we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.In today's article, we will look at Horizon Technology Finance ( HRZN ), its baby bonds, and the opportunities they offer, as well as try to give them a credit rating.Arbitrage Trader, aka Denislav Iliev has been day trading for 15+ years and leads a team of 40 analysts. They identify mispriced investments in fixe ...

交易概况 - KBRA对New Residential Mortgage Loan Trust 2025-NQM6的10个类别抵押贷款支持票据授予初步评级[1] - 该交易是由Rithm Capital Corp（前身为New Residential Investment Corp）发起的4.944亿美元非优级住宅抵押贷款支持证券交易[1] - 基础抵押贷款池主要由Champions Funding, LLC（36.0%）和NewRez LLC（34.9%）发起，所有贷款将由NewRez LLC提供服务[1] 抵押贷款池特征 - 贷款池由985笔住宅抵押贷款组成，借款人加权平均原始信用评分为753分[2] - 加权平均原始贷款价值比为70.8%，加权平均综合贷款价值比为70.9%[2] - 贷款账龄约为四个月，其中99.9%为固定利率抵押贷款，约6.6%的贷款池有初始只付息期[2] 评级分析方法 - 评级方法结合了通过住宅资产损失模型进行的贷款层级分析、第三方贷款文件尽职调查结果审查、交易支付结构的现金流建模分析[3] - 方法还包括对关键交易方的审查以及交易法律结构和文件的评估[3]

交易概览 - KBRA对Angel Oak Mortgage Trust 2025-10发行的八类抵押贷款支持证券授予初步评级 [1] - 该笔交易为一项非优级住宅抵押贷款支持证券交易，总规模为2.812亿美元 [1] - 基础资产池包含608笔住宅抵押贷款 [1] 基础资产特征 - 基础抵押贷款的一个显著特征是大量贷款采用替代收入证明文件进行承销 [1] - 所有贷款均被归类为豁免遵守Ability-to-Repay/Qualified Mortgage规则，其中54.1%的贷款因此获得豁免 [1]