Unsecured consumer data is out for October from dv01. Impairments and charge offs up slightly again in almost every aspect, though at or slightly lower than seasonally adjusted trends. Florida underperforming in the last few months after outperforming a year ago.

15 Q’s in 60 seconds. Everybody wins! #15Q60 Did you move states in November?

Did you buy/lease a car in November?

Where will the USD price of #Bitcoin be at the end of December?

Where will the S&P 500 be at the end of December?

Where will the 10-year treasury bond yield be at the end of December?

How did your November household monthly expenses compare to October?

Treat deal counterparts well. Had a seller come back to us recently: “We made a mistake and only sold you half of our portfolio. You guys have been great. We’d rather not take this back to market. Do you want it at the same price/terms?” This 2nd half looks twice as good.

15 Q’s in 60 seconds, year end version. Free data, everybody wins! #15Q60 How old are you?

Did you change jobs in 2023?

Did you move states in 2023?

Did you purchase a new primary house in 2023?

How big was your biggest “splurge” luxury purchase in 2023?

Do you plan on buying a vehicle in 2024?

Will the US go into a recession in 2024?

Last chance to respond (and see results) in our annual survey…

We recently had a concentration covenant breach on one of our credit facilities. The originator has three loan products. We capped one at 50% of the portfolio, and they came in at 50.4% in June. Fortunately, this has been the best performing product. Exemption granted.

State level unemployment slowly creeping higher. Ohio probably the most noticeable on the incline. Arizona has been decking for 6 straight months.

Pier puts out a monthly newsletter called Planks & Pilings. It usually includes a short piece from myself, a similar piece from Jillian, a few charts, suggested reading/listening, and Easter eggs galore. You can sign up on our website. Link below.

Here is a deal you all may find interesting. In December, Pier purchased a portfolio of $21.7MM of subprime auto loans for 57.7% of par (~$12.5MM). Using conservative default rate and recovery expectations in our DCF model, we priced this using a 20% discount rate. How did we get