KBRA Assigns Preliminary Ratings to Pagaya AI Debt Grantor Trust 2026-4 and Pagaya AI Debt Trust 2026-4
KBRA assigns preliminary ratings to 13 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-4 and Pagaya AI Debt Trust 2026-4, collectively “PAID 2026-4,” an unsecured consumer loan ABS transaction. PAID 2026-4 has initial hard credit enhancement levels ranging from 83.97% for the Class A-1 Notes to 4.05% for the Class F-2 Notes. Credit enhancement is comprised of overcollateralization, subordination, except for the Class F-2 Notes, cash reserve accounts funded at closing, and excess spread.
PAID 2026-4 will issue 15 classes of notes totaling $585.90 million, with KBRA rating all classes of notes except the Class FR Securities, Class F2R Securities, and the Certificates.
Pagaya Structured Products LLC, the sponsor and administrator, is a wholly owned subsidiary of Pagaya US Holding Company LLC, formerly known as Pagaya Investments US LLC, which is 100% owned by Pagaya Technologies Ltd. (“Pagaya Technologies”), an Israeli corporation listed on the NASDAQ under ticker PGY. Pagaya Technologies is a technology company that deploys data science and proprietary AI-driven technology for credit analysis in the lending marketplace. This transaction is the 65th publicly rated securitization sponsored by Pagaya Structured Products LLC .
