U.S. Equipment Loan & Lease ABS Indices: November 2025

Monthly Overview

KBRA’s headline Equipment Loan and Lease ABS Index showed mixed performance this month. Headline annualized net losses increased 30 basis points (bps) month-over-month (MoM), driven by KBRA’s Large Ticket sub-index reaching its highest net loss rate since at least 2010, increasing 63 bps MoM. The weaker Large Ticket performance was partially offset by a 24-bp improvement in KBRA’s Small-Medium Ticket sub-index. The deterioration in Large Ticket net losses was primarily driven by two deals from the same issuer that have experienced significant month-to-month swings in performance. Delinquency performance was more muted this month, with the headline index improving by just 8 bps and both sub-indices showing similar modest improvements.

Meanwhile, year-over-year (YoY) performance has softened since last November, with both delinquencies and losses rising in the headline index and sub-indices. The headline index net loss rate increased 37 bps YoY, with both sub-indices…