How the numbers are built
DealRoom reports failure rates as the share of a loan cohort that ended in a charge-off. We group loans by the fiscal year they were approved (FY2020–FY2023 cohorts), then measure how many of those loans have since been charged off.
Data sources
A failure rate is always tied to a cohort: loans approved in a given fiscal year. Grouping by approval year keeps the comparison fair, because a recently approved loan has had less time to fail than an older one.
We report the FY2020–FY2023 cohorts together as a stable, seasoned window with enough loan age to show real charge-off behavior.
The state view aggregates every loan in the cohort by the borrower's state, then divides charged-off loans by total loans in that state.
The lender view does the same by approving lender, so you can see how a lender's seasoned book has performed. Worst-performing cohorts are listed first.
What this does not tell you
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