KBRA has given preliminary ratings to 13 classes of mortgage-backed notes from OBX 2026-NQM9 Trust, a non-prime RMBS deal worth $1.01 billion. The collateral consists of 1,841 residential mortgages, with 92.8% being fixed-rate mortgages (FRMs) and 7.2% hybrid adjustable-rate mortgages (ARMs). Most of the loans fall under non-qualified mortgages (Non-QM; 42.7%) or are exempt (47.5%) from the Ability-to-Repay/Qualified Mortgage rules.