Group 1 - KBRA assigns preliminary ratings to ten classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2026-2 (AOMT 2026-2), a $272.8 million non-prime RMBS transaction [1] - The underlying collateral consists of 585 residential mortgages, with 52.1% classified as non-qualified mortgages (Non-QM) and 47.9% exempt from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule [1] - Angel Oak Mortgage Solutions and Emporium TPO are the largest originators, accounting for 24.8% and 10.1% of the pool respectively [1] Group 2 - 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 [1] - The transaction's legal structure and documentation were also assessed as part of the rating process [1] - The report provides access to ratings and relevant documents for further details [1]

Core Insights - KBRA has assigned preliminary ratings to eight classes of mortgage-backed notes from Aspire Mortgage Trust 2026-1, a $391.3 million non-prime RMBS transaction [1] Summary by Category Transaction Overview - Aspire Mortgage Trust 2026-1 (SPIRE 2026-1) involves a total of $391.3 million in non-prime residential mortgage-backed securities (RMBS) [1] - The underlying collateral consists of 752 residential mortgages, with fixed-rate mortgages (FRMs) making up 99.2% and hybrid adjustable-rate mortgages (ARMs) comprising 0.8% of the pool [1] Loan Classification - The loans are categorized as follows: - Qualified Mortgages – Safe Harbor (APOR) (27.3%) - Qualified Mortgages – Rebuttable Presumption (APOR) (3.4%) - Non-Qualified Mortgages (Non-QM) (16.8%) - Exempt from Ability-to-Repay/Qualified Mortgage (ATR/QM) rule (52.5%) due to non-consumer loan origination [1] Rating Methodology - KBRA's rating approach included 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 [1] - The analysis also involved an assessment of the transaction's legal structure and documentation, as detailed in KBRA's U.S. RMBS Rating Methodology [1]