Slides
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4Q 2025 Earnings Presentation February 26, 2026
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Forward - looking statements 2 This presentation and the accompanying oral presentation contain forward - looking statements . All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, results of operations and financial position ; achievement of our strategic priorities and goals ; our expectations regarding loan origination growth ; our expectations regarding macroeconomic conditions and future growth opportunities ; our net charge - off rate projections and expectations ; our expected pricing initiatives and targeted marketing campaigns ; our profitability and future growth opportunities ; our expectation regarding the effect of trends in fair value mark - to - market adjustments on our loan portfolio and asset - backed notes ; our expectations regarding the anticipated financial impact and funding cost efficiencies associated with our acquisition of the Oportun - serviced loan portfolio from Pathward ; first quarter and full - year 2026 outlook ; our expectations regarding total revenue, net income, and Adjusted Net Income, Return on Equity and Adjusted ROE, Adjusted EPS, Adjusted EBITDA, operating expenses, originations and annualized NCO rates in full year 2026 ; business strategy ; and plans and objectives of management for future operations of Oportun Financial Corporation (“Oportun,” "we," "us," "our," or the “Company”), are forward - looking statements . These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results and financial position, as well as our plans, objectives and expectations for our performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward - looking statements . These risks and uncertainties include those risks described in Oportun's filings with the Securities and Exchange Commission under the caption "Risk Factors", including the Company's most recent annual report on Form 10 - K, and include, but are not limited to : our ability to retain existing members and attract new members ; our ability to accurately predict demand for, and develop, our financial products and services ; the effectiveness of our A . I . model ; macroeconomic conditions, including fluctuating inflation and market interest rates ; Oportun’s future financial performance, including trends in revenue, net revenue, operating expenses, and net income ; increases in loan non - payments, delinquencies and charge - offs ; Oportun’s ability to operate successfully in a highly regulated industry ; Oportun's ability to increase market share and enter into new markets ; Oportun's ability to realize the benefits from acquisitions and integrate acquired technologies ; the risk of security breaches or incidents affecting the Company's information technology systems or those of the Company's third - party vendors or service providers ; Oportun's ability to successfully offer loans in additional states ; Oportun’s ability to compete successfully with companies that are currently in, or may in the future enter, our industry ; changes in Oportun's ability to obtain additional financing on acceptable terms or at all ; and Oportun's potential need to seek additional strategic alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, or reducing or delaying its business activities . In some cases, you can identify forward - looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would,” or the negative of these terms or other similar words . These forward - looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and Section 21 E of the Securities Exchange Act of 1934 , as amended . These statements are only predictions . Oportun has based these forward - looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations . Also, these forward - looking statements represent the Company’s estimates and assumptions only as of the date of this presentation . The Company assumes no obligation to update any forward - looking statements after the date of this presentation, except as required by law . This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data . These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates . The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness . In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in which it operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors . These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Oportun . You should view this presentation and the accompanying oral presentation with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect . This presentation includes certain non - GAAP financial measures . Non - GAAP financial measures are presented in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP . The Company believes these Non - GAAP measures can be useful measures for period - to - period comparisons of our core business and provide useful information to investors and others in understanding and evaluating our operating results . Non - GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP . In addition, the non - GAAP measures we use, as presented, may not be comparable to similar measures used by other companies . See the Appendix for a reconciliation of non - GAAP financial measures to the most comparable measure, calculated in accordance with GAAP . All financial information and other metrics used in this presentation are as of December 31 , 2025 , unless otherwise noted .
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3 Earnings Presentation 4Q25 and FY25 earnings overview FY25 performance provides strong momentum FY26 Adjusted EPS guidance range reflects 16% growth at the midpoint Consistently GAAP profitable during 2025, growing net income by $104 million Y/Y • $3.4M in Q4 net income, fifth consecutive GAAP profitable quarter • Reduced leverage from 7.9x to 7.2x, while increasing unrestricted cash balance by $46M, 76% • Expecting FY26 improvement across metrics: ◦ GAAP profitability growth ◦ Increased ROE and Adjusted ROE ◦ Improved NCO rate at midpoint guidance ◦ 10%+ lower interest expense ◦ Additional de - leveraging • Adjusted EPS guidance range of $1.50 - $1.65 • Adjusted EBITDA guidance range of $150 - $165M reflects 6% growth at the midpoint • YE25 stockholders equity grew by $36M, 10% Y/Y • FY25 6.8% ROE, up 28 ppt Y/Y See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure. • $6.6M in Q4 pre - tax income, up $2.7M, 68% Y/Y • Met or outperformed each fourth quarter and full year guidance metric • Adjusted EPS of $1.36, up 89% • Adjusted ROE of 17.5%, up 10 ppt • Originations growth of 10% drove improvement of FY24's average daily principal balance trends, with decline moderating from 8% to 2% • OpEx declines $49M, 12% • Adjusted EBITDA of $148M, up 42% • Interest expense declined $7M, 3%
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See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding Earnings Presentation Consistent strategic focus delivering measurable results Improving Credit Outcomes Strengthening Business Economics Identifying High - Quality Originations • Increased proportion of returning member originations from 64% in 1H25 to 74% in 2H25 • Leveraging new early default model to enhance predictiveness, and bank transaction model to lower loan amounts and enact hard declines where needed • Continuing to calibrate credit under conservative posture • 2026 focus: Upgrading decisioning infrastructure to expedite model development • FY25 Adjusted ROE of 17.5% up 10 ppt; progressing towards annual GAAP ROE target of 20 - 28% • FY25 Risk Adjusted Net Interest Margin Ratio improved by 55 bps Y/Y to 15.8% • FY25 Adjusted OpEx ratio of 12.7% improved 109 bps, approached 12.5% target • 2026 focus: Advancing new initiative to lend to higher - risk customers at rates above 36% • FY25 originations growth of 10% outpaces guidance • FY25 application growth more than doubled originations growth • FY25 referral - driven originations growth of 59% to $124M • FY25 secured personal loan (SPL) portfolio grew 39%, with 600+ bps lower losses than unsecured • 2026 focus: New direct mail campaigns specifically targeting potential SPL customers 4
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4Q 2025 Guidance 4Q 2025 Actual FY 2025 Guidance FY 2025 Actual Total Revenue $241 - $246M $248M $950 - $955M $957M NCO Rate (%) 12.45% +/ - 15 bps 12.3% 12.1% +/ - 10 bps 12.0% Adjusted EBITDA (1) $31 - $37M $42M $137 - $143M $148M Adjusted Net Income (1) $63 - $67M $65M Adjusted EPS (1) $1.30 - $1.40 $1.36 GAAP Net Income GAAP Profitable $25M 5 (1) See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure. Earnings Presentation Fourth quarter and full year performance vs. guidance Exceeded top - end of Q4 Adjusted EBITDA range by $5 million, or 15%, driven by total revenue outperformance and prudent expense management
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Fourth Quarter and full year 2025 highlights 6 Earnings Presentation 4Q25 Financial Highlights FY 2024 FY 2025 Adjusted Net Income (1) $13M Total Revenue $248M GAAP Diluted EPS $0.07 Adjusted EPS (1) $0.27 Annualized Net Charge - Off Rate (1) 12.3% GAAP Net Income $3.4M Adjusted EBITDA (1) $42M (1) See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. FY25 GAAP Net Income (Loss) and Adjusted Net Income Trends ($M) (1) $36 $104 $(79) FY 2024 FY 2025
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Earnings Presentation 7 NCO Rate (1) (1) See Appendix for definition of 30+ Day Delinquency Rate and Annualized Net Charge - Off Rate; numbers may not foot or cross due t o rounding. (2) 4Q25 guidance range (2) 60bps 30+ Day Delinquency Rate (1) 13bps Fourth quarter 2025 credit performance Annualized NCO rate of 12.3% increased as anticipated, yet landed at the low end of guidance range; 30+ Day DQ rate increased modestly year - over - year 12.3% - 12.6%
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Disciplined credit stance reflects member stability Strong employment and residential stability, with 95% of loans disbursed to U.S. bank accounts 8 95% Of borrowers receive in U.S. bank accounts 100% Of applicants, ~$56K median gross income 6.2 Years On average at same residence 5.7 Years On average with same employer Loan Disbursement Income Verified Employment Stability Residential Stability Figures reflect member attributes relating to loans originated during 4Q25. (1) Active loans as of 12/31/25. Earnings Presentation 661 Target Customers Average Vantage score at origination (1) with ~97% of ending principal balance having a Vantage score at origination
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Earnings Presentation Reduced FY25 corporate debt outstanding by $70M (30%) while increasing unrestricted cash by $46M (76%); $485M February 2026 ABS transaction is fourth consecutive to achieve sub - 6% funding cost 9 Total Cash Warehouse Lines (1) WLS Agmts Rmng (2) Floating rate Fixed rate Operating Financing Investing • Net revenue and operating expenses • Net borrowing and repayment • Net lending and system development Sources of Liquidity ($M) Fixed Rate Debt (%) 4Q25 Net Change in Cash ($M) Leverage (Debt to Equity) (1) Warehouse Lines - 12/31/25 combined capacity on our secured financing facilities. (2) WLS Agmts Remaining - 12/31/25 combined sale targets on forward flow whole loan sale agreements. Note: Numbers may not foot or cross - foot due to rounding. Fourth quarter and full year 2025 capital and liquidity Cash Flow Summary $(25)
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Earnings Presentation 10 1Q 2026E FY 2026E (1) See Appendix for Key Definitions and the revised Adjusted profitability metrics and forward looking adjusted EBITDA, Adjusted N et Income and Adjusted EPS reconciliation slides for a reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. First quarter and full year 2026 guidance Total Revenue $225 - $230M $935 - $955M Annualized Net Charge - off Rate (%) 12.65% +/ - 15 bps 11.9% +/ - 50 bps Adjusted EBITDA (1) $25 - $30M $150 - $165M Adjusted Net Income (1) — $74 - $82M Adjusted EPS (1) — $1.50 - $1.65 Based on 49.6M FD shares
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Earnings Presentation Attractive unit economic model FY 2025 Adjusted ROE of 17.5% was nearly a 10 percentage point Y/Y improvement from 7.7% in FY 2024 11 Loan Yield Non - Interest Income Total Revenue Yield Cost of Funds Net Interest Margin Net Charge Offs Risk Adjusted NIM Operating Expenses (2) Fair Value Marks: 1% (2) 7.2:1 Leverage Affordable credit for underserved populations Savings product and loan sale/servicing revenue Long - term normalized expectation in higher rate environment ROA (1) ROE (2) Target consistent with historical range, adjusted for 10 - 15% owned portfolio growth Maintaining cost discipline, increased scale falls to the bottom line Access to diversified sources of funding ensures superior equity returns 6:1 Leverage FY 2025 Metric Target A B C D E F Illustrative Unit Economics as a % of Average Daily Principal Balance Corporate Level Profitability (1) Corporate level ROA based on assumed tax rate of 27.0%. (2) FY 2025 adjusted metrics for comparison purposes, to exclude non - recurring items. 3 - 4% 20 - 28% (1) (9 - 11%) 17 - 19% Note: Numbers may not foot or cross - foot due to rounding. (9%) (8%) (12%) (12.5% ) (12.7%)
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Appendix
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Appendix Key definitions 13 • 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans and credit cards receivable that are 30 or more calendar days contractual ly past due as of the end of the period divided by Owned Principal Balance as of such date • Adjusted EBITDA is a non - GAAP financial measure calculated as net income (loss), adjusted to eliminate the effect of the following items: incom e tax expense (benefit), stock - based compensation expense, depreciation and amortization, interest expense from corporate financing, certain non - recurring charges, and fair value mark - to - market adjustment • Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenue • Adjusted Earnings Per Share (EPS) is a non - GAAP financial measure calculated by dividing Adjusted Net Income by diluted adjusted weighted - average common shares o utstanding • Adjusted Net Income is a non - GAAP financial measure calculated by adjusting our net income (loss) for the impact of our election of the fair value option, and further adjusted to exclude income tax expense (benefit), stock - based compensation expense, fair value mark - to - market adjustment on asset - backed notes, and certain non - recurring charges • Adjusted Operating Expense is a non - GAAP financial measure calculated by adjusting total operating expenses to exclude stock - based compensation expense an d certain non - recurring charges • Adjusted OpEx Ratio is a non - GAAP financial measure calculated as Adjusted Operating Expense divided by Average Daily Principal Balance • Adjusted Return on Equity ("Adjusted ROE") is a non - GAAP financial measure calculated by dividing annualized Adjusted Net Income by average total stockholders’ equity; pr ior to January 1, 2020, Adjusted ROE was calculated by dividing annualized Adjusted Net Income by average total stockholders' equity • Aggregate Originations is the aggregate amount disbursed to borrowers and credit granted on credit cards during a specified period, including amount s originated by us through our Lending as a Service partners or under our bank partnership programs. Aggregate Originations exclude any fees in connection with the origination of a loan • Annualized Net Charge - Off Rate ("NCO Rate") is calculated as annualized loan and credit card principal losses (net of recoveries) divided by the Average Daily Principal Ba lance of owned loans and credit cards receivable for the period • Average Daily Debt Balance is the average of outstanding debt principal balance at the end of each calendar day during the period • Average Daily Principal Balance ("ADPB") is the average of outstanding principal balance of owned loans and credit cards receivable at the end of each calendar day du ri ng the period • Back Book is comprised of loans originated prior to our material credit tightening in July 2022 • Corporate Financing is (a) a senior secured term loan secured by the assets of the Company and certain of its subsidiaries guaranteeing the term loa n, including pledges of the equity interests of certain subsidiaries that are directly or indirectly owned by the Company and (b) a residual facility secured by the residual cash flows of certain of the Com pany's securitizations. • Cost of Debt is calculated as annualized interest expense divided by Average Daily Debt Balance
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Appendix Key definitions (cont’d) 14 • Customer Acquisition Cost (or "CAC") is calculated as sales and marketing expenses, which include the costs associated with various paid marketing channels, inclu di ng direct mail, digital marketing and brand marketing and the costs associated with our telesales and retail operations divided by number of loans originated and new credit cards acti vat ed to new and returning borrowers during a period • Front Book is comprised of loans originated since our material credit tightening in July 2022 • Loans Receivable at Fair Value are all loans receivable held for investment. Loans Receivable at Fair Value include loans receivable on our unsecured and se cur ed personal loan products and credit cards receivable balances. Credit Cards Receivable were reclassed to Credit Cards Receivable Held for Sale • Managed Principal Balance at End of Period is the total amount of outstanding principal balance for all loans and credit cards receivable, including loans sold, which w e continue to service, at the end of the period. Managed Principal Balance at End of Period also includes loans and accounts originated under a bank partnership program that we servi ce • Net Interest Margin is calculated by subtracting interest expense from total revenue • Net Interest Margin Ratio is calculated as annualized Net Interest Margin divided by Average Daily Principal Balance • Net Charge - Offs ("NCO") is loan and credit card principal losses (net of recoveries) • OpEx is total operating expense • OpEx Ratio is calculated as annualized Operating Expense divided by Average Daily Principal Balance • Owned Principal Balance EOP is the total amount of outstanding principal balance for all loans and credit cards receivable, including finance receivables p ledged as part of a secured borrowing and excluding loans and receivables sold or retained by a bank partner, at the end of the period • Portfolio Yield is annualized interest income as a percentage of Average Daily Principal Balance • Return on Assets ("ROA") is annualized Adjusted Net income as a percentage of Average Daily Principal Balance • Return on Equity ("ROE") is calculated as annualized net income divided by average stockholders' equity for a period • Risk Adjusted Net Interest Margin is a non - GAAP financial measure calculated by adjusting our Net Interest Margin to exclude the impact of fair value mark - to - market adjustment on Loans Receivable at Fair Value, Charge - offs, net of recoveries on Loans Receivable at Fair Value , and certain non - recurring charges • Risk Adjusted Net Interest Margin Ratio is a non - GAAP financial measure calculated as annualized Risk Adjusted Net Interest Margin divided by Average Daily Principal B alance • Risk Adjusted Yield is calculated by subtracting Annualized Net Charge - Off Rate from Portfolio Yield for the period
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Appendix 15 (109)bps FY 2025 performance: Significant Y/Y improvement on key metrics 55bps (10.1)% 10% (1) See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. (1) (1) (1)
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Appendix 16 $148M of FY 2025 Adjusted EBITDA reflects $44M, 42% Y/Y growth (1) See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. Adjusted EBITDA Margin (%) (1) $44 10.4% 15.5% Adjusted EBITDA Margin (%) (1) Adjusted EBITDA ($M) (1) $1.5 16.3% 17.3% 17.1%
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Appendix 17 Adjusted ROE (%) (1) 25.2% 13.3% 19.6% FY 2025 Adjusted Net Income reflects $36M, 122% Y/Y growth Adjusted Net Income ($M) (1) (1) See Appendix for Key Definitions and non - GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. $(8.6) Adjusted ROE (%) (1) 7.7% 17.5% $36
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37% Appendix 18 FY25 net revenue grows 37% FY25 Highlights Total Revenue: $957M, down $45M Y/Y due to the absence of $34M of credit card revenue (portfolio sold in 4Q24) and credit tightening actions Total Revenue ($M) (1)% Net Revenue ($M) (3)% Net Revenue: $406M, up $111M Y/Y, as the impact of decreased fair value marks and lower interest expense more than offset lower total revenue (5)%
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Appendix Key financial & operating metrics (1) Sales and marketing expenses divided by the number of loans originated in the respective periods. 19 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31 Change Change 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Aggregate Originations (Millions) $494.9 $511.8 $480.8 $469.4 $522.2 (5.2)% $1,956.8 $1,775.3 10.2% Portfolio Yield (%) 33.3% 33.0% 32.8% 33.0% 34.2% (87)bps 33.1% 33.5% (39)bps 30+ Day Delinquency Rate (%) 4.9% 4.7% 4.4% 4.7% 4.8% 13bps 4.9% 4.8% 13bps Annualized Net Charge - Off Rate (%) 12.3% 11.8% 11.9% 12.2% 11.7% 60bps 12.0% 12.0% 7bps Quarter Ended Year Ended December 31 Change Change Other Useful Metrics 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Managed Principal Balance EOP (Millions) $2,914.0 $2,941.8 $2,939.8 $2,955.0 $2,973.5 (2.0)% $2,914.0 $2,973.5 (2.0)% Owned Principal Balance EOP (Millions) $2,739.0 $2,632.7 $2,636.4 $2,659.4 $2,678.2 2.3% $2,739.0 $2,678.2 2.3% Average Daily Principal Balance (Millions) $2,765.0 $2,669.5 $2,666.8 $2,705.2 $2,714.4 1.9% $2,701.7 $2,766.6 (2.3)% Average Daily Debt Balance (Millions) $2,892.2 $2,788.9 $2,779.2 $2,839.1 $2,827.4 2.3% $2,824.9 $2,846.9 (0.8)% Annualized interest expense (Millions) $229.9 $224.6 $238.8 $232.8 $293.2 (21.6)% $231.5 $238.2 (2.8)% Cost of Debt (%) 7.9% 8.1% 8.6% 8.2% 10.4% (242)bps 8.2% 8.4% (17)bps Customer Acquisition Cost (1) $111 $103 $115 $139 $111 — % $117 $125 (6.4)%
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Note: Numbers may not foot or cross - foot due to rounding. Appendix Condensed consolidated income statement 20 Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Interest income $232.4 $222.3 $218.3 $220.2 $233.5 (0.5)% $893.2 $925.5 (3.5)% Non - interest income 15.4 16.3 16.1 15.7 17.5 (12.1)% 63.5 76.3 (16.8)% Total revenue $247.7 $238.7 $234.3 $235.9 $250.9 (1.3)% $956.7 $1,001.8 (4.5)% Less: Interest expense $57.9 $56.6 $59.5 $57.4 $73.7 (21.4)% $231.5 $238.2 (2.8)% Net increase (decrease) in fair value (99.4) (77.0) (70.3) (72.7) (83.9) (18.5)% (319.3) (468.4) 31.8% Net Revenue $90.4 $105.1 $104.6 $105.8 $93.4 (3.2)% $405.8 $295.2 37.5% Operating expenses: Sales and marketing $16.1 $16.5 $18.1 $19.9 $17.3 (6.8)% $70.6 $67.0 5.4% Other operating expenses 67.7 74.3 76.4 72.8 72.2 (6.2)% 291.2 343.4 (15.2)% Total operating expenses $83.8 $90.8 $94.4 $92.7 $89.5 (6.3)% $361.8 $410.4 (11.8)% Income (loss) before taxes $6.6 $14.2 $10.1 $13.2 $3.9 67.9% $44.1 $(115.2) NM Income tax provision (benefit) 3.2 9.0 3.2 3.4 (4.8) NM 18.8 (36.5) NM Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Memo: Earnings (loss) per share $0.07 $0.11 $0.15 $0.21 $0.20 (65.0)% $0.54 $(1.95) NM Diluted earnings (loss) per share $0.07 $0.11 $0.14 $0.21 $0.20 (65.0)% $0.53 $(1.95) NM Weighted average common shares outstanding - basic 46.9 46.7 46.6 45.5 42.7 9.7% 46.4 40.4 15.0% Weighted average common shares outstanding - diluted 48.2 48.3 47.9 47.0 43.6 10.6% 47.9 40.4 18.6%
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Appendix Condensed consolidated balance sheet 21 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y Cash and cash equivalents $105.5 $104.6 $96.8 $78.5 $60.0 76.0% Restricted cash 93.4 119.3 131.4 152.4 154.7 (39.6)% Total cash $198.9 $224.0 $228.2 $231.0 $214.6 (7.3)% Loans receivable at fair value 2,874.1 2,759.7 2,755.5 2,770.5 2,778.5 3.4% Other assets 184.8 202.6 217.4 224.8 234.0 (21.0)% Total assets $3,257.9 $3,186.2 $3,201.1 $3,226.3 $3,227.1 1.0% Secured financing 199.4 161.9 331.1 445.5 535.5 (62.8)% Asset - backed notes at fair value 263.8 352.8 617.9 863.9 1,080.7 (75.6)% Asset - backed borrowings at amortized cost 2,192.6 2,040.1 1,605.6 1,281.3 984.3 122.8% Corporate financing 143.7 175.7 193.9 199.7 203.8 (29.5)% Other liabilities 68.3 71.8 76.6 69.9 69.1 (1.1)% Total liabilities $2,867.8 $2,802.3 $2,825.1 $2,860.2 $2,873.3 (0.2)% Total stockholders' equity $390.1 $383.9 $376.0 $366.1 $353.8 10.3% Total liabilities and stockholders' equity $3,257.9 $3,186.2 $3,201.1 $3,226.3 $3,227.1 1.0%
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Appendix Adjusted EBITDA reconciliation 22 (1) Certain prior - period financial information has been reclassified to conform to current period presentation. (2) Calculated as Adjusted EBITDA divided by total revenue. Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Adjustments: Income tax expense (benefit) 3.2 9.0 3.2 3.4 (4.8) NM 18.8 (36.5) NM Interest on corporate financing 7.5 9.0 9.4 9.7 11.4 (34.2)% 35.7 51.1 (30.1)% Depreciation and amortization 9.5 10.2 10.7 11.1 12.5 (24.3)% 41.5 52.2 (20.5)% Stock - based compensation expense 2.7 2.5 2.7 2.8 2.8 (6.6)% 10.7 13.1 (18.1)% Other non - recurring charges (1) 6.6 4.4 4.0 1.7 14.3 (54.1)% 16.6 34.0 (51.3)% Fair value mark - to - market adjustment 9.7 0.8 (5.7) (4.9) (4.0) NM (0.1) 69.3 NM Adjusted EBITDA $42.5 $41.2 $31.2 $33.5 $41.0 4% $148.4 $104.5 42% Memo: Total revenue 247.7 238.7 234.3 235.9 250.9 (1.3)% 956.7 1,001.8 (4.5)% Adjusted EBITDA Margin (%) (2) 17.1% 17.3% 13.3% 14.2% 16.3% 15.5% 10.4%
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Appendix Adjusted net income reconciliation 23 (1) Certain prior - period financial information has been reclassified to conform to current period presentation. (2) Calculated as Adjusted Net Income (Loss) divided by average stockholders’ equity. ROE has been annualized. Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Adjustments: Income tax expense (benefit) 3.2 9.0 3.2 3.4 (4.8) NM 18.8 (36.5) NM Stock - based compensation expense 2.7 2.5 2.7 2.8 2.8 (6.6)% 10.7 13.1 (18.1)% Other non - recurring charges (1) 6.6 4.4 4.0 1.7 14.3 (54.1)% 16.6 34.0 (51.3)% Net decrease in fair value of credit cards receivable — — — — — NM — 36.2 NM Mark - to - market adjustment on ABS notes 2.0 4.6 3.4 7.9 8.5 (76.4)% 17.8 72.1 (75.3)% Adjusted income before taxes $17.8 $25.7 $20.1 $25.5 $29.5 (39.7)% $89.2 $40.2 122.0% Normalized income tax expense (4.8) (6.9) (5.4) (6.9) (8.0) 39.7% (24.1) (10.8) (122.0)% Income tax rate (%) 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% Adjusted Net Income $13.0 $18.8 $14.7 $18.6 $21.5 (39.8)% $65.1 $29.3 122.0% Memo: Stockholders' equity $390.1 $383.9 $376.0 $366.1 $353.8 10.3% $390.1 $353.8 10.3% GAAP ROE 3.5% 5.4% 7.4% 11.0% 10.2% 6.8% (20.8)% Adjusted ROE (%) (2) 13.3% 19.6% 15.9% 21.0% 25.2% 17.5% 7.7%
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Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation 24 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y OpEx Ratio 12.0% 13.5% 14.2% 13.9% 13.1% 13.4% 14.8% Total operating expense $83.8 $90.8 $94.4 $92.7 $89.5 (6.3)% $361.8 $410.4 (11.8)% Less: Stock - based compensation expense (2.7) (2.5) (2.7) (2.8) (2.8) 6.6% (10.7) (13.1) 18.1% Other non - recurring charges (1) (0.5) (3.6) (3.2) (0.9) 2.6 NM (8.2) (16.0) 48.7% Total Adjusted Operating Expense $80.7 $84.7 $88.6 $88.9 $89.2 (9.5)% $342.9 $381.3 (10.1)% Average Daily Principal Balance $2,765.0 $2,669.5 $2,666.8 $2,705.2 $2,714.4 1.9% $2,701.7 $2,766.6 (2.3)% Adjusted OpEx Ratio 11.6% 12.6% 13.3% 13.3% 13.1% 12.7% 13.8% (1) Certain prior - period financial information has been reclassified to conform to current period presentation.
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Appendix Risk adjusted net interest margin reconciliation 25 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Total Revenue 247.7 238.7 234.3 235.9 250.9 (1.3)% 956.7 1,001.8 (4.5)% Less: Interest Expense 57.9 56.6 59.5 57.4 57.1 1.5% 231.5 238.2 (2.8)% Net Interest Margin $189.8 $182.1 $174.8 $178.5 $193.9 (2.1)% $725.2 $763.6 (5.0)% Net Interest Margin Ratio 27.2% 27.1% 26.3% 26.8% 28.4% 26.8% 27.6% Adjustments: Mark - to - market adjustment on loans 4.9 6.6 9.1 12.4 11.4 (57.2)% 33.0 (1.7) NM Mark - to - market adjustment on derivatives (12.6) (2.9) — 0.4 1.0 NM (15.0) 4.5 NM Net settlements on derivative instruments (4.0) 3.4 3.0 3.7 1.8 NM 6.1 7.5 (19.2)% Fair value mark on loans sold — — — — (9.8) NM — (75.2) NM Net decrease in Fair Value of Credit Card — — — — — NM — 36.2 NM Net charge - offs (85.7) (79.6) (79.0) (81.3) (79.9) (7.4)% (325.5) (331.4) 1.8% Other non - recurring charges 0.7 0.8 0.8 0.7 0.2 220.1% 2.9 1.4 110.7% Risk Adjusted Net Interest Margin $93.1 $110.4 $108.7 $114.5 $118.7 (21.6)% $426.6 $404.9 5.4% Average Daily Principal Balance 2,765.0 2,669.5 2,666.8 2,705.2 2,714.4 1.9% 2,701.7 2,766.6 (2.3)% Risk Adjusted Net Interest Margin Ratio 13.4% 16.4% 16.3% 17.2% 17.4% 15.8% 15.2% (1) (1) Excludes a $16.6 million non - cash write - off of deferred financing costs relating to the repayment of prior corporate financing f acility as part of a November 2024 refinancing.
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Appendix Basic and diluted earnings per share reconciliation 26 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Net income (loss) attributable to common stockholders $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Basic weighted - average common shares outstanding 46.9 46.7 46.6 45.5 42.7 9.7% 46.4 40.4 15.0% Weighted average effect of dilutive securities: Stock options — — — — — NM — — NM Restricted stock units 1.3 1.6 1.3 1.5 0.8 56.2% 1.4 — NM Diluted weighted - average common shares outstanding 48.2 48.3 47.9 47.0 43.6 10.6% 47.9 40.4 18.6% Earnings (loss) per share: Basic $0.07 $0.11 $0.15 $0.21 $0.20 (64.5)% $0.54 $(1.95) NM Diluted $0.07 $0.11 $0.14 $0.21 $0.20 (64.8)% $0.53 $(1.95) NM
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Appendix Adjusted earnings per share reconciliation 27 Note: Numbers may not foot or cross - foot due to rounding. Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y / Y 2025 2024 Y / Y Diluted earnings (loss) per share $0.07 $0.11 $0.14 $0.21 $0.20 (65.0)% $0.53 $(1.95) NM Adjusted Net Income $13.0 $18.8 $14.7 $18.6 $21.5 (39.8)% $65.1 $29.3 122.0% Basic weighted - average common shares outstanding 46.9 46.7 46.6 45.5 42.7 9.7% 46.4 40.4 15.0% Weighted average effect of dilutive securities: Stock options — — — — — NM — — NM Restricted stock units 1.3 1.6 1.3 1.5 0.8 56.2% 1.4 0.5 187.5% Diluted adjusted weighted - average common shares outstanding 48.2 48.3 47.9 47.0 43.6 10.6% 47.9 40.9 17.1% Adjusted EPS $0.27 $0.39 $0.31 $0.40 $0.49 (45.5)% $1.36 $0.72 89.5%
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vs vs vs vs Quarter Ended Change $ Millions 4Q25 3Q25 4Q24 3Q24 Q / Q Y / Y Loan Portfolio Drivers Discount rate 6.3% 6.3% 7.9% 8.3% — % (1.7)% Remaining cumulative charge - offs as a % of principal balance 12.3% 12.2% 11.7% 11.9% — % 0.6% Average life in years 1.06 1.07 1.11 1.11 - 0.01 - 0.05 Loans Receivable at Fair Value Fair value loan portfolio – principal balance $2,739.0 $2,632.7 $2,678.2 $2,643.0 $106.3 $60.8 Interest and Fee Receivable, net 40.6 37.3 38.8 34.9 $3.3 $1.9 Cumulative fair value mark - to - market adjustment 94.5 89.6 61.5 50.6 4.9 33.0 Fair value loan portfolio - end of period $2,874.1 $2,759.7 $2,778.5 $2,728.5 $114.4 $95.6 Price 104.7% 104.8% 103.7% 103.2% (0.1)% 1.0% Asset - Backed Notes at Fair Value Carrying value of asset - backed notes $268.3 $359.3 $1,103.0 $1,417.5 $(91.0) $(834.7) Cumulative fair value mark - to - market adjustment (4.5) (6.5) (22.3) (30.8) 2.0 17.8 Fair value asset - backed notes – end of period $263.8 $352.8 $1,080.7 $1,386.7 $(89.0) $(816.9) Price 98.3% 98.2% 98.0% 97.8% 0.1% 0.3% Net Change in Fair Value Summary Mark - to - market adjustment on loans $4.9 $6.6 $11.4 $(5.4) $(1.7) $(6.5) Mark - to - market adjustment on asset - backed notes $(2.0) $(4.6) $(8.5) $(34.6) $2.6 $6.5 Mark - to - market adjustment on derivatives $(12.6) $(2.9) $1.0 $1.3 $(9.7) $(13.6) Total fair value mark - to - market adjustment $(9.7) $(0.8) $4.0 $(38.6) $(8.8) $(13.7) Net charge - offs $(85.7) $(79.6) $(79.9) $(82.3) $(6.2) $(5.9) Net settlements on derivative instruments $(4.0) $3.4 $1.8 $3.0 $(7.4) $(5.8) Fair value mark on loans sold (1) $ — $ — $(9.8) $(13.6) $ — $9.8 Total Net Change in Fair Value $(99.4) $(77.0) $(83.9) $(131.6) $(22.4) $(15.5) • A • B Increase in FV of Notes will decrease Net Revenue Increase in FV of Loans will increase Net Revenue Appendix Net change in fair value 28 Note: Numbers may not foot or cross - foot due to rounding. • B B A (1) Cumulative fair value mark on sale of loans originated as held for investment.
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Appendix Net lifetime loan loss rates by vintage 29 * Vintage is not fully mature from a loss perspective. Note: The chart above includes all personal loan originations by vintage, excluding loans originated from July 2017 to August 20 20 and December 2023 through the current period under a loan program for customers who did not meet the qualifications for our core loan origination program. 100% of those loans were sold pursuant to a whole loan sa le arrangement. The 2021 vintage is experiencing higher charge - offs than prior vintages primarily due to a higher percentage of loan disbursements to new members. We tightened credit and began reducing loan volume s t o new and returning members in the third quarter of 2021 and reduced significantly in the second half of 2022. Cumulative Net Principal Charge - offs Year of Origination 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dollar Weighted Average Original Term for Vintage (Months) 22.3 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 Net Lifetime Loan Losses as % of Original Principal Balance 7.1% 8.0% 8.2% 9.8% 10.8% 9.0%* 18.4%* 21.9%* 13.8%* 6.1%* Outstanding Principal Balance as % of Original Amount Disbursed 0.0% 0.0% 0.0% 0.0% 0.1% 0.3% 0.8% 6.5% 26.6% 56.1%
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Appendix Forward - looking adjusted EBITDA reconciliation 30 Note: Numbers may not foot or cross - foot due to rounding. * Due to the uncertainty in macroeconomic conditions and quarterly volatility in the fair value mark to market adjustment, we ar e unable to precisely forecast the fair value mark - to - market adjustments on our loan portfolio and asset - backed notes on a quarterly basis. As a result, while we fully expect there to be a fair value mark - to - market adjustment which could have an impact on GAAP net income (loss), the net income (loss) number shown above assumes no change in the fair value mark - to - market adjustment. 1Q 2026 FY 2026 ($ Millions) Low High Low High Net income $1.0 * $4.9 * $51.4 $59.8 Adjustments: Income tax expense (benefit) 0.3 1.5 15.4 17.9 Interest on corporate financing 7.7 7.7 28.7 28.7 Depreciation and amortization 9.0 9.0 35.4 35.4 Stock - based compensation expense 4.9 4.9 13.8 13.8 Other non - recurring charges 2.1 2.1 12.1 12.1 Fair value mark - to - market adjustment * * (6.7) (2.7) Adjusted EBITDA $25.0 $30.0 $150.0 $165.0
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Appendix Forward - looking adjusted net income and adjusted earnings per share reconciliation 31 Note: Numbers may not foot or cross - foot due to rounding. FY 2026 ($ Millions, except per share data. Shares in Millions) Low High Net Income $51.4 $59.8 Adjustments: Income tax expense (benefit) 15.4 17.9 Stock - based compensation expense 13.8 13.8 Other non - recurring charges 17.3 17.3 Mark - to - market adjustment on ABS notes 3.5 3.5 Adjusted income before taxes $101.4 $112.4 Normalized income tax expense 27.4 30.3 Adjusted Net Income $74.0 $82.0 Diluted adjusted weighted - average common shares outstanding 49.6 49.6 Diluted earnings per share $1.04 $1.21 Adjusted EPS $1.50 $1.65