KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2026-3, a $320.005 million consumer loan ABS securitization backed by unsecured consumer loans and auto secured personal loans. The collateral pool, as of the June 18, 2026 cutoff date, includes approximately $400.0 million of loans, with auto secured personal loans comprising about 2.0% of the pool. The preliminary ratings reflect initial credit enhancement levels of 64.75% for the Class A-1 and Class A-2 notes, 51.05% for the Class B notes, 40.70% for the Class C notes, and 20.50% for the Class D notes. Credit enhancement consists of overcollateralization, excess spread, a non-declining cash reserve account, and subordination for all classes except the Class D notes. This transaction represents the 51st ABS securitization collateralized by loans originated through the online platform operated by Upstart Network, Inc., a wholly owned subsidiary of Upstart Holdings, Inc.
Upstart Holdings IncKBRA assigns preliminary ratings to Upstart's 51st ABS securitization, indicating continued access to capital markets.