KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-10 (AOMT 2025-10). This transaction is a $281.2 million non-prime Residential Mortgage-Backed Securities (RMBS) deal.
The underlying collateral comprises 608 residential mortgages, with a significant concentration of loans underwritten using alternative income documentation. Approximately 45.9% of these loans are non-qualified mortgages (Non-QM), and 54.1% are exempt from the Ability-to-Repay/Qualified Mortgage rule.
Emporium TPO and Angel Oak Mortgage Solutions originated 23.3% and 10.9% of the pool, respectively. This ongoing securitization activity is crucial for AOMR's capital recycling and investment strategy.
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