KBRA assigns ratings to four classes of notes issued by Oportun Issuance Trust 2024-1 (“Oportun 2024-1”), a $199.5 million consumer loan ABS transaction. Oportun 2024-1 is an amortizing ABS securitization with an initial collateral balance of approximately $210.0 million and collateralized by a discrete pool of unsecured and secured consumer installment loans originated by Oportun Financial Corporation (“Oportun” or the “Company”).

Oportun is a publicly traded, California based consumer finance company listed on the NASDAQ that 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. The Company has been issuing unsecured consumer loans for 17 years and began offering a secured personal installment loan which are at least partially secured by an automobile title in 2020.

Oportun 2024-1 has initial credit enhancement levels of 31.72% for the Class A notes and 5.48% for the Class D notes. Credit enhancement consists of overcollateralization, excess spread, a non-declining cash reserve account and subordination (in the case of the Class A, Class B and Class C notes).

KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Oportun, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing

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Methodologies

• ABS: Consumer Loan ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003119

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