KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2025-NQM1 (NRMLT 2025-NQM1)

$RITM
Real Estate Investment Trusts
Real Estate
Get the next $RITM alert in real time by email

KBRA assigns preliminary ratings to 8 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM1 (NRMLT 2025-NQM1), a $308.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded (NYSE:RITM) real estate investment trust (REIT). The underlying mortgages in the subject pool were originated by NewRez LLC (57.5%) and Champions Funding, LLC (31.3%). In addition, all loans will be serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing.

NRMLT 2025-NQM1 is collateralized by a pool of 583 residential mortgages. Borrowers in NRMLT 2025-NQM1 possess a non-zero WA original credit score of 755 and exhibit a weighted average (WA) original loan-to-value (LTV) and a WA combined LTV (CLTV) of 71.7%. The loans are seasoned approximately one month and include both fixed-rate mortgages (FRMs; 99.9%) and adjustable-rate mortgages (0.1%). Approximately 5.8% of the pool has an initial interest-only period.

KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1007714

Analytical Contacts

Minxi Qiu, Director (Lead Analyst)

+1 646-731-1263

minxi.qiu@kbra.com

Colleen Kelley, Senior Analyst

+1 646-731-1389

colleen.kelley@kbra.com

Patrick Gervais, Managing Director (Rating Committee Chair)

+1 646-731-2426

patrick.gervais@kbra.com

Business Development Contact

Daniel Stallone, Managing Director

+1 646-731-1308

daniel.stallone@kbra.com

Get the next $RITM alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$RITM

DatePrice TargetRatingAnalyst
12/6/2023$12.50Buy
UBS
12/16/2022$12.00Buy
B. Riley Securities
9/30/2022$10.00 → $9.00Underweight → Neutral
Piper Sandler
More analyst ratings

$RITM
Press Releases

Fastest customizable press release news feed in the world

See more
  • Rithm Capital Corp. Announces Fourth Quarter and Full Year 2024 Results

    Rithm Capital Corp. (NYSE:RITM, "Rithm Capital, " "Rithm" or the "Company")) today reported the following information for the fourth quarter ended and full year ended December 31, 2024: Fourth Quarter 2024 Financial Highlights: GAAP net income of $263.2 million, or $0.50 per diluted common share(1) Earnings available for distribution of $315.8 million, or $0.60 per diluted common share(1)(2) Common dividend of $130.2 million, or $0.25 per common share Book value per common share of $12.56(1) Full Year 2024 Financial Highlights: GAAP net income of $835.0 million, or $1.67 per diluted common share(1) Earnings available for distribution of $1.1 billion, or $2.10 per dilu

    $RITM
    Real Estate Investment Trusts
    Real Estate
  • Rithm Capital Corp. Announces Treatment of 2024 Taxable Dividends

    Rithm Capital Corp. (NYSE:RITM, "Rithm Capital" or the "Company")) today announced the tax treatment of its common and preferred stock dividends deemed taxable in 2024. Common Stock Dividends During 2024, taxable dividends for Rithm Capital's common stock (CUSIP #64828T201) were approximately $1.00000 per share. The following table summarizes the tax treatment for common stock distributions.   Record Pay   Ordinary Qualified Section 199A Long-Term Return of     Date Date(1) Form Dividend Dividend(3) Dividend(4) Capital Gain Capital Total Q1'24 04/01/24

    $RITM
    Real Estate Investment Trusts
    Real Estate
  • Rithm Property Trust Inc. Announces Results for the Quarter and Year Ended December 31, 2024

    Rithm Property Trust Inc. (formerly known as Great Ajax Corp.) (NYSE:RPT, "Rithm Property Trust" or the "Company")) today announced the following financial results for the quarter ended December 31, 2024. Fourth Quarter Financial Highlights: GAAP net income attributable to common stockholders of $2.9 million, or $0.06 per diluted share1 Earnings available for distribution of $0.3 million or $0.01 per diluted common share1,2 Book value per common share of $5.44 at December 31, 20241 Paid a common dividend of $2.8 million, or $0.06 per common share     Q4 2024   Q3 2024 Summary of Operating Results:        

    $RITM
    $RPT
    Real Estate Investment Trusts
    Real Estate

$RITM
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$RITM
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$RITM
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$RITM
SEC Filings

See more

$RITM
Leadership Updates

Live Leadership Updates

See more
  • Great Ajax Corp. Announces Record Date for Stockholders Meeting to Approve Strategic Transaction With Rithm Capital Corp.

    Great Ajax Corp. (NYSE:AJX, the "Company"))), a real estate investment trust, announced today that its board of directors has fixed a record date of April 22, 2024 for its 2024 meeting of stockholders (the "Meeting") to, among other things, consider and vote upon certain matters relating to the previously announced strategic transaction (the "Transaction") by and between the Company and Rithm Capital Corp. (together with its subsidiaries, "Rithm"). At the Meeting, the Company will seek stockholder approval for the following actions: (1) the issuance of common stock to certain exchanging investors in excess of the 19.99% cap imposed by the New York Stock Exchange rules; (2) the issuance of

    $AJX
    $RITM
    Real Estate Investment Trusts
    Real Estate

$RITM
Financials

Live finance-specific insights

See more
  • Rithm Capital Corp. Announces Fourth Quarter and Full Year 2024 Results

    Rithm Capital Corp. (NYSE:RITM, "Rithm Capital, " "Rithm" or the "Company")) today reported the following information for the fourth quarter ended and full year ended December 31, 2024: Fourth Quarter 2024 Financial Highlights: GAAP net income of $263.2 million, or $0.50 per diluted common share(1) Earnings available for distribution of $315.8 million, or $0.60 per diluted common share(1)(2) Common dividend of $130.2 million, or $0.25 per common share Book value per common share of $12.56(1) Full Year 2024 Financial Highlights: GAAP net income of $835.0 million, or $1.67 per diluted common share(1) Earnings available for distribution of $1.1 billion, or $2.10 per dilu

    $RITM
    Real Estate Investment Trusts
    Real Estate
  • Rithm Capital Corp. Announces Treatment of 2024 Taxable Dividends

    Rithm Capital Corp. (NYSE:RITM, "Rithm Capital" or the "Company")) today announced the tax treatment of its common and preferred stock dividends deemed taxable in 2024. Common Stock Dividends During 2024, taxable dividends for Rithm Capital's common stock (CUSIP #64828T201) were approximately $1.00000 per share. The following table summarizes the tax treatment for common stock distributions.   Record Pay   Ordinary Qualified Section 199A Long-Term Return of     Date Date(1) Form Dividend Dividend(3) Dividend(4) Capital Gain Capital Total Q1'24 04/01/24

    $RITM
    Real Estate Investment Trusts
    Real Estate
  • Rithm Property Trust Inc. Announces Results for the Quarter and Year Ended December 31, 2024

    Rithm Property Trust Inc. (formerly known as Great Ajax Corp.) (NYSE:RPT, "Rithm Property Trust" or the "Company")) today announced the following financial results for the quarter ended December 31, 2024. Fourth Quarter Financial Highlights: GAAP net income attributable to common stockholders of $2.9 million, or $0.06 per diluted share1 Earnings available for distribution of $0.3 million or $0.01 per diluted common share1,2 Book value per common share of $5.44 at December 31, 20241 Paid a common dividend of $2.8 million, or $0.06 per common share     Q4 2024   Q3 2024 Summary of Operating Results:        

    $RITM
    $RPT
    Real Estate Investment Trusts
    Real Estate

$RITM
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more