Overview A&D Mortgage Trust 2026-NQM7's issuance is an RMBS transaction backed by first- and second-lien, fixed- and floating-rate, fully amortizing residential mortgage loans (some with interest-only periods) to prime and nonprime borrowers. We assigned our preliminary ratings to the class A-1A, A-1B, A-1, A-1FCF, A-1LCF, A-2, A-3, M-1, B-1, B-2, and B-3 certificates. The preliminary ratings reflect our view of the transaction's collateral composition, geographic concentration, and loan characteristics, among other factors. NEW YORK (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its preliminary ratings to A&D Mortgage Trust 2026-NQM7's mortgage pass-through certificates (see list). The certificate issuance is an RMBS transaction backed by first- and second-lien, fixed- and floating-rate, fully amortizing residential mortgage loans (some with
