Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2026-1, a $292.21 million consumer loan ABS securitization backed by unsecured consumer loans and auto secured personal loans [1] Summary by Relevant Categories Company Overview - Upstart Securitization Trust 2026-1 is the 49th ABS securitization collateralized by loans originated through Upstart Network, Inc., a wholly owned subsidiary of Upstart Holdings, Inc. [1] Financial Details - The total amount of the securitization is $292.21 million, with a collateral pool including approximately $365.3 million of loans, where auto secured personal loans comprise about 2.5% of the pool [1] - The preliminary ratings reflect initial credit enhancement levels of 60.65% for Class A-1 and Class A-2 notes, 46.85% for Class B notes, 35.90% for Class C notes, and 20.50% for Class D notes [1] Methodology and Analysis - KBRA applied its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in its analysis [1] - The analysis included operational reviews of Upstart and periodic update calls with the company [1]