KBRA

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.

KBRA has issued preliminary ratings for eight classes of notes in the $488.4 million New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4) non-prime RMBS transaction, sponsored by Rithm Capital Corp. The collateral comprises 938 residential mortgages with a weighted average original credit score of 752 and LTV of 70.1%. Loans originated primarily from NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). KBRA utilized its Residential Asset Loss Model (REALM) for the loan-level analysis. Further details are available in KBRA’s U.S. RMBS Rating Methodology and full rating report.