Group 1 - KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM1, a $502.1 million non-prime RMBS transaction sponsored by Rithm Capital Corp [1] - The underlying mortgages in the pool were primarily originated by NewRez LLC (52.6%) and Caliber Home Loans Inc, LLC (27.4%), with all loans serviced by NewRez LLC [1] - NRMLT 2026-NQM1 is collateralized by a pool of 1,014 residential mortgages, with 31.7% originally securitized in NRMLT 2022-NQM5, which has been called [2] Group 2 - Borrowers in NRMLT 2026-NQM1 have a weighted average original credit score of 758, a weighted average original loan-to-value (LTV) of 72.2%, and a weighted average combined LTV (CLTV) of 72.2% [2] - The loans are seasoned approximately 15 months, with 31.7% of the pool seasoned over 2 years [2] Group 3 - KBRA's rating approach included loan-level analysis through its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling analysis, and reviews of key transaction parties [3] - The assessment also involved an evaluation of the transaction's legal structure and documentation [3]

Core Insights - KBRA has assigned preliminary ratings to 8 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2025-LTV1, which involves a total of 827 residential mortgages with an aggregate unpaid principal balance of approximately $365.0 million as of the cut-off date of November 1, 2025 [1] Group 1: Transaction Details - The mortgage-backed securities (RMBS) transaction consists entirely of 30-year fixed-rate mortgages, with 89.0% being agency-eligible loans and 11.0% being non-agency loans [1] - A significant portion, 53.5%, of the loans was originated by United Wholesale Mortgage, LLC, and all loans will be serviced by Fay Servicing, LLC [1] - The structure of CMLTI 2025-LTV1 is a Pro Rata/Sequential Hybrid [1] Group 2: Rating Methodology - KBRA's rating approach includes a loan-level analysis of the mortgage pool using its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling analysis, and reviews of key transaction parties [2] - The assessment also involves evaluating the transaction's legal structure and documentation, as detailed in KBRA's U.S. RMBS Rating Methodology [2]

Core Viewpoint - KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM7, a $493.7 million non-prime RMBS transaction sponsored by Rithm Capital Corp [1]. Group 1: Transaction Overview - NRMLT 2025-NQM7 is backed by a pool of 915 residential mortgages, with borrowers having a weighted average (WA) original credit score of 757 and a WA original loan-to-value (LTV) of 72.2% [2]. - The loans in this pool are primarily fixed-rate mortgages (99.3%) and have been seasoned for approximately four months, with about 10.6% of the pool featuring an initial interest-only period [2]. Group 2: Rating Methodology - KBRA's rating approach involved a loan-level analysis using its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling of the transaction's payment structure, and reviews of key transaction parties [3].

Core Insights - KBRA has assigned preliminary ratings to eight classes of mortgage-backed notes from Santander Mortgage Asset Receivable Trust 2025-CES1, a $289.3 million RMBS transaction sponsored by Santander Bank, N.A. and Canyon PS1-25 Holdings, LP [1] - The mortgage pool consists entirely of newly originated closed-end second lien mortgages, with an average seasoning of less than three months and a total of 3,741 loans originated by PennyMac Loan Services, LLC [1] - The collateral is characterized by fully amortizing, fixed-rate mortgages with varying terms: 10-year (0.4%), 15-year (0.6%), 20-year (78.5%), and 30-year (20.5%) [1] Rating Methodology - KBRA's rating approach includes loan-level analysis through its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling analysis, and reviews of key transaction parties [2] - The assessment also involves an evaluation of the transaction's legal structure and documentation, as detailed in KBRA's U.S. RMBS Rating Methodology [2]