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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 September 30, 2024
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
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐
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 Exchange Act).  Yes ☐    No ☒
The number of shares of registrant’s common stock outstanding as of November 5, 2024 was 35,971,037.


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)
September 30,December 31,
20242023
Assets
Cash and cash equivalents$71,838 $91,187 
Restricted cash156,699 114,829 
Loans receivable at fair value2,728,515 2,962,352 
Credit cards receivable held for sale
52,581 — 
Capitalized software and other intangibles, net92,045 114,735 
Right of use assets - operating9,666 21,105 
Other assets139,954 107,680 
Total assets$3,251,298 $3,411,888 
Liabilities and stockholders' equity
Liabilities
Secured financing$125,393 $289,951 
Asset-backed notes at fair value 1,386,695 1,780,005 
Asset-backed borrowings at amortized cost1,109,370 581,468 
Acquisition and corporate financing215,697 258,746 
Lease liabilities19,728 28,376 
Other liabilities66,859 68,938 
Total liabilities2,923,742 3,007,484 
Stockholders' equity
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at September 30, 2024 and December 31, 2023; 36,243,060 shares issued and 35,971,037 shares outstanding at September 30, 2024; 34,741,076 shares issued and 34,469,053 shares outstanding at December 31, 2023
7 7 
Common stock, additional paid-in capital595,127 584,555 
Accumulated deficit(261,269)(173,849)
Treasury stock at cost, 272,023 shares at September 30, 2024 and December 31, 2023
(6,309)(6,309)
Total stockholders’ equity327,556 404,404 
Total liabilities and stockholders' equity$3,251,298 $3,411,888 
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 September 30,
Nine Months Ended September 30,
2024202320242023
Revenue
Interest income$230,044 $243,258 $692,007 $721,340 
Non-interest income19,907 24,962 58,822 72,955 
Total revenue249,951 268,220 750,829 794,295 
Less:
Interest expense55,749 46,965 164,458 127,410 
Net decrease in fair value(131,585)(136,119)(384,554)(458,319)
Net revenue62,617 85,136 201,817 208,566 
Operating expenses:
Technology and facilities40,561 52,663 128,291 164,653 
Sales and marketing17,403 18,852 49,664 57,229 
Personnel21,038 28,647 67,462 96,727 
Outsourcing and professional fees10,088 10,482 28,704 34,184 
General, administrative and other12,991 11,862 46,784 52,147 
Total operating expenses102,081 122,506 320,905 404,940 
Income (loss) before taxes(39,464)(37,370)(119,088)(196,374)
Income tax benefit(9,508)(16,232)(31,668)(58,247)
Net loss$(29,956)$(21,138)$(87,420)$(138,127)
Net income (loss) attributable to common stockholders$(29,956)$(21,138)$(87,420)$(138,127)
Share data:
Earnings (loss) per share:
Basic$(0.75)$(0.55)$(2.21)$(3.80)
Diluted$(0.75)$(0.55)$(2.21)$(3.80)
Weighted average common shares outstanding:
Basic39,964,322 38,283,071 39,562,204 36,333,570 
Diluted39,964,322 38,283,071 39,562,204 36,333,570 
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 Nine Months Ended September 30, 2024
WarrantsCommon Stock
SharesAdditional Paid-in CapitalSharesPar Value Additional Paid-in Capital
Accumulated Deficit
Treasury StockTotal Stockholders' Equity
Balance – January 1, 20244,193,453 $19,431 34,469,053 $7 $565,124 $(173,849)$(6,309)$404,404 
Stock-based compensation expense— — — — 4,239 — — 4,239 
Vesting of restricted stock units, net of shares withheld— — 1,120,201 — (232)— — (232)
Net loss— — — — — (26,439)— (26,439)
Balance – March 31, 20244,193,453 $19,431 35,589,254 $7 $569,131 $(200,288)$(6,309)$381,972 
Stock-based compensation expense— — — — 3,169 — — 3,169 
Vesting of restricted stock units, net of shares withheld— — 133,467 — — — — — 
Net loss— — — — — (31,025)— (31,025)
Balance – June 30, 20244,193,453 $19,431 35,722,721 $7 $572,300 $(231,313)$(6,309)$354,116 
Stock-based compensation expense— — — — 3,436 — — 3,436 
Vesting of restricted stock units, net of shares withheld— — 248,316 — (40)— — (40)
Net loss— — — — — (29,956)— (29,956)
Balance – September 30, 20244,193,453 $19,431 35,971,037 $7 $575,696 $(261,269)$(6,309)$327,556 

See Notes to the Condensed Consolidated Financial Statements.


5

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(in thousands, except share data)
For the Nine Months Ended September 30, 2023
 WarrantsCommon Stock
SharesAdditional Paid-in CapitalSharesPar Value Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Treasury StockTotal Stockholders' Equity
Balance – January 1, 2023— $— 33,354,607 $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 withheld— — 529,739 — (1,364)— — (1,364)
Issuance of warrants to purchase common stock in connection with debt financing2,096,727 6,672 — — — — — 6,672 
Net loss— — — — — (102,090)— (102,090)
Balance – March 31, 20232,096,727 $6,672 33,884,346 $7 $551,764 $(95,988)$(6,309)$456,146 
Issuance of common stock upon exercise of stock options, net of shares withheld— — 26,458 — (95)— — (95)
Stock-based compensation expense— — — — 4,754 — — 4,754 
Vesting of restricted stock units, net of shares withheld— — 116,539 — (267)— — (267)
Issuance of warrants to purchase common stock in connection with debt financing2,096,726 12,759 — — — — — 12,759 
Net loss— — — — — (14,899)— (14,899)
Balance – June 30, 20234,193,453 $19,431 34,027,343 $7 $556,156 $(110,887)$(6,309)$458,398 
Issuance of common stock upon exercise of stock options, net of shares withheld— — 10,856 — 49 — — 49 
Stock-based compensation expense— — — — 4,706 — — 4,706 
Vesting of restricted stock units, net of shares withheld— — 191,973 — (652)— — (652)
Net loss— — — — — (21,138)— (21,138)
Balance – September 30, 20234,193,453 $19,431 34,230,172 $7 $560,259 $(132,025)$(6,309)$441,363 

See Notes to the Condensed Consolidated Financial Statements.
6

OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Cash Flow (Unaudited)
(in thousands)
Nine Months Ended September 30,
2024

2023
Cash flows from operating activities
Net loss$(87,420)$(138,127)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization39,677 41,102 
Fair value adjustment, net384,554 458,319 
Origination fees for loans receivable at fair value, net(12,610)(19,348)
Gain on loan sales(4,266)(6,140)
Stock-based compensation expense10,141 13,709 
Other, net(19,980)(41,344)
Originations of loans sold and held for sale(82,984)(41,562)
Proceeds from sale of loans87,297 47,128 
Changes in operating assets and liabilities
(12,332)(27,283)
Net cash provided by operating activities302,077 286,454 
Cash flows from investing activities
Originations and purchases of loans held for investment
(1,104,309)(1,179,886)
Proceeds from loan sales originated as held for investment2,840 2,758 
Repayments of loan principal977,891 1,014,147 
Capitalization of system development costs(13,129)(25,180)
Other, net(555)(1,207)
Net cash used in investing activities(137,262)(189,368)
Cash flows from financing activities
Borrowings under secured financing278,266 185,100 
Repayments of secured financing(440,494)(80,581)
Repayments of asset-backed notes at fair value(456,923)(505,778)
Borrowings under asset-backed borrowings at amortized cost767,313 257,639 
Repayments of asset-backed borrowings at amortized cost
(231,580)(9,839)
Borrowings under acquisition and corporate financing— 73,355 
Repayments of acquisition and corporate financing(51,442)(17,275)
Payments of deferred financing costs(7,162)(1,550)
Net payments related to stock-based activities(272)(2,329)
Net cash used in financing activities(142,294)(101,258)
Net increase (decrease) in cash and cash equivalents and restricted cash22,521 (4,172)
Cash and cash equivalents and restricted cash, beginning of period206,016 203,817 
Cash and cash equivalents and restricted cash, end of period$228,537 $199,645 
Supplemental disclosure of cash flow information
Cash and cash equivalents$71,838 $81,886 
Restricted cash156,699 117,759 
Total cash and cash equivalents and restricted cash$228,537 $199,645 
Cash paid for income taxes, net of refunds$556 $1,420 
Cash paid for interest$160,492 $126,724 
Cash paid for amounts included in the measurement of operating lease liabilities$9,601 $10,772 
Supplemental disclosures of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease obligations$(5,589)$1,382 
Non-cash investments in capitalized assets$1,108 $100 
Non-cash financing activities$29,144 $19,431 
See Notes to the Condensed Consolidated Financial Statements.
7

OPORTUN FINANCIAL CORPORATION
Notes to the Condensed Consolidated Financial Statements (Unaudited)
September 30, 2024

1.Organization and Description of Business

Oportun Financial Corporation (together with its subsidiaries unless the context indicates otherwise, "Oportun" or the "Company") is a mission driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting 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 products powered by A.I., offered either directly or through partners, including unsecured and secured lending, and 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 Company meets the SEC's definition of a “Smaller Reporting Company”, and therefore qualifies for the SEC's reduced disclosure requirements for smaller reporting companies. The accompanying 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, 2023 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 15, 2024.

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.


Accounting Standards to be Adopted

Income Taxes - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires entities to disclose in their rate reconciliation table additional categories or information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold and requires annual disclosure of income taxes paid to be disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The ASU is effective for annual periods beginning after December 15, 2024. While early adoption is permitted, the Company will adopt the standard, effective January 1, 2025. The Company has evaluated the effect of the new guidance and determined the ASU expands tax disclosures but it will not have a material impact on the consolidated financial statements.

Segment Reporting - In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The ASU enhances disclosures about significant segment expenses, provides new segment disclosure requirements for entities with a single reportable segment, enhances interim disclosure requirements, clarifies circumstances in which an entity is permitted to disclose multiple segment measures of profit or loss and other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023. Early
8

adoption is permitted. The Company has evaluated the effect of the new guidance and determined that the expanded segment disclosures will not have a material impact on the consolidated financial statements.
3.Earnings (Loss) per Share

Basic and diluted earnings (loss) per share are calculated as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2024202320242023
Net loss$(29,956)$(21,138)$(87,420)$(138,127)
Net income (loss) attributable to common stockholders$(29,956)$(21,138)$(87,420)$(138,127)
Basic weighted-average common shares outstanding39,964,322 38,283,071 39,562,204 36,333,570 
Weighted average effect of dilutive securities:
Diluted weighted-average common shares outstanding39,964,322 38,283,071 39,562,204 36,333,570 
Earnings (loss) per share:
Basic$(0.75)$(0.55)$(2.21)$(3.80)
Diluted$(0.75)$(0.55)$(2.21)$(3.80)

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 September 30,Nine Months Ended September 30,
2024202320242023
Stock options2,014,626 2,832,953 2,301,996 3,052,422 
Restricted stock units4,904,183 3,438,484 4,196,294 3,707,561 
Total anti-dilutive common share equivalents6,918,809 6,271,437 6,498,290 6,759,983 

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 the Company is involved, it assesses whether it is the primary beneficiary of the VIE on an ongoing basis. In circumstances where the Company has 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, it would conclude that it is the primary beneficiary of the VIE, and it consolidates the VIE. In situations where the Company is not deemed to be the primary beneficiary of the VIE, it does not consolidate the VIE and only recognizes its interests in the VIE. In addition, on June 16, 2023 and August 3, 2023, the Company entered into forward flow whole loan sale agreements that are considered secured borrowings and are not considered VIEs. See Note 8, Borrowings for additional information on the secured borrowing under the caption of asset-backed borrowings at amortized cost.

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 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.

9

The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited):
September 30,December 31,
(in thousands)20242023
Consolidated VIE assets
Restricted cash$131,130 $91,466 
Loans receivable at fair value2,129,045 2,539,186 
Total VIE assets2,260,175 2,630,652 
Consolidated VIE liabilities
Secured financing (1)
128,722 290,949 
Asset-backed notes at fair value 1,386,695 1,780,005 
Asset-backed borrowings at amortized cost
534,920 195,057 
Acquisition financing (1)
22,896 57,237 
Total VIE liabilities$2,073,233 $2,323,248 
(1) Amounts exclude deferred financing costs. See Note 8, Borrowings for additional information.

5.Loans Held for Sale and Loans Sold

Other Loan Sales - The Company enters into agreements to sell certain populations of its personal loans and credit card receivables from time to time, including non-performing loans and credit card receivables originated as held for investment. 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 ‑ The Company enters into whole loan sale agreements with third parties in which we agree to sell newly originated unsecured personal loans and secured personal loans.

The originations of loans sold and held for sale during the three months ended September 30, 2024 was $32.3 million and the Company recorded a gain on sale of $0.7 million and servicing revenue of $1.6 million. The originations of loans sold and held for sale during the three months ended September 30, 2023 was $15.9 million. The gain on sale recorded during the three months ended September 30, 2023 was $2.4 million. Servicing revenue during the same time period was $2.2 million.

The originations of loans sold and held for sale during the nine months ended September 30, 2024 was $83.0 million and the Company recorded a gain on sale of $4.3 million and servicing revenue of $4.8 million. The originations of loans sold and held for sale during the nine months ended September 30, 2023 was $41.6 million. The gain on sale recorded during the nine months ended September 30, 2023 was $6.1 million. Servicing revenue during the same time period was $7.7 million.

Oportun® Visa® Credit Card - On June 21, 2024, the Company entered into a nonbinding letter of intent with a third-party to sell the credit cards receivable portfolio originated under the Company's credit card program. Following the execution of the nonbinding letter of intent, the portfolio was considered to be held for sale and is presented within credit cards receivable held for sale on the Condensed Consolidated Balance Sheet (Unaudited). The Company has elected the fair value option for the credit card portfolio and, as a result, the Company recorded a net decrease in fair value of $36.2 million associated with the terms contained within the nonbinding letter of intent. On September 24, 2024, the Company entered into a definitive agreement to sell its credit cards receivable portfolio.


6.
Capitalized Software and Other Intangibles

Capitalized software, net consists of the following:

September 30,December 31,
(in thousands)20242023
Capitalized software, net:
System development costs$172,772 $158,577 
Acquired developed technology48,500 48,500 
Less: Accumulated amortization(150,930)(119,810)
Total capitalized software, net$70,342 $87,267 

10

Capitalized software, net

Amortization of system development costs and acquired developed technology for the three months ended September 30, 2024 and 2023 was $10.8 million and $10.8 million, respectively. System development costs capitalized in the three months ended September 30, 2024 and 2023 were $5.0 million and $7.0 million, respectively.

Amortization of system development costs and acquired developed technology for the nine months ended September 30, 2024 and 2023 was $31.1 million and $31.6 million, respectively. System development costs capitalized in the nine months ended September 30, 2024 and 2023 were $14.2 million and $25.3 million, respectively.

Acquired developed technology was $48.5 million and is related to the acquisition of Hello Digit, Inc. (“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:

September 30,December 31,
(in thousands)20242023
Intangible assets:
Member relationships$34,500 $34,500 
Trademarks5,626 5,626 
Other3,000 3,000 
Less: Accumulated amortization(21,423)(15,658)
Total intangible assets, net$21,703 $27,468 

Amortization of intangible assets for the three months ended September 30, 2024 and 2023 was $1.9 million and $1.9 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2024 and 2023 was $5.8 million and $5.5 million, respectively. 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.

Expected future amortization expense for intangible assets as of September 30, 2024 is as follows:

(in thousands)Fiscal Years
2024 (remaining three months)$1,773 
20254,929 
20264,929 
20274,929 
20284,780 
2029— 
Thereafter— 
Total
$21,340 

11

7.Other Assets

Other assets consist of the following:
September 30,December 31,
(in thousands)20242023
Fixed assets
Total fixed assets$42,436 $48,944 
Less: Accumulated depreciation(38,547)(41,953)
Total fixed assets, net$3,889 $6,991 
Other Assets
Prepaid expenses$11,967 $15,758 
Deferred tax assets, net
81,830 48,123 
Current tax assets3,619 4,731 
Receivable from banking partner4,922 4,050 
Derivative asset12,732 9,307 
Other20,995 18,720 
Total other assets$139,954 $107,680 

Fixed Assets

Depreciation and amortization expense related to fixed assets for the three months ended September 30, 2024 and 2023 was $0.8 million and $0.9 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $2.8 million, and $3.2 million, respectively.

During the second quarter of 2024, the Company recognized an impairment of the right-of-use asset related to the leased office space in San Carlos, California due to a significant decrease in observed market rents for commercial office space, and the inability to find a sub-lessee given the remaining lease term and market conditions. As a result, the Company disposed of all related fixed assets of $3.7 million and related accumulated depreciation of $3.5 million resulting in a loss on disposal of $0.2 million.

8.Borrowings

Secured Financing

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

September 30, 2024December 31, 2023
Variable Interest EntityFacility AmountMaturity DateInterest RateBalanceBalance
(in thousands)
Oportun CCW Trust (1)
$60,000 December 1, 2024
Adjusted SOFR + 3.41%
$53,223 $68,409 
Oportun PLW Trust (2)
306,452 September 1, 2026
Term SOFR + 3.40%
4,710 221,542 
Oportun PLW II Trust
245,200 August 1, 2027
Term SOFR + 3.08%
67,460 — 
Total secured financing$611,652 $125,393 $289,951 
(1) As of December 31, 2023, the facility amount of the Secured Financing - CCW facility (Oportun CCW Trust) was $100.0 million.
(2) As of December 31, 2023, the facility amount of the Secured Financing - PLW facility (Oportun PLW Trust) was $600.0 million and the interest rate was adjusted SOFR plus 2.17%.

CCW Warehouse Facility

On January 31, 2024, the Company entered into an amendment to the Credit Card Warehouse facility to reduce the commitment amount from $100.0 million to $80.0 million and adjusted the minimum payment rate requirement, advance rate.

On September 24, 2024, the Company entered into an amendment to the Credit Card Warehouse facility to reduce the commitment amount from $80.0 million to $60.0 million and adjusted the minimum payment rate requirement for the months of September and October 2024 from 8.60% to 8.00%.

12

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 (the “Master Amendment”) under the PLW Facility. Following the Master Amendment, the PLW Facility has a two-year term and a borrowing capacity of $306.45 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%.

PLW II Facility

On August 5, 2024, in connection with the closing of a new warehouse facility (the “PLW II Facility”), Oportun PLW II Trust, entered into a loan and security agreement with certain lenders from time to time party thereto, Wilmington Trust, National Association as collateral agent, administrative agent, paying agent, securities intermediary and depositary bank. The PLW II Facility has a three year term and 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%.

Asset-backed Notes at Fair Value

The following table presents information regarding asset-backed notes at fair value:
September 30, 2024
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 $72,982 $83,284 10.86 %N/A
Oportun Issuance Trust (Series 2022-2)400,000 410,212 56,595 65,372 10.40 %N/A
Oportun Issuance Trust (Series 2022-A)400,000 410,211 324,055 343,150 5.53 %2 years
Oportun Issuance Trust (Series 2021-C)500,000 512,762 483,332 519,381 2.48 %3 years
Oportun Issuance Trust (Series 2021-B)500,000 512,759 371,047 398,159 2.05 %3 years
Oportun Funding XIV, LLC (Series 2021-A)375,000 383,632 78,684 89,564 1.79 %2 years
Total asset-backed notes recorded at fair value$2,475,000 $2,540,569 $1,386,695 $1,498,910 

December 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 $145,732 $165,079 9.34 %N/A
Oportun Issuance Trust (Series 2022-2)400,000 410,212 135,825 156,027 8.46 %N/A
Oportun Issuance Trust (Series 2022-A)400,000 410,211 390,755 415,448 5.44 %2 years
Oportun Issuance Trust (Series 2021-C)500,000 512,762 459,212 519,612 2.47 %3 years
Oportun Issuance Trust (Series 2021-B)500,000 512,759 466,317 519,115 2.05 %3 years
Oportun Funding XIV, LLC (Series 2021-A)375,000 383,632 182,164 200,758 1.78 %2 years
Oportun Funding XIII, LLC (Series 2019-A)279,412 294,118 — — — %3 years
Total asset-backed notes recorded at fair value$2,754,412 $2,834,687 $1,780,005 $1,976,039 
(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 September 30, 2024. The weighted average interest rate for Series 2022-A, 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 2021-A ended on March 1, 2023, 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 are both amortizing deals with no revolving period.

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Asset-backed Borrowings at Amortized Cost

The following table represents information regarding the Company's Asset-backed borrowings at amortized cost:

September 30, 2024December 31, 2023
BalanceBalance
Asset-backed borrowings at amortized cost
Pledged Asset (1)
Associated Liability
Pledged Asset (1)
Associated Liability
(in thousands)
Oportun Issuance Trust 2024-2
$223,250 $221,843 $— $— 
Oportun Issuance Trust 2024-1118,020 117,430 — — 
Oportun CL Trust 2023-A
197,390 195,647 197,390 195,057 
Other Asset Backed Borrowings
570,801 574,450 382,712 386,411 
Total asset-backed borrowings recorded at amortized cost:
$1,109,461 $1,109,370 $580,102 $581,468 
(1) The amount of pledged assets is recognized within the Loans Receivable at Fair Value on the Consolidated Balance Sheet.

On August 29, 2024, the Company announced the issuance of $223.3 million of series 2024-2 fixed-rate asset-backed notes secured by a pool of its unsecured and secured personal installment loans (the "2024-2 Securitization"). The 2024-2 Securitization included four 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 8.22% per annum and weighted average coupon of 8.07% per annum.

On February 13, 2024, the Company announced the issuance of $199.5 million of Series 2024-1 fixed-rate asset-backed notes secured by a pool of its unsecured and secured personal installment loans (the "2024-1 Securitization"). The 2024-1 Securitization included four 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 8.600% per annum and weighted average coupon of 8.434% per annum.

On October 20, 2023, the Company entered into a Receivables Loan and Security Agreement (the “Receivables Loan and Security Agreement”), pursuant to which the Company borrowed $197 million. Borrowings under the Receivables Loan and Security Agreement accrue interest at a weighted average interest rate equal to 10.05%.

On June 16, 2023, and August 3, 2023, the Company entered into forward flow whole loan sale agreements and has agreed to sell up to $300 million and $400 million of its personal loan originations over the next twelve months, respectively. The Company will continue to service these loans upon transfer of the receivables. While the economics of these transactions are structured as a whole loan sale, the transfer of these loans receivable does not qualify as a sale for accounting purposes. Accordingly, the related assets remain on the Company's balance sheet and cash proceeds received are reported as a secured borrowing under the caption of asset-backed borrowings at amortized cost with related interest expense recognized over the life of the related borrowing.

Acquisition and Corporate Financing

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

September 30, 2024December 31, 2023
EntityOriginal Balance Maturity DateInterest RateBalanceBalance
(in thousands)
Oportun Financial Corporation (1)
$150,000 September 14, 2026
SOFR (minimum of 0.00%) + 12.00%
$193,791 $204,100 
Oportun RF, LLC (2)
116,000 January 10, 2025
SOFR (minimum of 0.00%) + 11.00%
21,906 54,646 
Total acquisition and corporate financings$266,000 $215,697 $258,746 
(1) The Corporate Financing facility (Oportun Financial Corporation) was amended and upsized by $75.0 million on March 10, 2023.
(2) As of December 31, 2023, the maturity date of the Acquisition Financing facility (Oportun RF, LLC) was October 10, 2024.


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Amendments to Corporate Financing

On March 12, 2024, the Company entered into Amendment No. 3 to the Corporate Financing (the “Third Amendment”). The Third Amendment included modifications to the minimum asset coverage ratio covenant levels, provided for an interest rate step-up of 3.00% per annum for certain months beginning in August 2024 in which the asset coverage ratio is less than 1.00 to 1.00, and required certain principal payments in amounts equal to $5.7 million per month to be made on the last business day of each of March, April and May 2024. In addition, the Third Amendment required principal payments equal to 100% of the net cash proceeds of any future issuance of indebtedness junior in priority to the obligations under the Corporate Financing.

Amendments to Acquisition Financing

On March 8, 2024, the Acquisition Financing facility (Oportun RF, LLC) was amended to provide for a three-month principal payment holiday for the months of March, April and May 2024, in amounts equal to $5.7 million per month. In addition, the amendment extended the term of the Acquisition Financing facility to January 10, 2025.

See Note 10, Stockholders' Equity for additional information on the Warrants.

As of September 30, 2024, and December 31, 2023, the Company was in compliance with all covenants and requirements of the Secured Financing, Acquisition and Corporate Financing facilities and asset-backed notes.


9.Other Liabilities

Other liabilities consist of the following:
September 30,December 31,
(in thousands)20242023
Accounts payable$4,522 $5,288 
Accrued compensation8,153 15,359 
Accrued expenses24,022 24,791 
Accrued interest10,621 8,415 
Amount due to whole loan buyer8,751 4,169 
Current tax liabilities7,872 7,139 
Other2,918 3,777 
Total other liabilities$66,859 $68,938 

10.Stockholders' Equity

Preferred Stock - The board of directors of the Company (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 September 30, 2024 or December 31, 2023.

Common Stock - As of September 30, 2024 and December 31, 2023, 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 September 30, 2024, 36,243,060 and 35,971,037 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. As of December 31, 2023, 34,741,076 and 34,469,053 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 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 price of $0.01 per share. On June 30, 2023, in connection with the funding of the Incremental Tranche C Loans, the Company issued 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.

See Liquidity and Capital Resources section 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.

15

Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Technology and facilities$714 $1,158 $2,642 $3,366 
Sales and marketing38 19 91 62 
Personnel2,465 3,185 7,408 10,281 
Total stock-based compensation (1)
$3,217 $4,362 $10,141 $13,709 
(1) Amounts shown are net of $0.2 million and $0.7 million of capitalized stock-based compensation for the three and nine months ended September 30, 2024, respectively, and net of $0.3 million and $1.1 million of capitalized stock-based compensation for the three and nine months ended September 30, 2023, respectively.

As of September 30, 2024, and December 31, 2023, the Company’s total unrecognized compensation cost related to unvested stock-based option awards granted to employees was $1.2 million and $2.6 million, respectively, which will be recognized over a weighted-average vesting period of approximately 1.5 years and 1.9 years, respectively. As of September 30, 2024 and December 31, 2023, the Company's total unrecognized compensation cost related to time-based and performance-based unvested restricted stock unit awards granted to employees was $16.3 million and $24.8 million, respectively, which will be recognized over a weighted average vesting period of approximately 2.0 years and 2.1 years, respectively.

Cash flows from the tax benefits for tax deductions resulting from the exercise of stock options in excess of the compensation expense recorded for those options (excess tax benefits) are required to be classified as cash from financing activities. The Company recognized $2.8 million and $3.8 million of income tax benefit in its consolidated statement of operations related to stock-based compensation expense during the nine months ended September 30, 2024 and 2023, respectively. Additionally, the total income tax expense (benefit) recognized in the income statement for share-based compensation exercises was $0.4 million and $2.2 million for the three and nine months ended September 30, 2024, respectively. The total income tax expense recognized in the income statement for share-based compensation exercises was $0.4 million and $3.0 million for the three and nine months ended September 30, 2023, respectively.

12.Revenue

Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Interest income
Interest on loans$226,199 $238,824 $680,124 $707,052 
Fees on loans3,845 4,434 11,883 14,288 
Total interest income230,044 243,258 692,007 721,340 

Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Non-interest income