KBRA Affirms and Upgrades Ratings from Octane Receivables Trust

KBRA affirms its ratings on 29 classes of notes and upgrades its ratings on 13 classes of notes issued from 10 Octane transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the May 2025 distribution date (April 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its General Global Rating Methodology for Asset Backed Securities and Auto 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 Octane Receivables Trust Comprehensive Surveillance Dashboard.

Octane Lending, Inc. (“Octane” or the “Company”) originates indirect consumer retail installment contracts through powersports and outdoor power equipment dealerships through its subsidiary, Roadrunner Financial, Inc. (“Roadrunner”). The Company began offering financing products in June 2016. Octane partners with over 60 original equipment manufacturer brands (“OEMs”) and provides financing to customers purchasing utility vehicles (“UTVs”), all-terrain vehicles (“ATVs”), recreational vehicles (“RVs”), tractors, trailers, cruisers, sports bikes, personal watercraft (“PWC”), mowers, dirt bikes, golf carts, classic bikes, trikes, scooters, snowmobiles, electric bikes, go-karts and pontoons. Octane’s customer demographic is full credit spectrum and includes prime and non-prime obligors. The Company is headquartered in New York, New York and services loans through its indirect subsidiary, Roadrunner Account Services, LLC (“RAS”), located in Irving, Texas.

Since inception, Octane has raised $242 million in capital from several investors. Additionally, Octane has committed liquidity from a variety of sources, with staggered maturities ranging from August 2025 to December 2032 and $692 million of undrawn capacity as of May 31, 2025.

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Methodologies