FREMF 2026-K769 Mortgage Trust/Freddie Mac Structured Pass-Through Certificates Series K-769's issuance is a U.S. CMBS securitization backed by 34 multifamily mortgage loans with an aggregate principal balance of $968 million. The loans are secured by the fee-simple and/or leasehold interest in 34 properties across 19 states. We assigned our ratings to FREMF 2026-K769 Mortgage Trust's class A-1, A-2, and X1 certificates and Freddie Mac Structured Pass-Through Certificates Series K-769's class A-1, A-2, and X1 certificates. The ratings reflect our view of the transaction's credit support and the trustee-provided liquidity, among other factors. NEW YORK (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its ratings to FREMF 2026-K769 Mortgage Trust / Freddie Mac Structured Pass-Through Certificates Series K-769's