Oportun Financial Corp

We monitor and evaluate the following key metrics in order to measure our current performance, develop and refine our growth strategies, and make strategic decisions.

(1)As of September 30, 2024, Managed Principal Balance at End of Period, and Owned Principal Balance at End of Period included credit card amounts of $89.4 million and $89.3 million, respectively. Average Daily Principal Balance for the three and nine months ended September 30, 2024, included credit card amounts of $92.8 million and $99.4 million, respectively. On November 12, 2024, the Company completed the sale of its credit cards receivable portfolio to a third-party credit card marketer and servicer.

See “Glossary” at the end of Part II of this report for formulas and definitions of our key performance metrics.

Aggregate Originations

Aggregate Originations increased to $511.8 million for the three months ended September 30, 2025 from $480.2 million for the three months ended September 30, 2024, representing a 6.6% increase. Theincrease is primarily driven by a 12,739 increase in the number of loans originated, primarily driven by an increase in application volume, which was partially offset by a reduction in average loan size from$3,244 to$3,183 for the three months ended September 30, 2024 and September 30, 2025, respectively. We originated 160,761 and 148,022 loans for the three months ended September 30, 2025 and 2024, respectively.

Aggregate Originations increased to $1,461.9 million for the nine months ended September 30, 2025 from $1,253.1 million for the nine months ended September 30, 2024, representing an 16.7% increase. Theincrease is primarily driven by an 80,819 increase in the number of loans originated, which was partially offset by a reduction in average loan size from$3,302 to$3,176 for the nine months ended September 30, 2024 and September 30, 2025, respectively. We originated 460,338 and 379,519 loans for the nine months ended September 30, 2025 and 2024, respectively.

Portfolio Yield

Portfolio yield decreased to 33.0% for the three months ended September 30, 2025, from 33.2% for the three months ended September 30, 2024, and decreased to 33.0% for thenine months ended September 30, 2025, from 33.2% for thenine months ended September 30, 2024, primarily attributable to timing differences in changes in origination fee.

30+ Day Delinquency Rate

Our 30+ Day Delinquency Rate was 4.7% and 5.2% as of September 30, 2025 and 2024, respectively. Thedecrease was primarily due to improved credit performance as a result of our incremental credit tightening efforts beginning with significantly tightened underwriting standards in 2022, as shown by a 30 basis point improvement in our back book, originations made prior to our significant credit-tightening in July 2022.

Annualized Net Charge-Off Rate

Annualized Net Charge-Off Rate for the three months ended September 30, 2025 and 2024 was 11.8% and 11.9%, respectively, down 7 basis points. Thedecrease is primarily driven bya$2.8 million decrease in Net Charge-offs, partially offset bya decrease in our Average Daily Principal balance by $86.0 million, primarily due to the sale of the credit card portfolio, from $2.76 billion to$2.67 billion for the three months ended September 30, 2024 and September 30, 2025, respectively. Annualized Net Charge-Off Rate for the nine months ended September 30, 2025 and 2024 was 12.0% and 12.1%, respectively, down 11 basis points. This improvement wasa result of significantly tightening underwriting standards in the second half of 2022 and continued 2023 efforts to tighten credit standards throughout the second half of 2023. Beginning in July 2022, we took numerous actions to improve the credit performance on newly originated loans, including significantly tightening our underwriting standards for all borrowers, particularly for higher risk digital marketing channels, and adjusting loan size based on member free cash flow. We also focused lending towards existing and returning members to improve credit outcomes as existing and returning members historically have had lower loss rates. We refer to the post-July 2022 underwriting vintages as our front book and the originations made prior to our significant credit-tightening in July 2022 we refer to as the back book.