Rithm Capital Corp

KBRA has issued preliminary ratings for eight classes of notes in the $488.4 million New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4) non-prime RMBS transaction, sponsored by Rithm Capital Corp. The collateral comprises 938 residential mortgages with a weighted average original credit score of 752 and LTV of 70.1%. Loans originated primarily from NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). KBRA utilized its Residential Asset Loss Model (REALM) for the loan-level analysis. Further details are available in KBRA’s U.S. RMBS Rating Methodology and full rating report.