EX-99.1 2 d528702dex991.htm EX-99.1 EX-99.1

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

 

    5/31/2023     12/31/2022     12/31/2021     12/31/2020     12/31/2019     12/31/2018  

Number of Term Loans Outstanding

     18,611       18,027       11,941       10,473       19,576       21,116  

Aggregate Unpaid Principal Balance

   $ 962,542,225     $ 958,035,405     $ 564,833,713     $ 402,659,159     $ 855,865,052     $ 892,216,278  

Unpaid Principal Balance of Past Due Term Loans

 

        

1-14 missed payment factor

   $ 24,872,056     $ 41,980,019     $ 15,395,906     $ 14,295,617     $ 27,496,165     $ 29,859,987  

15-29 missed payment factor

   $ 26,159,878     $ 25,013,844     $ 7,018,340     $ 11,737,335     $ 18,005,152     $ 17,017,747  

30-44 missed payment factor

   $ 19,192,261     $ 20,890,824     $ 5,985,236     $ 4,681,417     $ 13,677,209     $ 12,643,866  

45-59 missed payment factor

   $ 17,692,754     $ 14,293,284     $ 4,307,708     $ 3,017,883     $ 12,827,053     $ 12,090,837  

60+ non-write off paying

   $ 20,153,781     $ 15,727,287     $ 14,702,587     $ 50,240,781     $ 17,877,544     $ 18,208,895  

60+ non-write off not paying

   $ 17,410,277     $ 12,841,244     $ 6,794,343     $ 15,395,179     $ 26,591,630     $ 11,970,251  

Total 61+ missed payment factor

   $ 37,564,059     $ 28,568,531     $ 21,496,930     $ 65,635,960     $ 44,469,174     $ 30,179,146  

Term Loans past due as a % of Unpaid Principal Balance

 

        

1-14 missed payment factor

     2.58 %      4.38 %      2.73 %      3.55 %      3.21 %      3.35 % 

15-29 missed payment factor

     2.72 %      2.61 %      1.24 %      2.91 %      2.10 %      1.91 % 

30-44 missed payment factor

     1.99 %      2.18 %      1.06 %      1.16 %      1.60 %      1.42 % 

45-59 missed payment factor

     1.84 %      1.49 %      0.76 %      0.75 %      1.50 %      1.36 % 

60+ non-write off paying

     2.09 %      1.64 %      2.60 %      12.48 %      2.09 %      2.04 % 

60+ non-write off not paying

     1.81 %      1.34 %      1.20 %      3.82 %      3.11 %      1.34 % 

 

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

 

    5/31/2023     12/31/2022     12/31/2021     12/31/2020     12/31/2019     12/31/2018  

Number of Lines of Credit Outstanding

     17,903       19,653       16,439       15,429       16,661       15,216  

Aggregate Unpaid Principal Balance

   $ 292,079,434     $ 282,578,039     $ 187,643,664     $ 155,593,731     $ 270,422,715     $ 181,048,041  

Unpaid Principal Balance of Past Due Term Loans

 

        

1-14 missed payment factor

   $ 5,449,889     $ 7,489,138     $ 2,786,026     $ 3,091,384     $ 5,563,570     $ 3,142,169  

15-29 missed payment factor

   $ 4,634,710     $ 4,472,181     $ 1,238,956     $ 1,553,437     $ 3,390,316     $ 2,057,493  

30-44 missed payment factor

   $ 4,340,851     $ 3,469,618     $ 909,273     $ 925,211     $ 3,085,334     $ 1,808,989  

45-59 missed payment factor

   $ 4,010,307     $ 2,363,179     $ 640,011     $ 944,919     $ 2,326,662     $ 1,039,825  

60+ non-write off paying

   $ 5,421,863     $ 2,173,499     $ 2,066,119     $ 8,521,106     $ 1,950,686     $ 1,257,142  

60+ non-write off not paying

   $ 5,372,712     $ 1,596,704     $ 2,080,317     $ 4,316,759     $ 5,099,434     $ 3,255,459  

Total 61+ missed payment factor

   $ 10,794,575     $ 3,770,203     $ 4,146,436     $ 12,837,865     $ 7,050,120     $ 4,512,602  

Term Loans past due as a % of Unpaid Principal Balance

 

        

1-14 missed payment factor

     1.87 %      2.65 %      1.48 %      1.99 %      2.06 %      1.74 % 

15-29 missed payment factor

     1.59 %      1.58 %      0.66 %      1.00 %      1.25 %      1.14 % 

30-44 missed payment factor

     1.49 %      1.23 %      0.48 %      0.59 %      1.14 %      1.00 % 

45-59 missed payment factor

     1.37 %      0.84 %      0.34 %      0.61 %      0.86 %      0.57 % 

60+ non-write off paying

     1.86 %      0.77 %      1.10 %      5.48 %      0.72 %      0.69 % 

60+ non-write off not paying

     1.84 %      0.57 %      1.11 %      2.77 %      1.89 %      1.80 % 

 

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

Origination Vintages (based on calendar year or quarter): Overall

 

     2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

      5,515       5,843       6,158       5,349       5,647       15,091       10,944       28,717       31,070  

Aggregate Original Principal Balance

    $ 422,118,427     $ 458,118,916     $ 453,223,665     $ 367,258,975     $ 368,491,207     $ 951,026,442     $ 658,440,346     $ 1,708,671,260     $ 1,835,659,879  

Cumulative Net Charge-Offs (as a % of aggregate original principal balance)6

 

  
Months
Since
Origination		                                                       

1

      0.00 %      0.03 %      0.00 %      0.00 %      0.00 %      0.03 %      0.01 %      0.03 %      0.04 % 

2

      0.00 %      0.07 %      0.00 %      0.00 %      0.05 %      0.09 %      0.15 %      0.07 %      0.10 % 

3

        0.21 %      0.39 %      0.20 %      0.27 %      0.30 %      0.39 %      0.23 %      0.28 % 

4

        1.05 %      1.52 %      1.43 %      0.94 %      0.89 %      0.73 %      0.83 %      0.82 % 

5

        2.55 %      2.85 %      2.70 %      2.04 %      1.83 %      1.33 %      1.72 %      1.76 % 

6

          4.27 %      4.28 %      2.95 %      2.68 %      1.93 %      2.57 %      2.78 % 

7

          5.67 %      5.79 %      4.14 %      3.76 %      2.75 %      3.58 %      3.81 % 

8

          6.97 %      7.13 %      5.10 %      4.50 %      3.59 %      4.54 %      4.69 % 

9

            8.22 %      5.93 %      5.25 %      4.28 %      5.45 %      5.46 % 

10

            9.24 %      6.79 %      5.85 %      4.75 %      6.35 %      5.95 % 

11

            9.88 %      7.27 %      6.42 %      5.14 %      7.01 %      6.40 % 

12

              7.90 %      6.76 %      5.42 %      7.59 %      6.78 % 

13

              8.27 %      7.01 %      5.67 %      8.06 %      7.11 % 

14

              8.48 %      7.24 %      5.78 %      8.54 %      7.34 % 

15

                7.44 %      5.96 %      8.87 %      7.56 % 

16

                7.63 %      6.08 %      9.17 %      7.75 % 

17

                7.77 %      6.19 %      9.34 %      7.96 % 

18

                  6.29 %      9.51 %      8.09 % 

19

                  6.40 %      9.61 %      8.23 % 

20

                  6.43 %      9.70 %      8.29 % 

21

                  6.48 %      9.79 %      8.36 % 

22

                  6.50 %      9.89 %      8.41 % 

23

                  6.54 %      9.95 %      8.44 % 

24

                  6.60 %      9.99 %      8.47 % 

25

                  6.64 %      10.03 %      8.50 % 

26

                  6.67 %      10.05 %      8.52 % 

27

                  6.68 %      10.08 %      8.53 % 

28

                  6.69 %      10.10 %      8.54 % 

29

                  6.72 %      10.11 %      8.56 % 

30

                    10.11 %      8.56 % 

 

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 Seller 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 Seller 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. 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 Score < 470

 

     2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

      65       5       224       259       297       834       331       1,034       1,753  

Aggregate Original Principal Balance

    $ 3,890,612     $ 302,230     $ 8,002,280     $ 9,132,452     $ 9,997,243     $ 27,059,170     $ 8,521,102     $ 26,174,248     $ 42,028,278  

Cumulative Net Charge-Offs (as a % of aggregate original principal balance)7

 

  
Months
Since
Origination		                                                       

1

      0.00 %      0.00 %      0.00 %      0.00 %      0.00 %      0.17 %      0.00 %      0.10 %      0.24 % 

2

      0.00 %      0.00 %      0.00 %      0.00 %      0.00 %      0.21 %      0.14 %      0.15 %      0.56 % 

3

        0.00 %      0.74 %      0.49 %      0.50 %      0.71 %      0.14 %      0.39 %      1.24 % 

4

        0.00 %      3.38 %      5.69 %      3.35 %      3.08 %      0.72 %      2.51 %      3.00 % 

5

        0.00 %      5.27 %      8.83 %      6.97 %      8.10 %      1.50 %      4.61 %      5.82 % 

6

          9.09 %      13.42 %      10.80 %      10.69 %      3.27 %      6.65 %      9.05 % 

7

          11.88 %      15.34 %      13.37 %      13.63 %      5.08 %      8.66 %      12.28 % 

8

          15.07 %      16.75 %      16.28 %      15.79 %      5.96 %      10.38 %      14.08 % 

9

            19.70 %      17.56 %      16.77 %      6.65 %      12.07 %      15.15 % 

10

            21.19 %      18.81 %      17.30 %      7.65 %      13.00 %      15.85 % 

11

            22.26 %      19.74 %      17.76 %      8.59 %      14.17 %      16.22 % 

12

              20.04 %      17.98 %      8.81 %      14.43 %      16.95 % 

13

              20.26 %      18.46 %      9.45 %      14.71 %      17.32 % 

14

              20.24 %      18.59 %      9.75 %      14.87 %      17.64 % 

15

                18.60 %      10.18 %      15.63 %      17.82 % 

16

                18.64 %      10.40 %      15.78 %      17.88 % 

17

                18.70 %      10.40 %      15.80 %      17.99 % 

18

                  10.40 %      15.91 %      18.02 % 

19

                  10.40 %      15.91 %      18.07 % 

20

                  10.40 %      15.91 %      18.08 % 

21

                  10.44 %      15.91 %      18.08 % 

22

                  10.44 %      16.02 %      18.07 % 

23

                  10.44 %      16.02 %      18.07 % 

24

                  10.44 %      16.02 %      18.07 % 

25

                  10.44 %      16.02 %      18.07 % 

26

                  10.44 %      16.03 %      18.07 % 

27

                  10.44 %      16.03 %      18.07 % 

28

                  10.44 %      16.07 %      18.07 % 

29

                  10.44 %      16.07 %      18.07 % 

30

                    16.07 %      18.07 % 

 

 

7 

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 470-499

 

    2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

     238       653       1,202       1,081       1,178       3,082       1,510       4,600       5,856  

Aggregate Original Principal Balance

   $ 16,531,885     $ 33,938,105     $ 62,178,248     $ 51,845,192     $ 55,453,636     $ 150,873,809     $ 57,734,557     $ 176,893,016     $ 229,466,667  
Cumulative Net Charge-Offs (as a % of aggregate original principal balance) 8

 

Months Since
Origination		                                                      

1

     0.00 %      0.00 %      0.00 %      0.00 %      0.00 %      0.03 %      0.00 %      0.09 %      0.05 % 

2

     0.00 %      0.00 %      0.00 %      0.00 %      0.00 %      0.06 %      0.24 %      0.28 %      0.19 % 

3

       0.57 %      0.82 %      0.30 %      0.68 %      0.55 %      0.98 %      0.79 %      0.69 % 

4

       2.08 %      3.53 %      3.25 %      3.49 %      1.96 %      1.73 %      2.21 %      1.96 % 

5

       6.13 %      7.00 %      5.56 %      5.85 %      4.40 %      2.98 %      4.75 %      4.11 % 

6

         8.98 %      9.08 %      7.64 %      6.38 %      3.96 %      6.37 %      6.21 % 

7

         12.41 %      11.31 %      10.31 %      9.50 %      5.01 %      8.38 %      8.00 % 

8

         14.65 %      13.86 %      12.68 %      11.40 %      6.98 %      10.06 %      9.77 % 

9

           14.80 %      14.43 %      13.13 %      7.73 %      11.21 %      11.13 % 

10

           17.35 %      15.69 %      14.43 %      8.55 %      13.02 %      12.12 % 

11

           18.20 %      16.50 %      15.73 %      9.48 %      14.27 %      12.75 % 

12

             17.52 %      16.38 %      10.15 %      15.15 %      13.29 % 

13

             17.65 %      16.85 %      10.53 %      15.86 %      13.82 % 

14

             17.78 %      17.09 %      10.66 %      16.32 %      14.24 % 

15

               17.52 %      11.21 %      16.82 %      14.55 % 

16

               17.78 %      11.29 %      17.11 %      14.82 % 

17

               18.20 %      11.43 %      17.27 %      15.11 % 

18

                 11.49 %      17.35 %      15.23 % 

19

                 11.57 %      17.40 %      15.30 % 

20

                 11.61 %      17.42 %      15.44 % 

21

                 11.83 %      17.50 %      15.47 % 

22

                 11.83 %      17.51 %      15.51 % 

23

                 11.89 %      17.63 %      15.60 % 

24

                 12.03 %      17.68 %      15.64 % 

25

                 12.03 %      17.68 %      15.66 % 

26

                 12.03 %      17.72 %      15.67 % 

27

                 12.03 %      17.77 %      15.69 % 

28

                 12.06 %      17.80 %      15.71 % 

29

                 12.06 %      17.80 %      15.71 % 

30

                   17.80 %      15.71 % 

 

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 500-529

 

    2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

     2,288       2,575       2,298       1,965       1,958       4,794       3,282       8,711       9,007  

Aggregate Original Principal Balance

   $ 145,131,823     $ 182,846,593     $ 160,783,399     $ 128,766,851     $ 123,053,409     $ 291,601,858     $ 176,638,609     $ 472,686,919     $ 496,682,710  
Cumulative Net Charge-Offs (as a % of aggregate original principal balance) 9

 

Months Since
Origination		                                                      

1

     0.00 %      0.05 %      0.00 %      0.00 %      0.00 %      0.06 %      0.00 %      0.03 %      0.06 % 

2

     0.00 %      0.15 %      0.00 %      0.00 %      0.08 %      0.15 %      0.24 %      0.09 %      0.14 % 

3

       0.34 %      0.54 %      0.23 %      0.14 %      0.45 %      0.60 %      0.33 %      0.35 % 

4

       1.82 %      1.88 %      1.80 %      0.66 %      1.01 %      1.19 %      1.21 %      1.29 % 

5

       3.79 %      3.47 %      3.42 %      1.95 %      2.06 %      2.19 %      2.28 %      2.53 % 

6

         5.45 %      5.19 %      3.22 %      3.12 %      3.30 %      3.48 %      3.97 % 

7

         6.83 %      7.33 %      4.83 %      4.14 %      4.46 %      4.82 %      5.23 % 

8

         8.49 %      9.07 %      6.17 %      4.97 %      5.72 %      6.34 %      6.40 % 

9

           10.90 %      7.48 %      5.97 %      6.52 %      7.66 %      7.55 % 

10

           11.87 %      8.96 %      6.71 %      7.35 %      9.07 %      8.29 % 

11

           12.77 %      9.79 %      7.58 %      7.96 %      9.99 %      8.93 % 

12

             10.78 %      8.07 %      8.35 %      10.88 %      9.32 % 

13

             11.43 %      8.44 %      8.72 %      11.56 %      9.73 % 

14

             11.85 %      8.86 %      8.89 %      12.13 %      10.01 % 

15

               9.16 %      9.06 %      12.44 %      10.22 % 

16

               9.46 %      9.17 %      12.94 %      10.54 % 

17

               9.62 %      9.28 %      13.20 %      10.81 % 

18

                 9.39 %      13.41 %      11.02 % 

19

                 9.62 %      13.56 %      11.19 % 

20

                 9.65 %      13.65 %      11.26 % 

21

                 9.68 %      13.74 %      11.41 % 

22

                 9.76 %      13.94 %      11.47 % 

23

                 9.82 %      13.99 %      11.53 % 

24

                 9.93 %      14.07 %      11.57 % 

25

                 10.01 %      14.14 %      11.60 % 

26

                 10.05 %      14.19 %      11.61 % 

27

                 10.08 %      14.22 %      11.62 % 

28

                 10.09 %      14.22 %      11.64 % 

29

                 10.11 %      14.24 %      11.68 % 

30

                   14.24 %      11.68 % 

 

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 530-559

 

    2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

     1,971       1,680       1,579       1,297       1,366       3,833       3,341       8,336       8,263  

Aggregate Original Principal Balance

   $ 164,703,215     $ 150,975,963     $ 137,673,848     $ 107,133,473     $ 104,888,879     $ 275,298,612     $ 219,069,951     $ 541,210,531     $ 557,559,854  
Cumulative Net Charge-Offs (as a % of aggregate original principal balance) 10

 

Months Since
Origination		                                                      

1

     0.00 %      0.00 %      0.00 %      0.00 %      0.00 %      0.02 %      0.02 %      0.03 %      0.02 % 

2

     0.00 %      0.00 %      0.00 %      0.00 %      0.08 %      0.06 %      0.15 %      0.03 %      0.07 % 

3

       0.05 %      0.23 %      0.21 %      0.20 %      0.15 %      0.33 %      0.15 %      0.22 % 

4

       0.23 %      1.02 %      0.60 %      0.22 %      0.51 %      0.63 %      0.63 %      0.46 % 

5

       1.43 %      1.58 %      1.58 %      0.81 %      0.83 %      1.06 %      1.44 %      1.17 % 

6

         2.39 %      2.67 %      1.17 %      1.26 %      1.40 %      2.27 %      1.94 % 

7

         3.42 %      3.88 %      1.66 %      1.86 %      2.06 %      3.17 %      2.88 % 

8

         4.28 %      4.80 %      1.91 %      2.20 %      2.55 %      3.97 %      3.60 % 

9

           5.41 %      2.23 %      2.60 %      3.28 %      4.83 %      4.14 % 

10

           6.09 %      2.71 %      3.05 %      3.64 %      5.57 %      4.50 % 

11

           6.42 %      2.88 %      3.29 %      3.87 %      6.16 %      4.97 % 

12

             3.15 %      3.55 %      4.12 %      6.70 %      5.39 % 

13

             3.45 %      3.68 %      4.42 %      7.12 %      5.68 % 

14

             3.65 %      3.87 %      4.53 %      7.72 %      5.90 % 

15

               3.95 %      4.77 %      8.11 %      6.13 % 

16

               4.12 %      4.98 %      8.40 %      6.30 % 

17

               4.18 %      5.11 %      8.57 %      6.49 % 

18

                 5.16 %      8.79 %      6.65 % 

19

                 5.29 %      8.93 %      6.81 % 

20

                 5.32 %      9.04 %      6.86 % 

21

                 5.32 %      9.15 %      6.93 % 

22

                 5.33 %      9.21 %      6.98 % 

23

                 5.38 %      9.30 %      7.01 % 

24

                 5.40 %      9.32 %      7.05 % 

25

                 5.42 %      9.32 %      7.07 % 

26

                 5.47 %      9.34 %      7.10 % 

27

                 5.49 %      9.37 %      7.12 % 

28

                 5.50 %      9.42 %      7.13 % 

29

                 5.53 %      9.43 %      7.13 % 

30

                   9.43 %      7.13 % 

 

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 560+

 

  
     2023 Q1     2022 Q4     2022 Q3     2022 Q2     2022 Q1     2021     2020     2019     2018  

Number of Loans Originated

      953       930       855       747       848       2,548       2,480       6,036       6,191  

Aggregate Original Principal Balance

    $ 91,860,892     $ 90,056,025     $ 84,585,890     $ 70,381,006     $ 75,098,039     $ 206,192,993     $ 196,476,127     $ 491,706,545     $ 509,922,369  

Cumulative Net Charge-Offs (as a % of aggregate original principal balance)11

 

  
Months Since
Origination		                                                       

1

      0.00 %      0.07 %      0.00 %      0.00 %      0.00 %      0.00 %      0.03 %      0.00 %      0.00 % 

2

      0.00 %      0.07 %      0.00 %      0.00 %      0.00 %      0.03 %      0.04 %      0.00 %      0.01 % 

3

        0.07 %      0.00 %      0.00 %      0.23 %      0.07 %      0.10 %      0.01 %      0.01 % 

4

        0.46 %      0.00 %      0.14 %      0.23 %      0.14 %      0.16 %      0.10 %      0.05 % 

5

        0.57 %      0.49 %      0.21 %      0.48 %      0.14 %      0.36 %      0.24 %      0.25 % 

6

          1.19 %      0.38 %      0.48 %      0.20 %      0.65 %      0.45 %      0.47 % 

7

          1.61 %      0.59 %      0.70 %      0.27 %      1.22 %      0.86 %      0.85 % 

8

          2.05 %      0.95 %      0.74 %      0.38 %      1.75 %      1.14 %      1.14 % 

9

            1.28 %      0.74 %      0.52 %      2.26 %      1.59 %      1.51 % 

10

            1.70 %      0.76 %      0.61 %      2.40 %      1.85 %      1.65 % 

11

            2.11 %      0.81 %      0.67 %      2.62 %      2.10 %      1.82 % 

12

              1.12 %      0.69 %      2.70 %      2.31 %      2.07 % 

13

              1.29 %      0.72 %      2.72 %      2.57 %      2.26 % 

14

              1.29 %      0.76 %      2.77 %      2.86 %      2.38 % 

15

                0.84 %      2.77 %      3.05 %      2.53 % 

16

                0.85 %      2.80 %      3.19 %      2.60 % 

17

                0.88 %      2.90 %      3.28 %      2.75 % 

18

                  3.05 %      3.38 %      2.78 % 

19

                  3.07 %      3.44 %      2.89 % 

20

                  3.09 %      3.51 %      2.92 % 

21

                  3.14 %      3.61 %      2.95 % 

22

                  3.14 %      3.66 %      3.00 % 

23

                  3.15 %      3.71 %      3.00 % 

24

                  3.18 %      3.73 %      3.00 % 

25

                  3.21 %      3.77 %      3.02 % 

26

                  3.21 %      3.78 %      3.04 % 

27

                  3.21 %      3.80 %      3.05 % 

28

                  3.21 %      3.82 %      3.06 % 

29

                  3.27 %      3.82 %      3.07 % 

30

                    3.82 %      3.07 % 

 

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.

Term Loan Annualized Net Charge-Offs Experience12

 

     As of
5/31/2023		     2022     2021     2020     2019     2018  

Average Number of Term Loans Outstanding

      17,236       15,168       10,393       15,214       20,913       19,319  

Average Aggregate Unpaid Principal Balance

    $ 889,938,468     $ 758,587,857     $ 442,684,455     $ 632,006,246     $ 867,112,999     $ 834,373,964  

Net Charge-offs

    $ 68,277,179     $ 79,755,371     $ 24,065,421     $ 132,424,601     $ 129,489,502     $ 101,464,659  

Annualized Net Charge-off Rate

      7.67 %      10.51 %      5.44 %      20.95 %      14.93 %      12.16 % 

Line of Credit Annualized Net Charge-Offs Experience13

 

     As of
5/31/2023		     2022     2021     2020     2019     2018  

Average Number of Lines of Credit Outstanding

      18,558       18,156       15,867       16,253       16,084       13,953  

Average Aggregate Unpaid Principal Balance

    $ 267,652,842     $ 230,336,298     $ 167,246,492     $ 215,152,952     $ 226,854,304     $ 148,838,149  

Net Charge-offs

    $ 13,756,080     $ 14,719,938     $ 7,849,107     $ 32,804,478     $ 22,555,856     $ 12,410,990  

Annualized Net Charge-off Rate

      5.14 %      6.39 %      4.69 %      15.25 %      9.94 %      8.34 % 

 

12 

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 Seller 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 Seller 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.

13 

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 Seller 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 Seller 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.