KBRA recently assigned preliminary ratings to five classes of notes (seven tranches) issued by GLS Auto Receivables Issuer Trust 2026-1, an auto loan ABS transaction.
GCAR 2026-1 represents the second term ABS securitization of 2026 for Global Lending Services, LLC, and the first under the GCAR program. The company has issued 34 securitizations under their GCAR program following its inaugural issuance in 2014. GCAR 2026-1 will issue five classes of notes (seven tranches) totaling $907.72 million collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles.
GLS is an auto finance company founded in 2011 and is majority-owned by funds managed by Sound Point Capital Management, L.P., an alternative asset manager. Funds managed by Sound Point and legacy funds formerly managed by BlueMountain Capital Management have invested $135 million since GLS’ inception. As of Dec. 31, 2025, the company had total assets of approximately $9.8 billion, loss absorbing capital of approximately $908.0 million, and an aggregate managed portfolio balance of $10.5 billion.
