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KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2026-DSC1 (GSMBS 2026-DSC1)

Business Wire

Thu, February 12, 2026 at 7:27 AM GMT+9 3 min read

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GS

-0.46%

NEW YORK, February 11, 2026–(BUSINESS WIRE)–KBRA assigns preliminary ratings to 6 classes of mortgage-backed certificates from GS Mortgage-Backed Securities Trust 2026-DSC1 (GSMBS 2026-DSC1), a $301.8 million RMBS transaction sponsored by Goldman Sachs Mortgage Company (Goldman Sachs) solely backed by collateral underwritten to debt-service coverage ratio (DSCR) guidelines. The underlying pool ($301.8 million), comprising 1,331 rental property mortgages as of the February 1, 2026 cut-off date. The mortgage loans are seasoned approximately 5 months with United Wholesale Mortgage, LLC (24.7%) as the largest contributing originator. The collateral is characterized mostly by fully amortizing, fixed-rate mortgages (FRMs) with 30-year (98.3%) terms. All the loans in the pool were categorized as exempt from the ATR/QM rule due to being originated for business purposes.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

RMBS KCAT

GS Mortgage-Backed Securities Trust 2026-DSC1 (GSMBS 2026-DSC1) Tear Sheet

Methodologies

RMBS: U.S. RMBS 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.

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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: 1013473

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Contacts

Analytical Contacts

Jenny Yu, Director (Lead Analyst)
+1 646-731-1446
jenny.yu@kbra.com

Sabrina Vuong, Senior Analyst
+1 646-731-3324
sabrina.vuong@kbra.com

Jeremy Kugelman, Director
+1 646-731-1228
jeremy.kugelman@kbra.com

Patrick Gervais, Senior Managing Director (Rating Committee Chair)
+1 646-731-2426
patrick.gervais@kbra.com

Business Development Contact

Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com

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