The risk retention piece of the transaction is $26.41 million, which will bring the structure's total to $528.10 million, according to Fitch Ratings.

The securities are backed by a pool of prime jumbo (99.96% by balance) and Government Sponsored Enterprise-eligible (0.04% by balance) residential mortgages originated and serviced by JPMorgan Chase Bank, according to Moody's Ratings.

The pool comprises 412 high-quality, fixed-rate, fully amortizing loans with maturities of 10-30 years and amounting to $528.11 million, Fitch says. In total, 100% of the loans are safe-harbor qualified mortgages. The loans were made to borrowers with strong credit profiles, relatively low leverage and large liquid reserves, according to Fitch.

Fitch calculates that the pool's home price values are 10.5% above a long-term sustainable level (compared with 11% on a national level as of the fourth quarter of 2024). Nationally, home prices have increased 2.9% year over year as of February 2025, despite certain modest regional declines, but are still being supported by limited inventory.

The assets in the transaction are similar to those in other transactions sponsored by JPMorgan Chase Bank and other sponsors in the prime jumbo sector, according to Moody's. The transaction uses a shifting interest payment structure, which is typical of prime transactions and is also consistent with other transactions in this shelf.

The weighted average original FICO score for the aggregate pool is 775 (based on the primary borrower), and the weighted average original combined loan-to-value ratio is 74.6%, Moody's says. The borrowers have a low weighted average debt-to-income ratio of 34.8% and significant liquid cash reserves. (Borrowers accounting for 44.8% of the pool by balance have over 60 months of reserves.)

The transaction has a credit enhancement or senior subordination floor of 1.40%. Fitch sees this structure as mitigating potential tail-end risk and loss exposure for senior tranches, as the pool size declines and performance volatility increases due to adverse loan selection and small loan count concentration. Also, the junior subordination floor of 1.10% will mitigate potential tail-end risk and loss exposure for subordinate tranches, as the pool size declines and performance volatility increases due to the same factors.

Both Fitch and Moody's assigned final ratings of AAA to the Class A-2 through the Class A-8-X notes, which include interest-only certificates.

Fitch assigned AAA to the Class A-9 through A-14-X4 notes, which include interest-only certificates. It also assigned AAA to the A-X-1 interest-only notes.

Moody's assigned AA1 to the A-9-A through A-9-X3, notes which include interest-only certificates. It also assigned AA1 to the A-X-1 interest-only notes. In addition, Moody's assigned AAA to the A-11 through A-14-X4 notes, which include interest-only certificates.

The transaction includes nine classes of B notes.