Consumer Loan ABS

On September 5, 2025, KBRA assigned preliminary ratings to Upstart Securitization Trust 2025-3, a $320 million consumer loan ABS. The notes, backed by unsecured consumer loans from Upstart’s platform, feature tiered credit enhancement levels ranging from 20.50% to 56.45%. The ratings reflect overcollateralization, excess spread, cash reserve, and subordination. This is Upstart’s 47th ABS securitization, signaling ongoing confidence in its lending model. KBRA’s ratings are based on consumer loan ABS, structured finance, and ESG methodologies, considering portfolio data, underwriting practices, and economic conditions.