Rogue Portfolio

Total UPB

$50.9M

+235% YoY

YTD Collections

$4.52M

Full Year

📈 Monthly Collections & Portfolio Growth (2025)

🔵 Collections 🟢 Loan Count 🟠 H2 Avg ($508K)

📊 Quarterly Performance

$322K

Q1 • +132 loans

$1.14M

Q2 • +161 loans

$1.63M

Q3 • +6 loans

$1.42M

Q4 • +6 loans

🚀 Growth Phase Analysis

PHASE 1: RAPID GROWTH Jan–Jun

Originations: 293 loans

Growth: +232%

Avg/Month: 48.8 loans

End Count: 392 loans

PHASE 2: STABILIZATION Jul–Dec

Originations: 12 loans

Growth: +3%

Avg/Month: 2.0 loans

End Count: 404 loans

⚠️ Origination volume ↓97% post-June

📉 Delinquency Evolution (2025)

🟠 Total DQ Rate🔴 Severe DQ60+ DQ Rate = % of loans 30+ days past due on scheduled payment

🔍 DQ Trend Insights

⬤

Jan (12.5%)
Early seasoning, limited history

⬤

Apr (0.0%)
Peak health, 100% performing

⬤

H2 Trend
Gradual rise as portfolio seasons

⬤

Dec (8.56%)
Holiday seasonal + maturation

H1 Avg: 3.20%

H2 Avg: 4.44% (+1.24pp)

📆 December 2025 DPD Distribution

Current

15-29 DPD

30-59 DPD

60-89 DPD

💵 YTD Collections Breakdown

Interest Collected $3.25M

72% of total

Principal Collected $1.27M

28% of total

Peak Month: September ($695K)

                🎯
                Credit Tier Analysis
            

                
                    Tier
                    Loans
                    UPB
                    Avg FICO
                    DQ30+
                        
                            DQ30+ Rate = % of tier UPB delinquent 30+ days

                            Includes all loans with 30+ DPD (inclusive of DQ60+ and repos)
                        

                    DQ60+
                        
                            Severe Delinquency = % of tier UPB delinquent 60+ days

                            Includes 90+, 120+ DPD buckets and repos in workout
                        

                

                    Tier 1 (681+ FICO)
                    327 (81%)
                    $41.5M
                    737
                    8.9%
                    3.3%
                

                    Tier 2 (641-680 FICO)
                    69 (17%)
                    $8.4M
                    659
                    6.4%
                    2.2%
                

                    Tier 3 (600-640 FICO)
                    8 (2%)
                    $1.1M
                    616
                    0.0%
                    0.0%
                

                💡 81% Prime (Tier 1) concentration drives portfolio quality
            

Tier	Loans	UPB	Avg FICO	DQ30+ DQ30+ Rate = % of tier UPB delinquent 30+ days Includes all loans with 30+ DPD (inclusive of DQ60+ and repos)	DQ60+ Severe Delinquency = % of tier UPB delinquent 60+ days Includes 90+, 120+ DPD buckets and repos in workout
Tier 1 (681+ FICO)	327 (81%)	$41.5M	737	8.9%	3.3%
Tier 2 (641-680 FICO)	69 (17%)	$8.4M	659	6.4%	2.2%
Tier 3 (600-640 FICO)	8 (2%)	$1.1M	616	0.0%	0.0%

                🏠
                Land Type Distribution
            
                    Land Type
                    Loans
                    DQ30+
                        
                            DQ30+ Rate by land type

                            % of loans 30+ days past due in each segment

                            Land ownership impacts collateral recovery risk
                        
                    Customer Owned
                    160 (40%)
                    5.4%
                
                    Private Not Owned
                    227 (56%)
                    9.9%
                
                    Community
                    16 (4%)
                    15.2%
                
                ⚠️ Community lots show elevated DQ — monitor closely

Land Type	Loans	DQ30+ DQ30+ Rate by land type % of loans 30+ days past due in each segment Land ownership impacts collateral recovery risk
Customer Owned	160 (40%)	5.4%
Private Not Owned	227 (56%)	9.9%
Community	16 (4%)	15.2%

                📊
                Note Rate Bands
            

                
                    Rate Band
                    Loans
                    Avg Loan Amt
                    DQ60+
                        
                            Severe Delinquency Rate by rate band

                            % of loans 60+ days past due in each cohort

                            Highlights risk concentration in high-rate segments
                        

                    Coll. Eff. Ratio
                        
                            Collections Efficiency Ratio = % of Scheduled Payments Collected

                            Calculation = (Actual Collections YTD / Expected Collections YTD) × 100

                            * Entirely excludes all 7 paid-off loans
                        

                

                    < 8.00%
                    21 (5%)
                    $127,114
                    0.0%
                    106.1%
                

                    8.00% - 8.49%
                    130 (32%)
                    $136,334
                    2.3%
                    95.5%
                

                    8.50% - 8.99%
                    167 (41%)
                    $125,710
                    1.3%
                    94.1%
                

                    9.00% - 9.99%
                    57 (14%)
                    $115,057
                    4.4%
                    89.9%
                

                    ≥ 10.00%
                    29 (7%)
                    $103,443
                    14.1%
                    89.3%
                

                🔴 High-rate loans (>10%) show 6x higher DQ60+ risk
            

Rate Band	Loans	Avg Loan Amt	DQ60+ Severe Delinquency Rate by rate band % of loans 60+ days past due in each cohort Highlights risk concentration in high-rate segments	Coll. Eff. Ratio Collections Efficiency Ratio = % of Scheduled Payments Collected Calculation = (Actual Collections YTD / Expected Collections YTD) × 100 * Entirely excludes all 7 paid-off loans
< 8.00%	21 (5%)	$127,114	0.0%	106.1%
8.00% - 8.49%	130 (32%)	$136,334	2.3%	95.5%
8.50% - 8.99%	167 (41%)	$125,710	1.3%	94.1%
9.00% - 9.99%	57 (14%)	$115,057	4.4%	89.9%
≥ 10.00%	29 (7%)	$103,443	14.1%	89.3%

                ⚖️
                Weighted Averages
            
Weighted Average Coupon
UPB-weighted avg interest rate across all loans
Higher WAC = higher portfolio yield
WAC Rate
(Weighted Average Coupon)
8.75%
Weighted Average Loan Age
Avg months since origination, weighted by UPB
Indicates portfolio seasoning level
WALA
(Weighted Average Loan Age)
9.7 mo
Weighted Avg Remaining Term
Avg months until maturity, weighted by UPB
All loans originated with 300-mo (25-yr) terms
WARM
(Weighted Avg Remaining Term)
292 mo
Avg DTI: Debt-to-Income at origination
Avg FICO: Credit score at origination
Both are simple averages (not UPB-weighted)
Avg DTI / Avg FICO
(Debt-to-Income Ratio)
36.6% / 721

                ✅ All metrics within institutional guidelines
            

📅 Origination Vintage Performance

May 2025 vintage (82 loans) largest cohort — 90.2% performing | June shows 85.2% — monitor for seasoning

🏆 Vintage Performance

✅ TOP PERFORMERS

• Apr 2025 — 96.2% current

• Mar 2025 — 92.2% current

• Jul 2025 — 100% current (6 loans)

⚠️ WATCH LIST

• June 2025 — 14.8% DQ30+

• Feb 2025 — 10.2% DQ30+

• Nov 2024 — 9.7% DQ30+

💡 Key Strategic Takeaways

📈

Portfolio scaled 3.4x in 12 months 118 → 404 loans with $50.9M UPB

💰

$4.52M collected YTD 72% interest / 28% principal split

🎯

Strong credit foundation 81% Tier 1 • 721 avg FICO • 82.6% LTV

⚡

Q1 2026 Action Items Monitor Dec spike in DQs, and Madison --> Midwest servicing post-audit transfer

🔴 Watch Items

⚠️Dec DQ spike 4.6% — highest of 2025

⚠️DQ60+ grew 1→8 loans (Jan→Dec)

⚠️Originations ↓97% after June

⚠️Dec collections ↓12% MoM

⚠️High-rate loans (>10%) show 14% DQ60+

⚠️Community lots 15.2% DQ30+ rate

🟢 Strengths

✅$4.52M collected YTD

✅60 loans paid ahead ($7.35M UPB)

✅81% Tier 1 credit concentration

✅721 avg FICO — strong credit

✅112% YTD Collections Efficiency Ratio — including 7 paid-off loans

✅Core rates (8-9%) show <3% DQ60+

📋 Executive Summary

2025 marked explosive growth with portfolio scaling from 118 to 404 loans (+242%), driven by aggressive H1 originations (293 loans). Collections totaled $4.52M with September peak of $695K.

Credit quality remains strong: 81% Tier 1 concentration, 721 average FICO, and 82.6% average LTV — all within institutional investor guidelines. The 8.75% WAC rate delivers solid yield without excessive risk-taking.

Key risk insight: High-rate loans (>10%) show 6x higher DQ60+ rates vs. core 8-9% band. Community lot placements also warrant monitoring at 15.2% DQ30+. Consider tightening underwriting on these segments.

Outlook: December DQ spike is seasonal/timing-driven. Portfolio fundamentals remain strong with 91.3% performing and 60 paid-ahead loans. Expect Q1 2026 normalization as holiday seasonality clears.