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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
The following table presents information regarding the Company's Secured Financing facilities:

June 30, 2025December 31, 2024
Variable Interest EntityFacility AmountMaturity DateInterest RateBalanceBalance
(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 
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.
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-A425,107 439,775 421,119 445,186 6.15 %1 year
Oportun Issuance Trust 2024-2223,250 236,119 128,954 153,422 7.51 %N/A
Oportun Issuance Trust 2024-1199,500 211,002 53,505 62,399 9.68 %N/A
Oportun CL Trust 2023-A197,390 210,530 196,281 219,690 10.05 %2 years
Other Asset Backed Borrowings (4)
N/A
N/A
369,372 355,240 N/AN/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 2024-1199,500 211,002 92,385 107,137 8.27 %N/A
Oportun CL Trust 2023-A197,390 210,530 195,855 219,717 10.05 %2 years
Other Asset Backed Borrowings (4)
N/AN/A507,776 503,032 N/AN/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.
The following table presents information regarding the Company's Corporate Financings:
June 30, 2025December 31, 2024
EntityOriginal Balance Maturity DateInterest RateBalanceBalance
(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