KBRA Assigns Preliminary Ratings to RAM 2025-1, LLC

KBRA assigns preliminary ratings to two classes of notes issued by RAM 2025-1, LLC (RAM 2025-1), a $130.55 million property tax lien ABS transaction. Proceeds from the Notes will be used to acquire a portfolio of 9,632 property tax lien assets from municipalities within seven states, including Florida (34.1%), New Jersey (33.9%), and South Carolina (11.2%), with a redemptive value of approximately $83.1 million (the Initial Tax Liens) and a weighted average original lien rate of 6.7%. RAM 2025-1 is a partially pre-funded transaction where the Notes are initially supported by $51.0 million deposited into two prefunding accounts (approximately 39.1% of the initial Note balance) that will be used to purchase tax liens subject to certain eligibility criteria.

RAM Financial Group, LLC (RAM, the Company or the Servicer) was founded in 2019 and is a specialty finance holding company that purchases real estate tax liens from government entities or third parties. The Company is comprised of seven individuals operating out of offices across the country. As of March 31, 2025, RAM has originated over $540.0 million in tax liens across 11 states, of which approximately $120.0 million are outstanding.

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Methodologies

• ABS: Property Tax Lien ABS Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009315

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