Core Insights - KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-11, which is a $334.6 million non-prime RMBS transaction [1] - The underlying collateral consists of 723 fixed-rate residential mortgages, with a significant concentration of loans underwritten using alternative income documentation [1] - The loans are classified as either non-qualified mortgages (Non-QM) at 56.1% or exempt at 43.9% [1]