Oportun and Ellington extend relationship with up to $70 million in new whole loan sales
October 19 2023 - 5:27PM
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)
590-4323ir@oportun.com
Oportun Media ContactUsher Lieberman(650)
769-9414usher.lieberman@oportun.com
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