{"success":true,"data":{"pressRelease":{"id":"154672","rtpr_id":"nBw7npfsYa-20260928","ticker":"UPST","exchange":"NASDAQ","all_tickers":["UPST"],"title":"KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4","author":"Business Wire","published_at":"2026-09-28T22:36:00.076Z","article_body":"KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4\n\nKBRA assigns preliminary ratings to five classes of notes issued by Upstart\nSecuritization Trust 2026-4 (“UPST 2026-4”), a $400.0 million consumer\nloan ABS securitization collateralized by unsecured consumer loans and auto\nsecured personal loans. UPST 2026-4 represents the 52nd ABS securitization\ncollateralized by loans originated through the online platform operated by\nUpstart Network, Inc. (“Upstart” or the “Company”), a 100% owned\nsubsidiary of the publicly traded entity Upstart Holdings, Inc. (NASDAQ:\nUPST).\n\nThe preliminary ratings reflect initial credit enhancement levels of 65.30%\nfor the Class A-1 and Class A-2 notes, 51.60% for the Class B notes, 41.15%\nfor the Class C notes and 20.50% for the Class D notes. Credit enhancement\nconsists of overcollateralization, excess spread, a non-declining cash reserve\naccount and subordination (except for the Class D notes). As of the August 10,\n2026 statistical cutoff date, the collateral pool of UPST 2026-4 will include\napproximately $500.0 million of loans where auto secured personal loans\ncomprise approximately 5.0% of the pool.\n\nKBRA applied its Consumer Loan ABS Global Rating Methodology as well as its\nGlobal Structured Finance Counterparty Methodology as part of its analysis of\nthe portfolio pool data, underlying collateral pool and capital structure.\nKBRA considered its operational reviews of Upstart, as well as periodic update\ncalls with the Company. Operative agreements and legal opinions will be\nreviewed prior to closing.\n\nTo access ratings and relevant documents, click here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70018%2Fratings&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=1&md5=dcaf799f600bba80a5a137585758fa12)\n.\n\nClick here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FCnqJBtQG%2Fupstart-securitization-trust-2026-4-pre-sale-report%3F&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=2&md5=c7c16c80a03b77773d0c649e30f63fd7)\nto view the report.\n\nMethodologies\n\n\n * ABS: Consumer Loan ABS Global Rating Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FGjsqmCFc&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=ABS%3A+Consumer+Loan+ABS+Global+Rating+Methodology&index=3&md5=a3bbf17f888eeadb7823acba8297a191)\n\n * Structured Finance: Global Structured Finance Counterparty Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FRjVgkPtk&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=Structured+Finance%3A+Global+Structured+Finance+Counterparty+Methodology&index=4&md5=f61d35d750bd114d7addd8323be3b24d)\n\nDisclosures\n\nFurther information on key credit considerations, sensitivity analyses that\nconsider what factors can affect these credit ratings and how they could lead\nto an upgrade or a downgrade, and ESG factors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJZRHwTBd%2F&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=ESG+factors&index=5&md5=29b892c46fb49c2fbba6f32b591d5338)\n(where they are a key driver behind the change to the credit rating or rating\noutlook) can be found in the full rating report referenced above.\n\nA description of all substantially material sources that were used to prepare\nthe credit rating and information on the methodology(ies) (inclusive of any\nmaterial models and sensitivity analyses of the relevant key rating\nassumptions, as applicable) used in determining the credit rating is available\nin the Information Disclosure Form(s) located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70018%2Fdisclosures&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=6&md5=c77bb280605f0f24b01fa63357d8294d)\n.\n\nInformation on the meaning of each rating category can be located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=7&md5=9af3b1c10791d5d32fdcb255b5c41b55)\n.\n\nFurther disclosures relating to this rating action are available in the\nInformation Disclosure Form(s) referenced above. Additional information\nregarding KBRA policies, methodologies, rating scales and disclosures are\navailable at www.kbra.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=www.kbra.com&index=8&md5=b683ba5e5a09143cf14b0d8b0c58a93b)\n.\n\nAbout KBRA\n\nKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies\n(CRA), is a full-service CRA registered with the U.S. Securities and Exchange\nCommission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered\nas a CRA with the European Securities and Markets Authority. Kroll Bond Rating\nAgency UK Limited is registered as a CRA with the UK Financial Conduct\nAuthority. In addition, KBRA is designated as a Designated Rating Organization\n(DRO) by the Ontario Securities Commission for issuers of asset-backed\nsecurities to file a short form prospectus or shelf prospectus. KBRA is also\nrecognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory\nCommission and is recognized by the National Association of Insurance\nCommissioners as a Credit Rating Provider (CRP) in the U.S.\n\nDoc ID: 1017258\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260928628031/en/\n(https://www.businesswire.com/news/home/20260928628031/en/)\n\nAnalytical Contacts\n\nMichael Polvere, Director (Lead Analyst)\n\n+1 646-731-3339\n\nmichael.polvere@kbra.com (mailto:michael.polvere@kbra.com)\n\nMax Hanke, Senior Analyst\n\n+1 312-680-4185\n\nmax.hanke@kbra.com (mailto:max.hanke@kbra.com)\n\nArjun Mallya, Analyst\n\n+1 646-731-2343\n\narjun.mallya@kbra.com (mailto:arjun.mallya@kbra.com)\n\nRahel Avigdor, Managing Director (Rating Committee Chair)\n\n+1 646-731-1203\n\nrahel.avigdor@kbra.com (mailto:rahel.avigdor@kbra.com)\n\nBusiness Development Contact\n\nBrad Korch, Director\n\n+1 646-731-2392\n\nbrad.korch@kbra.com (mailto:brad.korch@kbra.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw7npfsYa-20260928","title":"KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4","author":"Business Wire","ticker":"UPST","created":"2026-09-28T22:36:00.076Z","tickers":["UPST"],"exchange":"NASDAQ","article_body":"KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-4\n\nKBRA assigns preliminary ratings to five classes of notes issued by Upstart\nSecuritization Trust 2026-4 (“UPST 2026-4”), a $400.0 million consumer\nloan ABS securitization collateralized by unsecured consumer loans and auto\nsecured personal loans. UPST 2026-4 represents the 52nd ABS securitization\ncollateralized by loans originated through the online platform operated by\nUpstart Network, Inc. (“Upstart” or the “Company”), a 100% owned\nsubsidiary of the publicly traded entity Upstart Holdings, Inc. (NASDAQ:\nUPST).\n\nThe preliminary ratings reflect initial credit enhancement levels of 65.30%\nfor the Class A-1 and Class A-2 notes, 51.60% for the Class B notes, 41.15%\nfor the Class C notes and 20.50% for the Class D notes. Credit enhancement\nconsists of overcollateralization, excess spread, a non-declining cash reserve\naccount and subordination (except for the Class D notes). As of the August 10,\n2026 statistical cutoff date, the collateral pool of UPST 2026-4 will include\napproximately $500.0 million of loans where auto secured personal loans\ncomprise approximately 5.0% of the pool.\n\nKBRA applied its Consumer Loan ABS Global Rating Methodology as well as its\nGlobal Structured Finance Counterparty Methodology as part of its analysis of\nthe portfolio pool data, underlying collateral pool and capital structure.\nKBRA considered its operational reviews of Upstart, as well as periodic update\ncalls with the Company. Operative agreements and legal opinions will be\nreviewed prior to closing.\n\nTo access ratings and relevant documents, click here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70018%2Fratings&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=1&md5=dcaf799f600bba80a5a137585758fa12)\n.\n\nClick here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FCnqJBtQG%2Fupstart-securitization-trust-2026-4-pre-sale-report%3F&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=2&md5=c7c16c80a03b77773d0c649e30f63fd7)\nto view the report.\n\nMethodologies\n\n\n * ABS: Consumer Loan ABS Global Rating Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FGjsqmCFc&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=ABS%3A+Consumer+Loan+ABS+Global+Rating+Methodology&index=3&md5=a3bbf17f888eeadb7823acba8297a191)\n\n * Structured Finance: Global Structured Finance Counterparty Methodology\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FRjVgkPtk&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=Structured+Finance%3A+Global+Structured+Finance+Counterparty+Methodology&index=4&md5=f61d35d750bd114d7addd8323be3b24d)\n\nDisclosures\n\nFurther information on key credit considerations, sensitivity analyses that\nconsider what factors can affect these credit ratings and how they could lead\nto an upgrade or a downgrade, and ESG factors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Fpublications%2FJZRHwTBd%2F&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=ESG+factors&index=5&md5=29b892c46fb49c2fbba6f32b591d5338)\n(where they are a key driver behind the change to the credit rating or rating\noutlook) can be found in the full rating report referenced above.\n\nA description of all substantially material sources that were used to prepare\nthe credit rating and information on the methodology(ies) (inclusive of any\nmaterial models and sensitivity analyses of the relevant key rating\nassumptions, as applicable) used in determining the credit rating is available\nin the Information Disclosure Form(s) located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Ftransaction%2F70018%2Fdisclosures&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=6&md5=c77bb280605f0f24b01fa63357d8294d)\n.\n\nInformation on the meaning of each rating category can be located here\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com%2Funderstanding-ratings%2Frating-scales%2Flong-term-credit-rating&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=here&index=7&md5=9af3b1c10791d5d32fdcb255b5c41b55)\n.\n\nFurther disclosures relating to this rating action are available in the\nInformation Disclosure Form(s) referenced above. Additional information\nregarding KBRA policies, methodologies, rating scales and disclosures are\navailable at www.kbra.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.kbra.com&esheet=54612486&newsitemid=20260928628031&lan=en-US&anchor=www.kbra.com&index=8&md5=b683ba5e5a09143cf14b0d8b0c58a93b)\n.\n\nAbout KBRA\n\nKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies\n(CRA), is a full-service CRA registered with the U.S. Securities and Exchange\nCommission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered\nas a CRA with the European Securities and Markets Authority. Kroll Bond Rating\nAgency UK Limited is registered as a CRA with the UK Financial Conduct\nAuthority. In addition, KBRA is designated as a Designated Rating Organization\n(DRO) by the Ontario Securities Commission for issuers of asset-backed\nsecurities to file a short form prospectus or shelf prospectus. KBRA is also\nrecognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory\nCommission and is recognized by the National Association of Insurance\nCommissioners as a Credit Rating Provider (CRP) in the U.S.\n\nDoc ID: 1017258\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260928628031/en/\n(https://www.businesswire.com/news/home/20260928628031/en/)\n\nAnalytical Contacts\n\nMichael Polvere, Director (Lead Analyst)\n\n+1 646-731-3339\n\nmichael.polvere@kbra.com (mailto:michael.polvere@kbra.com)\n\nMax Hanke, Senior Analyst\n\n+1 312-680-4185\n\nmax.hanke@kbra.com (mailto:max.hanke@kbra.com)\n\nArjun Mallya, Analyst\n\n+1 646-731-2343\n\narjun.mallya@kbra.com (mailto:arjun.mallya@kbra.com)\n\nRahel Avigdor, Managing Director (Rating Committee Chair)\n\n+1 646-731-1203\n\nrahel.avigdor@kbra.com (mailto:rahel.avigdor@kbra.com)\n\nBusiness Development Contact\n\nBrad Korch, Director\n\n+1 646-731-2392\n\nbrad.korch@kbra.com (mailto:brad.korch@kbra.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-28T22:36:00.140339969Z","server_sent_at_ms":1790634960140},"received_at":"2026-09-28T22:36:00.211Z","source_url":"https://www.businesswire.com/news/home/20260928628031/en/"},"analysis":{"id":"143430","press_release_id":"154672","analysis_json":{"industry":{"label":"Consumer Finance","sector":"Financials"},"redFlags":[],"eventType":"debt_offering","narrative":"KBRA assigned preliminary ratings to five classes of notes in Upstart Securitization Trust 2026-4, a $400.0 million consumer loan ABS backed by unsecured and auto-secured personal loans originated on Upstart's platform.\n\nThis is the 52nd ABS securitization from loans originated through Upstart Network, a wholly owned subsidiary of Upstart Holdings (NASDAQ: UPST), indicating continued securitization-market access.\n\nInitial credit enhancement ranges from 65.30% on the Class A notes to 20.50% on the Class D notes; the roughly $500 million collateral pool includes about 5% auto-secured loans as of the August 10, 2026 cutoff.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Routine KBRA pre-rating for Upstart's 52nd ABS deal — confirms ongoing securitization funding channel at $400M."},"keyFigures":{"dealValueUsd":400000000,"customDimensions":{"deal_number":"52nd Upstart-platform ABS securitization","collateral_pool":"$500.0 million of loans as of August 10, 2026 cutoff","auto_secured_share":"5.0% of pool","credit_enhancement":"65.30% Class A-1/A-2, 51.60% Class B, 41.15% Class C, 20.50% Class D"}},"quotedText":"","namedEntities":{"people":[{"name":"Michael Polvere","role":"KBRA Director, Lead Analyst"},{"name":"Rahel Avigdor","role":"KBRA Managing Director, Rating Committee Chair"}],"products":["Upstart Securitization Trust 2026-4 notes"],"companies":[{"name":"Upstart Holdings, Inc.","ticker":"UPST","relationship":"filer/parent of loan originator"},{"name":"Upstart Network, Inc.","relationship":"loan originator, wholly owned subsidiary"},{"name":"Kroll Bond Rating Agency (KBRA)","relationship":"rating agency"}],"dollarAmounts":[{"amount":"$400.0 million","context":"size of UPST 2026-4 securitization"},{"amount":"$500.0 million","context":"approximate collateral pool of loans"}]},"materialImpact":{"score":2,"reasoning":"KBRA assigned preliminary ratings to a $400M Upstart securitization (52nd such deal), a routine funding event. It signals continued ABS market access for Upstart's platform but is largely mechanical and not a new company disclosure."},"tickerRelevance":{"others":[],"primary":"UPST"},"globalImportance":20,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap retail favorite","eventGravity":"routine ABS rating assignment","issuerAuthored":false,"retailFavoriteBoost":true}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"KBRA assigned preliminary ratings to five classes of notes in Upstart Securitization Trust 2026-4, a $400.0 million consumer loan ABS backed by unsecured and auto-secured personal loans originated on Upstart's platform.\n\nThis is the 52nd ABS securitization from loans originated through Upstart Network, a wholly owned subsidiary of Upstart Holdings (NASDAQ: UPST), indicating continued securitization-market access.\n\nInitial credit enhancement ranges from 65.30% on the Class A notes to 20.50% on the Class D notes; the roughly $500 million collateral pool includes about 5% auto-secured loans as of the August 10, 2026 cutoff.","key_figures":{"dealValueUsd":400000000,"customDimensions":{"deal_number":"52nd Upstart-platform ABS securitization","collateral_pool":"$500.0 million of loans as of August 10, 2026 cutoff","auto_secured_share":"5.0% of pool","credit_enhancement":"65.30% Class A-1/A-2, 51.60% Class B, 41.15% Class C, 20.50% Class D"}},"named_entities":{"people":[{"name":"Michael Polvere","role":"KBRA Director, Lead Analyst"},{"name":"Rahel Avigdor","role":"KBRA Managing Director, Rating Committee Chair"}],"products":["Upstart Securitization Trust 2026-4 notes"],"companies":[{"name":"Upstart Holdings, Inc.","ticker":"UPST","relationship":"filer/parent of loan originator"},{"name":"Upstart Network, Inc.","relationship":"loan originator, wholly owned subsidiary"},{"name":"Kroll Bond Rating Agency (KBRA)","relationship":"rating agency"}],"dollarAmounts":[{"amount":"$400.0 million","context":"size of UPST 2026-4 securitization"},{"amount":"$500.0 million","context":"approximate collateral pool of loans"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-28T22:36:05.379Z","global_importance":20,"audience_relevance":25,"importance_components":{"tickerTier":"mid-cap retail favorite","eventGravity":"routine ABS rating assignment","issuerAuthored":false,"retailFavoriteBoost":true}},"durationMs":5143,"modelName":"glm-5.3-flashx"}}