<div id="readability-page-1"><div>KBRA Assigns Preliminary Ratings to OBX 2026-HYB1 Trust KBRA assigns preliminary ratings to nine classes of mortgage-backed notes from OBX 2026-HYB1 Trust, a prime RMBS transaction comprising 385 seasoned hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $309.4 million. The loans possess initial fixed-rate periods of ten years (32.2%), seven years (50.2%), five years (17.5%), and three years (0.2%). Approximately 85.0% of the pool has been designated as a Qualified Mortgage (QM). Non-QM loans and loans for which ATR status could not be determined (TPR status of ATR Risk or QM Risk) make up 12.5% and 0.8% of pool, respectively. Meanwhile, loans exempt from the Ability-to-Repay (ATR)/QM Rule represent 1.7% of the pool. The top originators of this transaction are Ally Bank (73.4%) and Zions Bancorporation, N.A. (16.3%). 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 <ul> <li> OBX 2026-HYB1 Trust Tear Sheet </li> <li> RMBS KBRA Comparative Analytic Tool (KCAT) </li> </ul> Methodologies <ul> <li> RMBS: U.S. RMBS Rating Methodology </li> <li> Structured Finance: Global Structured Finance Counterparty Methodology </li> </ul> 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: 1014911 <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTEwNjU3MzByMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTEwNjU3MzByMQ"/> Analytical Contacts Abou Traore, Associate Director (Lead Analyst) +1 646-731-1258 abou.traore@kbra.com Colleen Kelley, Senior Analyst +1 646-731-1389 colleen.kelley@kbra.com Chris Deasy, Senior Director +1 646-731-1311 chris.deasy@kbra.com Daniel Hall, Managing Director (Rating Committee Chair) +1 646-731-2421 daniel.hall@kbra.com Business Development Contact Daniel Stallone, Managing Director +1 646-731-1308 daniel.stallone@kbra.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260511065730/en/</div></div>

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KBRA 已对 OBX 2026-HYB1 信托的九个类别的抵押贷款支持票据分配了初步评级，该信托包括 385 笔成熟的混合可调利率抵押贷款（ARMs），总额为 3.094 亿美元。约 85% 的贷款被归类为合格抵押贷款（QM）。主要发起机构为 Ally Bank 和 Zions Bancorporation。KBRA 的评级方法涉及详细的贷款级别分析和现金流建模，具体内容在其美国 RMBS 评级方法中有所说明。更多详细信息和相关文件可在完整评级报告中获取

KBRA 为 OBX 2026-HYB1 信托分配初步评级