Oportun Comments on Letter from Findell Capital

Core Viewpoint - Oportun's management emphasizes ongoing engagement with shareholders and highlights significant improvements in performance and governance, aiming to enhance shareholder value [1][2][3]. Financial Performance - Oportun has achieved a total shareholder return of 121% over the past 12 months, outperforming industry peers and key benchmarks [3]. - The company expects a year-over-year increase in net income of approximately $102 million to$112 million for 2025 [4]. - An Adjusted Return on Equity (ROE) is anticipated to rise to the teens from 8% in 2024, driven by prudent growth in originations and a targeted $20 million reduction in operating expenses [5]. Operational Efficiency - Since mid-2022, Oportun has reduced operating expenses by approximately 40$240 million in annualized costs, and has successfully decreased 2024 operating expenditures to $410 million [7]. - The company has increased its portfolio yield by nearly 200 basis points, leading to significant improvements in profitability across all reported metrics [7]. Strategic Initiatives - Oportun has conducted a comprehensive review of strategic options, resulting in the successful refinancing of its corporate financing facility, enhancing financial flexibility and profitability [7]. - The company has divested non-core business segments, including the sale of its credit card portfolio, to focus on core offerings such as personal loans and savings products [7]. Board Governance - Oportun has made meaningful changes to its Board of Directors, appointing four independent directors since 2024 to ensure effective oversight and governance [2][8]. - The Board is committed to maintaining its independence and expertise to guide the company effectively [9][10].