KBRA Affirms, Upgrades, and Downgrades Ratings from 13 Upstart Securitization Trust, Upstart Pass-Through Trust, and Upstart Structured Pass-Through Trust Transactions

KBRA affirms ratings on 14 classes of notes, upgrades its ratings on seven classes of notes, and downgrades its rating on one class of notes issued from 13 Upstart Securitization Trust (“UPST”), Upstart Pass-Through Trust (“UPSPT”), and Upstart Structured Pass-Through Trust (“USPTT”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. The downgrade on one class of notes is because KBRA anticipates majority principal loss along with the interest shortfall in the next 12 months. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the January 2026 distribution date (December 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Upstart Securitizations Comprehensive Surveillance Dashboard. UPST 2025-3 and UPST 2025-4 were not included in this review as they are less than six months seasoned.

The loans supporting the transactions were originated through the online platform operated by Upstart Network, Inc. (“Upstart” or the “Company”), a 100% owned subsidiary of the publicly traded entity Upstart Holdings, Inc. (NASDAQ: UPST). Upstart was established in February 2012 and operates an online marketplace lending program and a white label technology licensing service (collectively, the “Upstart Platform” or the “Platform”) that allows lending partners to leverage Upstart’s online application flow, machine learning credit model, verification process and other technology to originate loans according to its own underwriting standards.

Upstart’s online marketplace lending program (the “Upstart Program” or the “Program”) offers consumer loans originated by Cross River Bank (“CRB”), FinWise Bank (“FinWise”), Customers Bank (“CUBI”) and DR Bank (“DRB”). As of December 31, 2025, the Company had unrestricted cash balances totaling $652.4 million and stockholders’ equity of $798.8 million, down 20.8% from $788.4 million and up 20.7% from $633.2 million as of December 31, 2024. The Company reported a net income of $53.6 million as of December 31, 2025, compared to a net loss of $128.6 million for the same period in 2024, indicating an improvement in financial performance.

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Methodologies