Another analysis of Upstarts KBRA report

Hopefully this is OK to post, but I had this delivered to me this morning:…

A fairly detailed breakdown of the main parts of the KBRA report. His final summary is:
“This is not a red flag to me and will not turn into one UNLESS it proves to be the beginning of a stubborn, long term pattern. I don’t expect that to be the case, but it’s always possible. I am excited for the company’s earnings results next month.”

I don’t fully understand all the finer details, but am interested in anyones comments on this analysis who understands this stuff better if it hasn’t already been discussed? 10-12% cumulative net losses seems high to me (for securitization trusts, gettng better), but not sure the difference with pass through trusts (which have tended to be much lower, but gettng worse?).