Through third-quarter 2024, S&P Global Ratings assigned ratings to 37 new RMBS transactions totaling approximately $38.5 billion, 33% more than 2023 by issue size. We expect non-agency RMBS issuance volume of about $125 billion in 2024--a 60% increase from 2023--on the back of strong mortgage market fundamentals. We also conducted surveillance reviews on over 2,500 transactions and took rating actions on 810 transactions. Upgrades outpaced downgrades three to one through September 2024, when excluding downgrades lowered to 'D (sf)' (default) from 'CC (sf)' (”virtual certainty” of default) in our RMBS 1.0 portfolio. The rating impact of Hurricanes Helene and Milton on U.S. RMBS is likely to be limited given the average exposure within our rated deals is approximately 7.7%. However, we will continue to monitor the areas affected by the storms and provide updates as necessary.