Consumer Credit Check-In: Vintages, Prepayments, and Investor Signals

In this episode of In the Tranches of Structured Finance, Vadim addresses follow-up questions from dv01’s recent consumer credit webinar and provides an updated view on consumer credit performance across key markets—focusing on what the data is actually signaling for investors.

Key themes include:

• Late-2024 consumer unsecured vintages:Why early performance comparisons—especially across credit tiers—require nuance and patience

• Prepayments and returns: How elevated prepayments are distorting delinquencies and ROI, and why IRR remains the more reliable lens

• Data quality and interpretation: Limitations of bureau-based reporting and the importance of loan-level analysis

• Private credit: Why its growing role does not make markets more opaque

• Market performance update: Consumer unsecured strength versus continued pressure in Non-QM, with losses remaining contained

This episode is designed for market participants looking to move beyond headlines and better understand the forces shaping consumer credit performance today.

Listen From Your Preferred Platform

Spotify | Apple Podcasts

About the dv01 Podcast

dv01's In The Tranches of Structured Finance podcast explores macroeconomic trends, sector performance, and the future of capital markets. As a leading market intelligence company in structured credit, dv01 provides transparency and actionable insights through loan-level data and research.