RMBS

The moderate leverage reflects the quality of RMBS pools from recent issuance years. Borrowers have a non-zero WA annual income of $1 million, with liquid reserves of $594,348.

Despite RCKT Mortgage's second-lien composition, the loans display several positive credit characteristics, including a WA credit score of 745.

The notes are expected to pay coupons of 4.94% on notes in the A1FCF tranche, rated AAA from KBRA and Fitch Ratings, to 6.78% on the B1 notes.

Underwriting relied on full documentation in keeping with Ability-to-Pay rules, and all the loans received a third-party due-diligence review.

The deal comes to market as President Trump suggested barring institutional buyers from snatching up single-family homes, the type of properties secure the bulk of SEMT 2026-INV1.

ODF II will focus on originating senior and junior commercial rea estate debt investments across major U.S. markets, focused on multifamily properties.

Analysts at RBC Capital Markets said the plan is bad news for Invitation Homes and American Homes 4 Rent, but the companies "are long past the time of significant growth in home count

Largely strong credit qualities were offset because by loans on single-family homes in the pool dropping by 0.5%, and that the percentage of loans that received due diligence decreased by 0.4%.

With limited seasoning and primarily a clean payment history, OBX 2026-NQM1 had a seasoned probability of default of 33.3% among the AAA stresses and 11.4% among the B.