S&P Global Ratings' rankings on Selene Finance L.P. (Selene) are ABOVE AVERAGE as a residential mortgage loan special servicer and AVERAGE as a residential mortgage loan primary servicer. On April 3, 2025, we affirmed the rankings (please see "Selene Finance L.P. Residential Special And Primary Servicer Rankings Affirmed; Ranking Outlooks Stable"). The ranking outlook is stable for each ranking. Our rankings reflect Selene's: Senior and middle managers, who exhibit competitive experience levels; Capable information technology environment that uses both vendor and proprietary applications; Internal control environment that relies on a three-lines-of-defense model for oversight of the servicing operation, in addition to a sound call monitoring program; Technology improvements that allow borrowers to fulfill certain requests online or through the telephony
