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KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2026-2 and Research-Driven Pagaya Motor Trust 2026-2
Auto loan ABS transaction receives preliminary ratings from KBRA
Apr. 14, 2026 at 10:07pm
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The complex inner workings of Pagaya's AI-driven auto loan securitization platform reflect the growing role of fintech in the financial industry.NYC TodayKBRA has assigned preliminary ratings to 15 classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2026-2 and Research-Driven Pagaya Motor Trust 2026-2 (collectively "RPM 2026-2"), an auto loan ABS transaction. RPM 2026-2 has initial credit enhancement levels ranging from 96.72% for the Class A-1 notes to 3.20% for the Class E-2 notes, comprised of overcollateralization, subordination, a cash reserve account, and excess spread.
Why it matters
This transaction represents the 62nd publicly rated securitization sponsored by Pagaya Structured Products LLC, a subsidiary of the publicly traded financial technology company Pagaya Technologies. The preliminary ratings from KBRA provide an assessment of the credit quality and risk profile of the notes, which is important for investors evaluating this auto loan ABS offering.
The details
RPM 2026-2 will issue 15 classes of notes totaling $492.60 million, with KBRA rating all classes except the Class E2R. The proceeds will be used to fund the prefunding account, reserve account, and pay transaction expenses. RPM 2026-2 is a fully prefunded transaction, meaning there is no collateral funded at closing and the notes are initially supported by amounts deposited in the prefunding account. Pagaya Structured Products LLC, the sponsor and administrator, is a subsidiary of the publicly traded financial technology company Pagaya Technologies.
- RPM 2026-2 is scheduled to close on April 14, 2026.
The players
Pagaya Structured Products LLC
The sponsor and administrator of the RPM 2026-2 transaction, and a fully owned subsidiary of Pagaya US Holding Company LLC, which is a 100% owned subsidiary of Pagaya Technologies Ltd.
Pagaya Technologies Ltd.
An Israeli corporation and the parent company of Pagaya Structured Products LLC. Pagaya Technologies is a publicly traded financial technology company in the lending marketplace that uses machine learning, big data analytics, and AI-driven credit and analysis technology.
KBRA
Kroll Bond Rating Agency, LLC, one of the major credit rating agencies, which has assigned preliminary ratings to the 15 classes of notes issued by RPM 2026-2.
What’s next
KBRA will review the operative agreements and legal opinions prior to the closing of the RPM 2026-2 transaction on April 14, 2026.
The takeaway
This transaction highlights the continued growth and securitization activity of Pagaya Technologies, a leading fintech company leveraging AI and data analytics to originate and securitize auto loans. The preliminary ratings from KBRA provide an independent assessment of the credit quality and risk profile of the notes, which will be important for investors evaluating this auto loan ABS offering.
