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���������ֳ�’ mostly neutral asset performance outlook for CMBS, ABS and CLOs reflects a continued gradual resumption of economic activity. The asset performance outlook for RMBS is improving due to continued, albeit slowing, home price growth and strong housing demand. CMBS have a neutral asset performance outlook for retail and office properties as property net cash flows continue to evolve. Hotels, multifamily and industrial performance outlooks are improving as key hotel metrics recover, while multifamily continues to be supported by strong home price growth and high demand. RMBS will benefit from an improving asset performance outlook across all sectors. This reflects a continuing decline in delinquencies supported by positive home price growth, strong demand for housing, an improving labor market and low interest rates. Some post-crisis transactions are still underperforming compared to pre-pandemic levels, specifically in the non-prime sector.