The preliminary ratings assigned to A&D Mortgage Trust 2025-NQM2's (ADMT 2025-NQM2) mortgage-backed certificates reflect our view of: The pool's collateral composition and geographic concentration (see the Collateral Summary section below); The transaction's credit enhancement, associated structural mechanics, and representation and warranty (R&W) framework; The mortgage originator, A&D Mortgage LLC (A&D Mortgage); The 100% due diligence results consistent with represented loan characteristics; and Our U.S. economic outlook, which considers our current projections for economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals (see "Economic Outlook U.S. Q2 2025: Losing Steam Amid Shifting Policies," published March 25, 2025,). We update our outlook as necessary when these projections change materially. ADMT 2025-NQM2 is Atlas A&D Opportunity Fund
