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Borrowings | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings Secured Financing The following table presents information regarding the Company's Secured Financing facilities:
|  |  |  |  |  |  |  | June 30, 2025 |  | December 31, 2024
Variable Interest Entity |  | Facility Amount |  | Maturity Date |  | Interest Rate |  | Balance |  | Balance
(in thousands) |  |  |  |  |  |  |  |  |  |
Oportun PLW Trust |  | $ | 429,030 |  |  | September 1, 2027 |  | Term SOFR + 3.35% |  | $ | 160,547 |  |  | $ | 265,654 |
Oportun PLW II Trust |  | 337,100 |  |  | August 1, 2028 |  | Term SOFR + 3.07% |  | 92,243 |  |  | 269,815 |
Oportun PLW III Trust |  | 187,500 |  |  | April 1, 2028 |  | Term SOFR + 3.34% |  | 78,291 |  |  | — |
Total secured financing |  | $ | 953,630 |  |  |  |  |  |  | $ | 331,081 |  |  | $ | 535,469 |
PLW Facility On August 29, 2024, the Company (Oportun PLW Trust) entered into the Seventh Amendment to the PLW facility (the “PLW Facility”) to modify certain terms of the loan and security agreement to reduce the number of lenders thereunder and to extend the PLW Facility Termination Date until October 8, 2024, during which time no draws were available, and no unused fees accrued. On September 20, 2024, the Company entered into an amendment to the loan and security agreement and other related documents under the PLW Facility. Following the amendment, the PLW Facility has a two-year revolving period with a final maturity of September 1, 2027 and had a borrowing capacity of $306.5 million. Borrowings under the PLW Facility loan and security agreement accrue interest at a rate equal to Term SOFR plus a weighted average spread of 3.40% and the advance rate for the PLW Facility is 95.0%, subject to certain triggers that could lower the advance rate to 92.0%. On November 22, 2024, the Company entered into another amendment to the loan and security agreement and other related documents to amend certain provisions to increase the borrowing capacity to $429.0 million. Under the amendment, borrowings will accrue interest at a rate equal to Term SOFR plus a weighted average spread of 3.35%. PLW II Facility On August 5, 2024, in connection with the closing of a new warehouse facility, the Company (Oportun PLW II Trust), 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 II Facility"). The PLW II Facility has a three-year revolving period with a final maturity of August 1, 2028 and had a borrowing capacity of $245.2 million. Borrowings under the loan and security agreement accrue interest at a rate equal to Term SOFR plus a weighted average spread of 3.08%. The advance rate for the PLW II Facility is 95.0%, subject to certain triggers that could lower the advance rate to 92.0%. On November 1, 2024, the Company entered into an amendment to the loan and security agreement, and other related documents to amend certain provisions to increase the borrowing capacity to $337.1 million. Under the amendment, borrowings will accrue interest at a rate equal to Term SOFR plus a weighted average spread of 3.07%. PLW III Facility On April 2, 2025, in connection with the closing of a new warehouse facility, the Company (Oportun PLW III Trust), 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 depository bank (the “PLW III Facility”). The PLW III Facility has a two-year revolving period with a final maturity of April 1, 2028 and a borrowing capacity of $187.5 million. Borrowings under the loan and security agreement accrue interest at a rate no greater than Term SOFR plus a weighted average spread up to 3.34%. The advance rate for the PLW III Facility is 95.0%, subject to certain triggers that could lower the advance rate to 92.0%. Asset-backed Notes at Fair Value The following table presents information regarding asset-backed notes at fair value:
|  | June 30, 2025
Variable Interest Entity |  | Initial note amount issued (1) |  | Initial collateral balance (2) |  | Current note balance (1) |  | Current collateral balance (2) |  | Weighted average interest rate(3) |  | Original revolving period (4)
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed notes recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Oportun Issuance Trust (Series 2022-3) |  | 300,000 |  |  | 310,993 |  |  | — |  |  | — |  |  | — | % |  | N/A
Oportun Issuance Trust (Series 2022-2) |  | 400,000 |  |  | 410,212 |  |  | — |  |  | — |  |  | — | % |  | N/A
Oportun Issuance Trust (Series 2022-A) |  | 400,000 |  |  | 410,211 |  |  | 158,831 |  |  | 176,423 |  |  | 6.04 | % |  | 2 years
Oportun Issuance Trust (Series 2021-C) |  | 500,000 |  |  | 512,762 |  |  | 280,905 |  |  | 303,018 |  |  | 2.48 | % |  | 3 years
Oportun Issuance Trust (Series 2021-B) |  | 500,000 |  |  | 512,759 |  |  | 178,168 |  |  | 196,783 |  |  | 2.06 | % |  | 3 years
Total asset-backed notes recorded at fair value |  | $ | 2,100,000 |  |  | $ | 2,156,937 |  |  | $ | 617,904 |  |  | $ | 676,224 |  |  |  |  |
|  | December 31, 2024
Variable Interest Entity |  | Initial note amount issued (1) |  | Initial collateral balance (2) |  | Current note balance (1) |  | Current collateral balance (2) |  | Weighted average interest rate(3) |  | Original revolving period (4)
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed notes recorded at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Oportun Issuance Trust (Series 2022-3) |  | $ | 300,000 |  |  | $ | 310,993 |  |  | $ | 54,463 |  |  | $ | 62,323 |  |  | 11.43 | % |  | N/A
Oportun Issuance Trust (Series 2022-2) |  | 400,000 |  |  | 410,212 |  |  | 40,453 |  |  | 46,578 |  |  | 10.82 | % |  | N/A
Oportun Issuance Trust (Series 2022-A) |  | 400,000 |  |  | 410,211 |  |  | 261,939 |  |  | 280,234 |  |  | 5.65 | % |  | 2 years
Oportun Issuance Trust (Series 2021-C) |  | 500,000 |  |  | 512,762 |  |  | 427,872 |  |  | 460,500 |  |  | 2.48 | % |  | 3 years
Oportun Issuance Trust (Series 2021-B) |  | 500,000 |  |  | 512,759 |  |  | 295,963 |  |  | 320,306 |  |  | 2.06 | % |  | 3 years
Oportun Funding XIV, LLC (Series 2021-A) |  | 375,000 |  |  | 383,632 |  |  | — |  |  | — |  |  | — | % |  | 2 years
Total asset-backed notes recorded at fair value |  | $ | 2,475,000 |  |  | $ | 2,540,569 |  |  | $ | 1,080,690 |  |  | $ | 1,169,941 |  |  |  |  |
(1)Initial note amount issued includes notes retained by the Company as applicable. 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)Weighted average interest rate excludes notes retained by the Company. There were no notes retained by the Company as of June 30, 2025. The weighted average interest rate for Series 2022-A will change over time as the notes pay sequentially (in class priority order). (4)The revolving period for Series 2021-B ended on May 1, 2024 and Series 2022-A ended on June 1, 2024. These asset-backed notes have been amortizing since then. Series 2022-2 and Series 2022-3 were both amortizing deals with no revolving period. On June 9, 2025, the Company redeemed series 2022-3 and 2022-2 asset-backed notes in the amount of $31.9 million and $21.6 million, respectively. The asset-backed notes were carried at fair value and the fair value mark was recognized in the Condensed Consolidated Statements of Operations (Unaudited) as part of the Net decrease in fair value. 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, 2025
Asset-backed Borrowings at Amortized Cost |  | Initial note amount issued (1) |  | Initial collateral balance (2) |  | Current note balance (1) |  | Current collateral balance (2) |  | Weighted average interest rate(3) |  | Original revolving period
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Oportun Issuance Trust 2025-B |  | $ | 439,250 |  |  | $ | 450,802 |  |  | $ | 436,366 |  |  | $ | 459,985 |  |  | 5.57 | % |  | 2 years
Oportun Issuance Trust 2025-A |  | 425,107 |  |  | 439,775 |  |  | 421,119 |  |  | 445,186 |  |  | 6.15 | % |  | 1 year
Oportun Issuance Trust 2024-2 |  | 223,250 |  |  | 236,119 |  |  | 128,954 |  |  | 153,422 |  |  | 7.51 | % |  | N/A
Oportun Issuance Trust 2024-1 |  | 199,500 |  |  | 211,002 |  |  | 53,505 |  |  | 62,399 |  |  | 9.68 | % |  | N/A
Oportun CL Trust 2023-A |  | 197,390 |  |  | 210,530 |  |  | 196,281 |  |  | 219,690 |  |  | 10.05 | % |  | 2 years
Other Asset Backed Borrowings (4) |  | N/A |  | N/A |  | 369,372 |  |  | 355,240 |  |  | N/A |  | N/A
Total asset-backed borrowings at amortized cost: |  | $ | 1,484,497 |  |  | $ | 1,548,228 |  |  | $ | 1,605,597 |  |  | $ | 1,695,922 |  |  |  |  |
|  | December 31, 2024
Asset-backed Borrowings at Amortized Cost |  | Initial note amount issued (1) |  | Initial collateral balance (2) |  | Current note balance (1) |  | Current collateral balance (2) |  | Weighted average interest rate(3) |  | Original revolving period
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Oportun Issuance Trust 2024-2 |  | $ | 223,250 |  |  | $ | 236,119 |  |  | $ | 188,316 |  |  | $ | 213,802 |  |  | 6.99 | % |  | N/A
Oportun Issuance Trust 2024-1 |  | 199,500 |  |  | 211,002 |  |  | 92,385 |  |  | 107,137 |  |  | 8.27 | % |  | N/A
Oportun CL Trust 2023-A |  | 197,390 |  |  | 210,530 |  |  | 195,855 |  |  | 219,717 |  |  | 10.05 | % |  | 2 years
Other Asset Backed Borrowings (4) |  | N/A |  | N/A |  | 507,776 |  |  | 503,032 |  |  | N/A |  | N/A
Total asset-backed borrowings at amortized cost: |  | $ | 620,140 |  |  | $ | 657,652 |  | $ | — |  | $ | 984,333 |  |  | $ | 1,043,689 |  |  |  |  |
(1)Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at amortized cost for asset-backed notes recorded 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, 2025. (4)Consists of forward flow whole loan sales that do not qualify as sales for accounting purposes. On June 5, 2025, the Company announced the issuance of $439.3 million of series 2025-B asset-backed notes (the “Notes”) secured by a pool of its unsecured and secured personal installment loans (the “2025-B Securitization”). The 2025-B Securitization included five classes of fixed rate notes. The Notes were offered and sold in a private placement in reliance on Rule 144A under the U.S. Securities Act of 1933, as amended, and were priced with a weighted average yield of 5.67% per annum and a weighted average coupon of 5.57% p er annum. Corporate Financing The following table presents information regarding the Company's Corporate Financings:
|  |  |  |  |  |  |  | June 30, 2025 |  | December 31, 2024
Entity |  | Original Balance |  | Maturity Date |  | Interest Rate |  | Balance |  | Balance
(in thousands) |  |  |  |  |  |  |  |  |  |
Oportun Financial Corporation |  | 235,000 |  |  | November 14, 2028 |  | 15.00% per annum |  | 193,944 |  |  | 203,751 |
Total Corporate Financing |  | $ | 235,000 |  |  |  |  |  |  | $ | 193,944 |  |  | $ | 203,751 |
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 Term Loans bear interest at an amount equal to 15% per year, of which 2.5% may be payable in-kind at the Company’s election. The Term Loans are scheduled to mature four years from the date of the Term Loan Closing. Under the Credit Agreement, the Company was required to repay $12.5 million of the Term Loans on or prior to July 31, 2025 and an additional $27.5 million of the Term Loans on or prior to January 31, 2026. The Company has repaid the required $12.5 million prior to June 30, 2025. In addition, the Company has the flexibility to make additional prepayments of $10 million at any time, and an additional $10 million after the one-year anniversary of the Term Loan Closing, in each case not subject to a prepayment premium. Voluntary prepayment of the Term Loans in excess of certain thresholds and with certain other exceptions as set forth in the Credit Agreement, will be subject to a prepayment premium. 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. As of June 30, 2025, and December 31, 2024, the Company was in compliance with all covenants and requirements of the Secured Financing, Corporate Financing facilities and asset-backed notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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