Loan Agent, and Custodian. U.S. Bank Trust National Association (U.S. Bank; rated AA with a Stable trend by Morningstar DBRS) will act as Delaware Trustee. U.S. Bank Trust Company, National Association will act as Collateral Trustee. Pentalpha Surveillance LLC will serve as the File Reviewer.

The transaction employs a senior-subordinate, shifting-interest cash flow structure that incorporates performance triggers and credit enhancement floors.

This transaction allows for the issuance of Classes A-1L, A-2L, and A-3L, loans which are the equivalent of ownership of Classes A-1, A-2 and A-3 Notes, respectively. These classes are issued in the form of a loan made by the investor instead of a note purchased by the investor. If these loans are funded at closing, the holder may convert such class into an equal aggregate debt amount of the corresponding Notes. There is no change to the structure if these classes are elected.

The credit ratings reflect transactional strengths that include the following:
-- High-quality credit attributes.
-- Well-qualified borrowers.
-- Satisfactory third-party due-diligence review.
-- Structural enhancements.
-- 100% current loans.

The transaction also includes the following challenges:
-- Representations and warranties framework.
-- Servicers' financial capabilities.

The full description of the strengths, challenges, and mitigating factors is detailed in the related presale report.

Morningstar DBRS' credit ratings on the Notes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the related Interest Payment Amounts, the related Interest Shortfalls, and the related Debt Amounts (for non-IO Certificates).

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. The Morningstar DBRS short-term debt rating scale provides and opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024), https://dbrs.morningstar.com/research/437781.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology applicable to the credit ratings is RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology (January 2, 2025), https://dbrs.morningstar.com/research/445477.

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

A provisional credit rating is not a final credit rating with respect to the above-mentioned securities and may change or be different than the final credit rating assigned or may be discontinued. The assignment of final credit ratings on the above-mentioned securities is subject to receipt by Morningstar DBRS of all data and/or information and final documentation that Morningstar DBRS deems necessary to finalize the credit ratings.

Please see the related appendix for additional information regarding the sensitivity of assumptions used in the credit rating process.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Interest Rate Stresses for U.S. Structured Finance Transactions (February 26, 2024), https://dbrs.morningstar.com/research/428623
-- Third-Party Due-Diligence and Representations & Warranties Criteria for U.S. RMBS Transactions (September 30, 2024), https://dbrs.morningstar.com/research/440091
-- Legal Criteria for U.S. Structured Finance (December 3, 2024), https://dbrs.morningstar.com/research/444064
-- Operational Risk Assessment for U.S. RMBS Originators and Servicers (September 30, 2024), https://dbrs.morningstar.com/research/440086

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.