Exhibit 99.4
| TPR Firm: | EdgeMAC | Date Submitted: | 3/3/2022 | |
| Client Name: | Deephaven | Report: | Rating Agency Grades | |
| Client Project: | DRMT 2022-2 | Loans in report: | 41 |
| INITIAL CREDIT GRADES | |||||||||||
| Report Date | Deal Loan ID | Loan Number | Edge MAC ID | Seller Loan Number | Originator | Loan Amount | DBRS | Fitch | Kroll | Moody's | S&P |
| 3/3/2022 | 6598640904 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 4646407115 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 1490180451 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 2714235511 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8191817300 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 5814266290 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 1938361239 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 1715458486 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 6788001469 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 4614365622 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8840248803 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 1710648266 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8332291668 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 7728326039 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 9487145928 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 3794728831 | XXX | XXX | XXX | XXX | XXX | A | A | A | A | A |
| 3/3/2022 | 8031124749 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 9271797628 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 2536532616 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 5691797503 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 3154214901 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 4041095047 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 6115236013 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8552162636 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 5190540770 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 6141283100 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 4263623187 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 7785549770 | XXX | XXX | XXX | XXX | XXX | A | A | A | A | A |
| 3/3/2022 | 2461609956 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8946117110 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 6246886113 | XXX | XXX | XXX | XXX | XXX | A | A | A | A | A |
| 3/3/2022 | 5269511822 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 1594175971 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8713115959 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 9822508881 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 2507123365 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 5934473574 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 8513206191 | XXX | XXX | XXX | XXX | XXX | A | A | A | A | A |
| 3/3/2022 | 1181540443 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| 3/3/2022 | 9889447192 | XXX | XXX | XXX | XXX | XXX | A | A | A | A | A |
| 3/3/2022 | 4556822906 | XXX | XXX | XXX | XXX | XXX | C | C | C | C | C |
| INITIAL COMPLIANCE GRADES | INITIAL PROPERTY GRADES | INITIAL OVERALL LOAN GRADES | FINAL CREDIT GRADES | |||||||||||||||||
| Report Date | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | C | C | C | C | C | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | C | C | C | C | C | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | C | C | C | C | C | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | B | B | B | B | B |
| 3/3/2022 | C | C | C | C | C | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | C | C | C | C | C | A | A | A | A | A |
| FINAL COMPLIANCE GRADES | FINAL PROPERTY GRADES | FINAL OVERALL LOAN GRADES | |||||||||||||
| Report Date | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P | DBRS | Fitch | Kroll | Moody's | S&P |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | B | B | B | B | B | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | B | B | B | B | B |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 3/3/2022 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |