KBRA assigns preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2026-1 ("UPST 2026-1"), a $292.21 million consumer loan ABS securitization collateralized by unsecured consumer loans and auto secured personal loans. UPST 2026-1 represents the 49th ABS securitization collateralized by loans 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).

The preliminary ratings reflect initial credit enhancement levels of 60.65% for the Class A-1 and Class A-2 notes, 46.85% for the Class B notes, 35.90% for the Class C notes and 20.50% for the Class D notes. Credit enhancement consists of overcollateralization, excess spread, a non-declining cash reserve account and subordination (except for the Class D notes). As of the Feburary 3, 2026 statistical cutoff date, the collateral pool of UPST 2026-1 will include approximately $365.3 million of loans where auto secured personal loans comprise approximately 2.5% of the pool.

KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Upstart, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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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.

Doc ID: 1013774

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Analytical Contacts

Michael Polvere, Director (Lead Analyst)

+1 646-731-3339

michael.polvere@kbra.com

Max Hanke, Senior Analyst

+1 312-680-4185

max.hanke@kbra.com

Arjun Mallya, Analyst

+1 646-731-2343

arjun.mallya@kbra.com

Rahel Avigdor, Managing Director (Rating Committee Chair)

+1 646-731-1203

rahel.avigdor@kbra.com

Business Development Contact

Arielle Smelkinson, Senior Director

+1 646-731-2369

arielle.smelkinson@kbra.com

KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2026-1