The preliminary ratings assigned to Verus Securitization Trust 2025-4's (Verus 2025-4's) mortgage-backed notes reflect our view of: The pool's collateral composition (see the Collateral Summary section); The transaction's credit enhancement, associated structural mechanics, representations and warranties (R&W) framework, and geographic concentration; The mortgage aggregator, Invictus Capital Partners (Invictus); The 100% due diligence results consistent with represented loan characteristics; and Our outlook that considers our current projections for U.S. 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). Our outlook is updated, if necessary, when these projections change materially. Verus 2025-4 is Invictus's fifth residential mortgage-back securities (RMBS) transaction under
