Monthly Overview
KBRA’s U.S. Marketplace Consumer Loan ABS Index showed weaker credit performance in September. Annualized net losses climbed 100 basis points (bps) month-over-month (MoM), following a 138-bp decline recorded in August. The volatility in net loss rates is driven by performance swings in late 2024 and early 2025 vintage deals that have yet to reach their steady-state loss rates. Meanwhile, delinquency metrics were more stable, with 30+ day delinquencies up only 5 bps MoM.
On a year-over-year (YoY) basis, credit trends remain favorable, with delinquencies down 12 bps versus year-ago levels, while net losses have risen modestly (+3 bps YoY). Importantly, loss rates this year continue to track below the levels observed in both 2024 and 2023, as shown in Figure 3 and Figure 4.
Current index values as well as MoM and YoY changes are presented in the table below. The data shown in this report and other indices metrics can be found