# EART-2025-1
Exeter Finance · subprime · 20 monthly tapes, 2024-12-31 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 61.2% |
| Cumulative net loss (of original pool) | 7.82% |
| 60+ reported (balance-weighted) | 7.67% |
| 60+ extension-adjusted (6-month lookback) | 32.79% |
| Masking gap | 2512 bps |
| Extension stock (touched in trailing 6 months) | 29.00% |
| New extensions this month | 5.57% |
| Repossessed, not yet liquidated | 1.14% |
| Recoveries / charge-offs, cumulative | 41.3% |
| Loans remaining | 42,827 · balance $847.6M |
| At issuance | 62,104 loans, $1.38B, WA score 600, WA term 75.4, used 89% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)
- **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`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 7.67% as reported, but 32.79% once loans returned to current by a payment extension in the trailing six months are added back. That is a 2512bps gap, on 29.0% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 7.82% at month 19, against a median of 0.82% across the 37 deals on tape at the same seasoning. Above the band by 6.99 points.
- WATCH: Cumulative recoveries stand at 41.3% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 20 monthly tapes.

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

Pool $847.6M · notes $745.9M in 4 classes · overcollateralization $101.7M (12.00%) · reserve $14.5M · reported cumulative net loss 7.80% · delinquency 7.47% vs trigger 40.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| B | $198.1M | $664.0M | 78.3% | +$500.8M | +$337.7M |
| C | $185.5M | $478.5M | 56.5% | +$315.4M | +$152.2M |
| D | $199.3M | $279.2M | 32.9% | +$116.1M | −$47.0M |
| E | $163.0M | $116.2M | 13.7% | −$46.9M | −$210.1M |

Stress 1 = the tape's extension-adjusted 60+ balance (32.79% of pool) charged off at this deal's own severity (59%): $163.1M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Source: https://www.sec.gov/Archives/edgar/data/2049379/000092963826003378/eart2025-1_exhibit991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=EART-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.

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