The asset pool for Kinbane 2025-RPL 1 DAC contains €417.583 million first-lien residential mortgage loans located in Ireland. The loans were originated by multiple lenders--primarily Permanent TSB PLC (PTSB) and GE Capital Woodchester Home Loans Ltd. (GE Capital), which account for about 80% of the pool. The pool comprises 78.53% owner-occupied properties, 16.14% buy-to-let (BTL) loans, and 5.33% commercial loans. There are €0.706 million warehoused loans that are subject to future write-off. We have conducted our analysis net of this amount and have not given credit to these loans in our cashflow analysis. This transaction is a straight refinancing of Shamrock Residential 2022-2 DAC, which we rated. The assets in the transaction are backed by four separate purchased portfolios, which