Slides
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4Q25 NYSE: OMF | February 5, 2026 Financial Results
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The following slides are part of a presentation by OneMain Holdings, Inc. (the "Company") in connection with reporting quarterly financial results and are intended to be viewed as part of that presentation. No representation is made that the information in these slides is complete. For additional financial, statistical, and business-related information, as well as information regarding business and segment trends, see the earnings release and financial supplement included as an exhibit to the Company’s Current Report on Form 8-K filed on February 5, 2026, and available in the Investor Relations section on the Company’s website (www.omf.com) and the SEC’s website (www.sec.gov). Cautionary Note Regarding Forward-Looking Statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are not statements of historical fact but instead represent only management’s current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; the current inflationary environment and related trends affecting customers; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber incidents, war or other disruptions; the adequacy of our credit risk scoring models; geopolitical risks, including recent geopolitical actions; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the “Risk Factors” and “Management’s Discussion and Analysis” sections of the Company’s most recent Form 10-K filed with the SEC and in the Company’s other filings with the SEC from time to time. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Forward looking statements included in this presentation speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law. Use of Non-GAAP Financial Measures We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes net loss resulting from repurchases and repayments of debt, restructuring charges, acquisition-related transaction and integration expenses, regulatory settlements, and other items and strategic activities. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment. Management also uses pretax capital generation and capital generation, non-GAAP financial measures, as a key performance measure of our segment. Pretax capital generation represents Consumer & Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer & Insurance allowance for finance receivable losses in the period while still considering the Consumer & Insurance net charge-offs incurred during the period. Capital generation represents the after-tax effect of pretax capital generation. Management believes that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company's loss absorption capacity. Management utilizes these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP. 2 Important Information
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3 Our Vision is to be the Lender of Choice for the Nonprime Consumer Meet their needs today OneMain Customers Unsecured loans Secured loans Auto finance Credit cards Financial wellness Insurance Bill negotiation Progress to a better future
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✓ Best Practice Institute Most Loved Workplace® for 4th year in a row 4 $14.4 billion Originations Up 8% YoY 6.4% Managed Receivables Growth* $6.2 billion C&I Total Revenue Up 9% YoY $913 million Capital Generated* Up 33% YoY 7.3% Consumer Loan Net Charge-offs* Down 63bps YoY Advancing our mission to improve the financial well-being of hardworking Americans *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 2025 Highlights $5.9 billion Funding Raised 3.8 million Customer Accounts Up 11% YoY 7.7% C&I Net Charge-offs* Down 46bps YoY $639 million Capital Returned Up 20% YoY ✓ Provided free financial education to nearly 5,000 high schools (18% of all high schools in the United States) and >600,000 students nationwide since inception
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5 ($ in millions, except Average Assets and Average Net Receivables in billions, and per share statistics) 2025 2024 Interest Income $5,432 $4,965 Other Net Revenue 584 533 Provision for Loan Losses (1,999) (1,981) Operating Expenses (1,687) (1,554) Interest Expense (1,270) (1,181) Adjusted Pretax Income $1,060 $782 Adjusted Net Income1 $795 $587 Total Revenue $6,214 $5,687 Adjusted Diluted EPS $6.66 $4.89 Avg. Net Receivables (ANR) $24.0 $22.4 Capital Generation1 $913 $685 Capital Generation RoR 3.8% 3.1% C&I* Adjusted Earnings SummaryEarnings Summary 2025 2024 Consumer & Insurance* $1,060 $782 Other (4) (1) Reconciling Items* (55) (114) Pretax Income $1,001 $667 Taxes (218) (158) GAAP Net Income $783 $509 Diluted EPS $6.56 $4.24 Average Assets* $26.6 $25.2 Return on Assets* 2.9% 2.0% 2025 Financial Results Note: Figures may not add due to rounding. *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Assumes a tax rate of 25% for all periods shown.
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6 $26.3 billion Managed Receivables* $2.8 billion Auto Managed Receivables* $70 million Share repurchases 7.9% C&I Net Charge-offs* $936 million Credit Card Receivables $3.6 billion Originations $225 million Capital Generation* $1.6 billion C&I Total Revenue* *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Yield assumes regular annual dividend of $4.20 over closing share price of $64.09 as of February 3, 2026. 4Q25 Financial Highlights $1.05 per share ~7% dividend yield1 $1 billion Unsecured Debt Issuance $1.59 C&I Adjusted Diluted EPS* 7.6% Consumer Loan Net Charge-offs*
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7 ($ in millions, except Average Assets and Average Net Receivables in billions, and per share statistics) 4Q25 3Q25 4Q24 Interest Income $1,411 $1,386 $1,312 Other Net Revenue 147 152 128 Provision for Loan Losses (542) (488) (523) Operating Expenses (443) (427) (422) Interest Expense (323) (320) (310) Adjusted Pretax Income $250 $303 $185 Adjusted Net Income1 $188 $227 $139 Total Revenue $1,606 $1,586 $1,489 Adjusted Diluted EPS $1.59 $1.90 $1.16 Avg. Net Receivables (ANR) $24.7 $24.2 $23.4 Capital Generation1 $225 $272 $183 Capital Generation RoR 3.6% 4.5% 3.1% C&I* Adjusted Earnings SummaryEarnings Summary 4Q25 3Q25 4Q24 Consumer & Insurance* $250 $303 $185 Other 0 (2) (1) Reconciling Items* (1) (38) (20) Pretax Income $249 $263 $164 Taxes (45) (64) (38) GAAP Net Income $204 $199 $126 Diluted EPS $1.72 $1.67 $1.05 Average Assets* $27.2 $26.7 $25.9 Return on Assets* 3.0% 3.0% 1.9% 4Q25 Financial Results Note: Figures may not add due to rounding. *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Assumes a tax rate of 25% for all periods shown.
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$24.3 $24.7 $24.6 $25.2 $25.9 $26.3 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $3.7 $3.5 $3.0 $3.9 $3.9 $3.6 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 8 ($ in billions) Highlights • $3.6 billion in 4Q25, up 3% YoY, with conservative credit posture • Growth driven by new products and utilization of data science and product innovation • Consumer loan originations APR of 26.7%, down 26bps YoY Highlights • Managed Receivables up $1.6 billion, or 6% YoY • 4Q25 includes $1.5 billion of receivables that we service for our whole loan sale partners and OneMain Auto loans originated by third parties • Consumer loan portfolio yield of 22.5%, up 26bps YoY • Credit cards revenue yield of 32.9%, up 105bps YoY Consumer Loan Originations Managed Receivables *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. Originations & Receivables (C&I)*
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($ in millions) 9 4Q25 New Products Highlights Note: BrightWay® is a registered trademark of OneMain Financial Holdings, LLC. The BrightWay® credit card is issued by WebBank. *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. Everyday transactions Financing at the point of purchase $643 $676 $752 $834 $936 4Q24 1Q25 2Q25 3Q25 4Q25 $2,397 $2,495 $2,614 $2,717 $2,768 4Q24 1Q25 2Q25 3Q25 4Q25 Managed Receivables* Customer accounts (k) Receivables 783 836 920 993 1,081 Originations $307 $342 $373 $369 $317 • Digital-first offering that rewards good credit behavior • Targeted and disciplined rollout • Highly rated app with strong customer engagement and usage metrics • Deep experience in secured lending, best-in-class capabilities and strong credit performance • Disciplined and conservative underwriting • Unique capability to serve both independent and franchise dealers and their customers
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($ in millions) 90+ Days Delinquent 10 $551 $567 $531 $480 $543 $580 2.55% 2.59% 2.46% 2.18% 2.41% 2.55% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Excludes Foursight, OneMain’s auto finance acquisition in 2Q24. Consumer Loan Delinquency Trends (C&I)*1 Highlights • 30+ delinquency of 5.65%, flat YoY • 30-89 delinquency of 3.10%, up 4bps YoY • 90+ delinquency of 2.55%, down 4bps YoY $1,202 $1,239 $1,099 $1,116 $1,217 $1,286 5.57% 5.65% 5.08% 5.07% 5.41% 5.65% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 30+ Days Delinquent $651 $672 $568 $636 $674 $706 3.01% 3.06% 2.63% 2.89% 2.99% 3.10% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 30-89 Days Delinquent
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+33bps +8bps +24bps Pre-pandemic Average 4Q24 4Q25 Portfolio Performance is Supported by Credit Tightening (C&I)*1 11 Back Book % of 30+ Delinquent Receivables Back Book % of Portfolio *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Consumer loan excluding Foursight, OneMain’s auto finance acquisition in 2Q24. 2. Front book represents all consumer loan originations post August 2022 credit tightening. 3. Reflects the average of 4Q18 and 4Q19. 3 30+ Delinquency 4Q QoQ Change (bps) 24% 19% 17% 2Q25 3Q25 4Q25 10% 8% 6% 2Q25 3Q25 4Q25 Highlights • Front book2 continues to perform in line with expectations • Back book now accounts for 6% of receivables but contributes 17% to 30+ delinquency • 30+ delinquency quarter over quarter change in line with expectations and better than pre-pandemic seasonal trends
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($ in millions) Loss Reserve Trends C&I Net Charge-offs 12*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. Credit Trends (C&I)* Highlights • 4Q25 Consumer Loan net charge-offs of 7.6%, down 7bps YoY • 4Q25 C&I net charge-offs of 7.9%, flat YoY • 4Q25 reserve coverage of 11.5%, flat QoQ and YoY $432 $464 $473 $446 $428 $492 7.52% 7.88% 8.17% 7.57% 7.01% 7.90% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $2,651 $2,710 $2,693 $2,758 $2,818 $2,868 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $412 $438 $440 $411 $394 $454 7.33% 7.63% 7.83% 7.19% 6.67% 7.56% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Consumer Loan Net Charge-offs
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13 Quarterly Operating Expenses % OpEx Ratio % OpEx Ratio ($ in millions) Note: FY figures may not sum due to rounding. *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. Highlights • 4Q25 operating expense of $443 million, up 5% YoY, reflecting continued investment in our new products and channels, data science, technology and digital capabilities • FY25 OpEx ratio of 6.66%, in line with expectations • Expect FY26 OpEx ratio of ~6.6% Operating Expenses (C&I)* Annual Operating Expenses $1,341 $1,424 $1,487 $1,554 $1,687 7.3% 7.1% 7.0% 6.6% 6.7% ~6.6% 2021 2022 2023 2024 2025 2026E $396 $422 $401 $415 $427 $443 6.5% 6.8% 6.6% 6.7% 6.6% 6.7% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
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14 Net Leverage* ($ in billions, unless noted) Unsecured Maturities (2026 – 2029) 5.6x 5.5x 5.5x 5.5x 5.4x 4Q24 1Q25 2Q25 3Q25 4Q25 Highlights • Issued $1 billion unsecured bond at 6.75% due 2033; redeemed $424 million remaining balance of March 2026 maturity on January 15, 2026 • Total issuance of $5.9 billion in 2025 • Well-positioned funding profile with balanced debt mix, staggered maturities and significant liquidity; next unsecured maturity January 2027 Balance Sheet & Funding $0.8 $0.8 $0.6 $0.9 $0.7 $1.62 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29 Note: Figures may not sum due to rounding. *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Excludes $550 million secured bank facility terminated by OneMain on October 1, 2024. 2. Original maturity value. Bank Facilities $6.7 $6.3 $6.4 $6.4 $6.4 $6.4 $1.1 $1.1 $1.1 $1.1 $1.1 $1.1 $7.81 $7.4 $7.5 $7.5 $7.5 $7.5 59% 57% 55% 57% 54% 50% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Unencumbered Receivables* $9.7 $10.2 $9.7 SecuredUnsecured $11.8$10.9 Coupon 7.13% 3.50% $9.0 6.63% 3.88% 6.63% 5.38% Secured Mix %
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15 1 Business Investment • Balance sheet growth: managed receivables up 6% YoY • Continue to invest in new products and channels, data science, technology, and digital capabilities • Maintain net leverage* of 4-6x Regular Dividend • Board declared regular quarterly dividend of $1.05 per share, payable February 23 • Dividend yield of ~7%1 at current share price 2 Share Repurchases • Increased share repurchases in 4Q25 to $70 million, up from $32 million in 3Q25 and double 2024 annual repurchase volume of $35 million • In October, board authorized $1 billion share repurchase program through 2028 3 *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Yield assumes regular annual dividend of $4.20 over closing share price of $64.09 as of February 3, 2026. Capital Allocation Framework 2
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16 Key Metrics 2025 2026E Commentary Managed Receivables Growth 6% 6% – 9% • Continued conservative underwriting posture with growth supported by product innovation and new products C&I Net Charge-offs 7.7% 7.4% – 7.9% • No meaningful change in the macroeconomic environment Operating Expense Ratio 6.7% ~6.6% • Maintaining expense discipline while investing in the business 2026 Strategic Priorities (C&I)* *See appendix for Non-GAAP Financial Measures reconciliations along with defined terms.
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Appendix
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(unaudited, $ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 FY25 FY24 Consumer & Insurance $247 $261 $211 $270 $159 $988 $707 Other - (2) (1) 1 (1) (4) (1) Segment to GAAP adjustment 2 4 4 4 6 17 (39) Income before income taxes - GAAP basis $249 $263 $214 $275 $164 $1,001 $667 Consumer & Insurance pretax income $247 $261 $211 $270 $159 $988 $707 Net loss on repurchasesand repayments of debt - 39 20 5 19 65 33 Restructuring charges 1 2 - - 1 4 29 Acquisition-related transaction and integration expenses - 1 - - 5 1 9 Other1 2 - - - 1 2 4 Consumer & Insurance adjusted pretax income (non-GAAP) $250 $303 $231 $275 $185 $1,060 $782 Reconciling items2 ($1) ($38) ($16) ($1) ($20) ($55) ($114) Consumer & Insurance adjusted pretax income (non-GAAP) $250 $303 $231 $275 $185 $1,060 $782 Provision for finance receivable losses 542 488 511 456 523 1,999 1,981 Net charge-offs (492) (428) (446) (473) (464) (1,841) (1,849) Pretax capital generation (non-GAAP) $300 $363 $296 $258 $244 $1,218 $914 Capital generation, net of tax3 (non-GAAP) $225 $272 $222 $194 $183 $913 $685 Note: Quarters may not sum to fiscal year due to rounding. 1. Other adjustments includes strategic activities and other items. 2. Reconciling Items consist of Total Segment to GAAP Adjustment and the adjustments to Pretax Income (Loss) – Segment Accounting Basis. 3. Income taxes assume a 25% tax rate. Reconciliation of Non-GAAP Measures 18
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Note: For additional schedules and disclosures, see the earnings release and financial supplements included as an exhibit to the Company’s Current Report on Form 8-K filed February 5, 2026, and available in the Investor Relations (“IR”) section on the Company’s website (www.omf.com) and the SEC’s website (www.sec.gov). Slide 8, 10, and 12: For 3Q24 consumer loan originations, managed receivables, consumer loan delinquency, consumer loan net charge-offs and loss reserve figures, refer to the Company’s third quarter 2024 earnings presentation on our IR website. For C&I net charge-offs, refer to the Company’s 10Q/10K filings for each respective period on our IR website. Slide 11: For average of 4Q18 and 4Q19 refer to the Company’s fourth quarter 2018 and 2019 earnings presentations and 10K filings on our IR website. Slide 13: For 3Q24, 2021 and 2022 operating expenses refer to the Company’s third quarter 2024 earnings presentation on our IR website. Slide 14: For 3Q24 bank facilities and unencumbered receivables refer to the Company’s third quarter 2025 earnings presentation on our IR website. Reconciliation of Non-GAAP Measures (cont’d) 19 (unaudited, $ in millions) 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Consumer & Insurance $24,853 $24,490 $23,901 $23,365 $23,598 Segment to GAAP adjustment (20) (25) (31) (37) (44) Net finance receivables - GAAP basis $24,833 $24,465 $23,870 $23,328 $23,554 Consumer & Insurance $2,868 $2,818 $2,758 $2,693 $2,710 Segment to GAAP adjustment (3) (3) (4) (5) (5) Allowance for finance receivable losses - GAAP basis $2,865 $2,815 $2,754 $2,688 $2,705
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• Auto Finance: financing at the point of purchase through a network of auto dealerships • Average assets: average of monthly average assets (assets at the beginning and end of each month divided by two) in the period • C&I adjusted diluted EPS: C&I adjusted net income (non-GAAP) / weighted average diluted shares • Capital generation: C&I adjusted net income – change in C&I allowance for finance receivable losses, net of tax • Capital generation return on receivables1: annualized capital generation / C&I average net receivables • Consumer loans: consist of personal loans and auto finance • Finance receivables serviced for our whole loan sale partners: unpaid principal balance plus accrued interest of loans sold as part of our whole loan sale program • Managed receivables: C&I net finance receivables + finance receivables serviced for our whole loan sale partners + auto finance loans originated by third parties • Net charge-off ratio1: annualized net charge-offs / average net receivables • Net leverage: net adjusted debt / adjusted capital • Opex ratio: annualized C&I operating expenses / average managed receivables • Origination volume: loans originated during the period, including those originated and sold to our whole loan sale partners that we continue to service • Other net revenue: other revenues – insurance policy benefits and claims expense • Personal loans: loans secured by titled collateral or unsecured and offered through our branch network, central operations, or digital platform • Return on assets (ROA): annualized net income / average total assets • Revenue yield: annualized credit card finance charges and non-interest income as a percentage of average net credit card receivables • Total revenue: C&I interest income + C&I total other revenue • Unencumbered receivables: unencumbered unpaid principal balance of our consumer loans and credit cards. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card receivables include those in the trust that exceed the minimum for securing advances under credit card variable funding note facilities, which the Company can remove from the trust under the terms of such facilities, and exclude billed interest, fees, and closed accounts with balances Defined Terms 20 Note: See additional defined terms and calculations in the earnings release and financial supplements included as an exhibit to the Company’s Current Report on Form 8-K filed February 5, 2026, and available in the Investor Relations section on the Company’s website (www.omf.com) and the SEC’s website (www.sec.gov). 1. Fiscal year 2024 adjusted for policy alignment associated with the Foursight acquisition.