| Deal Name | Tranche Name | Original Rating S&P/Moody’s | Current Rating |
| Pepper Residential Securities Trust No.13 | Class A-1 Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No.13 | Class A-2 Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No.13 | Class B Notes | AA(sf)/NR | AAA(sf)/NR |
| Pepper Residential Securities Trust No.13 | Class C Notes | A(sf)/NR | AA(sf)/NR |
| Pepper Residential Securities Trust No.13 | Class D Notes | BBB(sf)/NR | A-(sf)/NR |
| Pepper Residential Securities Trust No.13 | Class E Notes | BB(sf)/NR | BBB(sf)/NR |
| Pepper Residential Securities Trust No.13 | Class F Notes | B(sf)/NR | BB(sf)/NR |
| Pepper Residential Securities Trust No.13 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | Current Rating |
| Pepper Residential Securities Trust No.14 | Class A1-u1 Notes | P-1(sf) /A-1+(sf) | WR |
| Pepper Residential Securities Trust No.14 | Class A1-u2 Notes | WR | |
| Pepper Residential Securities Trust No.14 | Class AR-u Notes | Aaa(sf) | Aaa(sf) |
| Pepper Residential Securities Trust No.14 | Class A1-a Notes | Aaa(sf) / AAA(sf) | Aaa(sf)/ AAA(sf) |
| Pepper Residential Securities Trust No.14 | Class A2 Notes | Aaa(sf) / AAA(sf) | Aaa(sf)/ AAA(sf) |
| Pepper Residential Securities Trust No.14 | Class B Notes | Aa1(sf) / NR | Aaa(sf)/ NR |
| Pepper Residential Securities Trust No.14 | Class C Notes | A2(sf) / NR | Aaa(sf)/ NR |
| Pepper Residential Securities Trust No.14 | Class D Notes | Baa2(sf) / NR | Aa3(sf)/ NR |
| Pepper Residential Securities Trust No.14 | Class E Notes | Ba2(sf) / NR | Baa2(sf)/ NR |
| Pepper Residential Securities Trust No.14 | Class F Notes | B2(sf) / NR | Ba1(sf)/ NR |
| Pepper Residential Securities Trust No.14 | Class G Notes | NR / NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | |
| Pepper Residential Securities Trust No. 15 | Class A1-s1 Notes | P-1(sf) /A-1+(sf) | WR |
| Pepper Residential Securities Trust No. 15 | Class A1-s2 Notes | P-1(sf) /A-1+(sf) | WR |
| Pepper Residential Securities Trust No. 15 | Class A1-a Notes | Aaa(sf) / AAA(sf) | Aaa |
| Pepper Residential Securities Trust No. 15 | Class A1-R Notes | Aaa | Aaa |
| Pepper Residential Securities Trust No. 15 | Class A2 Notes | Aaa(sf) / AAA(sf) | Aaa |
| Pepper Residential Securities Trust No. 15 | Class B Notes | Aa2(sf) / NR | Aaa/ NR |
| Pepper Residential Securities Trust No. 15 | Class C Notes | A2(sf) / NR | Aa1/ NR |
| Pepper Residential Securities Trust No. 15 | Class D Notes | Baa2(sf) / NR | Aa3/ NR |
| Pepper Residential Securities Trust No. 15 | Class E Notes | Ba2(sf) / NR | Baa1/ NR |
| Pepper Residential Securities Trust No. 15 | Class F Notes | B2(sf) / NR | Ba1/ NR |
| Pepper Residential Securities Trust No. 15 | Class G Notes | NR / NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | Current Rating |
| Pepper Residential Securities Trust No. 16 | Class A1-u1 Notes | P-1(sf)/A-1+(sf) | WR |
| Pepper Residential Securities Trust No. 16 | Class A1-u2 Notes | Aaa(sf)/AAA(sf) | WR |
| Pepper Residential Securities Trust No. 16 | Class AR-u Notes | Aaa(sf) | Aaa(sf) |
| Pepper Residential Securities Trust No. 16 | Class A1-a Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 16 | Class A2 Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 16 | Class B Notes | Aa2(sf)/NR | Aaa/NR |
| Pepper Residential Securities Trust No. 16 | Class C Notes | A2(sf)/NR | Aa1/NR |
| Pepper Residential Securities Trust No. 16 | Class D Notes | Baa2(sf)/NR | Aa3/NR |
| Pepper Residential Securities Trust No. 16 | Class E Notes | Ba1(sf)/NR | Baa1/NR |
| Pepper Residential Securities Trust No. 16 | Class F Notes | B2(sf)/NR | Ba2/NR |
| Pepper Residential Securities Trust No. 16 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | Current Rating |
| Pepper Residential Securities Trust No. 17 | Class A1-ua Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 17 | Class A1-ub Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 17 | Class A1-af Notes | Aaa(sf) | Aaa(sf) |
| Pepper Residential Securities Trust No. 17 | Class A1-a Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 17 | Class A2 Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 17 | Class B Notes | Aa2(sf)/NR | Aaa/NR |
| Pepper Residential Securities Trust No. 17 | Class C Notes | A2(sf)/NR | Aa1/NR |
| Pepper Residential Securities Trust No. 17 | Class D Notes | Baa2(sf)/NR | Aa3/NR |
| Pepper Residential Securities Trust No. 17 | Class E Notes | Ba1(sf)/NR | Baa1/NR |
| Pepper Residential Securities Trust No. 17 | Class F Notes | B1(sf)/NR | Ba2/NR |
| Pepper Residential Securities Trust No. 17 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | Current Rating |
| Pepper Residential Securities Trust No. 18 | Class A1-ua Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 18 | Class A1-ub Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 18 | Class A1-af Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 18 | Class A1-a Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 18 | Class A2 Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 18 | Class B Notes | Aa1(sf)/NR | Aaa/NR |
| Pepper Residential Securities Trust No. 18 | Class C Notes | A2(sf)/NR | Aa1/NR |
| Pepper Residential Securities Trust No. 18 | Class D Notes | Baa2(sf)/NR | A2/NR |
| Pepper Residential Securities Trust No. 18 | Class E Notes | Ba1(sf)/NR | Baa3/NR |
| Pepper Residential Securities Trust No. 18 | Class F Notes | B1(sf)/NR | Ba3/NR |
| Pepper Residential Securities Trust No. 18 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating Moody’s/S&P | Current Rating |
| Pepper Residential Securities Trust No. 19 | Class A1-S Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 19 | Class A1-u1 Notes | P-1(sf)/A-1+(sf) | P-1(sf)/A-1+(sf) |
| Pepper Residential Securities Trust No. 19 | Class A2 Notes | Aaa(sf)/AAA(sf) | Aaa(sf)/AAA(sf) |
| Pepper Residential Securities Trust No. 19 | Class B Notes | Aa1 (sf)/NR | |
| Pepper Residential Securities Trust No. 19 | Class C Notes | A1(sf)/NR | Aa3(sf)/NR |
| Pepper Residential Securities Trust No. 19 | Class D Notes | Baa1(sf)/NR | A3/NR |
| Pepper Residential Securities Trust No. 19 | Class E Notes | Ba1(sf)/NR | Baa3/NR |
| Pepper Residential Securities Trust No. 19 | Class F Notes | B1(sf)/NR | B1(sf)/NR |
| Pepper Residential Securities Trust No. 19 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating S&P/Moody’s | Current Rating |
| Pepper Residential Securities Trust No. 20 | Class A1-S Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 20 | Class A1-u1 Notes | P-1/P-a(sf) | P-1/P-a(sf) |
| Pepper Residential Securities Trust No. 20 | Class A1-a Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 20 | Class A2 Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 20 | Class B Notes | A(sf)/NR | AA(sf)/NR |
| Pepper Residential Securities Trust No. 20 | Class C Notes | A1(sf)/NR | A(sf)/NR |
| Pepper Residential Securities Trust No. 20 | Class D Notes | BBB(sf)/NR | BBB(sf)/NR |
| Pepper Residential Securities Trust No. 20 | Class E Notes | BB(sf)/NR | BB(sf)/NR |
| Pepper Residential Securities Trust No. 20 | Class F Notes | B(sf)/NR | B(sf)/NR |
| Pepper Residential Securities Trust No. 20 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating S&P/Moody’s | Current Rating |
| Pepper Residential Securities Trust No. 21 | Class A1-S Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 21 | Class A1-u Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 21 | Class A1-a Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 21 | Class A2 Notes | AAA(sf)/Aaa(sf) | AAA(sf)/Aaa(sf) |
| Pepper Residential Securities Trust No. 21 | Class B Notes | AA(sf)/NR | AA(sf)/NR |
| Pepper Residential Securities Trust No. 21 | Class C Notes |
A(sf)/NR |
A(sf)/NR |
| Pepper Residential Securities Trust No. 21 | Class D Notes | BBB(sf)/NR | BBB(sf)/NR |
| Pepper Residential Securities Trust No. 21 | Class E Notes | BB(sf)/NR | BB(sf)/NR |
| Pepper Residential Securities Trust No. 21 | Class F Notes | B(sf)/NR | B(sf)/NR |
| Pepper Residential Securities Trust No. 21 | Class G Notes | NR/NR | NR/NR |
| Deal Name | Tranche Name | Original Rating S&P | Current Rating |
| Pepper I-Prime 2017-2 Trust | Class A1-S Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-2 Trust | Class A1-L Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-2 Trust | Class A2 Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-2 Trust | Class B Notes | AA(sf) | AA(sf) |
| Pepper I-Prime 2017-2 Trust | Class C Notes | A(sf) | A(sf) |
| Pepper I-Prime 2017-2 Trust | Class D Notes | BBB(sf) | BBB(sf) |
| Pepper I-Prime 2017-2 Trust | Class E Notes | BB(sf) | BB(sf) |
| Pepper I-Prime 2017-2 Trust | Class F Notes | B(sf) | B(sf) |
| Pepper I-Prime 2017-2 Trust | Class G Notes | NR | NR |
| Deal Name | Tranche Name | Original Rating S&P | Current Rating |
| Pepper I-Prime 2017-3 Trust | Class A1-S Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-3 Trust | Class A1-L Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-3 Trust | Class A2 Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2017-3 Trust | Class B Notes | AA(sf) | AA(sf) |
| Pepper I-Prime 2017-3 Trust | Class C Notes | A(sf) | A(sf) |
| Pepper I-Prime 2017-3 Trust | Class D Notes | BBB(sf) | BBB(sf) |
| Pepper I-Prime 2017-3 Trust | Class E Notes | BB(sf) | BB(sf) |
| Pepper I-Prime 2017-3 Trust | Class F Notes | B(sf) | B(sf) |
| Pepper I-Prime 2017-3 Trust | Class G Notes | NR | NR |
| Deal Name | Tranche Name | Original Rating S&P | Current Rating |
| Pepper I-Prime 2018-1 Trust | Class A1-S Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2018-1 Trust | Class A1-L Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2018-1 Trust | Class A2 Notes | AAA(sf) | AAA(sf) |
| Pepper I-Prime 2018-1 Trust | Class B Notes | AA(sf) | AA(sf) |
| Pepper I-Prime 2018-1 Trust | Class C Notes | A(sf) | A(sf) |
| Pepper I-Prime 2018-1 Trust | Class D Notes | BBB(sf) | BBB(sf) |
| Pepper I-Prime 2018-1 Trust | Class E Notes | BB(sf) | BB(sf) |
| Pepper I-Prime 2018-1 Trust | Class F Notes | B(sf) | B(sf) |
| Pepper I-Prime 2018-1 Trust | Class G Notes | NR | NR |