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KBRA Affirms and Upgrades Ratings for Stream Innovations Issuer Trusts

20 May 2026   |   New York

Contacts

KBRA affirms its ratings on nine classes of notes and upgrades its rating on one class of notes issued from three Stream Innovations Issuer Trust (“STRE”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. The data used for this review is as of the April 2026 distribution date (March 2026 collection period). To date, the securities have received timely interest payments. The security with an upgraded rating experienced increased credit enhancement.

In performing its rating review, KBRA utilized its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty 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 Stream Innovations Issuer Trust Comprehensive Surveillance Dashboard. STRE 2026-1 was not included in this review as it is less than six months seasoned.

Stream was founded in 2020, is based in Conshohocken, Pennsylvania and provides financing for customers of Power Home Remodeling Group, LLC (“Power Home” or the “Merchant”), under the Stream Program. Stream was founded and is owned by several of the owners of Power Home, the COO of Power Home and the CEO of Stream. Power Home, founded in 1992 and headquartered in Chester, Pennsylvania, is a home remodeling company focused on the installation and construction of residential energy efficiency and home improvement projects.

Stream originates loans through the Stream Program, which provides in-home, point-of-sale financing to consumers that are making a purchase for home improvement, for projects installed by Power Home. Stream is a preferred lender for Power Home, but it is a stand-alone company and not a subsidiary or finance company of Power Home. The majority of the projects relate to the purchase and installation of home efficiency products. Stream originated over $2.5 billion in home improvement receivables since its inception and had an outstanding portfolio of $1.9 billion as of April 30, 2026. All loans are serviced by Stream.

The Company reported a net loss of $8.3 million in 2024 and net income of $23.8 million for YE 2025. As of Q1 2026, the Company reported a net income of $6.41 million. However, it was noted that the net loss in 2024 was primarily driven by an increase in loan loss provisioning due to adopting CECL accounting standards.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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