| TPR Firm: | #VALUE! | Report Date: | 6/26/2025 |
| Client Name: | Loan Funding Structure V | Report: | Rating Agency Grades |
| Deal Name: | BRAVO 2025-NQM7 | Loans in report: | 1 |
| INITIAL CREDIT GRADES | INITIAL COMPLIANCE GRADES | INITIAL PROPERTY GRADES | INITIAL OVERALL LOAN GRADES | FINAL CREDIT GRADES | FINAL COMPLIANCE GRADES | FINAL PROPERTY GRADES | FINAL OVERALL LOAN GRADES | |||||||||||||||||||||||||||||||||||||
| Incenter Loan ID | Client Loan ID | Seller Loan ID | Investor Loan ID | Original Loan Amount | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P | DBRS | Fitch | Kroll | Moodys | S&P |
| XXX | 257NQM0814 | XXX | XXX | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | |