Mortgages on 1,507 income-producing, single-family rental homes will secure a single, floating rate loan that will secure $425.1 million in pass-through certificates being sold through the Tricon Residential 2025-SFR2. Morgan Stanley Mortgage Capital Holdings originated the mortgage loan, which are supported by mortgage liens granted by the borrower or its wholly owned subsidiary. The deal sponsor bought the properties between 2016 and 2023. The certificates will repay following a sequential-pay structure, Fitch said, and they all have a rated final maturity of August 2044. Credit support for the A, B, C and D classes notes is 35.31%, 24.12%, 15.31% and 8.27%, respectively, according to Morningstar | DBRS, which also rated the notes. The loan is also fixed-rate and interest only, so the lack of amortization before maturity raises the possibility of a higher refinance risk, Fitch said.