Note 20 Subsequent Events

Subsequent events are events or transactions that occur after the condensed consolidated balance sheet date, but before the condensed consolidated financial statements are available to be issued. The Company recognizes in the condensed consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the condensed consolidated balance sheet, including the estimates inherent in the process of preparing the condensed consolidated financial statements. The Company’s condensed consolidated financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the condensed consolidated balance sheet but arose after the condensed consolidated balance sheet date and before the condensed consolidated financial statements were available to be issued.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA includes a broad range of tax reform provisions affecting businesses including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. We are currently evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position. As the legislation was signed into law after the close of the Company’s second quarter, the impacts are not included in operating results for the six months ended June 30, 2025.

On July 14, 2025, Dave OD Funding I, LLC (the Borrower), Dave Operating LLC (as successor to Dave Inc. and as Guarantor), Victory Park Management, LLC (as Agent), and the Lenders entered into a Fifth Amendment to their Financing Agreement dated January 27, 2021, as previously amended. The amendment became effective on July 14, 2025. This Fifth Amendment revised and replaced certain provisions of the existing Financing Agreement, specifically including the modification or removal of certain covenants. Notably, the Loan-to-Value (“LTV”) financial covenant previously located in Article 8(b) of the agreement, was removed as part of these amendments. This change eliminates the requirement that previously set a maximum LTV ratio for borrowing availability under the facility.

On August 4, 2025, Dave Operating LLC entered into a First Amendment to the Program Agreement, dated February 27, 2025, with Coastal Community Bank. This First Amendment revised and replaced certain provisions of the Program Agreement related to certain receivables associated with the Program (“Receivables”). Pursuant to the First Amendment, Receivables in an amount up to $225 million will be maintained on the balance sheet of Coastal for up to 60 calendar days following their origination date and then sold to the Company.