| TPR Firm: |  |
Report Date: | 7/13/2026 | |||||||||||||||||||||||||||||||||||||||||
| Client Name: | RCF TRS III LLC | Report: | Rating Agency Grades | |||||||||||||||||||||||||||||||||||||||||
| Deal Name: | DRMT 2026-CES2 | Loans in report: | 22 | |||||||||||||||||||||||||||||||||||||||||
| 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 | 675 | XXX | B | B | B | B | B | A | A | A | A | A | N/A | B | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | A | A | A | A | A | N/A | B | N/A | N/A | N/A | B | B | B | B | B | ||
| XXX | 676 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 677 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 759 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 760 | XXX | C | C | C | C | C | A | A | A | A | A | N/A | A | N/A | N/A | N/A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 761 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 762 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | C | N/A | N/A | N/A | A | C | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 763 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | C | N/A | N/A | N/A | A | C | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | C | N/A | N/A | N/A | A | C | A | A | A | ||
| XXX | 764 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 765 | XXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| XXX | 766 | XXX | D | D | D | D | D | A | A | A | A | A | N/A | A | N/A | N/A | N/A | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 767 | XXX | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B | ||
| XXX | 768 | XXX | B | B | B | B | B | A | A | A | A | A | N/A | A | N/A | N/A | N/A | B | B | B | B | B | B | B | B | B | B | A | A | A | A | A | N/A | A | N/A | N/A | N/A | B | B | B | B | B | ||
| XXX | 769 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 770 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 771 | XXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | ||
| XXX | 772 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 773 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 774 | XXX | D | D | D | D | D | A | A | A | A | A | A | A | A | A | A | 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 | ||
| XXX | 775 | XXX | C | C | C | C | C | A | A | A | A | A | N/A | A | N/A | N/A | N/A | C | C | C | C | C | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 776 | XXX | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | N/A | A | N/A | N/A | N/A | A | A | A | A | A | ||
| XXX | 777 | XXX | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |