KBRA has assigned preliminary ratings to six classes of mortgage pass-through certificates from Ellington Financial Mortgage Trust 2022-3 (EFMT 2022-3). EFMT 2022-3 is a nearly $346 million, non-prime residential mortgage-backed securities (RMBS) transaction. The underlying collateral comprises 765 residential mortgages that are characterized by a notable concentration of alternative-income documentation, with 74% of the loans underwritten using bank statements, asset depletion, and debt service coverage ratio (DSCR) documentation types.