Oportun and Ellington extend relationship with up to $70 million in new whole loan sales

SAN CARLOS, Calif., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech, and Ellington Management Group, an investment management firm dedicated to seeking attractive risk-adjusted returns for institutional investors, today announced the intent to enter into a new whole loan flow sale transaction between the companies. Under the terms of the deal, expected to close in the near term, Oportun is expected to sell Ellington up to $70 million of personal loan production from Oportun over the next 12 months.

“This deal represents the strength of our long-term relationship with Ellington, with whom we have worked for many years to provide attractive returns in both whole loan and security investments,” said Jonathan Coblentz, Chief Financial Officer of Oportun. “Through this transaction, Oportun is demonstrating both our ability to tap diverse sources of capital and expand access to our responsible and affordable credit products.”

"We are proud of the relationship we have built with Oportun and are pleased with the returns their loans have delivered,” said Will Messmore of Ellington. “With this latest transaction, we are excited to help Oportun expand financial inclusion while delivering the returns all our stakeholders expect.”

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven fintech that puts its 2 million members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $16.6 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About Ellington

Ellington Management Group is twenty-nine-year-old alternative credit firm with $9.7 billion in AUM across absolute return strategies, long-only investment solutions, and opportunistic private debt vehicles. Since our founding we have applied a data-driven approach to investing, with an emphasis on mortgage, CLO, and consumer debt markets.

Forward Looking Statements

This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding the anticipated timing of completion of the proposed transaction, statements as to the amount of personal loan production to be sold under the agreement, expected investor returns, ability to access diverse sources of capital and future growth opportunities are forward-looking statements. Many, but not all, of these statements can be identified by terms such as “expect,” “plan,” “anticipate,” “project,” "outlook,” “continue,” “may,” “believe,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” Oportun has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, 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, but are not limited to, completion of the proposed transaction, the possibility that any of the anticipated benefits of the proposed transaction will not be realized, and those risks described in Oportun's filings with the Securities and Exchange Commission, including Oportun's most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. The forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Oportun Investor Contact

Dorian Hare

(650) 590-4323

Oportun Media Contact

Usher Lieberman

(650) 769-9414