KBRA Upgrades and Affirms Ratings from Oportun Issuance Trusts and Oportun Funding Trust

KBRA upgrades ratings on nine classes of notes and affirms ratings on seven classes of notes and from five Oportun Issuance Trust and Oportun Funding Trust (“OPTN”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the May 2025 distribution date (April 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Oportun Issuance Trust and Funding Trust Comprehensive Dashboard. OPTN 2025-1 and OPTN 2025-A were not included in this review as they are less than six months seasoned.

Oportun Financial Corporation (“Oportun” or the “Company”) is a publicly traded California based consumer finance company listed on the NASDAQ who provides financial services, including both unsecured and secured personal installment loans, to borrowers who do not have a credit score or who may have a limited credit history. Oportun has been issuing unsecured consumer loans for 18 years and began offering a secured personal installment loan (“SPL”) which are at least partially secured by an automobile title in 2020. Loans typically require bi-weekly or semi-monthly payments (or monthly as required by law) in order to align with the borrower’s pay schedule. As of March 31, 2025, the Company has originated over 7.6 million loans and credit card receivables with a principal balance of over $20.3 billion.

Oportun currently originates personal loan products through three channels: their 128 retail locations, their mobile platform, and their strategic partnerships which includes their bank partnership with Pathward Financial, Inc. (f/k/a Meta Financial Group). Unsecured consumer loans are currently offered in three states through state licenses and 38 through their partnership with Pathward, N.A. (“Pathward”), while SPLs are currently offered in six states with plans to actively expand.

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Methodologies