KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2025-5 and Research-Driven Pagaya Motor Trust 2025-5

Core Insights - KBRA has assigned preliminary ratings to seven classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2025-5 and Research-Driven Pagaya Motor Trust 2025-5, collectively referred to as RPM 2025-5 [1] - The initial credit enhancement levels for RPM 2025-5 range from 91.90% for Class A-1 notes to 9.41% for Class E notes [1] - Credit enhancement mechanisms include overcollateralization, subordination of junior note classes (excluding Class E notes), and a cash reserve [1]