The preliminary ratings assigned to GCAT 2025-NQM2 Trust's (GCAT 2025-NQM2) mortgage pass-through certificates reflect our view of: The pool's collateral composition (see the Collateral Summary section); The transaction's credit enhancement, associated structural mechanics, geographic concentration, and representation and warranty (R&W) framework; The mortgage aggregator, Blue River Mortgage IV LLC (BRM IV), the transaction-specific review on the mortgage originator, Arc Home LLC, and any S&P Global Ratings reviewed mortgage originators; and Our economic outlook that considers our current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals, and is updated, if necessary, when these projections change materially. Please refer to "U.S. Economic Outlook Update: Higher Tariffs And Policy Uncertainty To Weaken Growth,"
