v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
Secured Financing

The following table presents information regarding the Company's Secured Financing facilities:

June 30, 2026December 31, 2025
Variable Interest EntityFacility AmountMaturity DateBalanceBalance
(in thousands)
Oportun PLW Trust$367,741 September 1, 2028$70,994 $73,078 
Oportun PLW II Trust
337,100 August 1, 202883,494 68,916 
Oportun PLW III Trust
187,500 April 1, 202865,077 35,051 
Oportun PLW IV Trust
246,750 October 1, 202984,594 22,339 
Oportun PLW V Trust50,000 July 1, 2030— — 
Total secured financing$1,189,091 $304,159 $199,384 
Weighted average interest rate of the Secured financing is SOFR + 2.89% as June 30, 2026

PLW V Facility

On June 30, 2026, in connection with the closing of the Personal Loan Warehouse V Facility (PLW V), Oportun PLW V Trust, a subsidiary of the Company, entered into a loan and security agreement with certain lenders from time to time party thereto, and Wilmington Trust, National Association as collateral agent, administrative agent, paying agent, securities intermediary and depositary bank (the "PLW V Facility"). The PLW V Facility has a total commitment of $50.0 million. The facility has a three-year revolving period with a final maturity on July 1, 2030.

Asset-backed Notes at Fair Value

The following tables present information regarding asset-backed notes at fair value:
June 30, 2026
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 91,504 106,801 2.48 %3 years
Oportun Issuance Trust (Series 2021-B)500,000 512,759 46,274 60,126 2.05 %3 years
Total asset-backed notes recorded at fair value$1,000,000 $1,025,521 $137,778 $166,927 

December 31, 2025
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:

June 30, 2026
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
484,990 502,450 482,573 508,985 5.25 %2 years
Oportun Issuance Trust 2025-D
441,225 452,206 438,880 458,165 5.69 %2 years
Oportun Issuance Trust 2025-C538,490 552,692 535,952 559,579 5.23 %2 years
Oportun Issuance Trust 2025-B439,250 450,802 437,339 456,344 5.57 %
2 years
Oportun Issuance Trust 2024-2223,250 236,119 53,226 63,684 9.84 %N/A
Other Asset Backed Borrowings (4)
N/A
N/A
140,483 126,234 N/AN/A
Total asset-backed borrowings at amortized cost:$2,127,205 $2,194,269 $2,088,453 $2,172,991 

December 31, 2025
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-C538,490 552,692 535,394 559,689 5.23 %2 years
Oportun Issuance Trust 2025-B439,250 450,802 436,850 456,345 5.57 %2 years
Oportun Issuance Trust 2025-A425,107 439,775 422,580 445,314 6.15 %1 year
Oportun Issuance Trust 2024-2223,250 236,119 86,077 102,446 8.34 %N/A
Oportun Issuance Trust 2024-1199,500 211,002 28,626 33,842 12.07 %N/A
Other Asset Backed Borrowings (4)
N/AN/A244,712 222,865 N/AN/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 June 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:

June 30, 2026December 31, 2025
EntityOriginal Balance Maturity DateInterest Rate
Balance (1)
Balance (1)
(in thousands)
Oportun Financial Corporation
235,000 November 14, 2028
15.00% per annum
119,891 143,663 
Total Corporate Financing
$235,000 $119,891 $143,663 
(1)Balances are measured at amortized cost. As of June 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.

During the three months ended June 30, 2026, the Company made voluntary principal prepayments of $30.0 million, reducing the outstanding principal balance. In connection with the prepayments, the Company incurred prepayment premiums totaling $1.5 million and recognized losses on the partial extinguishment of debt totaling $3.6 million, both of which were recorded in Interest expense.

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’s common stock. See Note 10, Stockholders' Equity for additional information on warrants issued by the Company.

The Credit Agreement contains financial covenants requiring the maintenance of minimum liquidity and a maximum adjusted EBITDA-based corporate leverage covenant, together with other customary affirmative and negative covenants, representations and warranties and events of default.

Debt Covenants - As of June 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.