We expect non-agency RMBS issuance volume of about $100 billion in 2024--a 30% increase from 2023--on the back of an anticipated reduction in mortgage rates this year and no significant increase in delinquencies in 2024, though regional variations may occur. Through December 2023, S&P Global Ratings assigned ratings to 30 new transactions totaling approximately $15.5 billion and took rating actions on 1,180 transactions. Upgrades outpaced downgrades five to one.