RMBS

The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.

All loans in the deal's portfolio were made to investors and underwritten based on property cash flow and rental income to determine borrower eligibility.

Non-prime loans comprise 72% of mortgages backing CROSS 2026-NQM10 Mortgage Trust, with most of them fixed-rate.

The offering is backed by 1,902 first-lien residential mortgage loans, including both fixed- and adjustable-rate mortgages across prime and non-prime borrowers.

BRAVO 2026-NQM8, underwritten by JPMorgan Securities, is the eighth non-QM RMBS deal under the BRAVO shelf.

The latest investor statements show the persistence of a trend in which one vintage has a higher rate of distress than others, Morningstar DBRS finds.

The deal structure includes a lock-out feature that will redirect the portion of the subordinate principal among other protective features like subordination.

The class A notes include first cash flow and last cash flow tranches, both of which benefit from 28.31% in credit enhancement.

The notes will be issued off of a pool of 3,525 first- and junior-lien revolving HELOCs that were recently originated. The deal will repay investors on the 25th of each month, and notes have a stated final maturity date of July 2056.

SEMT 2026-INV4's notes are expected to pay coupons including 5.00%, 5.50% and 6.00% on the super senior tranches and one super senior, floater exchangeable tranche will pay 5.39%.