Core Viewpoint - KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM3, a $475.8 million non-prime RMBS transaction sponsored by Rithm Capital Corp [1] Group 1: Transaction Details - The total size of the transaction is $475.8 million [1] - The underlying mortgages in the pool were primarily originated by NewRez LLC, accounting for 57.5% of the loans [1] - All loans in this transaction will be serviced by New [1]

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of notes issued by Pagaya AI Debt Grantor Trust 2026-R1 and Pagaya AI Debt Trust 2026-R1, indicating a structured approach to evaluating the creditworthiness of this unsecured consumer loan ABS transaction [1] Group 1: Credit Enhancement - The initial hard credit enhancement levels for the Class A Notes are set at 47.00%, while the Class E Notes have a lower enhancement level of 5.85% [1] - Credit enhancement is composed of overcollateralization, subordination (excluding Class E Notes), and cash reserve accounts [1]

Core Viewpoint - KBRA has assigned preliminary ratings to 58 classes from the Connecticut Avenue Securities Trust 2026-R01, indicating a significant credit risk sharing transaction with a total note offering of $661,674,000 [1] Group 1: Transaction Details - The total note offering for the Connecticut Avenue Securities Trust 2026-R01 is $661,674,000 [1] - The pool consists of loans characterized by original loan-to-value (LTV) ratios greater than 80% and less than or equal to 97% [1] - The Reference Pool includes 52,876 residential mortgage loans with an outstanding principal balance of approximately $18.8 billion as of the cut-off date [1]

Core Viewpoint - KBRA has assigned preliminary ratings to ten classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2026-1, which is a $298.9 million non-prime RMBS transaction [1] Group 1: Transaction Details - The underlying collateral consists of 581 residential mortgages [1] - A significant concentration of loans is underwritten using alternative income documentation [1] Group 2: Loan Classification - 65.9% of the loans are classified as non-qualified mortgages (Non-QM) [1] - 34.1% of the loans are exempt from the Ability-to-Repay rule [1]

智通财经APP获悉，法国议会一个委员会未能就2026年预算达成一致，导致对完整财政计划的讨论被推 迟到新的一年，这加剧了人们对法国政府如何控制赤字的担忧。 据悉，当地时间周五上午，由七名国民议会议员和七名参议员组成的委员会迅速放弃了协调预算草案的 努力，因为两院和不同的政治团体之间仍然存在严重分歧。法国总理勒科尔尼(Sebastien Lecornu)表 示，他很遗憾一些议员缺乏达成协议的意愿。他在社交平台上发文称："议会无法在今年年底前为法国 通过一份预算。我对此深表遗憾，我们的同胞不应承受由此带来的后果。" 尽管如此，法国不会面临美国式的政府停摆风险，因为它可以通过紧急立法来维持关键支出和税收。法 国政府本周早些时候警告称，目前已获批准的财政法案内容只会将2026年的财政赤字降至占经济产出的 5.3%，低于今年的5.4%。在最初的计划中，勒科尔尼设定的目标是将赤字降至4.7%，但此后他表示赤 字应控制在5%以内。 但与此同时，法国央行行长维勒鲁瓦(Francois Villeroy de Galhau)警告称，如果修复公共财政的计划未 能使明年的赤字占经济产出的比例降至5%以内，法国可能会面临市场负面反应 ...

Core Insights - KBRA has assigned preliminary ratings to three classes of notes issued by Monroe Capital ABS Funding III, LP, which is a securitization backed by a portfolio of recurring revenue and middle market corporate loans [1] - The total size of the securitization is $485.0 million, managed by Monroe BDC Advisors, LLC, an affiliate of Monroe Capital LLC [1] Summary by Categories Securitization Details - The securitization consists of $310.4 million of Class A notes, $53.35 million of Class B notes, and $24.25 million of additional notes [1]

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-13, which is a $333.4 million non-prime RMBS transaction [1] Group 1: Transaction Details - The underlying collateral consists of 659 residential mortgages [1] - A significant concentration of loans is underwritten using alternative income documentation [1] Group 2: Loan Classification - 53.5% of the loans are classified as non-qualified mortgages (Non-QM) [1] - 46.5% of the loans are exempt from the Ability-to-Repay rule [1]

Core Viewpoint - KBRA has assigned preliminary ratings to three classes of FREMF Series 2025-K763 mortgage pass-through certificates and three classes of Freddie Mac structured pass-through certificates, indicating a significant development in the CMBS market [1] Group 1: Transaction Details - FREMF 2025-K763 is a $914.0 million CMBS multi-borrower transaction, highlighting the scale of the securitization effort [1] - Freddie Mac will guarantee five classes of certificates issued in the underlying Series 2025-K763 securitization, ensuring a level of security for investors [1] - The guaranteed underlying certificate will be deposited by Freddie Mac, which adds credibility to the transaction [1]

Core Insights - The 2025 holiday season is expected to be divided into two distinct segments, influenced by varying consumer spending behaviors based on income levels [1] Group 1: Consumer Spending Trends - Higher-income individuals are likely to have a decent holiday season, with average salaries rising between 4.5% and 6.7% depending on job stability [2] - The top 10% of earners account for 50% of consumer spending, while the remaining 90% are expected to spend less due to high credit card debt and economic uncertainty [5][6] - Retail sales growth is projected at 4% for the holiday season, but much of this increase will be due to inflation rather than volume, leading to relatively flat real spending [7] Group 2: Economic Indicators - Deloitte forecasts holiday retail sales growth between 2.9% and 3.4%, significantly lower than last year's 4.2% and the 10-year average of 5.2% [8] - The economic landscape is characterized by high inflation, tariffs, and uncertainty, impacting consumer confidence and spending [8][9] Group 3: Impact on Small Businesses - Small businesses, which rely heavily on holiday sales for revenue, may face challenges unless they cater to affluent demographics or are located in wealthier areas [10][11] - The disparity in consumer behavior suggests that while some businesses may thrive, others will struggle due to reduced spending from lower-income consumers [9][11]

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-12, which is a $322.0 million non-prime RMBS transaction [1] Summary by Relevant Categories Transaction Overview - The transaction involves a total of $322.0 million in mortgage-backed certificates [1] - It consists of 609 residential mortgages as the underlying collateral [1] Loan Characteristics - A significant concentration of the loans is underwritten using alternative income documentation [1] - 66.1% of the loans are classified as non-qualified mortgages (Non-QM) [1] - 33.9% of the loans are exempt from the Ability-to-Repay rule [1]