OneMain Holdings delivered solid near-term execution in Q4 2024 amid a challenging macro backdrop, led by continued improvements in credit metrics and sustained originations growth across core and newer product lines. Managed receivables rose 11% year over year to $24.7 billion, supported by auto lending expansion (including the Foursight acquisition) and the BrightWay credit card build-out. Despite peak loan losses earlier in 2024, 30–89 day delinquency declined 22 bps YoY to 3.06%, with net charge-offs (C&I) of 7.9% for the quarter, 36 bps above the prior quarter but meaningfully better than in the recent past. The quarter highlighted a bifurcated timing dynamic: strong revenue growth (total revenue up 9% YoY to $1.50 billion) and a robust operating margin (operating income of $593 million, ~50% of revenue), offset by higher interest expense and a sizeable loan-loss reserve build tied to receivable growth. Management signaled a constructive outlook for 2025, emphasizing continued growth in receivables (guidance: +5% to +8%), modest yield improvements, disciplined expense management (OPEx ~6.6%), and a target for capital generation to rise beyond 2024 levels. The balance sheet remains well-positioned with substantial liquidity and a diversified funding program, though the business remains highly leverage-sensitive to credit cycle dynamics and macro volatility. The investment thesis hinges on: (1) continued stabilization and gradual improvement in credit metrics; (2) accretive growth in personal loans, auto, and card channels; (3) a resilient funding framework with meaningful liquidity headroom; and (4) a disciplined path to higher earnings and capital generation in 2025 and beyond, assuming macro conditions do not deteriorate materially.