Unresolved distress

One FY2023 loan in nine is currently non-performing

Status of each origination cohort as at 31 March 2026.

PerformingIn distressCharged off

Charge-offs are the end of a process. Before a loan is written off it passes through delinquency, deferment, liquidation or guaranty purchase — all recorded as live statuses. The distressed share of the FY2022 and FY2023 books has not yet resolved and appears in no published loss figure.

11.57%of FY2023 loans currently in distress

9.81%of FY2022 loans

$47.9Bof lending across the two peak cohorts

Source: Analysis of SBA 7(a) FOIA loan-level data (as of 31 March 2026). Cancelled approvals excluded. Charge-off timing measured from approval date to recorded charge-off date. Published by sba-feasibility-study.com.