{"id":5390,"date":"2026-05-13T22:38:00","date_gmt":"2026-05-13T20:38:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=b25b74ec41bce5a5d08d88664c3501ac"},"modified":"2026-05-13T22:38:00","modified_gmt":"2026-05-13T20:38:00","slug":"kbra-assigns-preliminary-ratings-to-research-driven-pagaya-motor-asset-trust-2026-3-and-research-driven-pagaya-motor-trust-2026-3","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=5390","title":{"rendered":"KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2026-3 and Research-Driven Pagaya Motor Trust 2026-3"},"content":{"rendered":"

NEW YORK--(BUSINESS WIRE)--#creditratingagency<\/a>--KBRA assigns preliminary ratings to 15 classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2026-3 and Research-Driven Pagaya Motor Trust 2026-3 (collectively \u201cRPM 2026-3\u201d), an auto loan ABS transaction. RPM 2026-3 has initial credit enhancement levels of 96.93% for the Class A-1 notes to 5.75% for the Class E-2 notes. Credit enhancement is comprised of overcollateralization (\u201cO\/C\u201d), subordination of junior note classes (except for the Class E-2 notes), a cash reserve account (including the capitalized interest amount) funded at closing, and excess spread.<\/p><\/a><\/a>

\nRPM 2026-3 will issue 15 classes of notes totaling $384.72 million. The proceeds from the sale of the notes and collections will be used to fund: (i) the prefunding account, (ii) the reserve account, and (iii) pay certain transaction expenses. RPM 2026-3 is a fully prefunded transaction where there is no collateral funded at closing and the notes are initially supported by amounts deposited in the prefunding account.<\/p>

\nPagaya Structured Products LLC, the sponsor and administrator, is a fully owned subsidiary of Pagaya US Holding Company LLC (formerly known as Pagaya Investments US LLC), which is a 100% owned subsidiary of Pagaya Technologies Ltd. (\u201cPagaya Technologies\u201d), an Israeli corporation. Pagaya Technologies is a financial technology company in the lending marketplace that uses machine learning, big data analytics, and AI-driven credit and analysis technology. Pagaya Technologies is currently a publicly traded company listed on the NASDAQ (PGY). This transaction is the 64th<\/sup> publicly rated securitization sponsored by Pagaya Structured Products LLC (collectively with its affiliates, \u201cPagaya\u201d or the \u201cCompany\u201d).<\/p>

\nKBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology, as part of its analysis of the transaction\u2019s proposed capital structure and Pagaya\u2019s historical static pool data. KBRA considered its operational reviews of Pagaya and the third-party originators and servicers, as well as periodic update calls with the Company and the third-party originators and servicers. KBRA has recently conducted surveillance on each third-party originators and servicers in KBRA-rated securitizations. Operative agreements and legal opinions will be reviewed prior to closing.<\/p>

\nTo access ratings and relevant documents, click here<\/a>.<\/p>

\nClick here<\/a> to view the report.<\/p>

\nMethodologies<\/strong><\/p>