<div id="readability-page-1"><div>KBRA Assigns Preliminary Ratings to Research-Driven Pagaya Motor Asset Trust 2026-3 and Research-Driven Pagaya Motor Trust 2026-3 KBRA assigns preliminary ratings to 15 classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2026-3 and Research-Driven Pagaya Motor Trust 2026-3 (collectively “RPM 2026-3”), an auto loan ABS transaction. RPM 2026-3 has initial credit enhancement levels of 96.93% for the Class A-1 notes to 5.75% for the Class E-2 notes. Credit enhancement is comprised of overcollateralization (“O/C”), subordination of junior note classes (except for the Class E-2 notes), a cash reserve account (including the capitalized interest amount) funded at closing, and excess spread. RPM 2026-3 will issue 15 classes of notes totaling $384.72 million. The proceeds from the sale of the notes and collections will be used to fund: (i) the prefunding account, (ii) the reserve account, and (iii) pay certain transaction expenses. RPM 2026-3 is a fully prefunded transaction where 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 fully owned subsidiary of Pagaya US Holding Company LLC (formerly known as Pagaya Investments US LLC), which is a 100% owned subsidiary of Pagaya Technologies Ltd. (“Pagaya Technologies”), an Israeli corporation. Pagaya Technologies is a financial technology company in the lending marketplace that uses machine learning, big data analytics, and AI-driven credit and analysis technology. Pagaya Technologies is currently a publicly traded company listed on the NASDAQ (PGY). This transaction is the 64th publicly rated securitization sponsored by Pagaya Structured Products LLC (collectively with its affiliates, “Pagaya” or the “Company”). KBRA applied its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology, as part of its analysis of the transaction’s proposed capital structure and Pagaya’s historical static pool data. KBRA considered its operational reviews of Pagaya and the third-party originators and servicers, as well as periodic update calls with the Company and the third-party originators and servicers. KBRA has recently conducted surveillance on each third-party originators and servicers in KBRA-rated securitizations. Operative agreements and legal opinions will be reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies <ul> <li> Structured Finance: Global Structured Finance Counterparty Methodology </li> <li> ABS: Auto Loan ABS Global Rating Methodology </li> </ul> 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: 1014928 <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTM2MDEzNjhyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTM2MDEzNjhyMQ"/> Analytical Contacts Melvin Zhou, Managing Director (Lead Analyst) +1 646-731-2412 melvin.zhou@kbra.com Dan DePaulo, Associate +1 646-731-1259 dan.depaulo@kbra.com Arjun Mallya, Analyst +1 646-731-2343 arjun.mallya@kbra.com Jack Kahan, Senior Managing Director, Global Head of ABS &amp; RMBS (Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com Business Development Contact Brad Korch, Director +1 646-731-2392 brad.korch@kbra.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260513601368/en/</div></div>

KBRA 已對來自 Research-Driven Pagaya Motor Asset Trust 2026-3 和 Research-Driven Pagaya Motor Trust 2026-3 的 15 個類別的票據分配了初步評級，總金額為 3.8472 億美元。該交易的初始信用增強措施從 A-1 類的 96.93% 到 E-2 類的 5.75% 不等。所得款項將用於預融資和儲備賬户，並覆蓋交易費用。母公司 Pagaya Technologies 在納斯達克上市，股票代碼為 PGY

KBRA 為以研究為導向的 Pagaya Motor Asset Trust 2026-3 和以研究為導向的 Pagaya Motor Trust 2026-3 授予初步評級