# BLAST-2025-1
Bridgecrest (DriveTime) · subprime · 20 monthly tapes, 2024-12-31 to 2026-07-31

**Score 4** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 57.7% |
| Cumulative net loss (of original pool) | 13.36% |
| 60+ reported (balance-weighted) | 11.23% |
| 60+ extension-adjusted (6-month lookback) | 11.25% |
| Masking gap | 2 bps |
| Extension stock (touched in trailing 6 months) | 0.02% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.00% |
| Recoveries / charge-offs, cumulative | 32.1% |
| Loans remaining | 21,370 · balance $420.9M |
| At issuance | 34,784 loans, $729.4M, WA score 514, WA term 70.8, used 100% |

## Flags

- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)
- **Cumulative recoveries under a third of charged-off principal** (`recovery_weak`)

## Reads on the desk

- HIGH: Cumulative net loss is 13.36% at month 19, against a median of 0.82% across the 37 deals on tape at the same seasoning. Above the band by 12.54 points.
- HIGH: Cumulative recoveries stand at 32.1% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 20 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (11.25%) sits 2bps above reported (11.23%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.

## The bonds on top (servicer report, 2026-07-31)

Pool $420.9M · notes $336.7M in 5 classes · overcollateralization $84.2M · reserve $10.9M · delinquency – vs trigger 50.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $3.2M | $428.6M | 101.8% | +$396.4M | +$364.2M |
| B | $65.3M | $363.3M | 86.3% | +$331.2M | +$299.0M |
| C | $88.8M | $274.5M | 65.2% | +$242.3M | +$210.2M |
| D | $130.5M | $144.0M | 34.2% | +$111.8M | +$79.7M |
| E | $48.9M | $95.1M | 22.6% | +$62.9M | +$30.7M |

Stress 1 = the tape's extension-adjusted 60+ balance (11.25% of pool) charged off at this deal's own severity (68%): $32.2M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: cnl_pct not parsed; dq_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/2050168/000110465926097652/tm2622707d6_ex99-1.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=BLAST-2025-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide