Fri, Mar 21, 4:58 PM (36 days ago)
**Harley-Davidson Motorcycle Trust 2024-B (HDMT 2024-B) 10-K Summary** **Company Overview:** Harley-Davidson Motorcycle Trust 2024-B (HDMT 2024-B) is a trust formed by Harley-Davidson Credit Corp. (HDCC), a subsidiary of Harley-Davidson Financial Services, Inc. (HDFS), and Harley-Davidson, Inc. The trust focuses on retail and wholesale financial services for Harley-Davidson motorcycles in the U.S. and Canada. **Financial Performance:** - **Revenue and Net Income:** Not explicitly stated in the provided text. - **Operating Expenses:** Not explicitly stated in the provided text. - **Earnings Per Share:** Not explicitly stated in the provided text. - **Credit Losses:** Annual losses on retail motorcycle loans increased to 3.31% in 2024 from 3.00% in 2023. The 30-day delinquency rate rose to 5.34% from 5.09%. - **Risk Factors:** Increased credit losses and delinquency rates due to macroeconomic factors, inflation, and higher motorcycle payments. Potential impacts from changes in consumer credit behavior and underwriting criteria. **Strategic Overview:** HDCC and its affiliates provide financial services to Harley-Davidson customers and dealers. The trust's assets may experience credit losses similar to or different from those of the retail motorcycle loans originated and serviced by HDCC. **Future Outlook:** The company expects continued changes in retail credit losses due to evolving consumer credit behavior, macroeconomic conditions, and strategic adjustments in loan approvals and underwriting criteria. **Financial Condition:** The trust's financial condition is influenced by the performance of the retail motorcycle loans it holds. The trust has not identified any material instances of noncompliance with servicing criteria. **Market Position Changes:** Not explicitly stated in the provided text. **Key Exhibits:** - Amended and Restated Trust Agreement - Indenture - Asset Representations Review Agreement - Transfer and Sale Agreement - Sale and Servicing Agreement - Administration Agreement - Underwriting Agreement - Certifications and Reports on Assessment of Compliance with Servicing Criteria **Significant Events:** - Amendments to the Trust Agreement and other key agreements were filed in September 2024. - The trust has not identified any material legal proceedings or delinquent filers. **Conclusion:** HDMT 2024-B faces challenges due to increased credit losses and delinquency rates, driven by macroeconomic factors. The trust's financial performance is closely tied to the retail motorcycle loan market, and strategic adjustments are being made to mitigate risks.