Exhibit 99.8 Schedule 2
| Client | Ares | |
| Transaction | HOMES 2025-NQM3 | |
| Date | 05/15/2025 |
| Loan ID | Customer Loan ID | Seller Loan ID | Note Date | Original Loan Amount | Initial Loan Rating | Final Loan Rating | Initial Credit Rating | Final Credit Rating | Initial Compliance Rating | Final Compliance Rating | Initial Valuation Rating | Final Valuation Rating | Initial Loan Grade (S&P) | Final Loan Grade (S&P) | Initial Credit Grade (S&P) | Final Credit Grade (S&P) | Initial Compliance Grade (S&P) | Final Compliance Grade (S&P) | Initial Valuation Grade (S&P) | Final Valuation Grade (S&P) | Initial Loan Grade (DBRS Morningstar) | Final Loan Grade (DBRS Morningstar) | Initial Credit Grade (DBRS Morningstar) | Final Credit Grade (DBRS Morningstar) | Initial Compliance Grade (DBRS Morningstar) | Final Compliance Grade (DBRS Morningstar) | Initial Valuation Grade (DBRS Morningstar) | Final Valuation Grade (DBRS Morningstar) | Initial Loan Grade (Fitch) | Final Loan Grade (Fitch) | Initial Credit Grade (Fitch) | Final Credit Grade (Fitch) | Initial Compliance Grade (Fitch) | Final Compliance Grade (Fitch) | Initial Valuation Grade (Fitch) | Final Valuation Grade (Fitch) | Initial Loan Grade (Kroll) | Final Loan Grade (Kroll) | Initial Credit Grade (Kroll) | Final Credit Grade (Kroll) | Initial Compliance Grade (Kroll) | Final Compliance Grade (Kroll) | Initial Valuation Grade (Kroll) | Final Valuation Grade (Kroll) | Initial Loan Grade (Moody's) | Final Loan Grade (Moody's) | Initial Credit Grade (Moody's) | Final Credit Grade (Moody's) | Initial Compliance Grade (Moody's) | Final Compliance Grade (Moody's) | Initial Valuation Grade (Moody's) | Final Valuation Grade (Moody's) |
| XXXXXX | 1024684 | XXXXXX | XXXXXX | 4 | 1 | 4 | 1 | 4 | 1 | 1 | 1 | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | D | A | D | A | D | A | A | A | |
| XXXXXX | 1024618 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024735 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024559 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024565 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024569 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024616 | XXXXXX | XXXXXX | 3 | 2 | 2 | 2 | 1 | 1 | 3 | 1 | C | B | B | B | A | A | C | A | C | B | B | B | A | A | C | A | C | B | B | B | A | A | C | A | C | B | B | B | A | A | C | A | C | B | B | B | A | A | C | A | |
| XXXXXX | 1024627 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024624 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 3 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024641 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024679 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024677 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024688 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | |
| XXXXXX | 1024701 | XXXXXX | XXXXXX | 3 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | |
| XXXXXX | 1024690 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024707 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | B | B | B | B | A | A | B | B | |
| XXXXXX | 1024752 | XXXXXX | XXXXXX | 4 | 2 | 2 | 2 | 4 | 1 | 1 | 1 | D | B | B | B | D | A | A | A | D | B | B | B | D | A | A | A | D | B | B | B | D | A | A | A | D | B | B | B | D | A | A | A | D | B | B | B | D | A | A | A | |
| XXXXXX | 1024753 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024759 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024764 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024802 | XXXXXX | XXXXXX | 3 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024819 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024813 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024832 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024675 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024823 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024831 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024550 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024556 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | |
| XXXXXX | 1024561 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024567 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024637 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024720 | XXXXXX | XXXXXX | 3 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | C | B | B | B | C | A | A | A | |
| XXXXXX | 1024721 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024827 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024746 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 3 | 1 | 1 | 1 | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | |
| XXXXXX | 1024555 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | |
| XXXXXX | 1024554 | XXXXXX | XXXXXX | 4 | 1 | 4 | 1 | 1 | 1 | 3 | 1 | D | A | D | A | A | A | C | A | D | A | D | A | A | A | C | A | D | A | D | A | A | A | C | A | D | A | D | A | A | A | C | A | D | A | D | A | A | A | C | A | |
| XXXXXX | 1024562 | XXXXXX | XXXXXX | 3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | |
| XXXXXX | 1024634 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024638 | XXXXXX | XXXXXX | 3 | 2 | 3 | 1 | 1 | 1 | 2 | 2 | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | |
| XXXXXX | 1024651 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024678 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024680 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024706 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024713 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024717 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024726 | XXXXXX | XXXXXX | 3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | |
| XXXXXX | 1024771 | XXXXXX | XXXXXX | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | |
| XXXXXX | 1024768 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024775 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024803 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |
| XXXXXX | 1024801 | XXXXXX | XXXXXX | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |