The closing pool for Together Asset Backed Securitisation 2025-CRE-1 PLC contains £522.2 million mortgage loans located in England, Wales, and Scotland. The loans were originated by Together Commercial Finance Ltd. The pool balance comprises commercial (82.4% at the loan level and as of current balance), mixed-use (11.0%), and residential (6.6%) properties in the U.K. This is the fifth transaction we have rated in the U.K. that securitizes small-ticket commercial mortgage loans after Together Asset Backed Securitisation 2023-CRE-1 PLC. The loans in the pool were originated by Together Commercial Finance, a nonbank specialist lender, between 2012 and 2025. Together Commercial Finance operates as a wholly owned subsidiary of the ultimate parent, Together Financial Services Ltd. (Together). The pool contains 607 loans