Press Release|ABS
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KBRA Upgrades and Affirms Ratings from Oportun Issuance Trusts and Oportun Funding Trusts

6 Feb 2026   |   New York

Contacts

KBRA upgrades ratings on 13 classes of notes and affirms ratings on two classes of notes 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 January 2026 distribution date (December 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 Oportun Funding Trust Comprehensive Surveillance Dashboard. Oportun Issuance Trust 2025-A was not included in this review and the latest surveillance report can be found here.

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 19 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 September 30, 2025, the Company has originated over 7.9 million loans and credit card receivables with a balance of over $21.3 billion.

Oportun currently originates personal loan products through three channels: their 127 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 two states through state licenses and 39 through their partnership with Pathward, N.A. (“Pathward”), while SPLs are currently offered in eight states with plans to actively expand.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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