During Q4 2024, rating actions were down 45% quarter-on-quarter to 159 from 291, primarily due to fewer affirmations, which decreased to 82 from 203 in the previous quarter. In Q3 2024, approximately one third of affirmations were due to new issuances from existing platforms/trusts, which led to affirmations of outstanding notes. There was also a decrease in both downgrades (13 versus 18) and upgrades (64 versus 70). The affected tranches related to 32 transactions, representing 7% of our rated ABS and RMBS universe. We reviewed 25 ABS and 91 RMBS transactions--25% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process.