Oportun Financial Corp
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Borrowings
| 8. | Borrowings |
Secured Financing
The following table presents information regarding the Company's Secured Financing facilities:
| September 30, 2026 · December 31, 2025 | ||||
|---|---|---|---|---|
| Variable Interest Entity | Facility Amount | Maturity Date | Balance | Balance |
| (in thousands) | ||||
| Oportun PLW Trust | $367,741 | September 1, 2028 | $82,339 | $73,078 |
| Oportun PLW II Trust | 337,100 | August 1, 2028 | 165,357 | 68,916 |
| Oportun PLW III Trust | 187,500 | April 1, 2028 | 65,179 | 35,051 |
| Oportun PLW IV Trust | 246,750 | October 1, 2029 | 136,843 | 22,339 |
| Oportun PLW V Trust | 50,000 | July 1, 2030 | — | — |
| Total secured financing | $1,189,091 | $449,718 | $199,384 | |
Weighted average interest rate of the Secured financing facilities is SOFR +2.89% as of September 30, 2026
Asset-backed Notes at Fair Value
The following tables present information regarding asset-backed notes at fair value:
| Variable Interest Entity(3) | Initial amount issued (1) | Initial collateral balance(2) | Current balance (1) | Current collateral balance (2) | Weighted average interest rate | Original revolving period |
|---|---|---|---|---|---|---|
| (in thousands) | ||||||
| Asset-backed notes recorded at fair value: | ||||||
| Oportun Issuance Trust (Series 2021-C) | $500,000 | $512,762 | $64,367 | $78,846 | 2.48% | 3 years |
| Oportun Issuance Trust (Series 2021-B) | 500,000 | 512,759 | 29,097 | 42,572 | 2.05% | 3 years |
| Total asset-backed notes recorded at fair value | $1,000,000 | $1,025,521 | $93,464 | $121,418 | ||
| Variable Interest Entity(3) | Initial amount issued (1) | Initial collateral balance(2) | Current balance (1) | Current collateral balance (2) | Weighted average interest rate | Original revolving period |
|---|---|---|---|---|---|---|
| (in thousands) | ||||||
| Asset-backed notes recorded at fair value: | ||||||
| Oportun Issuance Trust (Series 2021-C) | $500,000 | $512,762 | $167,214 | $184,737 | 2.48% | 3 years |
| Oportun Issuance Trust (Series 2021-B) | 500,000 | 512,759 | 96,585 | 112,148 | 2.06% | 3 years |
| Total asset-backed notes recorded at fair value | $1,000,000 | $1,025,521 | $263,799 | $296,885 | ||
(1)The current balances are measured at fair value for asset-backed notes recorded at fair value.
(2)Includes the unpaid principal balance of loans receivable, the balance of required reserve funds, cash, cash equivalents and restricted cash pledged by the Company.
(3)Maturity dates for Asset-backed Notes at Fair Value are not reflected in the above tables as the related securitizations provide for variable monthly repayments that may result in repayment prior to the stated maturity dates.
Asset-backed Borrowings at Amortized Cost
The following table represents information regarding the Company's asset-backed notes and asset-backed borrowings at amortized cost:
| Asset-backed borrowings at amortized cost(5) · Initial amount (1) · Initial collateral balance(2) · Current balance (1) · Current collateral balance (2) · Weighted average interest rate(3) · Original revolving period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | ||||||||||
| Oportun Issuance Trust 2026-A | $484,990 | $502,450 | $482,893 | $508,929 | 5.25% | 2 years | ||||
| Oportun Issuance Trust 2025-D | 441,225 | 452,206 | 439,126 | 457,978 | 5.69% | 2 years | ||||
| Oportun Issuance Trust 2025-C | 538,490 | 552,692 | 536,243 | 559,759 | 5.23% | 2 years | ||||
| Oportun Issuance Trust 2025-B | 439,250 | 450,802 | 437,596 | 456,602 | 5.57% | 2 years | ||||
| Oportun Issuance Trust 2024-2 | 223,250 | 236,119 | 41,072 | 49,509 | 10.47% | N/A | ||||
| Other Asset Backed Borrowings (4) | N/A | N/A | 102,074 | 91,365 | N/A | N/A | ||||
| Total asset-backed borrowings at amortized cost: | $2,127,205 | $2,194,269 | $2,039,004 | $2,124,142 | ||||||
| Asset-backed borrowings at amortized cost(5) · Initial amount (1) · Initial collateral balance(2) · Current balance (1) · Current collateral balance (2) · Weighted average interest rate(3) · Original revolving period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | ||||||||||
| Oportun Issuance Trust 2025-D | $441,225 | $452,206 | $438,410 | $461,986 | 5.69% | 2 years | ||||
| Oportun Issuance Trust 2025-C | 538,490 | 552,692 | 535,394 | 559,689 | 5.23% | 2 years | ||||
| Oportun Issuance Trust 2025-B | 439,250 | 450,802 | 436,850 | 456,345 | 5.57% | 2 years | ||||
| Oportun Issuance Trust 2025-A | 425,107 | 439,775 | 422,580 | 445,314 | 6.15% | 1 year | ||||
| Oportun Issuance Trust 2024-2 | 223,250 | 236,119 | 86,077 | 102,446 | 8.34% | N/A | ||||
| Oportun Issuance Trust 2024-1 | 199,500 | 211,002 | 28,626 | 33,842 | 12.07% | N/A | ||||
| Other Asset Backed Borrowings (4) | N/A | N/A | 244,712 | 222,865 | N/A | N/A | ||||
| Total asset-backed borrowings at amortized cost: | $2,266,822 | $2,342,596 | $2,192,649 | $2,282,487 | ||||||
(1)Initial amount issued includes any notes retained by the Company as applicable. The current balances are measured at amortized cost.
(2)Includes the unpaid principal balance of loans receivable, the balance of required reserve funds, cash, cash equivalents and restricted cash pledged by the Company.
(3)Weighted average interest rate excludes notes retained by the Company. There were no notes retained by the Company as of September 30, 2026.
(4)Consists of forward flow whole loan sales that do not qualify as sales for accounting purposes.
(5)Maturity dates for asset-backed borrowings at amortized cost are not reflected in the above tables as the related securitizations provide for variable monthly repayments that may result in repayment prior to the stated maturity dates.
Corporate Financing
The following table presents information regarding the Company's Corporate financing:
| September 30, 2026 · December 31, 2025 | |||||
|---|---|---|---|---|---|
| Entity | Original Balance | Maturity Date | Interest Rate | Balance (1) | Balance (1) |
| (in thousands) | |||||
| Oportun Financial Corporation | 235,000 | November 14, 2028 | 15.00% per annum | 121,151 | 143,663 |
| Total Corporate Financing | $235,000 | $121,151 | $143,663 | ||
(1)Balances are measured at amortized cost. As of September 30, 2026 and December 31, 2025, the outstanding principal balance was $135.0 million and $165.0 million, respectively.
On October 23, 2024, the Company entered into a Credit Agreement with certain affiliates of Neuberger and McLaren Harbor LLC, pursuant to which the Company borrowed $235 million of senior secured term loans (the “Credit Agreement” and the “Term Loans”). The funding of the Term Loans (the “Term Loan Closing”) was subject to certain closing conditions, including the repayment of the Acquisition Financing and the Company's then existing senior secured term loans under the credit agreement dated as of September 14, 2022, by and among the Company, Wilmington Trust, National Association, and the lenders party thereto, as amended ("Original Credit Agreement"), in addition to the completion of the sale of the Company's credit cards receivable portfolio, which occurred on November 12, 2024. The Term Loan Closing occurred on November 14, 2024, and the Original Credit Agreement was extinguished, paid in full, and the Acquisition Financing was terminated and the associated outstanding loan balance was repaid in full.
The Credit Agreement contains certain representations, warranties and covenants, as well as indemnification obligations, in respect of the Company and certain of its subsidiaries, subject to specified exceptions and qualifications contained in the Credit Agreement.
The obligations under the Credit Agreement are secured by the assets of the Company and certain of its subsidiaries guaranteeing the Term Loans, including pledges of the equity interests of certain subsidiaries that are directly or indirectly owned by the Company, subject to customary exceptions.
Under the Credit Agreement, the Company issued warrants, at an exercise price of $0.01 per share, to affiliates of Neuberger and McLaren Harbor LLC to purchase 4,853,006 shares of the Company’scommon stock. See Note 10, Stockholders' Equity for additional information on warrants issued by the Company.
Debt Covenants - As of September 30, 2026, and December 31, 2025, the Company was in compliance with all covenants and requirements of the Secured financing, Corporate financing facilities and asset-backed notes.
| 9. | Other Liabilities |
Other liabilities consist of the following:
| September 30, | December 31, | |
|---|---|---|
| (in thousands) | 2026 | 2025 |
| Accounts payable | $6,898 | $6,273 |
| Accrued compensation | 32,174 | 23,174 |
| Accrued expenses | 7,827 | 7,054 |
| Accrued interest | 11,131 | 11,164 |
| Amount due to whole loan buyer | 994 | 1,400 |
| Current tax liabilities | 2,618 | 4,055 |
| Other | 4,042 | 3,691 |
| Total other liabilities | $65,684 | $56,811 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.