Apr Trust: Early Del In-Line, Loss In Line With Our Estimate

研报英文原文证据摘录

Apr Trust: Early Del In-Line, Loss In Line With Our Estimate

Diversified Financials: Consumer Finance

OneMain Holdings

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

May 14, 2026

Price: $53.95 (05/14/2026) Apr Trust: Early Del In-Line, Loss In Line With

Price Target: $66.00 Our Estimate

BUY (1)

ESG SCORE: 47/100

Moshe Orenbuch THE TD COWEN INSIGHT

646 562 1495

We provide our thoughts on OMF's monthly trust data.

moshe.orenbuch@tdsecurities.com

Hoang Nguyen, CFA Overall, OMF's 2Q losses are tracking in line with our dollar loss estimate of $498 mil for the

646 562 1337 entire C&I business, as losses from pre-tightening vintages (pre Aug 2022) continue to flow

hoang.nguyen2@tdsecurities.com

through. OMF expects consumer loan net charge-offs to get back within historical range of

Key Data below 7% over time. Losses were worse than seasonality in Apr, while early delinquency was

Symbol NYSE: OMF in line. OMF should be profitable even in a credit stress scenario, and has significant capital

Market Cap $6.2B return (now has programmatic buyback) and several growth initiatives, while the shares trade

at a low multiple (and ~8% dividend yield). We maintain our estimates and Buy rating.

Personal Loans: The average OMFIT personal loan net loss rate was 9.40% in Apr, +17 bps m/

m, worse than historical seasonality (generally down somewhat in April). As noted above, this

is consistent with our forecast for Q2, though we would anticipate some improvement over the

next couple of months. Total 30+ day delinquencies in the trusts were 5.19%, -15 bps m/m, vs

-9 bps m/m in Apr 2025. Early delinquency (30-59 days del) was down 3 bps m/m in Apr, in

line with historical seasonality. OMF has noted that the front book (post Aug-2022 originations)