Business Wire·Sep 28, 2026, 6:36 PM ET

KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4

KBRA assigned preliminary ratings to five classes of notes issued by Upstart Securitization Trust 2026-4 (UPST 2026-4), a $400.0 million consumer loan ABS.
The collateral pool consists of unsecured consumer loans & auto-secured personal loans, representing the 52nd Upstart platform securitization.
Upstart Network, Inc. operates the platform & is a 100% owned subsidiary of Upstart Holdings, Inc. (NASDAQ: UPST).
Preliminary credit enhancement levels are set at 65.30% for Class A-1 & A-2 notes, 51.60% for Class B notes, 41.15% for Class C notes, & 20.50% for Class D notes.
Credit enhancement mechanisms include overcollateralization, excess spread, a non-declining cash reserve account, & subordination (except for Class D notes).
As of the August 10, 2026 statistical cutoff, the pool contains approximately $500.0 million in loans, with auto-secured personal loans comprising 5.0% of the total.
KBRA utilized its Consumer Loan ABS Global Rating Methodology & Global Structured Finance Counterparty Methodology for the analysis.
Operational reviews of Upstart & periodic update calls were considered, with operative agreements & legal opinions to be reviewed prior to closing.
KBRA is a registered NRSRO with the SEC & recognized by multiple international regulatory bodies including ESMA, FCA, & the Ontario Securities Commission.