KBRA Assigns Preliminary Ratings to GLS Auto Select Receivables Issuer Trust 2026-3
KBRA assigns preliminary ratings to five classes of notes issued by GLS Auto Select Receivables Issuer Trust 2026-3 ("GSAR 2026-3"), an auto loan ABS transaction.
GSAR 2026-3 represents the 12th near prime term ABS securitization for Global Lending Services LLC (“GLS” or the “Company”), and the third near-prime public securitization of 2026. Since 2014, the Company has also issued 35 securitizations under its GCAR program, collateralized by mostly subprime auto loans. GSAR 2026-3 will issue five classes of notes totaling $257.08 million, collateralized by a pool of retail automobile contracts, made to near-prime obligors and secured by new and used automobiles. Credit enhancement on the notes consists of overcollateralization, subordination of junior note classes (except for the Class D notes), a cash reserve account, and excess spread.
GLS is an auto finance company founded in 2011 and is majority-owned by affiliates of Sixth Street Partners, LLC, a global investment firm. Based on financials provided by the Company, GLS has been profitable since 2017. Based on unaudited financials, the Company reported net income of approximately $114.9 million for Q1 2026. As of March 31, 2026, the Company had total assets of approximately $12.0 billion, and total members’ equity of $1.3 billion.
