KBRA Upgrades and Affirms Ratings for Foursight Capital Automobile Receivables Trusts

KBRA upgrades its ratings on ten classes of notes and affirms its ratings on eight classes of notes and issued from five Foursight Capital Automobile Receivables Trust (“FCRT”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the September 2025 distribution date (August 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Foursight Automobile Receivables Trust Comprehensive Surveillance Dashboard.

Foursight Capital LLC (“Foursight” or the “Company”), a Utah based automobile finance company that has been in business since 2012. The Company provides automobile loans to prime, near-prime and subprime borrowers who have experienced prior credit difficulties or have limited credit histories with credit bureau scores typically ranging from 556-879. Foursight was formed in Q4 2012 by an experienced senior management team that previously led Franklin Capital Corporation (“Franklin Capital”).

In November 2023, OneMain Holdings, Inc (“OMH”) (NYSE: OMF), entered into an agreement to acquire Foursight from its parent Jefferies Financial Group Inc. (“Jefferies”). The agreement was executed on April 1, 2024.

OMH, on a consolidated basis, generated net income of approximately $380 million for the six months ended June 30, 2025. Net finance receivables stand at approximately $23.9 billion and shareholder’s equity was $3.3 billion as of June 30, 2025. OMH has diverse funding sources from unsecured debt, revolving term ABS, and multi-year revolving bank conduits. As of June 30, 2025, OMH had approximately $769 million in cash and cash equivalents. As of June 30, 2025, OMH had $1 million outstanding from $7.5 billion in committed conduit lines with 16 money-center banks and an unsecured corporate revolver. As of June 30, 2025, OMFC had term ABS outstanding of approximately $12.4 billion.

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Methodologies