S&P Global Ratings Assigns Preliminary Marks to Angel Oak Mortgage Trust 2026-6 Certificates
S&P Global Ratings assigned preliminary credit ratings on Oct. 15, 2026, to a new residential mortgage-backed securities (RMBS) transaction issued by Angel Oak Mortgage Trust 2026-6, spglobal.com reported. The issuance comprises first- and second-lien fixed- and adjustable-rate mortgages backed by U.S. residential properties.
The transaction pools 381 mortgage loans that include both prime and nonprime borrower profiles. Loans in the portfolio feature 30-year and 40-year maturities with a weighted average seasoning of three months. Properties securing the debt span single-family homes, townhouses, condominiums, planned-unit developments, two- to four-family residences, and a condotel.
Transaction Structure and Collateral Composition
The preliminary evaluations rely on the transaction term sheet dated Oct. 13, 2026. The underlying loan pool consists entirely of non-QM, ATR-compliant, and ATR-exempt mortgages. S&P Global Ratings based its preliminary marks on credit enhancement levels, structural mechanics, geographic concentration, and a 100% due diligence review confirming the loan characteristics.
Class A-1 certificates received a AAA (sf) preliminary rating backed by an initial note balance of $98,473,000. Senior classes A-1A, A-1B, A-1FCF, and A-1LCF also secured AAA (sf) preliminary marks, totaling an aggregate initial note amount of $198,473,000 subject to final pricing adjustments.
Subordinated Tranches and Unrated Notes
Risk distribution extends across multiple subordinate tiers. Class A-2 secured an AA+ (sf) rating on $13,783,000, while Class A-3 earned an A+ (sf) mark on $10,650,000.
Further down the capital stack, Class M-1 secured a BBB- (sf) rating on $15,161,000, and Class B-1 obtained a BB- (sf) rating on $5,639,000. Junior tranches including Class B-2, Class B-3, Class A-IO-S, Class XS, and Class R remain unrated.
Economic Baseline and Future Pricing Adjustments
The preliminary assessment incorporates U.S. economic projections outlined in the S&P Global Ratings economic outlook published on Sept. 23, 2026. That macroeconomic framework evaluates anticipated growth, interest rate trajectories, unemployment data, and housing market fundamentals.
Future market shifts or adjustments to the initial term sheet may alter final ratings when the transaction prices. The preliminary designations address ultimate payment of interest and principal, excluding cap carryover amounts.