Exhibit 99.04
| Valuation Report |
| Run Date - 7/21/2025 11:30:56 AM |
| SitusAMC Loan ID | Customer Loan ID | Seller Loan ID | Investor Loan Number | Note Date | Original Loan Amount | Sales Price | Value for LTV | LTV Value Variance Amount | LTV Value Variance Percent | Primary Valuation Value | Primary Valuation Report Date | Primary Valuation Effective Date | Primary Valuation Type | Primary Valuation Company | Primary Valuation Appraiser Name | Primary Valuation Appraiser License Num | Primary Valuation FSD Score | Secondary Valuation Value | Secondary Valuation Variance Amount | Secondary Valuation Variance Percent | Secondary Valuation Report Date | Secondary Valuation Effective Date | Secondary Valuation Type | Secondary Valuation Company | Secondary Valuation FSD Score | Secondary Valuation Desk Review Risk Score | AVM Value | AVM Variance Amount | AVM Variance Percent | AVM Company | AVM FSD Score | AVM Report Date | Desk Review Value | Desk Review Variance Amount | Desk Review Variance Percent | Desk Review Company | Desk Review Risk Score | Desk Review Report Date | Desk Review Effective Date | Desktop Appraisal Value | Desktop Appraisal Variance Amount | Desktop Appraisal Variance Percent | Desktop Appraisal Company | Desktop Appraisal Report Date | Desktop Appraisal Effective Date | BPO Value | BPO Variance Amount | BPO Variance Percent | BPO Company | BPO Report Date | Field Review Value | Field Review Variance Amount | Field Review Variance Percent | Field Review Company | Field Review Report Date | Field Review Effective Date | 2055 Value | 2055 Variance Amount | 2055 Variance Percent | 2055 Company | 2055 Report Date | 2055 Effective Date | AVE/CMA Value | AVE/CMA Variance Amount | AVE/CMA Variance Percent | AVE/CMA Company | AVE/CMA Report Date | Hybrid Valuation Value | Hybrid Valuation Variance Amount | Hybrid Valuation Variance Percent | Hybrid Valuation Company | Hybrid Valuation Report Date | Updated Valuation Value | Updated Valuation Variance Amount | Updated Valuation Variance Percent | Updated Valuation Company | Updated Valuation Report Date | Updated Valuation Effective Date | Aggregate Appraised Value | Aggregate Variance Amount | Aggregate Variance Percent | Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor? | LCA Risk Score | Collateral Underwriter Risk Score |
| 214928285 | XXX | XXX | XX/XX/XXXX | $XXX.XX | $XXX.XX | $XXX.XX | $XXX.XX | 0.000% | $XXX.XX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX | XXX | XXX | $XXX.XX | $XXX.XX | 0.000% | XXX | XXX | XX/XX/XXXX | XX/XX/XXXX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 214928294 | XXX | XXX | XX/XX/XXXX | $XXX.XX | $XXX.XX | $XXX.XX | $XXX.XX | 0.000% | $XXX.XX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX | XXX | XXX | $XXX.XX | $XXX.XX | 0.000% | XXX | XXX | XX/XX/XXXX | XX/XX/XXXX | $XXXX | $0.00 | 0.000% | Clear Capital | XX/XX/XXXX | XX/XX/XXXX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 214928298 | XXX | XXX | XX/XX/XXXX | $XXX.XX | $XXX.XX | $XXX.XX | $XXX.XX | 0.000% | $XXX.XX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX | XXX | XXX | $XXX.XX | $XXX.XX | 0.000% | XXX | XXX | XX/XX/XXXX | XX/XX/XXXX | $XXXX | $0.00 | 0.000% | Clear Capital | XX/XX/XXXX | XX/XX/XXXX |