KBRA assigns preliminary ratings to 56 classes of mortgage pass-through notes from GS Mortgage-Backed Securities Trust 2024-PJ5 (GSMBS 2024-PJ5). The transaction is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately $403.4 million as of the cut-off date. The pool comprises 398 first-lien, fixed rate residential mortgage loans as of the May 1, 2024 cut-off date. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV and WA original CLTV of 69.5% and 69.6%. The weighted average original credit score is 772, which is within the prime mortgage range.

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Related Publications

• GSMBS 2024-PJ5 Tear Sheet
• RMBS KBRA Comparative Analytic Tool (KCAT)

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: 1004260

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