OneMain Holdings, Inc 5月信托信贷数据

12/231/242/243/244/245/246/247/24 8/249/2410/2411/2412/241/252/253/254/255/25Restricted - External OMFEQUAL WEIGHTU.S. Consumer FinanceNEUTRALPrice TargetUSD 48.00Price (13-Jun-25)USD 51.87Potential Upside/Downside-7.5%Source: Bloomberg, Barclays ResearchU.S. Consumer FinanceTerry Ma, CFA+1 212 526 7965terry.ma@barclays.comBCI, USJulia Gul+1 212 526 9132julia.gul@barclays.comBCI, USCordelia R Deng+1 212 526 7625cordeliar.deng@barclays.comBCI, US Note: 1. Chart excludes unseasoned receivables OMFIT 2024-1 (added in April 2024) from 04/24 to 7/24 and ODART 2025-1(added in January 2025) from 1/25 to 5/25. 2. 5/25 estimated based on average delta between total trust data and trustdata ex. private placement in the last 2 months.Source: Company Reports, Barclays ResearchAbout the DataTrust data reflects a subset of the portfolio (~55%) that has been securitized and is usually agood directional read-through for the entire portfolio. That said, the magnitude changes astrust receivables are more skewed toward secured (e.g., ODART) and are more seasoned (older),which results in more consistent credit quality than the entire portfolio. Trust data should intheory have a lower loss content and are also less volatile.FIGURE 3. Trust vs. Consolidated Portfolio NCO0%2%4%6%8%10%12%14%1Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q25NCOTrustNon-TrustConsolidatedSource: Company Reports, Barclays Research 2 FIGURE 4. Trust vs. Consolidated DQsNote: Excludes FoursightSource: Company Reports, Barclays Research Analyst(s) Certification(s):I, Terry Ma, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)OneMain Holdings, Inc(OMF, 13-Jun-2025, USD 51.87), Equal Weight/Neutral, A/CE/D/E/J/LUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Barclays Bank PLC and/or its group companies makes, or will make, a market in the securities (as defined under paragraph 16.2 (k) of the HK SFCCode of Conduct) in respect of this issu