U.S. Marketplace Consumer Loan ABS Index: February 2026

Monthly Overview

KBRA’s U.S. Marketplace Consumer Loan ABS Index showed an increase in annualized net losses during the month, while the percentage of borrowers 30+ days past due remained largely unchanged. Annualized net losses increased 79 basis points (bps) month-over-month (MoM), driven by late-2025 vintage deals beginning to reach their steady-state loss levels. Meanwhile, delinquencies declined just 3 bps MoM due to broad-based improvements across index constituents.

The index’s performance has continued to improve since last year, with both annualized net losses and delinquency rates down year-over-year (YoY). Over the past two years, the index has demonstrated gradual improvement, aligning with compositional shifts toward issuers that tightened underwriting standards in late 2023.

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

About the Indices

KBRA’s MPL Index is a…