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FFIN 2026-2's notes will repay investors sequentially, other than during a class A credit enhancement period.
Upstart's grade E loans account for 47.1% of the collateral pool, compared with 43.3% in the UPST 2026-3, while the concentration of 60-month loans is also lower.
Raising $350.2 million in notes, the transaction has borrowers with higher credit quality, though the notes have less excess spread.
GDLP 2026-2 also has lower levels of initial credit enhancement compared to GDLP 2026-1, at 6.12% versus 5.74%; overcollateralization at 23.90% versus 24.92% and total gross excess spread of 5.55% versus 5.98%.
ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.
