{"success":true,"data":{"pressRelease":{"id":"159561","rtpr_id":"nBwbH41tka-20261002","ticker":"RITM","exchange":"NYSE","all_tickers":["RITM"],"title":"KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10)","author":"Business Wire","published_at":"2026-10-02T14:52:00.123Z","article_body":"KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust\n2026-NQM10 (NRMLT 2026-NQM10)\n\nKBRA assigns preliminary ratings to 10 classes of mortgage-backed notes from\nNew Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10), a $494.0\nmillion non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly\nNew Residential Investment Corp.), a publicly traded (NYSE: RITM) real estate\ninvestment trust (REIT). The underlying mortgages in the subject pool were\nprimarily originated by NewRez LLC (56.6%). In addition, all loans will be\nserviced by Shellpoint Mortgage Servicing, a brand and affiliate of NewRez\nLLC.\n\nNRMLT 2026-NQM10 is collateralized by a pool of 897 residential mortgages\nseasoned approximately two months. Borrowers in NRMLT 2026-NQM10 possess a\nnon-zero WA original credit score of 757 and exhibit a weighted average (WA)\noriginal loan-to-value (LTV) of 72.5% and a WA combined LTV (CLTV) of 72.5%.\n\nKBRA’s rating approach incorporated loan-level analysis of the mortgage pool\nthrough its Residential Asset Loss Model (REALM), an examination of the\nresults from third-party loan file due diligence, cash flow modeling analysis\nof the transaction’s payment structure, reviews of key transaction parties\nand an assessment of the transaction’s legal structure and documentation.\nThis analysis is further described in our U.S. RMBS Rating Methodology.\n\nTo access ratings and relevant documents, click here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70351%2Fratings&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=1&md5=339ef37bcf7a5bfd02d3325b2498476e)\n.\n\nClick here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FtDsMzrRz%2Fnew-residential-mortgage-loan-trust-2026-nqm10-nrmlt-2026-nqm10-pre-sale-report%3F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=2&md5=d3e5f6592c388e42f869ce40e5c7d86c)\nto view the report.\n\nRelated Publications\n\n\n * RMBS KCAT\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FcVCRCpSc%2Frmbs-kcat&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=RMBS+KCAT&index=3&md5=472ecf676eff37322ea8cf503ead999b)\n\n * New Residential Mortgage Loan Trust 2026-NQM10 Tear Sheet\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FgCCZthQK%2Fnew-residential-mortgage-loan-trust-2026-nqm10-nrmlt-2026-nqm10-tear-sheet%3F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=New+Residential+Mortgage+Loan+Trust+2026-NQM10+Tear+Sheet&index=4&md5=4c67efee9375e43ae2b38d5e753d91fb)\n\nMethodologies\n\n\n * RMBS: U.S. RMBS Rating Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJJsPBnKx&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=RMBS%3A+U.S.+RMBS+Rating+Methodology&index=5&md5=b386cc81ff767783cc2ea0dd992458a4)\n\n * Structured Finance: Global Structured Finance Counterparty Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FRjVgkPtk&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=Structured+Finance%3A+Global+Structured+Finance+Counterparty+Methodology&index=6&md5=6a733d0060b6c4cd600f86f70903b321)\n\nDisclosures\n\nFurther information on key credit considerations, sensitivity analyses that\nconsider what factors can affect these credit ratings and how they could lead\nto an upgrade or a downgrade, and ESG factors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJZRHwTBd%2F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=ESG+factors&index=7&md5=9b1956467e32fae8cde86c1a5fc43a57)\n(where they are a key driver behind the change to the credit rating or rating\noutlook) can be found in the full rating report referenced above.\n\nA description of all substantially material sources that were used to prepare\nthe credit rating and information on the methodology(ies) (inclusive of any\nmaterial models and sensitivity analyses of the relevant key rating\nassumptions, as applicable) used in determining the credit rating is available\nin the Information Disclosure Form(s) located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70351%2Fdisclosures&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=8&md5=32f41352232bd11e1c411a68fbb20b50)\n.\n\nInformation on the meaning of each rating category can be located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=9&md5=a9b93c21ebe4b5e1b8e92bcec205a0e4)\n.\n\nFurther disclosures relating to this rating action are available in the\nInformation Disclosure Form(s) referenced above. Additional information\nregarding KBRA policies, methodologies, rating scales and disclosures are\navailable at www.kbra.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=www.kbra.com&index=10&md5=926a451a410183bb7260c6075aedf805)\n.\n\nAbout KBRA\n\nKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies\n(CRA), is a full-service CRA registered with the U.S. Securities and Exchange\nCommission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered\nas a CRA with the European Securities and Markets Authority. Kroll Bond Rating\nAgency UK Limited is registered as a CRA with the UK Financial Conduct\nAuthority. In addition, KBRA is designated as a Designated Rating Organization\n(DRO) by the Ontario Securities Commission for issuers of asset-backed\nsecurities to file a short form prospectus or shelf prospectus. KBRA is also\nrecognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory\nCommission and is recognized by the National Association of Insurance\nCommissioners as a Credit Rating Provider (CRP) in the U.S.\n\nDoc ID: 1017287\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261002426208/en/\n(https://www.businesswire.com/news/home/20261002426208/en/)\n\nAnalytical Contacts\n\nMinxi Qiu, Director (Lead Analyst)\n\n+1 646-731-1263\n\nminxi.qiu@kbra.com (mailto:minxi.qiu@kbra.com)\n\nBianca Rexach, Associate Director\n\n+1 646-731-1410\n\nbianca.rexach@kbra.com (mailto:bianca.rexach@kbra.com)\n\nSharif Mahdavian, Managing Director (Rating Committee Chair)\n\n+1 646-731-2301\n\nsharif.mahdavian@kbra.com (mailto:sharif.mahdavian@kbra.com)\n\nBusiness Development Contact\n\nDaniel Stallone, Managing Director\n\n+1 646-731-1308\n\ndaniel.stallone@kbra.com (mailto:daniel.stallone@kbra.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwbH41tka-20261002","title":"KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10)","author":"Business Wire","ticker":"RITM","created":"2026-10-02T14:52:00.123Z","tickers":["RITM"],"exchange":"NYSE","article_body":"KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust\n2026-NQM10 (NRMLT 2026-NQM10)\n\nKBRA assigns preliminary ratings to 10 classes of mortgage-backed notes from\nNew Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10), a $494.0\nmillion non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly\nNew Residential Investment Corp.), a publicly traded (NYSE: RITM) real estate\ninvestment trust (REIT). The underlying mortgages in the subject pool were\nprimarily originated by NewRez LLC (56.6%). In addition, all loans will be\nserviced by Shellpoint Mortgage Servicing, a brand and affiliate of NewRez\nLLC.\n\nNRMLT 2026-NQM10 is collateralized by a pool of 897 residential mortgages\nseasoned approximately two months. Borrowers in NRMLT 2026-NQM10 possess a\nnon-zero WA original credit score of 757 and exhibit a weighted average (WA)\noriginal loan-to-value (LTV) of 72.5% and a WA combined LTV (CLTV) of 72.5%.\n\nKBRA’s rating approach incorporated loan-level analysis of the mortgage pool\nthrough its Residential Asset Loss Model (REALM), an examination of the\nresults from third-party loan file due diligence, cash flow modeling analysis\nof the transaction’s payment structure, reviews of key transaction parties\nand an assessment of the transaction’s legal structure and documentation.\nThis analysis is further described in our U.S. RMBS Rating Methodology.\n\nTo access ratings and relevant documents, click here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70351%2Fratings&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=1&md5=339ef37bcf7a5bfd02d3325b2498476e)\n.\n\nClick here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FtDsMzrRz%2Fnew-residential-mortgage-loan-trust-2026-nqm10-nrmlt-2026-nqm10-pre-sale-report%3F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=2&md5=d3e5f6592c388e42f869ce40e5c7d86c)\nto view the report.\n\nRelated Publications\n\n\n * RMBS KCAT\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FcVCRCpSc%2Frmbs-kcat&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=RMBS+KCAT&index=3&md5=472ecf676eff37322ea8cf503ead999b)\n\n * New Residential Mortgage Loan Trust 2026-NQM10 Tear Sheet\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FgCCZthQK%2Fnew-residential-mortgage-loan-trust-2026-nqm10-nrmlt-2026-nqm10-tear-sheet%3F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=New+Residential+Mortgage+Loan+Trust+2026-NQM10+Tear+Sheet&index=4&md5=4c67efee9375e43ae2b38d5e753d91fb)\n\nMethodologies\n\n\n * RMBS: U.S. RMBS Rating Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJJsPBnKx&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=RMBS%3A+U.S.+RMBS+Rating+Methodology&index=5&md5=b386cc81ff767783cc2ea0dd992458a4)\n\n * Structured Finance: Global Structured Finance Counterparty Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FRjVgkPtk&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=Structured+Finance%3A+Global+Structured+Finance+Counterparty+Methodology&index=6&md5=6a733d0060b6c4cd600f86f70903b321)\n\nDisclosures\n\nFurther information on key credit considerations, sensitivity analyses that\nconsider what factors can affect these credit ratings and how they could lead\nto an upgrade or a downgrade, and ESG factors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJZRHwTBd%2F&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=ESG+factors&index=7&md5=9b1956467e32fae8cde86c1a5fc43a57)\n(where they are a key driver behind the change to the credit rating or rating\noutlook) can be found in the full rating report referenced above.\n\nA description of all substantially material sources that were used to prepare\nthe credit rating and information on the methodology(ies) (inclusive of any\nmaterial models and sensitivity analyses of the relevant key rating\nassumptions, as applicable) used in determining the credit rating is available\nin the Information Disclosure Form(s) located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70351%2Fdisclosures&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=8&md5=32f41352232bd11e1c411a68fbb20b50)\n.\n\nInformation on the meaning of each rating category can be located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=here&index=9&md5=a9b93c21ebe4b5e1b8e92bcec205a0e4)\n.\n\nFurther disclosures relating to this rating action are available in the\nInformation Disclosure Form(s) referenced above. Additional information\nregarding KBRA policies, methodologies, rating scales and disclosures are\navailable at www.kbra.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com&esheet=54615058&newsitemid=20261002426208&lan=en-US&anchor=www.kbra.com&index=10&md5=926a451a410183bb7260c6075aedf805)\n.\n\nAbout KBRA\n\nKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies\n(CRA), is a full-service CRA registered with the U.S. Securities and Exchange\nCommission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered\nas a CRA with the European Securities and Markets Authority. Kroll Bond Rating\nAgency UK Limited is registered as a CRA with the UK Financial Conduct\nAuthority. In addition, KBRA is designated as a Designated Rating Organization\n(DRO) by the Ontario Securities Commission for issuers of asset-backed\nsecurities to file a short form prospectus or shelf prospectus. KBRA is also\nrecognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory\nCommission and is recognized by the National Association of Insurance\nCommissioners as a Credit Rating Provider (CRP) in the U.S.\n\nDoc ID: 1017287\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261002426208/en/\n(https://www.businesswire.com/news/home/20261002426208/en/)\n\nAnalytical Contacts\n\nMinxi Qiu, Director (Lead Analyst)\n\n+1 646-731-1263\n\nminxi.qiu@kbra.com (mailto:minxi.qiu@kbra.com)\n\nBianca Rexach, Associate Director\n\n+1 646-731-1410\n\nbianca.rexach@kbra.com (mailto:bianca.rexach@kbra.com)\n\nSharif Mahdavian, Managing Director (Rating Committee Chair)\n\n+1 646-731-2301\n\nsharif.mahdavian@kbra.com (mailto:sharif.mahdavian@kbra.com)\n\nBusiness Development Contact\n\nDaniel Stallone, Managing Director\n\n+1 646-731-1308\n\ndaniel.stallone@kbra.com (mailto:daniel.stallone@kbra.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-02T14:52:00.17015796Z","server_sent_at_ms":1790952720170},"received_at":"2026-10-02T14:52:00.221Z","source_url":"https://www.businesswire.com/news/home/20261002426208/en/"},"analysis":{"id":"148161","press_release_id":"159561","analysis_json":{"industry":{"label":"Mortgage Real Estate Investment Trusts (REITs)","sector":"Financials"},"redFlags":[],"eventType":"debt_offering","narrative":"KBRA assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM10, a $494.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (NYSE: RITM).\n\nThe trust is collateralized by 897 residential mortgages with a WA original credit score of 757 and WA LTV/CLTV of 72.5%, primarily originated by NewRez LLC (56.6%), a Rithm affiliate.\n\nThis is routine securitization pipeline activity for Rithm's residential credit platform rather than an incremental company disclosure.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Rithm continues securitizing non-prime mortgage production at a steady pace; useful as a pipeline data point, not a trading catalyst."},"keyFigures":{"customDimensions":{"wa_ltv":"72.5%","wa_cltv":"72.5%","loan_count":897,"wa_credit_score":757,"classes_of_notes":10,"transaction_size":"$494.0 million","newrez_origination_share":"56.6%"}},"namedEntities":{"people":[{"name":"Minxi Qiu","role":"Lead Analyst, KBRA"},{"name":"Bianca Rexach","role":"Associate Director, KBRA"},{"name":"Sharif Mahdavian","role":"Managing Director, Rating Committee Chair, KBRA"}],"products":["New Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10)","Residential Asset Loss Model (REALM)"],"companies":[{"name":"Rithm Capital Corp.","ticker":"RITM","relationship":"sponsor"},{"name":"Kroll Bond Rating Agency (KBRA)","relationship":"rating agency"},{"name":"NewRez LLC","relationship":"primary originator (affiliate)"},{"name":"Shellpoint Mortgage Servicing","relationship":"servicer (affiliate)"}],"dollarAmounts":[{"amount":"$494.0 million","context":"size of NRMLT 2026-NQM10 non-prime RMBS transaction"}]},"materialImpact":{"score":1,"reasoning":"Routine third-party rating agency announcement of preliminary ratings on a $494M non-prime RMBS securitization sponsored by Rithm Capital. Standard pipeline activity, not a company disclosure or market-moving event."},"tickerRelevance":{"others":[],"primary":"RITM"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap financial","eventGravity":"routine rating agency pre-sale notice","issuerAuthored":false,"marketCapAdjustment":"RITM is a sizeable REIT but the event is boilerplate structured-finance coverage"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"KBRA assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM10, a $494.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (NYSE: RITM).\n\nThe trust is collateralized by 897 residential mortgages with a WA original credit score of 757 and WA LTV/CLTV of 72.5%, primarily originated by NewRez LLC (56.6%), a Rithm affiliate.\n\nThis is routine securitization pipeline activity for Rithm's residential credit platform rather than an incremental company disclosure.","key_figures":{"customDimensions":{"wa_ltv":"72.5%","wa_cltv":"72.5%","loan_count":897,"wa_credit_score":757,"classes_of_notes":10,"transaction_size":"$494.0 million","newrez_origination_share":"56.6%"}},"named_entities":{"people":[{"name":"Minxi Qiu","role":"Lead Analyst, KBRA"},{"name":"Bianca Rexach","role":"Associate Director, KBRA"},{"name":"Sharif Mahdavian","role":"Managing Director, Rating Committee Chair, KBRA"}],"products":["New Residential Mortgage Loan Trust 2026-NQM10 (NRMLT 2026-NQM10)","Residential Asset Loss Model (REALM)"],"companies":[{"name":"Rithm Capital Corp.","ticker":"RITM","relationship":"sponsor"},{"name":"Kroll Bond Rating Agency (KBRA)","relationship":"rating agency"},{"name":"NewRez LLC","relationship":"primary originator (affiliate)"},{"name":"Shellpoint Mortgage Servicing","relationship":"servicer (affiliate)"}],"dollarAmounts":[{"amount":"$494.0 million","context":"size of NRMLT 2026-NQM10 non-prime RMBS transaction"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-02T14:52:09.587Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"mid-cap financial","eventGravity":"routine rating agency pre-sale notice","issuerAuthored":false,"marketCapAdjustment":"RITM is a sizeable REIT but the event is boilerplate structured-finance coverage"}},"durationMs":9249,"modelName":"glm-5.3-flashx"}}