U.S. Equipment Loan & Lease ABS Indices: February 2026

Monthly Overview

Credit performance in KBRA’s headline Equipment Loan and Lease ABS Index weakened this month, with both sub-indices showing higher annualized net loss rates and delinquencies month-over-month (MoM). Headline net losses increased 31 basis points (bps) MoM, driven by similarly sized increases in KBRA’s Large Ticket and Small-Medium Ticket sub-indices. Similarly, the headline delinquency rate (60+ days) increased 13 bps MoM, as both sub-indices posted a modest uptick.

From a year-over-year (YoY) performance perspective, the headline index and sub-indices showed mixed results. Net losses improved in the headline index, falling 6 bps YoY, while delinquencies moved up 19 bps. These opposing directions were driven by divergence between the sub-indices on a YoY basis, with the Small-Medium Ticket showing improvement across both metrics, while the Large Ticket’s credit performance deteriorated.

Current index values as well as MoM and YoY changes are presented in the table below.…