KBRA assigned preliminary ratings to six classes of notes issued by Wingspire Equipment Finance 2026-1 (WEF 2026-1), an equipment ABS transaction.
WEF 2026-1 represents the third equipment ABS transaction sponsored by Wingspire Equipment Finance. The WEF 2026-1 transaction is secured by a portfolio of equipment lease and loan contracts.
The aggregate securitization value (ASV) of the portfolio is approximately $438.18 million as of the Aug. 31, 2026, initial cut-off date. The contract pool yield of the underlying contracts is approximately 9.22 %. The portfolio is comprised of 211 contracts to 63 obligors. The average securitization value by contract is approximately $2.08 million and the average exposure to an obligor is approximately $6.96 million. The weighted average original and remaining contract terms are 47 months and 43 months, respectively. The maximum exposure to an obligor is approximately $41.41 million or approximately 9.45% of the ASV. WEF 2026-1 will issue six classes of notes, totaling $407.07 million. The notes benefit from credit enhancement in the form of overcollateralization, excess spread, a reserve account, and subordination (except for the class E notes).
