ENVA 8-K
Enova International, Inc. (ENVA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On September 9, 2026, Enova International, Inc. (the “Company”) announced that a wholly-owned indirect subsidiary, OnDeck Asset Securitization IV, LLC (the “Issuer”), intends to offer, subject to market and other customary conditions, $500,026,000 in initial principal amount of Series 2026-1 Fixed Rate Asset-Backed Notes (the “Offered Notes”) in a private securitization transaction (the “Series 2026-1 Transaction”). It is expected that Kroll Bond Rating Agency, LLC (“KBRA”), in satisfaction of one of the closing conditions, will rate the Offered Notes at closing, which, subject to customary closing conditions, is anticipated to occur on or about September 25, 2026. All of the Offered Notes have a legal final payment date on October 18, 2032, and certain other details are reflected below:
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Class A |
Class B |
Class C |
Class D |
Initial Principal Amount: |
$235,275,000 |
$114,637,000 |
$94,742,000 |
$55,372,000 |
Fixed Interest Rate (per annum): |
5.61% |
6.05% |
6.73% |
8.28% |
Anticipated KBRA Rating: |
AA (sf) |
A- (sf) |
BBB- (sf) |
BB (sf) |
Collateral for the Offered Notes will consist of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC (“OnDeck”), which is a wholly-owned indirect subsidiary of the Company. The Issuer will use the net proceeds of the proposed private offering to purchase small business loans from OnDeck that will be pledged as collateral for the Offered Notes and fund a reserve account. OnDeck will be the servicer of the loans securing the Offered Notes. The Issuer will be the sole obligor of the Offered Notes; the Offered Notes will not be obligations of, or guaranteed by, the Company or OnDeck. OnDeck will use substantially all the proceeds from the Series 2026-1 Transaction to, as applicable, purchase small business loans from certain of its affiliates and for other general corporate purposes.
The Offered Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from, or a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Offered Notes are being offered only to qualified institutional buyers under Rule 144A and to persons outside the United States pursuant to Regulation S under the Securities Act.
This Current Report on Form 8-K is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Any offers of the securities will be made only by means of a private offering memorandum.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other legal authority. Forward-looking statements can be identified by words such as “proposed,” “will,” “enables,” “expects,” “allows,” “continues,” “believes,” “anticipates,” “estimates” or similar expressions. These include statements regarding the proposed private offering of the Offered Notes, the contemplated size of the proposed offering of the Offered Notes, possible completion of the proposed offering of the Offered Notes and the prospective impact of the proposed offering of the Offered Notes. Forward-looking statements are neither historical facts nor assurances of future performance. They are based only on our current beliefs, expectations and assumptions regarding the future of our business, anticipated events and trends, the economy and other future conditions. As such, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control. Therefore, you should not rely on any of these forward-looking statements. Our expected results may not be achieved, and actual results may differ materially from our expectations. There can be no assurance that the proposed offering of the Offered Notes will be completed as currently contemplated or at all. Factors that could cause or contribute to actual results differing from our forward-looking statements include risks relating to: changes in the financial markets, including changes in credit markets, interest rates, securitization markets generally and our proposed private offering in particular, that can impact the willingness of investors to buy the Offered Notes and the prices and interest rates that investors may require; adverse developments regarding the Company, its business or the online or broader marketplace lending industry generally, which could impact demand for or pricing of the Offered Notes; and other risks, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents that we file with the SEC from time to time, which are or will be available on the SEC’s website at www.sec.gov. Except as required by law, we undertake no duty to update the information in this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is furnished as part of this Report on Form 8-K:
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Exhibit No. |
Description |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ENOVA INTERNATIONAL, INC. |
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Date: |
September 15, 2026 |
By: |
/s/ Sean Rahilly |
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Sean Rahilly |
Exhibit 99.1
Delinquencies and Net Charge-Offs
The following Supplemental Data provides historical information relating to (1) delinquency experience as of the dates indicated for a specific subset of OnDeck’s daily, weekly and monthly pay U.S. term loans and lines of credit (as indicated in the headings below), including both on-balance sheet loans and loans sold to investors, as further described in Item 7.01 of the Current Report on Form 8-K to which this Exhibit 99.1 is attached, (2) static pool net charge-off data for such term loans originated in the particular year or quarter specified in such net charge-off table and (3) annualized net charge-off data for such term loans and lines of credit (as indicated in the headings below) as of the particular year or quarter specified in such annualized net charge-off table.
Term Loan Delinquency Experience1,2
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7/31/2026 |
12/31/2025 |
12/31/2024 |
12/31/2023 |
12/31/2022 |
12/31/2021 |
12/31/2020 |
Number of Term Loans Outstanding |
24,276 |
23,611 |
21,409 |
20,445 |
18,027 |
11,951 |
10,473 |
Aggregate Unpaid Principal Balance |
$1,746,673,893 |
$1,558,420,824 |
$1,231,929,539 |
$1,081,407,606 |
$958,048,846 |
$564,833,713 |
$402,659,159 |
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Unpaid Principal Balance of Past Due Term Loans |
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1-14 missed payment factor |
$36,617,137 |
$55,344,175 |
$40,228,787 |
$34,595,627 |
$41,980,019 |
$15,395,906 |
$14,295,617 |
15-29 missed payment factor |
$30,882,012 |
$28,332,902 |
$24,653,454 |
$26,264,683 |
$25,013,844 |
$7,018,340 |
$11,737,335 |
30-44 missed payment factor |
$26,637,239 |
$29,866,465 |
$18,457,714 |
$22,313,096 |
$20,890,824 |
$5,985,236 |
$4,681,417 |
45-59 missed payment factor |
$25,904,995 |
$17,706,650 |
$16,746,274 |
$20,230,938 |
$14,293,284 |
$4,307,708 |
$3,017,883 |
60+ non-write off paying |
$46,824,184 |
$45,186,345 |
$45,074,545 |
$26,936,769 |
$15,727,287 |
$14,702,587 |
$50,274,475 |
60+ non-write off not paying |
$23,011,087 |
$19,440,935 |
$11,782,188 |
$18,655,548 |
$12,841,244 |
$6,794,343 |
$15,395,179 |
Total 61+ DPD |
$69,835,271 |
$64,627,280 |
$56,856,733 |
$45,592,317 |
$28,568,531 |
$21,496,930 |
$65,669,654 |
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Term Loans past due as a % of Unpaid Principal Balance |
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1-14 missed payment factor |
2.10% |
3.55% |
3.27% |
3.20% |
4.38% |
2.73% |
3.55% |
15-29 missed payment factor |
1.77% |
1.82% |
2.00% |
2.43% |
2.61% |
1.24% |
2.91% |
30-44 missed payment factor |
1.53% |
1.92% |
1.50% |
2.06% |
2.18% |
1.06% |
1.16% |
45-59 missed payment factor |
1.48% |
1.14% |
1.36% |
1.87% |
1.49% |
0.76% |
0.75% |
60+ non-write off paying |
2.68% |
2.90% |
3.66% |
2.49% |
1.64% |
2.60% |
12.49% |
60+ non-write off not paying |
1.32% |
1.25% |
0.96% |
1.73% |
1.34% |
1.20% |
3.82% |
1 The delinquency experience is measured by the missed payment factors of the term loans in the Term Loan Comparable Serviced Portfolio. The missed payment factor of a daily pay loan is the sum of the total past due amount of scheduled loan payments thereunder divided by the required daily scheduled loan payment thereunder plus the number of scheduled loan payment dates (if any) past the maturity date on which scheduled loan payment were due but not received on such loan. The missed payment factor of a weekly pay loan is calculated utilizing the same methodology, normalized to account for loans with only one scheduled payment per week and the missed payment factor of a monthly pay loan is calculated utilizing the same methodology, normalized to account for loans with only one scheduled payment per month.
2 Paid off Term Loans are viewed as $0 Unpaid Principal Balance.
Line of Credit Delinquency Experience3,4
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7/31/2026 |
12/31/2025 |
12/31/2024 |
12/31/2023 |
12/31/2022 |
12/31/2021 |
12/31/2020 |
Number of Lines of Credit Outstanding |
58,867 |
43,881 |
28,171 |
19,195 |
19,756 |
16,547 |
15,448 |
Aggregate Unpaid Principal Balance |
$1,319,318,847 |
$939,105,795 |
$556,629,817 |
$333,457,534 |
$282,699,515 |
$187,967,324 |
$155,589,302 |
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Unpaid Principal Balance of Past Due Lines of Credit |
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1-14 missed payment factor |
$41,670,575 |
$29,363,052 |
$14,143,703 |
$9,265,803 |
$7,587,935 |
$2,719,867 |
$3,096,655 |
15-29 missed payment factor |
$25,989,062 |
$36,722,798 |
$16,285,440 |
$5,601,523 |
$4,472,181 |
$1,305,146 |
$1,553,464 |
30-44 missed payment factor |
$29,807,250 |
$19,284,259 |
$9,035,043 |
$4,596,375 |
$3,469,618 |
$909,273 |
$909,064 |
45-59 missed payment factor |
$14,993,804 |
$10,131,581 |
$5,983,166 |
$4,437,468 |
$2,363,179 |
$640,028 |
$957,284 |
60+ non-write off paying |
$14,334,803 |
$8,513,593 |
$5,774,062 |
$5,678,597 |
$2,173,499 |
$2,066,120 |
$8,537,274 |
60+ non-write not off paying |
$26,328,081 |
$13,969,632 |
$8,515,704 |
$5,884,622 |
$1,597,465 |
$2,081,177 |
$4,316,810 |
Total 61+ missed payment factor |
$40,662,884 |
$22,483,225 |
$14,289,767 |
$11,563,219 |
$3,770,964 |
$4,147,297 |
$12,854,084 |
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Lines of Credit past due as a % of Unpaid Principal Balance |
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1-14 missed payment factor |
3.16% |
3.13% |
2.54% |
2.82% |
2.72% |
1.47% |
2.02% |
15-29 missed payment factor |
1.97% |
3.91% |
2.93% |
1.71% |
1.60% |
0.70% |
1.01% |
30-44 missed payment factor |
2.26% |
2.05% |
1.62% |
1.40% |
1.25% |
0.49% |
0.59% |
45-59 missed payment factor |
1.14% |
1.08% |
1.07% |
1.35% |
0.85% |
0.35% |
0.62% |
60+ non-write off paying |
1.09% |
0.91% |
1.04% |
1.73% |
0.78% |
1.12% |
5.56% |
60+ non-write off not paying |
2.00% |
1.49% |
1.53% |
1.79% |
0.57% |
1.12% |
2.81% |
3 The delinquency experience is measured by the missed payment factors of the line of credit loans in the Line of Credit Comparable Serviced Portfolio. The missed payment factor of a daily pay loan is the sum of the total past due amount of scheduled loan payments thereunder divided by the required daily scheduled loan payment thereunder plus the number of scheduled loan payment dates (if any) past the maturity date on which scheduled loan payment were due but not received on such loan. The missed payment factor of a weekly pay loan is calculated utilizing the same methodology, normalized to account for loans with only one scheduled payment per week and the missed payment factor of a monthly pay loan is calculated utilizing the same methodology, normalized to account for loans with only one scheduled payment per month. Historically, line of credit loans have been weekly pay loans.
4 Dormant Lines of Credit are viewed as $0 Unpaid Principal Balance.
Term Loan Cumulative Net Charge-Off Experience5 |
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Origination Vintages (based on calendar year or quarter): Overall |
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2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
6,650 |
7,681 |
7,753 |
7,426 |
7,121 |
6,974 |
25,816 |
23,968 |
22,986 |
15,089 |
10,940 |
Aggregate Original Principal Balance |
685,256,433 |
784,176,327 |
760,911,054 |
676,077,217 |
640,746,185 |
619,384,596 |
2,162,387,741 |
1,813,338,021 |
1,646,623,139 |
950,803,524 |
658,230,518 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)6 |
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Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.01% |
0.03% |
0.01% |
3 |
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0.08% |
0.23% |
0.23% |
0.18% |
0.19% |
0.10% |
0.00% |
0.03% |
0.09% |
0.15% |
4 |
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0.29% |
0.88% |
0.89% |
1.13% |
0.84% |
0.63% |
0.14% |
0.27% |
0.30% |
0.39% |
5 |
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1.23% |
1.93% |
2.05% |
2.49% |
1.81% |
1.64% |
0.82% |
1.23% |
0.89% |
0.72% |
6 |
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3.04% |
3.39% |
3.62% |
2.91% |
2.78% |
1.98% |
2.54% |
1.83% |
1.30% |
7 |
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4.21% |
4.70% |
5.13% |
3.80% |
3.97% |
3.16% |
3.81% |
2.67% |
1.90% |
8 |
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5.31% |
5.61% |
6.29% |
4.96% |
5.14% |
4.45% |
5.15% |
3.72% |
2.71% |
9 |
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6.88% |
7.68% |
5.97% |
6.20% |
5.74% |
6.36% |
4.44% |
3.53% |
10 |
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8.11% |
8.74% |
7.16% |
7.10% |
6.86% |
7.41% |
5.17% |
4.20% |
11 |
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9.20% |
9.73% |
7.84% |
7.86% |
7.72% |
8.40% |
5.72% |
4.62% |
12 |
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10.66% |
8.35% |
8.52% |
8.49% |
9.17% |
6.25% |
4.98% |
13 |
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11.24% |
8.84% |
9.02% |
9.04% |
9.96% |
6.54% |
5.21% |
14 |
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11.77% |
9.20% |
9.35% |
9.45% |
10.59% |
6.72% |
5.42% |
15 |
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9.46% |
9.59% |
9.80% |
11.02% |
6.89% |
5.46% |
16 |
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9.76% |
9.75% |
10.11% |
11.37% |
7.04% |
5.60% |
17 |
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9.90% |
9.85% |
10.33% |
11.66% |
7.18% |
5.64% |
18 |
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9.92% |
10.48% |
11.85% |
7.28% |
5.65% |
19 |
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9.99% |
10.62% |
12.02% |
7.33% |
5.68% |
20 |
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10.02% |
10.66% |
12.12% |
7.39% |
5.73% |
21 |
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10.66% |
12.21% |
7.37% |
5.69% |
22 |
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10.64% |
12.28% |
7.38% |
5.69% |
23 |
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10.62% |
12.29% |
7.38% |
5.63% |
24 |
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10.59% |
12.27% |
7.35% |
5.59% |
25 |
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10.56% |
12.26% |
7.33% |
5.58% |
26 |
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10.53% |
12.25% |
7.29% |
5.55% |
27 |
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10.50% |
12.20% |
7.23% |
5.47% |
28 |
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10.45% |
12.20% |
7.20% |
5.42% |
29 |
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10.41% |
12.17% |
7.19% |
5.37% |
30 |
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10.37% |
12.14% |
7.16% |
5.35% |
5 The historical information in the tables in this section reflect net charge-offs in respect of the Term Loan Comparable Serviced Portfolio that were charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with their then-existing policies and procedures. A Pooled Loan will be deemed a Charged-Off Loan under the Indenture if it is charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with their Credit Policies or it has a Missed Payment Factor (i) in the case of Daily Pay Loans, higher than 60, (ii) in the case of Weekly Pay Loans, higher than 12 and (iii) in the case of Monthly Pay Loans, higher than 3. The data shown above for the referenced annual or quarterly vintages represents the loans originated during such year or quarter as a static pool, and illustrates how such vintages have performed given equivalent months of seasoning.
6 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Origination Vintages (based on calendar year or quarter): OnDeck Score7 < 515 |
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2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
190 |
98 |
149 |
205 |
120 |
197 |
1,578 |
6,774 |
7,777 |
3,684 |
2,233 |
Aggregate Original Principal Balance |
15,546,944 |
8,864,833 |
12,816,417 |
18,033,698 |
10,164,800 |
10,448,001 |
75,484,944 |
431,064,686 |
479,598,620 |
195,741,401 |
108,744,684 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)8 |
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Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.03% |
0.00% |
0.01% |
0.00% |
0.04% |
3 |
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2.44% |
0.00% |
0.00% |
1.01% |
0.43% |
0.34% |
0.00% |
0.07% |
0.15% |
0.38% |
4 |
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4.13% |
1.82% |
1.61% |
3.14% |
2.31% |
1.93% |
0.26% |
0.65% |
0.90% |
0.86% |
5 |
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4.13% |
4.44% |
2.55% |
4.48% |
8.73% |
4.88% |
1.75% |
3.03% |
2.73% |
1.63% |
6 |
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8.24% |
4.43% |
7.81% |
11.87% |
7.63% |
4.17% |
5.80% |
5.98% |
3.53% |
7 |
|
|
12.41% |
7.99% |
12.09% |
15.38% |
11.07% |
6.52% |
8.69% |
8.37% |
5.08% |
8 |
|
|
12.78% |
9.19% |
16.98% |
17.35% |
14.05% |
8.90% |
11.58% |
11.74% |
6.97% |
9 |
|
|
|
9.74% |
19.78% |
19.71% |
16.43% |
10.80% |
13.88% |
13.91% |
8.44% |
10 |
|
|
|
11.47% |
22.43% |
20.03% |
17.76% |
12.68% |
15.69% |
15.58% |
9.97% |
11 |
|
|
|
13.04% |
24.95% |
26.70% |
18.98% |
14.02% |
17.57% |
16.95% |
11.05% |
12 |
|
|
|
|
25.38% |
27.39% |
20.36% |
15.42% |
18.95% |
18.15% |
12.17% |
13 |
|
|
|
|
25.31% |
29.31% |
21.35% |
16.33% |
20.36% |
18.60% |
12.83% |
14 |
|
|
|
|
27.76% |
29.70% |
21.66% |
16.98% |
21.39% |
18.98% |
13.46% |
15 |
|
|
|
|
|
29.51% |
22.03% |
17.51% |
22.08% |
19.18% |
13.63% |
16 |
|
|
|
|
|
30.02% |
22.36% |
17.91% |
22.78% |
19.50% |
14.12% |
17 |
|
|
|
|
|
29.88% |
22.36% |
18.17% |
23.26% |
19.65% |
14.01% |
18 |
|
|
|
|
|
|
22.25% |
18.45% |
23.59% |
19.86% |
14.08% |
19 |
|
|
|
|
|
|
22.22% |
18.64% |
23.86% |
19.91% |
13.98% |
20 |
|
|
|
|
|
|
22.17% |
18.71% |
24.06% |
20.02% |
13.99% |
21 |
|
|
|
|
|
|
|
18.70% |
24.20% |
20.01% |
13.97% |
22 |
|
|
|
|
|
|
|
18.65% |
24.29% |
19.98% |
13.99% |
23 |
|
|
|
|
|
|
|
18.69% |
24.35% |
19.99% |
13.84% |
24 |
|
|
|
|
|
|
|
18.60% |
24.31% |
19.93% |
13.70% |
25 |
|
|
|
|
|
|
|
18.56% |
24.23% |
19.87% |
13.66% |
26 |
|
|
|
|
|
|
|
18.55% |
24.18% |
19.80% |
13.59% |
27 |
|
|
|
|
|
|
|
18.51% |
24.16% |
19.67% |
13.46% |
28 |
|
|
|
|
|
|
|
18.44% |
24.12% |
19.56% |
13.42% |
29 |
|
|
|
|
|
|
|
18.40% |
24.04% |
19.52% |
13.32% |
30 |
|
|
|
|
|
|
|
18.36% |
23.99% |
19.41% |
13.29% |
7 OnDeck Score for the Series 2026-1 Notes utilizes version 7 of the scoring model maintained by the OnDeck Affiliates.
8 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Origination Vintages (based on calendar year or quarter): OnDeck Score 515-544 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
825 |
957 |
1,291 |
1,465 |
1,181 |
1,088 |
4,306 |
6,302 |
5,582 |
3,132 |
1,950 |
Aggregate Original Principal Balance |
53,950,212 |
62,356,439 |
91,505,328 |
100,628,046 |
77,501,760 |
66,781,991 |
260,535,020 |
450,055,626 |
389,011,404 |
185,330,193 |
101,037,855 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)9 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.01% |
0.03% |
0.11% |
0.00% |
3 |
|
0.12% |
0.24% |
0.13% |
0.00% |
0.65% |
0.21% |
0.01% |
0.05% |
0.13% |
0.09% |
4 |
|
0.23% |
1.68% |
1.43% |
1.71% |
1.80% |
1.09% |
0.17% |
0.22% |
0.35% |
0.22% |
5 |
|
2.43% |
3.56% |
3.36% |
3.98% |
4.49% |
3.09% |
0.86% |
0.95% |
0.87% |
0.98% |
6 |
|
|
5.37% |
6.20% |
6.03% |
6.42% |
5.08% |
2.13% |
2.44% |
1.73% |
1.72% |
7 |
|
|
7.18% |
8.97% |
8.35% |
8.13% |
7.00% |
3.46% |
3.71% |
2.76% |
2.87% |
8 |
|
|
9.48% |
10.92% |
11.10% |
10.53% |
9.08% |
4.78% |
4.93% |
3.82% |
3.81% |
9 |
|
|
|
13.58% |
13.19% |
12.25% |
10.80% |
6.28% |
6.24% |
4.82% |
5.68% |
10 |
|
|
|
15.15% |
15.50% |
13.52% |
12.07% |
7.55% |
7.34% |
5.92% |
6.62% |
11 |
|
|
|
16.82% |
17.06% |
14.41% |
13.45% |
8.47% |
8.43% |
6.63% |
7.20% |
12 |
|
|
|
|
18.70% |
15.76% |
14.33% |
9.40% |
9.33% |
7.35% |
7.64% |
13 |
|
|
|
|
19.73% |
17.01% |
15.30% |
9.90% |
10.20% |
7.95% |
7.96% |
14 |
|
|
|
|
20.21% |
17.34% |
15.99% |
10.44% |
11.05% |
8.28% |
8.32% |
15 |
|
|
|
|
|
17.76% |
16.36% |
10.93% |
11.65% |
8.69% |
8.21% |
16 |
|
|
|
|
|
17.86% |
16.68% |
11.18% |
12.06% |
8.93% |
8.40% |
17 |
|
|
|
|
|
18.21% |
16.92% |
11.55% |
12.38% |
9.21% |
8.54% |
18 |
|
|
|
|
|
|
17.02% |
11.71% |
12.49% |
9.29% |
8.49% |
19 |
|
|
|
|
|
|
17.08% |
11.84% |
12.59% |
9.26% |
8.60% |
20 |
|
|
|
|
|
|
17.05% |
11.90% |
12.65% |
9.32% |
8.79% |
21 |
|
|
|
|
|
|
|
11.89% |
12.78% |
9.26% |
8.71% |
22 |
|
|
|
|
|
|
|
11.87% |
12.89% |
9.24% |
8.66% |
23 |
|
|
|
|
|
|
|
11.83% |
12.84% |
9.19% |
8.59% |
24 |
|
|
|
|
|
|
|
11.82% |
12.83% |
9.17% |
8.47% |
25 |
|
|
|
|
|
|
|
11.77% |
12.84% |
9.12% |
8.49% |
26 |
|
|
|
|
|
|
|
11.71% |
12.83% |
9.08% |
8.36% |
27 |
|
|
|
|
|
|
|
11.69% |
12.75% |
8.95% |
8.21% |
28 |
|
|
|
|
|
|
|
11.65% |
12.76% |
8.96% |
8.09% |
29 |
|
|
|
|
|
|
|
11.62% |
12.78% |
8.94% |
7.99% |
30 |
|
|
|
|
|
|
|
11.59% |
12.72% |
8.91% |
7.84% |
9 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Origination Vintages (based on calendar year or quarter): OnDeck Score 545-584
|
|||||||||||
|
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
2,283 |
2,638 |
3,030 |
2,935 |
2,402 |
2,202 |
7,895 |
5,642 |
4,243 |
3,088 |
2,334 |
Aggregate Original Principal Balance |
198,368,702 |
225,414,226 |
272,383,872 |
250,603,630 |
191,709,525 |
176,306,211 |
609,900,295 |
448,771,040 |
329,728,807 |
198,062,181 |
137,987,206 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)10 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.04% |
0.00% |
3 |
|
0.00% |
0.29% |
0.42% |
0.43% |
0.11% |
0.08% |
0.01% |
0.00% |
0.10% |
0.22% |
4 |
|
0.29% |
0.89% |
1.31% |
1.89% |
0.86% |
0.82% |
0.14% |
0.08% |
0.17% |
0.56% |
5 |
|
1.94% |
2.15% |
2.73% |
3.72% |
2.19% |
1.91% |
0.60% |
0.43% |
0.58% |
0.95% |
6 |
|
|
3.78% |
4.02% |
5.31% |
3.31% |
3.41% |
1.34% |
0.67% |
1.07% |
1.28% |
7 |
|
|
4.93% |
5.23% |
7.53% |
4.34% |
4.78% |
2.04% |
1.19% |
1.46% |
1.60% |
8 |
|
|
6.59% |
6.38% |
9.43% |
5.68% |
6.30% |
3.13% |
1.90% |
1.90% |
2.22% |
9 |
|
|
|
7.97% |
11.19% |
6.85% |
7.72% |
4.36% |
2.62% |
2.10% |
2.87% |
10 |
|
|
|
9.36% |
12.36% |
8.47% |
8.88% |
5.20% |
3.60% |
2.53% |
3.39% |
11 |
|
|
|
10.60% |
13.25% |
9.30% |
9.79% |
6.03% |
4.12% |
3.04% |
3.65% |
12 |
|
|
|
|
14.82% |
9.72% |
10.63% |
6.65% |
4.59% |
3.56% |
3.94% |
13 |
|
|
|
|
15.76% |
10.27% |
11.18% |
7.27% |
5.12% |
3.78% |
4.13% |
14 |
|
|
|
|
16.15% |
10.73% |
11.54% |
7.59% |
5.46% |
3.85% |
4.30% |
15 |
|
|
|
|
|
11.16% |
11.84% |
7.84% |
5.77% |
4.02% |
4.35% |
16 |
|
|
|
|
|
11.37% |
12.05% |
8.12% |
5.98% |
4.08% |
4.45% |
17 |
|
|
|
|
|
11.58% |
12.13% |
8.21% |
6.16% |
4.18% |
4.55% |
18 |
|
|
|
|
|
|
12.20% |
8.30% |
6.36% |
4.28% |
4.74% |
19 |
|
|
|
|
|
|
12.27% |
8.46% |
6.62% |
4.33% |
4.77% |
20 |
|
|
|
|
|
|
12.34% |
8.46% |
6.66% |
4.39% |
4.88% |
21 |
|
|
|
|
|
|
|
8.46% |
6.76% |
4.36% |
4.80% |
22 |
|
|
|
|
|
|
|
8.46% |
6.80% |
4.36% |
4.77% |
23 |
|
|
|
|
|
|
|
8.42% |
6.83% |
4.35% |
4.68% |
24 |
|
|
|
|
|
|
|
8.40% |
6.85% |
4.30% |
4.64% |
25 |
|
|
|
|
|
|
|
8.37% |
6.87% |
4.33% |
4.62% |
26 |
|
|
|
|
|
|
|
8.33% |
6.86% |
4.31% |
4.65% |
27 |
|
|
|
|
|
|
|
8.29% |
6.79% |
4.29% |
4.55% |
28 |
|
|
|
|
|
|
|
8.25% |
6.81% |
4.22% |
4.49% |
29 |
|
|
|
|
|
|
|
8.18% |
6.80% |
4.24% |
4.46% |
30 |
|
|
|
|
|
|
|
8.12% |
6.76% |
4.20% |
4.43% |
10 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Origination Vintages (based on calendar year or quarter): OnDeck Score 585-639
|
|||||||||||
|
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
2,173 |
2,521 |
2,176 |
1,925 |
2,094 |
2,190 |
7,730 |
3,905 |
3,026 |
2,589 |
2,344 |
Aggregate Original Principal Balance |
265,437,741 |
304,748,103 |
249,818,307 |
199,623,417 |
214,616,322 |
227,413,058 |
755,467,848 |
350,598,495 |
247,127,276 |
181,185,555 |
155,320,174 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)11 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.01% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3 |
|
0.05% |
0.20% |
0.10% |
0.10% |
0.23% |
0.10% |
0.00% |
0.00% |
0.03% |
0.08% |
4 |
|
0.25% |
0.93% |
0.38% |
0.81% |
0.91% |
0.46% |
0.00% |
0.07% |
0.05% |
0.18% |
5 |
|
0.82% |
1.72% |
1.29% |
2.17% |
1.35% |
1.37% |
0.21% |
0.17% |
0.05% |
0.22% |
6 |
|
|
2.36% |
2.29% |
3.24% |
2.03% |
2.32% |
0.63% |
0.66% |
0.09% |
0.49% |
7 |
|
|
3.31% |
3.22% |
4.30% |
2.91% |
3.29% |
1.18% |
0.78% |
0.39% |
0.79% |
8 |
|
|
3.74% |
3.69% |
4.73% |
3.88% |
4.18% |
1.68% |
1.19% |
0.53% |
1.41% |
9 |
|
|
|
4.24% |
5.95% |
4.76% |
5.03% |
2.54% |
1.63% |
0.64% |
1.96% |
10 |
|
|
|
5.49% |
6.83% |
6.00% |
5.80% |
3.24% |
2.01% |
0.94% |
2.43% |
11 |
|
|
|
6.48% |
8.00% |
6.54% |
6.48% |
3.72% |
2.35% |
1.06% |
2.62% |
12 |
|
|
|
|
8.45% |
7.10% |
7.05% |
3.98% |
2.76% |
1.23% |
2.75% |
13 |
|
|
|
|
8.91% |
7.48% |
7.52% |
4.24% |
3.11% |
1.43% |
2.90% |
14 |
|
|
|
|
9.59% |
7.97% |
7.79% |
4.44% |
3.39% |
1.50% |
2.94% |
15 |
|
|
|
|
|
8.21% |
7.97% |
4.56% |
3.57% |
1.57% |
2.95% |
16 |
|
|
|
|
|
8.59% |
8.07% |
4.90% |
3.65% |
1.65% |
2.94% |
17 |
|
|
|
|
|
8.66% |
8.20% |
5.17% |
3.85% |
1.73% |
3.01% |
18 |
|
|
|
|
|
|
8.27% |
5.29% |
4.06% |
1.83% |
2.93% |
19 |
|
|
|
|
|
|
8.38% |
5.31% |
4.13% |
2.03% |
2.97% |
20 |
|
|
|
|
|
|
8.40% |
5.30% |
4.25% |
2.03% |
2.96% |
21 |
|
|
|
|
|
|
|
5.36% |
4.25% |
2.04% |
2.93% |
22 |
|
|
|
|
|
|
|
5.33% |
4.28% |
2.15% |
2.97% |
23 |
|
|
|
|
|
|
|
5.31% |
4.27% |
2.22% |
2.97% |
24 |
|
|
|
|
|
|
|
5.29% |
4.28% |
2.20% |
3.00% |
25 |
|
|
|
|
|
|
|
5.27% |
4.36% |
2.19% |
3.03% |
26 |
|
|
|
|
|
|
|
5.25% |
4.35% |
2.16% |
2.99% |
27 |
|
|
|
|
|
|
|
5.21% |
4.34% |
2.15% |
2.91% |
28 |
|
|
|
|
|
|
|
5.17% |
4.34% |
2.13% |
2.89% |
29 |
|
|
|
|
|
|
|
5.14% |
4.32% |
2.20% |
2.87% |
30 |
|
|
|
|
|
|
|
5.09% |
4.33% |
2.21% |
2.94% |
11 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Origination Vintages (based on calendar year or quarter): OnDeck Score 640+
|
|||||||||||
|
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
Number of Loans Originated |
1,179 |
1,467 |
1,107 |
896 |
1,324 |
1,297 |
4,307 |
1,345 |
2,358 |
2,596 |
2,079 |
Aggregate Original Principal Balance |
151,952,834 |
182,792,726 |
134,387,131 |
107,188,426 |
146,753,778 |
138,435,335 |
460,999,634 |
132,848,175 |
201,157,033 |
190,484,195 |
155,140,599 |
Cumulative Net Charge-Offs (as a % of aggregate original principal balance)12 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Months Since Origination |
2026 Q2 |
2026 Q1 |
2025 Q4 |
2025 Q3 |
2025 Q2 |
2025 Q1 |
2024 |
2023 |
2022 |
2021 |
2020 |
1 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
2 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.04% |
3 |
|
0.12% |
0.16% |
0.19% |
0.00% |
0.00% |
0.03% |
0.00% |
0.00% |
0.01% |
0.04% |
4 |
|
0.19% |
0.16% |
0.24% |
0.15% |
0.13% |
0.20% |
0.00% |
0.00% |
0.01% |
0.22% |
5 |
|
0.49% |
0.55% |
0.55% |
0.42% |
0.27% |
0.35% |
0.00% |
0.07% |
0.11% |
0.22% |
6 |
|
|
0.74% |
1.18% |
0.42% |
1.49% |
0.62% |
0.00% |
0.31% |
0.11% |
0.32% |
7 |
|
|
1.62% |
1.64% |
1.05% |
1.60% |
1.13% |
0.28% |
0.34% |
0.15% |
0.44% |
8 |
|
|
2.08% |
1.80% |
1.17% |
2.21% |
1.48% |
0.61% |
0.44% |
0.31% |
0.74% |
9 |
|
|
|
2.46% |
1.89% |
2.78% |
1.83% |
0.58% |
0.59% |
0.37% |
0.84% |
10 |
|
|
|
2.87% |
2.27% |
3.35% |
2.31% |
0.80% |
0.69% |
0.49% |
1.06% |
11 |
|
|
|
3.18% |
2.74% |
3.51% |
2.58% |
0.90% |
0.92% |
0.49% |
1.31% |
12 |
|
|
|
|
3.20% |
3.65% |
2.93% |
0.98% |
0.92% |
0.50% |
1.34% |
13 |
|
|
|
|
3.27% |
3.76% |
3.06% |
1.04% |
0.99% |
0.49% |
1.33% |
14 |
|
|
|
|
3.68% |
3.77% |
3.24% |
1.14% |
1.14% |
0.53% |
1.36% |
15 |
|
|
|
|
|
3.82% |
3.39% |
1.36% |
1.12% |
0.54% |
1.44% |
16 |
|
|
|
|
|
4.18% |
3.48% |
1.53% |
1.15% |
0.59% |
1.48% |
17 |
|
|
|
|
|
4.28% |
3.51% |
1.53% |
1.16% |
0.66% |
1.47% |
18 |
|
|
|
|
|
|
3.57% |
1.53% |
1.20% |
0.69% |
1.42% |
19 |
|
|
|
|
|
|
3.60% |
1.70% |
1.23% |
0.69% |
1.46% |
20 |
|
|
|
|
|
|
3.65% |
1.79% |
1.23% |
0.72% |
1.49% |
21 |
|
|
|
|
|
|
|
1.78% |
1.24% |
0.71% |
1.49% |
22 |
|
|
|
|
|
|
|
1.78% |
1.24% |
0.71% |
1.48% |
23 |
|
|
|
|
|
|
|
1.78% |
1.25% |
0.70% |
1.45% |
24 |
|
|
|
|
|
|
|
1.83% |
1.15% |
0.69% |
1.45% |
25 |
|
|
|
|
|
|
|
1.82% |
1.14% |
0.69% |
1.45% |
26 |
|
|
|
|
|
|
|
1.81% |
1.17% |
0.68% |
1.45% |
27 |
|
|
|
|
|
|
|
1.81% |
1.17% |
0.68% |
1.48% |
28 |
|
|
|
|
|
|
|
1.75% |
1.15% |
0.68% |
1.45% |
29 |
|
|
|
|
|
|
|
1.74% |
1.14% |
0.63% |
1.40% |
30 |
|
|
|
|
|
|
|
1.74% |
1.14% |
0.63% |
1.39% |
12 Cumulative net charge-offs (as a % of aggregate original principal balance) are only included for those vintages and months since origination for which performance history exists for each loan of such vintage over such number of months since origination.
Term Loan Annualized Net Charge-Offs Experience13
|
As of 7/31/2026 |
2025 |
2024 |
2023 |
2022 |
2021 |
2020 |
Average Number of Term Loans Outstanding |
23,786 |
22,490 |
21,368 |
19,037 |
15,168 |
10,393 |
15,214 |
Average Aggregate Unpaid Principal Balance |
1,584,874,201 |
1,379,651,559 |
1,165,827,730 |
993,225,017 |
758,591,113 |
442,684,455 |
632,006,246 |
Net Charge-offs |
173,376,792 |
233,397,283 |
204,422,993 |
179,053,893 |
79,759,902 |
24,065,421 |
132,424,601 |
Annualized Net Charge-off Rate |
10.94% |
16.92% |
17.53% |
18.03% |
10.51% |
5.44% |
20.95% |
Line of Credit Annualized Net Charge-Offs Experience14
|
As of 7/31/2026 |
2025 |
2024 |
2023 |
2022 |
2021 |
2020 |
Average Number of Lines of Credit Outstanding |
46,612 |
35,222 |
23,544 |
18,378 |
18,192 |
15,876 |
16,255 |
Average Aggregate Unpaid Principal Balance |
1,004,404,266 |
712,638,667 |
445,099,979 |
299,483,407 |
230,467,628 |
167,272,754 |
215,144,875 |
Net Charge-offs |
120,665,903 |
113,779,581 |
65,186,241 |
42,524,402 |
14,719,938 |
7,849,107 |
32,804,478 |
Annualized Net Charge-off Rate |
12.01% |
15.97% |
14.65% |
14.20% |
6.39% |
4.69% |
15.25% |
13 The historical information in this table reflects net charge-offs in respect of the Term Loan Comparable Serviced Portfolio that were charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with its then-existing policies and procedures. A Pooled Loan will be deemed a Charged-Off Loan under the Indenture if it is charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with its Credit Policies or it has a Missed Payment Factor (i) in the case of Daily Pay Loans, higher than 60, (ii) in the case of Weekly Pay Loans, higher than 12 and (iii) in the case of Monthly Pay Loans, higher than 3.
14 The historical information in this table reflects net charge-offs in respect of the Line of Credit Comparable Serviced Portfolio that were charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with its then-existing policies and procedures. A Pooled Loan will be deemed a Charged-Off Loan under the Indenture if it is charged-off by the OnDeck and/or On Deck Capital, Inc. in accordance with its Credit Policies or it has a Missed Payment Factor (i) in the case of Daily Pay Loans, higher than 60, (ii) in the case of Weekly Pay Loans, higher than 12 and (iii) in the case of Monthly Pay Loans, higher than 3.