A&D Mortgage Trust 2025-NQM2's issuance is an RMBS transaction backed by first- and second-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to prime and nonprime borrowers. We assigned our preliminary ratings to the class A-1A, A-1B, A-1, A-2, A-3, M-1A, M-1B, B-1, and B-2 certificates. The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, and representation and warranty framework, among other factors. NEW YORK (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its preliminary ratings to A&D Mortgage Trust 2025-NQM2's mortgage-backed certificates (see list). The certificates are backed by The preliminary ratings are based on information as of May 6, 2025. Subsequent information may result in the assignment of
