--12-312023Q10001538716one00015387162023-01-012023-03-3100015387162023-05-03xbrli:shares00015387162023-03-31iso4217:USD00015387162022-12-31iso4217:USDxbrli:shares00015387162022-01-012022-03-310001538716us-gaap:CommonStockMember2022-12-310001538716oprt:APICCommonStockMember2022-12-310001538716us-gaap:WarrantMember2022-12-310001538716oprt:APICWarrantsMember2022-12-310001538716us-gaap:RetainedEarningsMember2022-12-310001538716us-gaap:TreasuryStockCommonMember2022-12-310001538716oprt:APICCommonStockMember2023-01-012023-03-310001538716us-gaap:CommonStockMember2023-01-012023-03-310001538716us-gaap:WarrantMember2023-01-012023-03-310001538716oprt:APICWarrantsMember2023-01-012023-03-310001538716us-gaap:RetainedEarningsMember2023-01-012023-03-310001538716us-gaap:CommonStockMember2023-03-310001538716oprt:APICCommonStockMember2023-03-310001538716us-gaap:WarrantMember2023-03-310001538716oprt:APICWarrantsMember2023-03-310001538716us-gaap:RetainedEarningsMember2023-03-310001538716us-gaap:TreasuryStockCommonMember2023-03-310001538716us-gaap:CommonStockMember2021-12-310001538716oprt:APICCommonStockMember2021-12-310001538716us-gaap:RetainedEarningsMember2021-12-310001538716us-gaap:TreasuryStockCommonMember2021-12-3100015387162021-12-310001538716us-gaap:CommonStockMember2022-01-012022-03-310001538716oprt:APICCommonStockMember2022-01-012022-03-310001538716us-gaap:RetainedEarningsMember2022-01-012022-03-310001538716us-gaap:CommonStockMember2022-03-310001538716oprt:APICCommonStockMember2022-03-310001538716us-gaap:RetainedEarningsMember2022-03-310001538716us-gaap:TreasuryStockCommonMember2022-03-3100015387162022-03-31oprt:numberOfSegment0001538716us-gaap:EmployeeStockOptionMember2023-01-012023-03-310001538716us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001538716us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001538716us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001538716us-gaap:EmployeeStockOptionMember2023-01-012023-03-310001538716us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001538716us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001538716us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001538716us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310001538716us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001538716us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2022-03-312022-03-3100015387162014-11-30xbrli:pure00015387162022-11-012022-11-300001538716oprt:WholeLoanSaleProgramMember2023-01-012023-03-310001538716oprt:WholeLoanSaleProgramMember2022-01-012022-03-310001538716us-gaap:SoftwareDevelopmentMember2023-03-310001538716us-gaap:SoftwareDevelopmentMember2022-12-310001538716oprt:AcquiredSoftwareMember2023-03-310001538716oprt:AcquiredSoftwareMember2022-12-310001538716us-gaap:SoftwareDevelopmentMember2023-01-012023-03-310001538716us-gaap:SoftwareDevelopmentMember2022-01-012022-03-310001538716oprt:AcquiredSoftwareMemberoprt:HelloDigitIncMember2021-12-220001538716us-gaap:CustomerRelationshipsMember2023-03-310001538716us-gaap:CustomerRelationshipsMember2022-12-310001538716us-gaap:TrademarksMember2023-03-310001538716us-gaap:TrademarksMember2022-12-310001538716us-gaap:OtherIntangibleAssetsMember2023-03-310001538716us-gaap:OtherIntangibleAssetsMember2022-12-310001538716us-gaap:TrademarksMember2023-03-082023-03-080001538716us-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMember2023-03-310001538716us-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMember2022-12-310001538716oprt:SecuredWarehouseFacilityMemberus-gaap:LineOfCreditMember2023-03-310001538716oprt:SecuredWarehouseFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMember2023-01-012023-03-310001538716oprt:SecuredWarehouseFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2023-01-012023-03-310001538716oprt:SecuredWarehouseFacilityMemberus-gaap:LineOfCreditMember2022-12-310001538716oprt:RemainingOutstandingPrincipalBalanceMemberus-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMember2022-01-012022-12-310001538716oprt:RemainingOutstandingPrincipalBalanceMemberus-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-01-012022-12-310001538716us-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMemberus-gaap:LondonInterbankOfferedRateLIBORMemberoprt:FirstPortionOfPrincipalOutstandingMembersrt:MinimumMember2022-01-012022-12-310001538716us-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMemberus-gaap:LondonInterbankOfferedRateLIBORMemberoprt:FirstPortionOfPrincipalOutstandingMember2022-01-012022-12-310001538716us-gaap:LineOfCreditMemberoprt:SecuredWarehouseFacilityCCWMemberoprt:FirstPortionOfPrincipalOutstandingMember2022-12-310001538716oprt:AssetBackedNotesSeries20223Memberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries20223Memberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries20223Memberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries20222Memberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries20222Memberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries20222Memberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2022AMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2022AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2022AMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2022AMemberus-gaap:SecuredDebtMember2023-01-012023-03-310001538716oprt:AssetBackedNotesSeries2021CMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021CMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021CMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021CMemberus-gaap:SecuredDebtMember2023-01-012023-03-310001538716oprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021BMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2023-01-012023-03-310001538716oprt:AssetBackedNotesSeries2021AMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021AMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries2021AMemberus-gaap:SecuredDebtMember2023-01-012023-03-310001538716oprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetbackedNotesSeries2019AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:CurrentCollateralMemberoprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2023-01-012023-03-310001538716us-gaap:SecuredDebtMember2023-03-310001538716oprt:InitialCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2023-03-310001538716oprt:AssetBackedNotesSeries20223Memberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries20223Memberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries20223Memberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries20222Memberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries20222Memberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries20222Memberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2022AMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2022AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2022AMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2022AMemberus-gaap:SecuredDebtMember2022-01-012022-12-310001538716oprt:AssetBackedNotesSeries2021CMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021CMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021CMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021CMemberus-gaap:SecuredDebtMember2022-01-012022-12-310001538716oprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021BMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:CurrentCollateralMemberoprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021BMemberus-gaap:SecuredDebtMember2022-01-012022-12-310001538716oprt:AssetBackedNotesSeries2021AMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021AMemberoprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetBackedNotesSeries2021AMemberus-gaap:SecuredDebtMember2022-01-012022-12-310001538716oprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetbackedNotesSeries2019AMemberoprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:CurrentCollateralMemberoprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:AssetbackedNotesSeries2019AMemberus-gaap:SecuredDebtMember2022-01-012022-12-310001538716us-gaap:SecuredDebtMember2022-12-310001538716oprt:InitialCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:CurrentCollateralMemberus-gaap:SecuredDebtMember2022-12-310001538716oprt:OportunFinancialCorporationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310001538716oprt:OportunFinancialCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMember2023-01-012023-03-310001538716oprt:OportunFinancialCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310001538716oprt:OportunFinancialCorporationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001538716oprt:OportunRFLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-310001538716oprt:OportunRFLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMember2023-01-012023-03-310001538716oprt:OportunRFLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-03-310001538716oprt:OportunRFLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310001538716oprt:OportunFinancialCorporationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-03-100001538716oprt:OportunFinancialCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMember2022-01-012022-12-310001538716oprt:OportunFinancialCorporationMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-12-310001538716oprt:OportunRFLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembersrt:MinimumMember2022-01-012022-12-310001538716oprt:OportunRFLLCMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-12-310001538716oprt:AssetBackedNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:SecuredDebtMember2023-02-102023-02-100001538716oprt:AssetBackedNotesMemberus-gaap:SecuredDebtMember2023-02-102023-02-100001538716us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310001538716us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-03-080001538716us-gaap:MediumTermNotesMemberoprt:IncrementalTrancheA1LoansMember2023-03-102023-03-100001538716oprt:IncrementalTrancheA2LoansMemberus-gaap:MediumTermNotesMember2023-03-272023-03-270001538716us-gaap:SubsequentEventMemberus-gaap:MediumTermNotesMemberoprt:IncrementalTrancheBLoansMember2023-05-052023-05-050001538716oprt:IncrementalTrancheCLoansMemberus-gaap:SubsequentEventMembersrt:ScenarioForecastMemberus-gaap:MediumTermNotesMember2023-06-230001538716oprt:SeniorSecuredTermLoansMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:MediumTermNotesMember2023-03-102023-03-100001538716oprt:SeniorSecuredTermLoansMemberus-gaap:MediumTermNotesMember2023-03-102023-03-100001538716oprt:CorporateFinancingFacilityMember2023-01-012023-03-310001538716us-gaap:SubsequentEventMemberoprt:IncrementalTrancheBLoansMember2023-05-052023-05-050001538716us-gaap:SubsequentEventMemberoprt:IncrementalTrancheBLoansMember2023-05-050001538716oprt:IncrementalTrancheA1LoansMember2023-03-102023-03-100001538716oprt:IncrementalTrancheA1LoansMember2023-03-100001538716oprt:IncrementalTrancheA2LoansMember2023-03-272023-03-270001538716oprt:IncrementalTrancheA2LoansMember2023-03-270001538716oprt:IncrementalTrancheCLoansMemberus-gaap:SubsequentEventMember2023-06-232023-06-230001538716oprt:IncrementalTrancheCLoansMemberus-gaap:SubsequentEventMember2023-06-230001538716oprt:TechnologyandFacilitiesMember2023-01-012023-03-310001538716oprt:TechnologyandFacilitiesMember2022-01-012022-03-310001538716oprt:SalesandMarketingMember2023-01-012023-03-310001538716oprt:SalesandMarketingMember2022-01-012022-03-310001538716oprt:PersonnelMember2023-01-012023-03-310001538716oprt:PersonnelMember2022-01-012022-03-310001538716us-gaap:EmployeeStockOptionMember2023-03-310001538716us-gaap:EmployeeStockOptionMember2022-12-310001538716us-gaap:EmployeeStockOptionMember2022-01-012022-12-310001538716us-gaap:RestrictedStockUnitsRSUMember2023-03-310001538716us-gaap:RestrictedStockUnitsRSUMember2022-12-310001538716us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-12-310001538716oprt:PersonalLoansMember2023-03-310001538716oprt:PersonalLoansMember2022-12-310001538716us-gaap:CreditCardMember2023-03-310001538716us-gaap:CreditCardMember2022-12-310001538716oprt:UnsecuredPersonalLoansReceivableMember2023-03-310001538716oprt:SecuredPersonalLoansReceivableMember2023-03-310001538716oprt:PersonalLoansMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2023-03-310001538716oprt:PersonalLoansMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2023-03-310001538716oprt:PersonalLoansMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2023-03-310001538716oprt:PersonalLoansMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2022-12-310001538716oprt:PersonalLoansMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2022-12-310001538716oprt:PersonalLoansMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDefaultRateMember2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2023-03-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:MeasurementInputExpectedTermMemberoprt:PersonalLoansMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2023-03-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716oprt:PersonalLoansMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2022-12-310001538716us-gaap:CreditCardMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2023-03-310001538716us-gaap:CreditCardMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2022-12-310001538716us-gaap:CreditCardMemberoprt:MeasurementInputPrincipalPaymentRateMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:CreditCardMemberoprt:MeasurementInputPrincipalPaymentRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:CreditCardMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:CreditCardMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:CreditCardMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:CreditCardMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2022-12-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2021-12-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Member2022-03-310001538716us-gaap:MediumTermNotesMember2023-01-012023-03-310001538716us-gaap:MeasurementInputExpectedTermMemberus-gaap:FairValueInputsLevel3Member2023-03-31utr:Y0001538716us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:MeasurementInputPriceVolatilityMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-03-310001538716us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-03-310001538716us-gaap:FairValueInputsLevel1Member2023-03-310001538716us-gaap:FairValueInputsLevel2Member2023-03-310001538716us-gaap:FairValueInputsLevel3Member2023-03-310001538716us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310001538716us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310001538716us-gaap:FairValueInputsLevel1Member2022-12-310001538716us-gaap:FairValueInputsLevel2Member2022-12-310001538716us-gaap:FairValueInputsLevel3Member2022-12-310001538716srt:MaximumMember2023-03-310001538716oprt:InformationTechnologyAndCommunicationServicesMember2023-03-310001538716oprt:BankPartnershipProgramAndServicingAgreementLoansMember2023-01-012023-03-3100015387162022-03-040001538716us-gaap:SubsequentEventMember2023-05-082023-05-08oprt:employee0001538716srt:ScenarioForecastMember2023-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 001-39050
OPORTUN FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware45-3361983
State or Other Jurisdiction of
Incorporation or Organization
I.R.S. Employer Identification No.
2 Circle Star Way
San Carlos,CA94070
Address of Principal Executive OfficesZip Code
(650) 810-8823
Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareOPRTNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Smaller reporting company
Accelerated filer
Emerging growth company
Non-accelerated filer
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes     No 
The number of shares of registrant’s common stock outstanding as of May 3, 2023 was 33,887,992.



TABLE OF CONTENTS
PART I ‑ FINANCIAL INFORMATION
PART II ‑ OTHER INFORMATION

2


PART I ‑ FINANCIAL INFORMATION

Item 1. Financial Statements

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
March 31,December 31,
20232022
Assets
Cash and cash equivalents$74,075 $98,817 
Restricted cash127,846 105,000 
Loans receivable at fair value3,012,726 3,143,653 
Interest and fees receivable, net31,752 31,796 
Capitalized software and other intangibles, net137,856 139,801 
Right of use assets - operating28,708 30,448 
Other assets89,094 64,180 
Total assets$3,502,057 $3,613,695 
Liabilities and stockholders' equity
Liabilities
Secured financing$403,225 $317,568 
Asset-backed notes at fair value 2,300,201 2,387,674 
Acquisition and corporate financing232,316 222,879 
Lease liabilities35,669 37,947 
Other liabilities74,500 100,028 
Total liabilities3,045,911 3,066,096 
Stockholders' equity
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at March 31, 2023 and December 31, 2022; 34,156,369 shares issued and 33,884,346 shares outstanding at March 31, 2023; 33,626,630 shares issued and 33,354,607 shares outstanding at December 31, 2022
7 7 
Common stock, additional paid-in capital558,436 547,799 
Retained earnings (deficit)(95,988)6,102 
Treasury stock at cost, 272,023 shares at March 31, 2023 and December 31, 2022
(6,309)(6,309)
Total stockholders’ equity456,146 547,599 
Total liabilities and stockholders' equity$3,502,057 $3,613,695 
See Notes to the Condensed Consolidated Financial Statements.

3


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended March 31,
20232022
Revenue
Interest income$237,619 $192,237 
Non-interest income21,893 22,483 
Total revenue259,512 214,720 
Less:
Interest expense38,997 13,677 
Net increase (decrease) in fair value(215,710)3,971 
Net revenue4,805 205,014 
Operating expenses:
Technology and facilities56,874 49,189 
Sales and marketing19,182 34,541 
Personnel37,318 35,926 
Outsourcing and professional fees13,802 14,327 
General, administrative and other19,162 13,361 
Total operating expenses146,338 147,344 
Income (loss) before taxes(141,533)57,670 
Income tax expense (benefit)(39,443)12,007 
Net income (loss)$(102,090)$45,663 
Net income (loss) attributable to common stockholders$(102,090)$45,663 
Share data:
Earnings (loss) per share:
Basic$(3.00)$1.42 
Diluted$(3.00)$1.37 
Weighted average common shares outstanding:
Basic33,979,050 32,216,641 
Diluted33,979,050 33,323,134 
See Notes to the Condensed Consolidated Financial Statements.
4


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(in thousands, except share data)
For the Three Months Ended March 31, 2023
Common StockWarrants
SharesPar Value Additional Paid-in CapitalSharesAdditional Paid-in CapitalRetained EarningsTreasury StockTotal Stockholders' Equity
Balance – January 1, 202333,354,607 $7 $547,799 $ $ $6,102 $(6,309)$547,599 
Stock-based compensation expense— — 5,329 — — — — 5,329 
Vesting of restricted stock units, net of shares withheld529,739 — (1,364)— — — — (1,364)
Issuance of warrants to purchase common stock in connection with debt financing— — — 2,096,727 6,672 — — 6,672 
Net loss— — — — — (102,090)— (102,090)
Balance – March 31, 202333,884,346 $7 $551,764 2,096,727 $6,672 $(95,988)$(6,309)$456,146 

See Notes to the Condensed Consolidated Financial Statements.



OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(in thousands, except share data)
For the Three Months Ended March 31, 2022
Common Stock
SharesPar Value Additional Paid-in CapitalRetained EarningsTreasury StockTotal Stockholders' Equity
Balance – January 1, 202232,004,396 $6 $526,338 $83,846 $(6,309)$603,881 
Issuance of common stock upon exercise of stock options505,945 1 (4,749)— — (4,748)
Stock-based compensation expense— — 7,467 — — 7,467 
Vesting of restricted stock units, net of shares withheld296,552 — (2,327)— — (2,327)
Net income— — — 45,663 — 45,663 
Balance – March 31, 202232,806,893 $7 $526,729 $129,509 $(6,309)$649,936 

See Notes to the Condensed Consolidated Financial Statements.
5


OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Cash Flow (Unaudited)
(in thousands)
Three Months Ended March 31,
2023

2022
Cash flows from operating activities
Net income (loss)$(102,090)$45,663 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization13,389 10,697 
Fair value adjustment, net215,710 (3,971)
Origination fees for loans receivable at fair value, net(4,743)(4,685)
Gain on loan sales(1,352)(5,715)
Stock-based compensation expense4,878 6,773 
Other, net(34,564)20,226 
Originations of loans sold and held for sale(10,032)(48,665)
Proceeds from sale of loans11,125 54,872 
Changes in other assets and other liabilities(15,507)(36,630)
Net cash provided by operating activities76,814 38,565 
Cash flows from investing activities
Originations of loans(376,280)(707,108)
Proceeds from loan sales originated as held for investment1,041 245,019 
Repayments of loan principal348,104 351,324 
Capitalization of system development costs(11,743)(10,641)
Other, net(770)(1,090)
Net cash used in investing activities(39,648)(122,496)
Cash flows from financing activities
Borrowings under secured financing87,900 699,000 
Repayments of secured financing(2,614)(620,000)
Repayments of asset-backed notes(136,369)(10,395)
Borrowings under acquisition and corporate financing17,723  
Repayments of acquisition and corporate financing(10,195) 
Payments of deferred financing costs(775) 
Borrowings allocated to warrants6,632  
Net payments related to stock-based activities(1,364)(7,076)
Net cash provided by (used in) financing activities(39,062)61,529 
Net decrease in cash and cash equivalents and restricted cash(1,896)(22,402)
Cash and cash equivalents and restricted cash, beginning of period203,817 192,960 
Cash and cash equivalents and restricted cash, end of period$201,921 $170,558 
Supplemental disclosure of cash flow information
Cash and cash equivalents$74,075 $109,864 
Restricted cash127,846 60,694 
Total cash and cash equivalents and restricted cash$201,921 $170,558 
Cash paid for income taxes, net of refunds$307 $328 
Cash paid for interest$37,459 $13,816 
Cash paid for amounts included in the measurement of operating lease liabilities$3,725 $4,238 
Supplemental disclosures of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease obligations$1,179 $1,064 
Non-cash investments in capitalized assets$(1,143)$565 
Non-cash financing activities$6,672 $ 
See Notes to the Condensed Consolidated Financial Statements.
6


OPORTUN FINANCIAL CORPORATION
Notes to the Condensed Consolidated Financial Statements (Unaudited)
March 31, 2023

1.Organization and Description of Business

Oportun Financial Corporation (together with its subsidiaries, "Oportun" or the "Company") is a digital banking platform that puts its members’ financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, the Company empowers members with the confidence to build a better financial future. Oportun takes a holistic approach to serving its members and views as its purpose to responsibly meet their current capital needs, help grow its members' financial profiles, increase their financial awareness and put them on a path to a financially healthy life. Oportun offers access to a comprehensive suite of digital banking products, offered either directly or through partners, including lending, savings and investing powered by A.I. and tailored to each member's goals to make achieving financial health automated. The Company's credit products include personal loans, secured personal loans and credit cards. The Company's digital banking products include automated savings, digital banking, long-term investing and retirement savings. The Company is headquartered in San Carlos, California. The Company has been certified by the United States Department of the Treasury as a Community Development Financial Institution ("CDFI") since 2009.

Segments

Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer and the Company's Chief Financial Officer are collectively considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.

2.Summary of Significant Accounting Policies

Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 14, 2023.

Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions.

Accounting Policies - There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncements subsequently adopted as noted below.

Recently Adopted Accounting Standards

None.



7


3.Earnings (Loss) per Share

Basic and diluted earnings (loss) per share are calculated as follows:
Three Months Ended March 31,
(in thousands, except share and per share data)20232022
Net income (loss)$(102,090)$45,663 
Net income (loss) attributable to common stockholders$(102,090)$45,663 
Basic weighted-average common shares outstanding33,979,050 32,216,641 
Weighted average effect of dilutive securities:
Stock options 733,503 
Restricted stock units 372,990 
Diluted weighted-average common shares outstanding33,979,050 33,323,134 
Earnings (loss) per share:
Basic$(3.00)$1.42 
Diluted$(3.00)$1.37 

The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented:
Three Months Ended March 31,
20232022
Stock options3,261,871 2,723,777 
Restricted stock units3,953,396 1,692,599 
Total anti-dilutive common share equivalents7,215,267 4,416,376 

4.Variable Interest Entities

Variable interest entities ("VIEs") are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of equity investment at risk lack the ability to direct the entity's activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity.

For all VIEs in which we are involved, we assess whether we are the primary beneficiary of the VIE on an ongoing basis. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, we would conclude that we are the primary beneficiary of the VIE, and we consolidate the VIE. In situations where we are not deemed to be the primary beneficiary of the VIE, we do not consolidate the VIE and only recognize our interests in the VIE.

Consolidated VIEs

As part of the Company’s overall funding strategy, the Company transfers a pool of designated loans receivable to wholly owned special-purpose subsidiaries ("VIEs") to collateralize certain asset-backed financing transactions. For these VIEs where the Company has determined that it is the primary beneficiary because it has the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb the losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs the VIEs assets and related liabilities are consolidated with the results of the Company. Such power arises from the Company’s contractual right to service the loans receivable securing the VIEs’ asset-backed debt obligations. The Company has an obligation to absorb losses or the right to receive benefits that are potentially significant to the VIEs because it retains the residual interest of each asset-backed financing transaction in the form of an asset-backed certificate. Accordingly, the Company includes the VIEs’ assets, including the assets securing the financing transactions, and related liabilities in its condensed consolidated financial statements.

Each consolidated VIE issues a series of asset-backed securities that are supported by the cash flows arising from the loans receivable securing such debt. Cash inflows arising from such loans receivable are distributed monthly to the transaction’s lenders and related service providers in accordance with the transaction’s contractual priority of payments. The creditors of the VIEs above have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. The Company retains the most subordinated economic interest in each financing transaction through its ownership of the respective residual interest in each VIE. The Company has no obligation to repurchase loans receivable that initially satisfied the financing transaction’s eligibility criteria but subsequently became delinquent or a defaulted loans receivable.

8


The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited):
March 31,December 31,
(in thousands)20232022
Consolidated VIE assets
Restricted cash$114,382 $91,395 
Loans receivable at fair value2,984,619 3,081,557 
Interest and fee receivable31,449 30,443 
Total VIE assets3,130,450 3,203,395 
Consolidated VIE liabilities
Secured financing (1)
405,286 320,000 
Asset-backed notes at fair value 2,300,201 2,387,674 
Acquisition financing (1)
75,484 85,679 
Total VIE liabilities$2,780,971 $2,793,353 
(1) Amounts exclude deferred financing costs. See Note 8, Borrowings for additional information.

5.Loans Held for Sale and Loans Sold

Structured Loan Sales - On March 31, 2022, the Company participated in a securitization whereby the Company and funds managed by Ellington Management Group both contributed collateral and were co-sponsors of the transaction, which totaled $400.0 million in issued asset-backed notes. As part of the securitization, the Company sold loans to OPTN Funding Grantor Trust 2022-1 ("Grantor Trust") through the issuance of amortizing asset-backed notes secured by a pool of its unsecured and secured personal installment loans. The Company also sold its share of the residual interest in the pool. The Company's continued involvement in the unconsolidated VIEs is in the form of servicer of these loans. The Company does not have variable interest in the Grantor Trust or the issuer established for this transaction. The sold loans were accounted for under the fair value option and had an aggregate unpaid principal balance of approximately $227.6 million, a cumulative fair value mark of $15.9 million and unpaid interest of $1.5 million. The Company received $245.0 million of net proceeds and by selling both its notes and residual interest, the Company derecognized these loans from its Condensed Consolidated Balance Sheets (Unaudited).

Other Loan Sales - The Company enters into agreements to sell certain populations of its personal loans and credit card receivables from time to time. The sold loans were accounted for under the fair value option. The loan sales qualified for sale accounting treatment and the Company derecognized these loans from its Condensed Consolidated Balance Sheets (Unaudited) at the end of the quarter in which the loans were sold.

Whole Loan Sale Program In November 2014, the Company entered into a whole loan sale agreement with an institutional investor. Pursuant to the agreement, the Company sold at least 10% of its unsecured loan originations, with an option to sell an additional 5%, subject to certain eligibility criteria and minimum and maximum volumes. The Company chose not to renew the arrangement and allowed the agreement to expire on its terms on March 4, 2022.

In November 2022, the Company entered into a forward flow whole loan sale agreement with an institutional investor. Pursuant to this agreement, the Company has a commitment to sell a minimum of $2.0 million of its unsecured loan originations each month, with an option to sell an additional $4.0 million each month, over an approximately one-year period, subject to certain eligibility criteria.

The originations of loans sold and held for sale during the three months ended March 31, 2023 was $10.0 million and the Company recorded a gain on sale of $1.4 million and servicing revenue of $3.0 million. The originations of loans sold and held for sale during the three months ended March 31, 2022 was $48.7 million and the Company recorded a gain on sale of $5.7 million and servicing revenue of $4.0 million.

6.
Capitalized Software and Other Intangibles

Capitalized software, net consists of the following:

March 31,December 31,
(in thousands)20232022
Capitalized software, net:
System development costs$145,934 $135,303 
Acquired developed technology48,500 48,500 
Less: Accumulated amortization(89,825)(79,679)
Total capitalized software, net$104,609 $104,124 

9


Capitalized software, net

Amortization of system development costs and acquired developed technology for three months ended March 31, 2023 and 2022 was $10.1 million and $7.4 million, respectively. System development costs capitalized in the three months ended March 31, 2023 and 2022 were $10.6 million and $11.2 million, respectively.

Acquired developed technology was $48.5 million and is related to the acquisition of Digit on December 22, 2021.

Intangible Assets

The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows:

March 31,December 31,
(in thousands)20232022
Intangible assets:
Member relationships$34,500 $34,500 
Trademarks5,626 6,426 
Other3,000 3,000 
Less: Accumulated amortization(9,879)(8,249)
Total intangible assets, net$33,247 $35,677 

On March 8, 2023, the Company revealed its rebranding of Oportun and Digit as a single brand. Therefore, the Company wrote off its $0.8 million Digit trademark. Amortization of intangible assets for the three months ended March 31, 2023 and 2022 was $1.6 million and $2.0 million, respectively.

Expected future amortization expense for intangible assets as of March 31, 2023 is as follows:

(in thousands)Fiscal Years
2023 (remaining nine months)$5,777 
20247,539 
20254,929 
20264,929 
20274,929 
20284,780 
Thereafter 
Total
$32,883 


7.Other Assets

Other assets consist of the following:
March 31,December 31,
(in thousands)20232022
Fixed assets
Total fixed assets$48,941 $48,212 
Less: Accumulated depreciation(38,984)(37,688)
Total fixed assets, net$9,957 $10,524 
Other Assets
Loans held for sale$310 $50 
Prepaid expenses20,108 24,167 
Deferred tax assets16,942 1,793 
Current tax assets8,112 8,245 
Other33,665 19,401 
Total other assets$89,094 $64,180 

10


Fixed Assets

Depreciation and amortization expense related to Other Assets for the three months ended March 31, 2023 and 2022 was $1.3 million and $1.3 million, respectively.

8.Borrowings

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

March 31, 2023December 31, 2022
Variable Interest EntityFacility AmountMaturity DateInterest RateBalanceBalance
(in thousands)
Oportun CCW Trust (1)
$120,000 December 1, 2024
Variable (2)
$74,029 $76,574 
Oportun PLW Trust600,000 September 1, 2024
LIBOR (minimum of 0.00%) + 2.17%
329,196 240,994 
Total secured financing$720,000 $403,225 $317,568 
(1) The facility amount and maturity date on the Secured Financing - CCW facility (Oportun CCW Trust) were $150.0 million and December 1, 2023, respectively, as of December 31, 2022.
(2) The interest rate on the Secured Financing - CCW facility (Oportun CCW Trust) is LIBOR (minimum of 0.00%) plus 3.41% on the outstanding principal balance as of March 31, 2023. The interest rate on the CCW was LIBOR (minimum of 1.00%) plus 6.00% on the first $18.8 million of principal outstanding and LIBOR (minimum of 0.00%) plus 3.41% on the remaining outstanding principal balance as of December 31, 2022.


The following table presents information regarding asset-backed notes:
March 31, 2023
Variable Interest Entity
Initial note amount issued (1)
Initial collateral balance (2)
Current 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 $248,158 $274,205 8.59 %N/A
Oportun Issuance Trust (Series 2022-2)400,000 410,212 265,132 292,891 7.24 %N/A
Oportun Issuance Trust (Series 2022-A)400,000 410,211 385,424 414,827 5.44 %2 years
Oportun Issuance Trust (Series 2021-C)500,000 512,762 447,610 518,999 2.48 %3 years
Oportun Issuance Trust (Series 2021-B)500,000 512,759 447,635 518,347 2.05 %3 years
Oportun Funding XIV, LLC (Series 2021-A)375,000 383,632 354,674 387,676 1.79 %2 years
Oportun Funding XIII, LLC (Series 2019-A)279,412 294,118 151,568 171,833 3.46 %3 years
Total asset-backed notes recorded at fair value$2,754,412 $2,834,687 $2,300,201 $2,578,778 

December 31, 2022
Variable Interest Entity
Initial note amount issued (1)
Initial collateral balance (2)
Current 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 $285,218 $301,967 8.43 %N/A
Oportun Issuance Trust (Series 2022-2)400,000 410,212 313,689 344,218 7.03 %N/A
Oportun Issuance Trust (Series 2022-A)400,000 410,211 380,313 414,293 5.44 %2 years
Oportun Issuance Trust (Series 2021-C)500,000 512,762 435,951 518,929 2.48 %3 years
Oportun Issuance Trust (Series 2021-B)500,000 512,759 432,123 519,182 2.05 %3 years
Oportun Funding XIV, LLC (Series 2021-A)375,000 383,632 348,046 389,740 1.79 %2 years
Oportun Funding XIII, LLC (Series 2019-A)279,412 294,118 192,334 218,571 3.46 %3 years
Total asset-backed notes recorded at fair value$2,754,412 $2,834,687 $2,387,674 $2,706,900 
(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.
11


(3)Weighted average interest rate excludes notes retained by the Company. There were no notes retained by the Company as of March 31, 2023. The weighted average interest rate for Series 2022-2 and Series 2022-3 will change over time as the notes pay sequentially (in class priority order).
(4)The revolving period for Series 2019-A ended on August 1, 2022 and Series 2021-A ended on March 1, 2023. These asset-backed notes have been amortizing since then. Series 2022-2 and Series 2022-3 are both amortizing deals with no revolving period.

The following table presents information regarding the Company's Acquisition and Corporate Financings:

March 31, 2023December 31, 2022
EntityOriginal Balance Maturity DateInterest RateBalanceBalance
(in thousands)
Oportun Financial Corporation (1)
$150,000 September 14, 2026
SOFR (minimum of 0.00% + 12.00%
$160,892 $141,957 
Oportun RF, LLC (2)
116,000 October 1, 2024
SOFR (minimum of 0.00%) + 11.00%
71,424 80,922 
Total acquisition and corporate financing$266,000 $232,316 $222,879 
(1) The Corporate Financing facility (Oportun Financial Corporation) was upsized and amended on March 10, 2023 to provide the ability to be able to borrow up to an additional $75.0 million. The interest rate on the Corporate Financing facility was SOFR (minimum of 0.00%) plus 9.00% as of December 31, 2022.
(2) The Acquisition Financing facility (Oportun RF, LLC) was amended and upsized several times in 2022 increasing the size of the facility to $119.5 million and amending the maturity date. The maturity date and interest rate of the Acquisition Financing facility was May 1, 2024 and SOFR (minimum of 0.00%) plus 8.00% as of December 31, 2022.

On February 10, 2023, the Acquisition Financing facility (Oportun RF, LLC) was further amended, including among other things, revising the interest rate to SOFR plus 11.00% and adjusting the amortization schedule to defer $42.0 million in principal payments through July 2023, with final payment in October 2024.

On March 8, 2023, the Credit Card Warehouse (Oportun CCW Trust) was amended. This amendment, among other things, extends the revolving period by a year, to December 31, 2024, and reduces the commitment amount from $150.0 million to $120.0 million.

On March 10, 2023 (the “Second Amendment Closing Date”), the Company amended its Corporate Financing facility by entering into an Amendment No. 2 (the “Second Amendment”) by and among the Company, as borrower, the subsidiaries of the Company party thereto as guarantors, certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent (the “Agent”), which amended the Credit Agreement, dated as of September 14, 2022 (as amended, supplemented or otherwise modified, including by the Second Amendment, the “Amended Credit Agreement”), by and among the Company, the lenders from time to time party thereto and the Agent.

On the Second Amendment Closing Date, the Company borrowed $20.8 million of incremental term loans (the “Incremental Tranche A-1 Loans”) and borrowed an additional $4.2 million of incremental term loans (the “Incremental Tranche A-2 Loans”) on March 27, 2023. Under the Amended Credit Agreement, the Company borrowed an additional $25.0 million of incremental term loans (the "Incremental Tranche B Loans") on May 5, 2023 and may borrow up to an additional amount of $25.0 million on an uncommitted basis (the “Incremental Tranche C Loans”) expected to be available, if provided by the applicable lenders, on or about June 23, 2023.

The loans (the “Loans”) and other obligations under the Amended Credit Agreement are secured by the assets of the Company and certain of its subsidiaries guaranteeing the Loans, including pledges of the equity interests of certain subsidiaries that are directly or indirectly owned by the Company, subject to customary exceptions.

Following the Second Amendment Closing Date the Loans bear interest, at (a) an amount equal to 1-month term SOFR plus 9.00% plus (b) an amount payable in cash or in kind, at the Company's option, equal to 3.00%. The Loans are scheduled to mature on September 14, 2026, and are not subject to amortization. Certain prepayments of the Loans are subject to a prepayment premium.

Pursuant to the Amended Credit Agreement, as of the three months ended March 31, 2023, the Company issued warrants (the “Warrants”) to the lenders providing the Incremental Tranche A-1 and Incremental Tranche A-2 Loans. The Company allocated proceeds from the incremental borrowings of the Corporate Financing facility to the Corporate Financing facility and the Warrants based on their relative fair values at time of issuance. The value of the proceeds allocated to the Corporate Financing facility, net of discount, and the Warrants in the first quarter 2023, was $17.8 million and $6.7 million, respectively. The value of the Warrants are accounted for as a discount on the incremental borrowings and will be amortized into interest expense over the term of the loans using the effective interest method.

In addition, pursuant to the Amended Credit Agreement, on May 5, 2023, the Company issued to the lenders providing the Incremental Tranche B Loans warrants to purchase 1,048,363 shares of the Company’s common stock, at an exercise price of $0.01 per share. There may be further warrants issued to the lenders in connection with the potential future incremental tranche loans described above. See Note 10, Stockholders' Equity for additional information on the Warrants.

As of March 31, 2023, and December 31, 2022, the Company was in compliance with all covenants and requirements of the Secured Financing, Acquisition and Corporate Financing facilities and asset-backed notes.

12


9.Other Liabilities

Other liabilities consist of the following:
March 31,December 31,
(in thousands)20232022
Accounts payable$6,989 $9,670 
Accrued compensation14,302 12,502 
Accrued expenses28,083 26,193 
Accrued interest8,773 8,445 
Amount due to whole loan buyer1,738 3,073 
Deferred tax liabilities5,133 30,575 
Current tax liabilities and other9,482 9,570 
Total other liabilities$74,500 $100,028 

10.Stockholders' Equity

Preferred Stock - The Board has the authority, without further action by the Company's stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. There were no shares of undesignated preferred stock issued or outstanding as of March 31, 2023 or December 31, 2022.

Common Stock - As of March 31, 2023 and December 31, 2022, the Company was authorized to issue 1,000,000,000 shares of common stock with a par value of $0.0001 per share. As of March 31, 2023, 34,156,369 and 33,884,346 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. As of December 31, 2022, 33,626,630 and 33,354,607 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock.

Warrants - On March 10, 2023, pursuant to the Second Amendment of the Corporate Financing facility, the Company issued detachable warrants (the “Warrants”) to the lenders providing the Incremental Tranche A-1 Loans to purchase 1,980,242 shares of the Company’s common stock at an exercise price of $0.01 per share. On March 27, 2023, in connection with the funding of the Incremental Tranche A-2 Loans, the Company issued Warrants to the lenders providing the Incremental Tranche A-2 Loans to purchase 116,485 shares of the Company’s common stock at an exercise price of $0.01 per share. On May 5, 2023, in connection with the funding of the Incremental Tranche B Loans, the Company issued Warrants to the lenders providing the Incremental Tranche B loans to purchase 1,048,363 shares of the Company's common stock at an exercise prices of $0.01 per share. In addition, in connection with the funding of the Incremental Tranche C Loans, the Company will issue Warrants to the lenders providing the Incremental Tranche C Loans to purchase 1,048,363 shares of the Company’s common stock at an exercise price of $0.01 per share.

The value of the proceeds allocated to the Corporate Financing facility and the Warrants in the first quarter 2023 was $17.8 million and $6.7 million, respectively. The portion of the proceeds so allocated to the warrants has been recorded as part of additional paid-in capital.

See Note 8, Borrowings for additional information on the Second Amendment of the Corporate Financing facility.

11.Equity Compensation and Other Benefits

The Company's stock-based plans are described and informational disclosures are provided in the Notes to the Consolidated Financial Statements included in the Annual Report.

Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows:
Three Months Ended March 31,
(in thousands)20232022
Technology and facilities$1,049 $1,870 
Sales and marketing33 31 
Personnel3,796 4,872 
Total stock-based compensation (1)
$4,878 $6,773 
(1) Amounts shown are net of $0.5 million of capitalized stock-based compensation for the three months ended March 31, 2023 and net of $0.7 million of capitalized stock-based compensation for the three months ended March 31, 2022.

13


As of March 31, 2023, and December 31, 2022, the Company’s total unrecognized compensation cost related to unvested stock-based option awards granted to employees was $4.9 million and $