KBRA Assigns Preliminary Ratings to Wingspire Equipment Finance 2026-1 LLC

Business Wire··US·Read original
2▲0 ▼0Impact / 5
Summary · why it matters

KBRA has assigned preliminary ratings to six classes of notes issued by Wingspire Equipment Finance 2026-1 LLC, an equipment ABS transaction. The deal is the third equipment ABS transaction sponsored by Wingspire Equipment Finance LLC, a mid-to-large ticket equipment finance company founded in 2017 as Liberty Commercial Finance LLC and headquartered in Tustin, California, which is majority-owned by Wingspire Capital Holdings LLC, a portfolio company of Blue Owl Capital Corporation. As of June 30, 2026, the net asset balance of WEF's portfolio totaled $683 million across 484 contracts and 114 obligors. The WEF 2026-1 transaction is secured by a portfolio of equipment lease and loan contracts with an aggregate securitization value of approximately $438.18 million as of the August 31, 2026 initial cut-off date, a contract pool yield of approximately 9.22%, 211 contracts to 63 obligors, an average securitization value by contract of approximately $2.08 million, and an average exposure to an obligor of approximately $6.96 million. WEF 2026-1 will issue six classes of notes totaling $407.07 million, benefiting from credit enhancement in the form of overcollateralization, excess spread, a reserve account, and subordination, except for the class E notes.

Impact on assets 1

Financials▲ · 1 stocks
Blue Owl Capital Corporation
OBDC
± MixedCapitalrelevance

Blue Owl Capital Corporation is noted only as the portfolio-company parent of Wingspire Capital Holdings; the ABS deal itself is Wingspire's, not Blue Owl's.

Off-coverage companies 2

Wingspire Capital LLCPrivate± Mixed
Capitalrelevance

Wingspire Capital is mentioned only as majority owner of the ABS sponsor Wingspire Equipment Finance; the transaction is the sponsor's, with no direct capital event for Wingspire Capital.

Waterous Energy FundPrivate± Mixed
relevance

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