# EDGAR Filing Document

**Accession Number:** 0001529864
**File Stem:** 0001193125-26-060461
**Filing Date:** 2026-2
**Character Count:** 880704
**Document Hash:** 90a7e35cc7aa3fd6e380932c64b6c1a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-060461.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001193125-26-060461

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enova International, Inc.
- **CENTRAL INDEX KEY:** 0001529864
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 453190813
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35503
- **FILM NUMBER:** 26656836

**BUSINESS ADDRESS:**
- **STREET 1:** 175 WEST JACKSON BLVD.
- **STREET 2:** SUITE 600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 312-568-4200

**MAIL ADDRESS:**
- **STREET 1:** 175 WEST JACKSON BLVD.
- **STREET 2:** SUITE 600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 10-K

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☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** December 31**,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission File Number** 1-35503

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![img31367884_0.jpg](img31367884_0.jpg)

Enova International, Inc.

**(Exact name of registrant as specified in its charter)** 

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| | |
|:---|:---|
| Delaware | 45-3190813 |
| **(State or other jurisdiction**<br>**of incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 175 West Jackson Blvd. |  |
| Chicago**,** Illinois | 60604 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code:** 

**(**312**)** 568-4200

**Securities Registered Pursuant to Section 12(b) of the Act:** 

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, $.00001 par value per share | ENVA | New York Stock Exchange |

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**Securities Registered Pursuant to Section 12(g) of the Act:** 

**None** 

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter time that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of 23,940,686 shares of the registrant's common stock, par value $0.00001 per share, held by non-affiliates on June 30, 2025 was approximately $2,669,865,303.

At February 17, 2026 there were 25,010,319 shares of the registrant's Common Stock, $0.00001 par value per share, outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE** 

Portions of the Company's Proxy Statement for the 2026 Annual Meeting of stockholders are incorporated by reference into Part III of this report.

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**ENOVA INTERNATIONAL, INC.** 

**YEAR ENDED DECEMBER 31, 2025** 

**INDEX TO FORM 10-K** 

---

| | | |
|:---|:---|:---|
| **PART I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Business</u>](#item_1_business) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item1a_riskfactors) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Properties</u>](#item2_properties) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 41 |
| **PART II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5. | [<u>Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrant_common) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. | [<u>Reserved</u>](#item_6_selected_financial_data) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_management_discussion_and_ana) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 7A. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item7a_quantitative_and_qualitative_disc) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 8. | [<u>Financial Statements and Supplementary Data</u>](#item8_financial_statements_and_supple) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9. | [<u>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_and_disagreements) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9A. | [<u>Controls and Procedures</u>](#item9a_controls_and_procedures) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9B. | [<u>Other Information</u>](#item9b_other_information) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item9c_disclosure_regarding_foreign) | 105 |
| **PART III** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item10_directors_executive_officers) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters</u>](#item12_security_ownership_of_certain) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item13_certain_relationships_and_rela) | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 14. | [<u>Principal Accountant Fees and Services</u>](#item14_principal_accounting_fees_and) | 107 |
| **PART IV** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item15_exhibits_financial_statement) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 16. | [<u>Form 10-K Summary</u>](#item_16_form_10k_summary) | 116 |
| [**<u>SIGNATURES</u>**](#signatures) | [**<u>SIGNATURES</u>**](#signatures) | 117 |

---

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**CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS** 

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of senior management with respect to the business, financial condition, operations and prospects of Enova International, Inc. and its subsidiaries (collectively, the "Company"). When used in this report, terms such as "believes," "estimates," "should," "could," "would," "plans," "expects," "intends," "anticipates," "may," "forecast," "project" and similar expressions or variations as they relate to the Company or its management are intended to identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties that are beyond the ability of the Company to control and, in some cases, predict. Accordingly, there are or will be important factors that could cause the Company's actual results to differ materially from those indicated in these statements. Key factors that could cause the Company's actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;•the effect of laws and regulations targeting our industry that directly or indirectly regulate or prohibit our operations or render them unprofitable or impractical;

&nbsp;&nbsp;&nbsp;&nbsp;•the effect of and compliance with domestic and international consumer credit, tax and other laws and government rules and regulations applicable to our business, including changes in such laws, rules and regulations, or changes in the interpretation or enforcement thereof, and the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to providers of consumer financial products and services in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;•our ability to consummate the pending acquisition of Grasshopper Bancorp, Inc. and Grasshopper Bank (collectively, "Grasshopper") and, if consummated, to successfully integrate Grasshopper Bank's insured bank functionality into our business and satisfy new regulatory requirements associated with owning an insured bank;

&nbsp;&nbsp;&nbsp;&nbsp;•the possibility that the anticipated benefits and synergies of the Grasshopper transaction are not realized when expected or at all, and that the proposed transaction may be more expensive to complete than anticipated, as well as the diversion of management's attention prior to and following the consummation of the transaction from ongoing business operations and opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;•the effect of and compliance with enforcement actions, orders and agreements issued by applicable regulators;

&nbsp;&nbsp;&nbsp;&nbsp;•changes in federal or state laws or regulations, or judicial decisions involving licensing or supervision of commercial lenders, interest rate limitations, the enforceability of choice of law provisions in loan agreements, the validity of bank sponsor partnerships, the use of brokers or other significant changes;

&nbsp;&nbsp;&nbsp;&nbsp;•our ability to process or collect loans and finance receivables through the Automated Clearing House system;

&nbsp;&nbsp;&nbsp;&nbsp;•the deterioration of the political, regulatory or economic environment in countries where we operate or in the future may operate;

&nbsp;&nbsp;&nbsp;&nbsp;•the actions of third parties who provide, acquire or offer products and services to, from or for us;

&nbsp;&nbsp;&nbsp;&nbsp;•public and regulatory perception of the consumer loan business, small business financing and our business practices;

&nbsp;&nbsp;&nbsp;&nbsp;•the effect of any current or future litigation proceedings and any judicial decisions or rulemaking that affects us, our products or the legality or enforceability of our arbitration agreements;

&nbsp;&nbsp;&nbsp;&nbsp;•changes in demand for our services, changes in competition and the continued acceptance of the online channel by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;•changes in our ability to satisfy our debt obligations or to refinance existing debt obligations or obtain new capital to finance growth;

&nbsp;&nbsp;&nbsp;&nbsp;•a prolonged interruption in the operations of our facilities, systems and business functions, including our information technology and other business systems;

&nbsp;&nbsp;&nbsp;&nbsp;•compliance with laws and regulations applicable to our international operations, including anti-corruption laws such as the Foreign Corrupt Practices Act and international anti-money laundering, trade and economic sanctions laws;

&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract and retain qualified officers;

&nbsp;&nbsp;&nbsp;&nbsp;•impacts on our business as the result of the January 2026 executive management changes;

&nbsp;&nbsp;&nbsp;&nbsp;•cyber-attacks or security breaches;

&nbsp;&nbsp;&nbsp;&nbsp;•acts of God, war or terrorism, pandemics and other events;

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&nbsp;&nbsp;&nbsp;&nbsp;•inflation, interest rate and foreign currency exchange rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;•changes or adverse volatility in the capital markets, including the debt and equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;•the effect of any of the above changes on our business or the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;•the impact of shifting or uncertain economic conditions on our business and on our consumer and small business customers;

&nbsp;&nbsp;&nbsp;&nbsp;•risks related to any other acquisitions the Company may undertake in the future, including that the Company will not be able to successfully integrate any such acquired companies or that costs associated with such integration are higher than anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;•the cost savings, synergies, growth and cash flows anticipated from any such acquisitions will not be fully realized or will take longer to realize than expected;

&nbsp;&nbsp;&nbsp;&nbsp;•litigation risk related to acquisitions; and

&nbsp;&nbsp;&nbsp;&nbsp;•other risks and uncertainties described herein.

The foregoing list of factors is not exhaustive and new factors may emerge or changes to these factors may occur that would impact the Company's business and cause actual results to differ materially from those expressed in any of our forward-looking statements. Additional information regarding these and other factors may be contained in the Company's filings with the Securities and Exchange Commission (the "SEC"), including on Forms 10-Q and 8-K. Readers of this report are encouraged to review all of the Risk Factors contained in Part I, Item 1A. Risk Factors to obtain more detail about the Company's risks and uncertainties. All forward-looking statements involve risks, assumptions and uncertainties. The occurrence of the events described, and the achievement of the expected results, depends on many events, some or all of which are not predictable or within the Company's control. If one or more events related to these or other risks or uncertainties materialize, or if management's underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. The forward-looking statements in this report are made as of the date of this report, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this report. All forward-looking statements in this report are expressly qualified in their entirety by the foregoing cautionary statements.

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**PART I** 

**ITEM 1. BUSINESS** 

**Overview** 

We are a leading technology and analytics company focused on providing online financial services. In 2025, we extended approximately $7.8 billion in credit or financing to borrowers. As of December 31, 2025, we offered or arranged loans or draws on lines of credit to consumers in 37 states in the United States and Brazil. We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through December 31, 2025, we have completed approximately 69.3 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts.

We believe our customers highly value our products and services as an important component of their personal or business finances because our products are convenient, quick and often less expensive than other available alternatives. We attribute the success of our business to our advanced and innovative technology systems, the proprietary analytical models we use to predict the performance of loans and finance receivables, our sophisticated customer acquisition programs, our dedication to customer service and our talented employees.

We have developed proprietary underwriting systems based on data we have collected over our more than 21 years of experience. These systems employ advanced risk analytics, including machine learning and artificial intelligence, to decide whether to approve financing transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations and to provide customers with their funds quickly and efficiently. Our systems closely monitor collection and portfolio performance data that we use to continually refine machine learning-enabled analytical models and statistical measures used in making our credit, purchase, marketing and collection decisions. Approximately 90% of models used in our analytical environment are machine learning-enabled.

Our flexible and scalable technology platforms allow us to process and complete customers' transactions quickly and efficiently. In 2025, we processed approximately 4.3 million transactions, and we continue to grow our loan and finance receivable portfolios and increase the number of customers we serve through desktop, tablet and mobile platforms. Our highly customizable technology platforms allow us to efficiently develop and deploy new products to adapt to evolving regulatory requirements and consumer preference, and to enter new markets quickly. In October 2020, we acquired, through a merger, On Deck Capital Inc. ("OnDeck"), a small business lending company offering lending and funding solutions to small businesses, to expand our small business offerings. In March 2021, we acquired Pangea Universal Holdings ("Pangea"), which provides mobile international money transfer services to customers in the U.S with a focus on Latin America and Asia. These products and services have allowed us to further diversify our product offerings and customer base.

We have been able to consistently acquire new customers and successfully generate repeat business from returning customers when they need financing. We believe our customers are loyal to us because they are satisfied with our products and services. We acquire new customers from a variety of sources, including visits to our own websites, mobile sites or applications, and through direct marketing, affiliate marketing, lead providers and relationships with other lenders. We believe that the online convenience of our products and our 24/7 availability to accept applications with quick approval decisions are important to our customers.

Once a potential customer submits an application, we quickly provide a credit or purchase decision. If a loan or financing is approved, we or our lending partner typically fund the loan or financing the next business day or, in some cases, the same day. During the entire process, from application through payment, we provide access to our well-trained customer service team. All of our operations, from customer acquisition through collections, are structured to build customer satisfaction and loyalty, in the event that a customer has a need for our products in the future. We have developed a series of sophisticated proprietary scoring models to support our various products. We believe that these models are an integral component of our operations and allow us to complete a high volume of customer transactions while actively managing risk and the related credit quality of our loan and finance receivable portfolios. We believe our successful application of these technological innovations differentiates our capabilities relative to competing platforms as evidenced by our history of strong growth and stable credit quality.

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***Products and Services*** 

Our online financing products and services provide customers with a deposit of funds to their bank account in exchange for a commitment to repay the amount deposited plus fees and/or interest. We originate, arrange, guarantee, purchase or purchase a participating interest in installment loans and line of credit accounts to consumers and small businesses. We have one reportable segment that includes all of our online financial services. Our loans and finance receivables generally have regular payments that amortize principal. Interest income is generally recognized on an effective, non-accelerated yield basis over the contractual term of the installment loan or estimated outstanding period of the draw on line of credit accounts.

***Consumer installment loans***. Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed below, purchase, or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee installment loans, as discussed below, to consumers in 37 states in the United States. Internationally, we also offer or arrange unsecured consumer installment loan products in Brazil. Terms for our consumer installment loan products range between 3 and 60 months with an average contractual term of 39 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $300 and $10,000. The majority of these loans accrue interest daily at a fixed rate for the life of the loan and have no fees. The average annualized yield for these loans was 90% for the year ended December 31, 2025. Loans may be repaid early at any time with no additional prepayment charges.

***Small business installment loans.*** Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans in 49 states and in Washington D.C. in the United States. Terms for these products range between 6 and 24 months with an average contractual term of 15 months. These loans have regular payments that amortize principal. Loan sizes for these products range between $5,000 and $400,000. There is generally a fee paid upon origination, and total interest is typically calculated at a fixed rate for the life of the loan. A portion of the interest is forgivable if prepaid early, although we also offer a full prepayment forgiveness option at a higher interest rate. The average annualized yield for these products was 48% for the year ended December 31, 2025.

***Consumer line of credit accounts***. Certain subsidiaries directly offer, or purchase participation interests in receivables through our Bank Programs, new consumer line of credit accounts in 31 states (and continue to service existing line of credit accounts in two additional states) in the United States. Line of credit accounts allow customers to draw on their unsecured line of credit in increments of their choosing up to their credit limit, which ranges between $100 and $7,000. Customers may pay off their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit account. The repayment period varies depending upon certain factors, which may include outstanding principal and differences in minimum payment calculations by product. Customers are typically charged a fee when funds are drawn and subsequently incur fee- or interest-based charges at a fixed rate, depending upon the product and the state in which the customer resides. The average annualized yield for these products was 147% for the year ended December 31, 2025.

***Small business line of credit accounts.*** Certain subsidiaries offer, or arrange through our Bank Programs, small business line of credit accounts in 49 states and in Washington D.C. in the United States. Terms for these products range between 12 and 24 months with regular payments that amortize principal. Loan sizes for these products range between $5,000 and $200,000. Interest is calculated at a fixed rate based on the outstanding balance. There is generally no fee paid upon origination with the exception of one of our small business line of credit products, which has an origination fee when allowed by state law. The average annualized yield for these products was 49% for the year ended December 31, 2025.

***CSO program***. We currently operate a credit services organization or credit access business ("CSO") program in Texas. Through our CSO program, we provide services related to a third-party lender's installment consumer loan products by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under our CSO program include credit-related services such as arranging loans with an independent third-party lender and assisting in the preparation of loan applications and loan documents ("CSO loans"). When a consumer executes an agreement with us under our CSO program, we agree, for a fee payable to us by the consumer, to provide certain services, one of which is to guarantee the consumer's obligation to repay the loan received by the consumer from the third-party lender if the consumer fails to do so. For CSO loans, the lender is responsible for providing the criteria by which the consumer's application is underwritten and, if approved, determining the amount of the consumer loan. We, in turn, are responsible for assessing whether or not we will guarantee such loan. The guarantee represents an obligation to purchase the loan, which has terms of up to six months, if it goes into default.

As of December 31, 2025 and 2024, the outstanding amount of active and current consumer loans originated by third-party lenders and guaranteed by us under the CSO program was $22.3 million and $23.8 million, respectively.

***Bank programs.*** Certain subsidiaries operate programs with certain banks ("Bank Programs") to provide marketing services and loan servicing for certain installment loans and line of credit accounts. The Bank Programs that relate to the consumer portfolio in the United States include near-prime unsecured installment loans and line of credit accounts for which our subsidiaries receive marketing and servicing fees. The bank has the ability to sell, and the participating subsidiaries have the option, but not the requirement, to purchase

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the loans or a participating interest in receivables the bank originates. We do not guarantee the performance of the loans and line of credit accounts originated by the bank. In conjunction with our Brazilian business, we also have a Bank Program with a separate bank in Brazil whereby the bank has the authority to originate loans and collect a service fee. After origination, the loans are purchased by us. The Bank Program that relates to the small business portfolio is with a separate bank and includes installment loans and line of credit accounts. We receive marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and we have the option, but not the requirement, to purchase the installment loans the bank originates and, in the case of line of credit accounts, extensions under those line of credit accounts. We do not guarantee the performance of the loans or line of credit accounts originated by the bank.

As of December 31, 2025, we operated programs with five separate bank partners. Purchases under these programs represented 31.6% and 32.0% of our consolidated originations and purchases for the years ended December 31, 2025 and 2024, respectively. Management does not deem there to be significant reliance on any of our banking partners.

***Money transfer business.*** Under our Pangea brand, we operate a money transfer platform that allows customers to send money from the United States to Mexico, other Latin American countries and Asia. The customer pays us in U.S. dollars, and we then make local currency available to the intended recipient of the transfer in one of many termination countries. Our revenue model includes a fee per transfer and an exchange rate spread. Our customers can access our proprietary platform via the website, Android app, or iOS (Apple) app.

***Our Markets*** 

We currently provide our services in the following countries:

***United States.*** We began our online business in the United States in May 2004. As of December 31, 2025, we provided services in all 50 states and Washington D.C. We market our financing products under the names CashNetUSA at www.cashnetusa.com, NetCredit at www.netcredit.com, OnDeck at www.ondeck.com and Headway Capital at www.headwaycapital.com, and we market our money transfer platform under the name Pangea at www.pangeamoneytransfer.com. The United States represented 97.5% of our total revenue in 2025 and 98.0% of our total revenue in 2024.

***Brazil.*** In June 2014, we launched our business in Brazil under the name Simplic at www.simplic.com.br, where we arrange unsecured consumer installment loans for a third-party lender. We plan to continue to invest in and expand our financial services program in Brazil. Brazil represented 2.4% of total revenue in 2025 and 1.9% of total revenue in 2024.

***Key Financial and Operating Metrics*** 

We have achieved significant growth since we began our online business as we have expanded our product offerings organically and through strategic acquisitions. We measure our business using several financial and operating metrics. Our key metrics include combined loans and finance receivables outstanding, in addition to other measures described under "Management's Discussion and Analysis of Financial Condition and Results of Operations."

The breakout of the combined loans and finance receivables and revenue of our product offerings is set forth below:

![img31367884_1.gif](img31367884_1.gif)![img31367884_2.gif](img31367884_2.gif)

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***Our Industry***

The internet has transformed how consumers and small businesses shop for and acquire products and services. According to a study by the United Nations, 74% of the world's population had access to the internet in 2025. Accompanying the rise in internet usage is the continued disruption of storefront retail by e-commerce companies like Amazon, as consumers are routinely purchasing goods and interacting with businesses online. The U.S. Census Bureau of the Department of Commerce reported e-commerce saw a 5.1% increase in the third quarter of 2025 compared to 2024. According to the U.S. Census Bureau, e-commerce sales as a percent of total quarterly retail sales in the United States accounted for 16.4% in the third quarter of 2025. In addition, a number of traditional financial services, such as banking, bill payment and investing, have become widely available online. A November 2025 report by the American Bankers Association found that approximately 76% of bank customers in a U.S. sample have used mobile apps or online banking as a means of accessing banking services in the past 12 months. This level of use highlights the extent to which consumers now accept the internet for conducting their financial transactions and are willing to entrust their financial information to online companies. We believe the increased acceptance of online financial services has led to an increased demand for online lending and financing, the benefits of which include customer privacy, easy access, security, 24/7 availability to apply for a loan or financing, speed of funding and transparency of fees and interest.

We use the internet to serve the large and growing number of underbanked consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. In its Report on the Economic Well-Being of U.S. Households in 2024 published in May 2025, the Federal Reserve noted that relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families and that, when faced with a hypothetical expense of $400, 37 percent of adults said they could not cover it completely using cash, savings or a credit card paid off at the end of the month, revealing the need for alternative sources. The Federal Reserve also reported that a sizable portion of the population (17%) is unbanked or underbanked. In 2025, according to the same study, the Federal Reserve also reported a 2% decrease in the origination of new consumer credit over the past 12 months.

Small businesses are also impeded by a lack of access to credit from traditional lenders. According to a 2025 study by the Federal Reserve Banks, 55% of employer firms used personal funds to address their business's financial challenges. Online lending and funding options have emerged as a solution for small businesses that are seeking capital.

We believe that consumers and small businesses seek online lending services for numerous reasons, including because they often:

&nbsp;&nbsp;&nbsp;&nbsp;•prefer the simplicity, transparency and convenience of these services;

&nbsp;&nbsp;&nbsp;&nbsp;•require access to financial services outside of normal financial services storefront hours;

&nbsp;&nbsp;&nbsp;&nbsp;•have an immediate need for cash for financial challenges and unexpected expenses;

&nbsp;&nbsp;&nbsp;&nbsp;•have been unable to access certain traditional lending or other credit services; and

&nbsp;&nbsp;&nbsp;&nbsp;•seek an alternative to the high cost of bank overdraft fees, credit card and other late payment fees and utility late payment fees or disconnect and reconnection fees.

***Our Customers***

Our non-prime consumer base is comprised largely of individuals who earn an average annual income of $42,000 in the United States. The non-prime lending market is sizable in the United States and Brazil. We estimate there is an $85 billion consumer lending opportunity market in the United States. In Brazil, we estimate there to be a $49 billion consumer loans market. Small business lending is also an attractive market opportunity, with an estimated total U.S. small business loan market of $313 billion. Tighter banking regulations have forced banks to vacate the U.S. market for loans under $1 million. According to a 2025 study by the Federal Reserve Banks, loans under $250 thousand accounted for 78% of all small business loan applications. Our small business customers have median annual sales of approximately $585 thousand and an average operating history of 11.4 years.

***Our Competitive Strengths*** 

We believe that the following competitive strengths position us well for continued growth:

&nbsp;&nbsp;&nbsp;&nbsp;•***Significant operating history and first mover advantage.*** As an early entrant in the online lending sector, we have accumulated more than 95 terabytes of currently accessible consumer behavior data from more than 69 million transactions. This database allows us to market to a customer base with an established borrowing history as well as to better evaluate and underwrite new customers, leading to better loan performance. In order to develop a comparable database, we believe that competitors would need to incur high marketing and customer acquisition costs, overcome customer brand loyalties and have sufficient capital to withstand higher early losses associated with unseasoned loan portfolios. Additionally, we are licensed in all jurisdictions that require licensing and believe that it would be difficult and time-consuming for a new entrant to obtain such licenses. We have also created

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strong brand recognition over our more than 21 years of operating history and we continue to invest in our brands, such as CashNetUSA, NetCredit, OnDeck, Headway Capital, Simplic and Pangea, to further increase our visibility.

&nbsp;&nbsp;&nbsp;&nbsp;•***Proprietary analytics, data and underwriting***. We have developed a fully integrated decision engine that evaluates and rapidly makes credit and other determinations throughout the customer relationship, including automated decisions regarding marketing, underwriting, customer contact and collections. Our decision engine currently handles more than 100 algorithms and over 1,000 variables. These algorithms are constantly monitored, validated, updated and optimized to continuously improve our operations. Our machine learning-enabled proprietary models are built on over 21 years of lending history, using advanced statistical methods that take into account our experience with the millions of transactions we have processed during that time, and the use of data from numerous third-party sources. Since we designed our system specifically for our specialized products, we believe our system provides more predictive assessments of future loan behavior than traditional credit assessments, such as the Fair Isaac Corporation score ("FICO score"), and therefore, results in better evaluation of our customer base. With OnDeck, we have a loan decision process, including the proprietary OnDeck Score®, which provides us with significant visibility and predictability to assess the creditworthiness of small businesses and allows us to better serve more customers across more industries.

&nbsp;&nbsp;&nbsp;&nbsp;•***Scalable and flexible technology platforms.*** Our proprietary technology platforms are designed to be powerful enough to handle the large volume of data required to evaluate customer applications and flexible enough to capitalize on changing customer preferences, market trends and regulatory requirements. These platforms have enabled us to achieve significant growth as we expanded our product offerings. We began offering installment loans in the United States in 2008, then added line of credit products in 2010 and have experienced significant growth since. Due to the scalability of our platform, we were able to achieve this growth without significant investment in additional infrastructure, and over the past three years, capital expenditures have averaged only 1.8% of revenue per year. We expect our advanced technology and underwriting platform to help continue to drive significant growth in our business.

&nbsp;&nbsp;&nbsp;&nbsp;•***Customer First approach.*** We believe that non-prime credit consumers and small businesses are not adequately served by traditional lenders. To better serve these consumers and small businesses, we use customer-focused business practices, including extended-hours availability of our customer service team by phone, email and web chat. We continuously work to improve customer satisfaction by evaluating information from website analytics, customer surveys, contact center feedback and focus groups. Our contact center teams receive training on a regular basis and are monitored by quality assurance managers. We believe customers who wish to access credit or financing again often return to us because of our dedication to customer service, the transparency of our fees and interest charges and our adherence to trade association "best practices." As of January 2026, NetCredit, CashNetUSA, OnDeck and Headway Capital have Excellent TrustScores of 4.8, 4.5, 4.6 and 4.3, respectively, on Trustpilot. Trustpilot is an online customer review platform that hosts 300+ million reviews of businesses worldwide who use it for insights into customer satisfaction. A TrustScore is calculated on a scale from 1 to 5, giving more weight to newer reviews. Each brand's score is at the upper end of customer satisfaction ratings in the non-bank financial services industry. NetCredit, CashNetUSA, OnDeck and Headway Capital have also achieved an A+ rating from the Better Business Bureau.

&nbsp;&nbsp;&nbsp;&nbsp;•***Diligent regulatory compliance.*** We conduct our business in a highly regulated industry. We are focused on regulatory compliance and have devoted significant resources to comply with laws that apply to us in each of the jurisdictions in which we operate, including laws and regulations relating to interest, fees, loan durations and renewals or extensions, loan amounts, disclosures and underwriting requirements. Our compliance experience and proprietary technology platform allow us to launch new products and enter new geographic regions with a focus on compliance with applicable laws and customer protection. We are members of industry trade groups, including the Online Lenders Alliance in the United States, which has promulgated "best practices" for our industry that we have adopted, and the Innovative Lending Platform Association, a leading trade organization representing a diverse group of online lending and service companies serving small businesses. The flexibility of our online platform enables us to rapidly adapt our products as necessary to comply with changes in regulation, without the need for costly and time-consuming retraining of store-based employees and other expenses faced by our storefront competitors.

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&nbsp;&nbsp;&nbsp;&nbsp;•***Proven history of growth and profitability.*** Over the last five years, we grew the principal balance of our loans and finance receivables at a compound annual growth rate of 30.3%, from $1,263.1 million as of December 31, 2020 to $4,748.0 million as of December 31, 2025. Over the same period, our revenue grew at a compound annual growth rate of 23.8%, from $1,083.7 million in 2020 to $3,151.7 million in 2025 and our net income from continuing operations was $378.1 million in 2020 and $308.4 million in 2025, and our net income from continuing operations as a percent of revenue was 34.9% in 2020 and 9.8% in 2025. Adjusted EBITDA, a non-GAAP measure, grew at a compound annual growth rate of 14.6%, from $415.3 million in 2020 to $820.9 million in 2025 and adjusted EBITDA as a percent of revenue was 38.3% in 2020 and 26.0% in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;•***Top Talent and Teamwork.*** We believe we have one of the most skilled and talented teams of professionals in the industry. Our employees have exceptional educational backgrounds, with numerous post-graduate and undergraduate degrees in science, technology, engineering and mathematics fields. We hire and develop top talent from graduate and undergraduate programs at institutions such as Carnegie Mellon University, Northwestern University, the University of Chicago and Harvard University. The extensive education of our team is complemented by the experience our leadership team obtained at leading financial services companies and technology firms such as optionsXpress, Discover Financial Services, First American Bank, JPMorgan Chase and Groupon.

***Our Growth Strategy*** 

&nbsp;&nbsp;&nbsp;&nbsp;•***Increase penetration in existing markets through strong brands and direct marketing***. While we have some of the most well-known online lending brands in the markets where we currently operate, we believe that we have directly reached only a small number of potential customers for our products and services. Our TV and digital advertising have raised awareness for our brands, improving effectiveness in both direct and indirect channels. In addition to our strong online and direct mail acquisition activities, our consumer and small business lending businesses both partner with marketplaces and other marketing service providers to grow our customer base. We believe our competitors – banks as well as smaller and less sophisticated online and store-based lenders – struggle to adapt to evolving customer preferences and marketing regulatory requirements, giving us the opportunity to continue to gain significant market share.

&nbsp;&nbsp;&nbsp;&nbsp;•***Introduce new products and services***. We plan to attract new categories of consumers and small businesses not well served by traditional lenders through the introduction of new products and services. We have introduced new products and customer-friendly product features to meet customer demand for timely, flexible credit options including installment loans, line of credit accounts, and small business loans and financing, many of which offer risk-tiered rate structures and some that offer performance-based rate reduction features. We also offer international money transfer services for people working in the U.S. sending money to people overseas. All of these leverage our analytics expertise and our flexible and scalable technology platform. One of our first, industry changing product introductions was offering short-term unsecured installment loans and line of credit accounts to working people who previously were limited to two-week loans, bank overdrafts, or pawn loans. Next, starting over ten years ago, our NetCredit business began offering one of the first longer duration installment loan products reporting to major credit-reporting agencies for near-prime consumers in the U.S. and, in 2019, we launched a line of credit product for that market with a performance-based fee reduction feature. In 2014, we launched our business in Brazil, where we arrange installment loans with convenient repayment features for borrowers in partnership with a third-party lender. In October 2020, we acquired OnDeck, a small business lending company, to expand our small business lending and funding offerings in the U.S., joining it with our line of credit product from Headway Capital (established in 2014). In 2016, we launched a program for chartered banks where we provide technology, loan servicing and marketing services to banks to allow them to offer unsecured consumer installment loans and line of credit accounts; with the acquisition of OnDeck, the program expanded to small business installment loans and line of credit accounts. In March 2021, we added international money transfer services with the acquisition of Pangea, which provides mobile international money transfer services to customers in the U.S. In December 2025, we agreed to acquire Grasshopper, which we expect will provide opportunities for simplicity in certain regulatory areas, expanded product and market reach and access to lower-cost funding. We intend to continue to evaluate and offer new products and services that complement our online specialty financial services in order to meet the growing needs of consumers and small businesses.

***Online Financing Process*** 

Our consumer and small business financing transactions are conducted almost exclusively online. When a customer is approved for a new loan, nearly all customers choose to have funds promptly deposited in their bank account and choose to use a pre-authorized debit for repayment from their bank account or debit card.

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We have created a quick and simple process for customers to apply for an online loan, as shown below:

![img31367884_3.jpg](img31367884_3.jpg)

***Technology Platforms*** 

Our proprietary technology platforms are built for scalability and flexibility and are based on proven open source software. The technology platforms were designed to be powerful enough to handle the large volumes of data required to evaluate consumer and small business applications and flexible enough to capitalize on changing customer preferences, market trends and regulatory changes. The scalability and flexibility of our technology platforms allow us to enter new markets and launch new products quickly, typically within three to six months from conception to launch.

We continually employ technological innovations to improve our technology platforms, which perform a variety of integrated and core functions, including:

&nbsp;&nbsp;&nbsp;&nbsp;•***Front-end system***, which includes external websites, landing pages and mobile sites and applications that customers use when applying for loans or financing and managing their accounts;

&nbsp;&nbsp;&nbsp;&nbsp;•***Back-end and customer relationship management ("CRM") systems***, which maintain customer-level data and are used by our contact center employees to provide real-time information for all inquiries. Our back-end system and CRM systems include, among other things, our contact management system, operational and marketing management system, automated phone system, Interactive Voice Response and contact center performance management system;

&nbsp;&nbsp;&nbsp;&nbsp;•***Decision engine***, which leverages machine learning and artificial intelligence to rapidly evaluate and make credit and financing decisions throughout the customer relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;•***Financial system***, which manages the external interface for funds transfers and provides daily accounting, reconciliation and reporting functions.

The key elements of our technology platforms include:

&nbsp;&nbsp;&nbsp;&nbsp;•***Scalable Information Technology infrastructure.*** Our Information Technology infrastructure allows us to meet customer demand and accommodate business growth. Our services rely on accessing, evaluating and creating large volumes of data including, for example, information collected from nearly 100 million credit reports during 2025. This rich dataset has grown significantly over our more than 21 year history and will continue to grow as our business expands. We believe that our scalable IT infrastructure enables us to meet substantial growth demands.

&nbsp;&nbsp;&nbsp;&nbsp;•***Flexible software and integration systems.*** Our software system is designed to allow us to enter new markets and launch new products rapidly, modify our business operations quickly and account for complex regulatory requirements imposed in the jurisdictions in which we operate. We have developed a proprietary software solution that allows us to innovate quickly and to improve the customer experience. Our integration system allows us to easily interface with banks and other strategic partners in order to deliver the best financial products and services possible. Our software and integration systems and their flexibility allow us much more control over the continually evolving aspects of our business.

&nbsp;&nbsp;&nbsp;&nbsp;•***Rapid development processes.*** Our software development life cycle is rapid and iterative to increase the efficiency of our platform. We are able to implement software updates while maintaining our system stability.

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&nbsp;&nbsp;&nbsp;&nbsp;•***Security.*** We collect and store personally identifiable customer information, including names, addresses, social security numbers and bank account information. We have safeguards designed to protect this information. We also created controls to limit employee access to that information and to monitor that access. Our safeguards and controls have been independently verified through regular and recurring audits and assessments.

&nbsp;&nbsp;&nbsp;&nbsp;•***Redundant disaster recovery.*** Certain key parts of our technology platform, such as our phone system for handling customer service on consumer loans, are distributed across two different locations. In addition, critical components of our platform are redundant. This provides redundancy, fault tolerance and disaster recovery functionality in case of a catastrophic outage.

***Proprietary Data and Analytics*** 

*Decision Engine* 

We have developed a fully integrated decision engine that evaluates and rapidly makes credit and other determinations throughout the customer relationship, including automated decisions regarding marketing, fraud, underwriting, customer contact and collections that leverage artificial intelligence and machine learning-enabled models. Our decision engine currently handles more than 100 algorithms and over 1,000 variables. The algorithms in use are constantly monitored, validated, updated and optimized to continuously improve our operations. In order to support the daily running and ongoing improvement of our decision engine, we have assembled a highly skilled team of approximately 90 data and analytics professionals as of December 31, 2025.

*Proprietary Data, Models and Underwriting* 

Our proprietary models are built on more than 21 years of history, using advanced statistical methods that take into account our experience with the millions of transactions we have processed during that time and the use of data from numerous third-party sources. We continually update our machine learning-enabled underwriting models to manage risk of defaults and to structure loan and financing terms. Our system completes these assessments within seconds of receiving the customer's data.

Our underwriting systems are able to assess risks associated with each customer individually based on specific customer information and historical trends in our portfolio. We use a combination of numerous factors when evaluating a potential consumer loan applicant, which may include a consumer's income, rent or mortgage payment amount, employment history, external credit reporting agency scores, amount and status of outstanding debt and other recurring expenditures, fraud reports, repayment history, charge-off history and the length of time the customer has lived at his or her current address. While the relative weight or importance of the specific variables that we consider when underwriting a loan changes from product to product, generally, the key factors that we consider for loans include monthly gross income, disposable income, length of employment, duration of residency, credit report history and prior loan performance history if the applicant is a returning customer. Similar factors are considered for small business loan applicants and also include length of time in business, online business reviews, and sales volumes. Our customer base for consumer loans is predominantly in the low to fair range of FICO scores, with scores generally between 500 and 680 for most of our loan products. We generally do not take into account a potential customer's FICO score when deciding whether to make a loan. A Vantage-Score is one of the factors in our credit models for our near-prime loan products in the United States. Since we designed our system specifically for our specialized products, we believe our system provides more predictive assessments of future payment behavior and results in better evaluation of our customer base when compared to traditional credit assessments, such as a FICO score. In the small business space, we utilize the OnDeck Score® in our decision models, which incorporates small business credit scores from various commercial credit bureaus, the cash flow data of the small business and the personal credit attributes of the business' owner(s).

***Fraud Prevention*** 

Our fraud prevention system is built from in-depth analysis of previous fraud incidences and information from third-party data sources. To ensure sustainable growth, our fraud prevention team has built systems and processes that leverage artificial intelligence and machine learning-enabled models to detect fraud trends, identify fraudulent applications and learn from past fraudulent cases.

Working together with multiple vendors, our systems first determine whether customer information submitted matches other indicators regarding the application and that the applicant can authorize transactions for the submitted bank account. To prevent more organized and systematic fraud, we have developed predictive models that incorporate signals from various sources that we have found to be useful in identifying fraud. These models utilize advanced data mining algorithms, machine learning-enabled algorithms and artificial intelligence to effectively identify fraudulent applications with a very low false positive rate. In addition, we have built strong loan processing teams that handle suspicious activities efficiently while minimizing friction in customer experience. Our fraud prevention system incorporates algorithms to differentiate customers in an effort to identify suspected fraudulent activity and to reduce our risks of loss from fraud.

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We continuously develop and implement ongoing improvements to these systems and, while no system can completely protect against losses from fraud, we believe our systems provide protection against significant fraud losses.

***Marketing*** 

We use a multi-channel approach to marketing our online loans and financing products, with both broad-reach and highly-targeted channels, including television, digital, direct mail, telemarketing and partner marketing (which includes lead providers, independent brokers and marketing affiliates). The goal of our marketing is to promote our brands and products in the online lending marketplace and to directly acquire new customers at low cost. Our marketing has successfully built strong awareness of and preference for our brands, as our products have achieved market leadership through the following:

&nbsp;&nbsp;&nbsp;&nbsp;•***Traditional advertising***. We use television, direct mail and radio advertisements, supported by technology infrastructure and key vendors, to drive and optimize website traffic and loan volume. We believe our investments through these channels have helped create strong brand awareness and preference in the customer segments and markets we serve.

&nbsp;&nbsp;&nbsp;&nbsp;•***Digital acquisition***. Our online marketing efforts include pay-per-click, keyword advertising, search engine optimization, marketing affiliate partnerships, social media programs and mobile advertising integrated with our operating systems and technology from vendors that allow us to optimize customer acquisition tactics within the daily operations cycle.

&nbsp;&nbsp;&nbsp;&nbsp;•***Partner marketing***. We purchase qualified leads for prospective new customers from a number of online lead providers and independent brokers and through marketing affiliate partnerships. We believe that our rapid decision making on lead purchases, strong customer conversion rate and significant scale in each of our markets make us a preferred partner for lead providers, brokers and affiliates while at the same time our technology and analytics help us determine the right price for the right leads.

&nbsp;&nbsp;&nbsp;&nbsp;•***User experience and conversion.*** We measure and monitor website visitor usage metrics and regularly test website design strategies to improve customer experience and conversion rates.

***Customer Service*** 

We believe that our in-house contact center and our emphasis on superior customer service are significant contributors to our growth. To best serve our consumers and small businesses, we use customer-oriented business practices, such as offering extended-hours customer service. We continuously work to improve our customers' experience and satisfaction by evaluating information from website analytics, customer satisfaction surveys, contact center feedback, call monitoring and focus groups. Our contact center teams receive training on a regular basis, are monitored by quality assurance managers and adhere to rigorous internal service-level agreements. We do not outsource our contact center operations, except for our Simplic and Pangea businesses.

***Collections*** 

We operate consumer and small business-specific collection teams that have implemented loan and financing collection policies and practices designed to optimize regulatory compliant loan and financing repayment, while also providing excellent customer service. Our collections employees are trained to help the customer understand available payment alternatives and make arrangements to repay the loan or financing. We use a variety of collection strategies to satisfy a delinquent loan or finance receivable, such as settlements and payment plans, or to adjust the delivery of finance receivables. Employees are continually trained and coached towards improvement based on quality assurance and work effort audits resulting in continued success in presenting best available payment options to the customer while limiting complaints and dissatisfaction.

Contact center employees contact customers following the first missed payment and periodically thereafter. Our primary methods of contacting past due customers are through phone calls, letters and emails. At times, we sell loans that we are unable to collect to debt collection companies or place the debt for collection with debt collection companies.

***Competition*** 

We have many competitors. Our principal competitors are consumer and small business loan and finance companies, CSOs, online lenders, credit card companies, auto title lenders and other financial institutions that offer similar financial products and services, including loans on an unsecured as well as a secured basis. We believe that there is also indirect competition to some of our products, including bank overdraft facilities and banks' and retailers' insufficient funds policies, many of which may be more expensive alternative approaches for consumers and small businesses to cover their bills and expenses than the consumer and small business loan and financing products we offer. Some of our U.S. competitors operate using other business models, including a "tribal model" where the lender follows the laws of a Native American tribe regardless of the state in which the customer resides.

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We believe that the principal competitive factors in the consumer and small business loan and financing industry consist of the ability to provide sufficient loan or financing size to meet customers' financing requests, speed of funding, customer privacy, ease of access, transparency of fees and interest and customer service. We believe we have a significant competitive advantage as an early mover in many of the markets that we serve. New entrants face obstacles typical to launching new lending operations, such as successfully implementing underwriting and fraud prevention processes, incurring high marketing and customer acquisition costs, overcoming customer brand loyalty and having or obtaining sufficient capital to withstand early losses associated with unseasoned loan portfolios. In addition, there are substantial regulatory and compliance costs, including the need for expertise to customize products and obtain licenses to lend in various states in the United States and in international jurisdictions. Our proprietary technology, analytics expertise, scale, international reach, brand recognition and regulatory compliance would be difficult for a new competitor to duplicate.

Because numerous competitors offer consumer and small business loan and financing products, and many of our competitors are privately held, it is difficult for us to determine our exact competitive position in the market. We believe our principal online competitors in the United States include a variety of privately held, technology enabled lenders. Storefront consumer loan lenders that offer loans online or in storefronts are also a source of competition in some of the markets where we offer consumer loans, including Ace Cash Express, Check Into Cash, Check 'n Go and One Main Financial. For online small business financing, we believe our main competitors include traditional banks, legacy merchant cash advance providers, and newer, technology-enabled FinTech lenders.

***Intellectual Property*** 

Protecting our rights to our intellectual property is critical, as it enhances our ability to offer distinctive services and products to our customers, which differentiates us from our competitors. We rely on a combination of trademark laws and trade secret protections in the United States and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect the intellectual property rights related to our proprietary analytics, predictive underwriting models, tradenames and marks and software systems. We have several registered trademarks, including NetCredit, CashNetUSA and our "e" logo. OnDeck also has registered trademarks in the United States, including "OnDeck," "OnDeck Score" and the OnDeck logo. These trademarks have varying expiration dates, and we believe they are materially important to us and we anticipate maintaining them and renewing them.

***Seasonality*** 

Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers' receipt of income tax refunds. Demand for our small business loan products and services in the United States has historically been highest in the fourth quarter and early first quarter of each year, corresponding generally to holiday and post-holiday season needs, and lowest at the end of the first quarter and beginning of the second quarter of each year, where we believe that our customers' businesses are generally slower. Consequently, we experience seasonal fluctuations in our domestic operating results and cash needs.

**Financial Information on Segments and Areas** 

Additional financial information regarding our operating segment and each of the geographic areas in which we do business is provided in "Item 8. Financial Statements and Supplementary Data—Note 17" of this report.

**Operations** 

***Management and Personnel*** 

*Executive Officers* 

Our executive officers, and information about each as of February 20, 2026 are listed below.

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| | | |
|:---|:---|:---|
| **NAME** | **POSITION WITH ENOVA** | **AGE** |
| &nbsp;&nbsp;&nbsp;&nbsp;Steven Cunningham | Chief Executive Officer | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scott Cornelis | Chief Financial Officer and Treasurer | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;David Fisher | Executive Chairman | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirk Chartier | Chief Strategy Officer | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sean Rahilly | General Counsel & Chief Compliance Officer | 52 |

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There are no family relationships among any of the officers named above. Each officer of Enova holds office from the date of appointment until removal or termination of employment with Enova. Set forth below is additional information regarding the executive officers identified above.

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***Steven Cunningham*** has served as our Chief Executive Officer since January 1, 2026. Mr. Cunningham joined Enova as our Chief Financial Officer in June 2016. Mr. Cunningham joined Enova from Discover Financial Services, where he most recently served as Executive Vice President and Chief Risk Officer for Discover's $8.7 billion direct banking and payment services business. He joined Discover as its Corporate Treasurer in 2010. Prior to Discover, Mr. Cunningham was the CFO of Harley-Davidson Financial Services, a $7 billion receivables business, and spent eight years at Capital One Financial in various corporate and line of business finance leadership positions, including CFO for the Auto Finance segment, a $20 billion receivables business, and CFO for the company's banking segment. Mr. Cunningham also has experience as a bank regulator with the FDIC. Mr. Cunningham has served on the Board of Directors of AgriBank, a Farm Credit Bank, since January 2022. Mr. Cunningham received a bachelor's degree in Corporate Finance and Investment Management from the University of Alabama and a Master of Business Administration from George Washington University. He also holds the professional designation of Chartered Financial Analyst.

***Scott Cornelis*** has served as our Chief Financial Officer since January 1, 2026. Mr. Cornelis joined Enova in September 2017 as Treasurer and became the Vice President of Finance and Treasurer in June 2023. In his prior roles at Enova, he led the company's treasury, capital markets, finance and investor relations functions. Mr. Cornelis has more than 25 years of finance and banking experience. Prior to joining Enova, he led the treasury, capital markets and finance functions at BorrowersFirst, an online consumer lending platform, from 2015 to 2017. Prior to BorrowersFirst, Mr. Cornelis spent 14 years at J.P. Morgan, and its predecessor, Bank One, where he served in various roles in commercial and investment banking. Most recently, he served as an Executive Director in the Securitized Products group at J.P. Morgan, where he led the structuring and execution of complex asset-backed transactions for financial services clients, including credit card, consumer loan and student loan securitizations. Mr. Cornelis holds a Bachelor of Business Administration in Economics from the University of Iowa.

***David Fisher*** has served as our Executive Chairman since January 1, 2026, following his transition from Chief Executive Officer. Mr. Fisher joined Enova as our Chief Executive Officer in January 2013, and has also served as a Director since February 2013, including as Chairman since October 2014. Prior to joining Enova, Mr. Fisher was Chief Executive Officer of optionsXpress Holdings, Inc., or optionsXpress, from October 2007 until The Charles Schwab Corporation ("Schwab"), acquired the business in September 2011. Following the acquisition, Mr. Fisher served as President of optionsXpress until March 2012. Mr. Fisher also served as the President of optionsXpress from March 2007 to October 2007 and as the Chief Financial Officer of optionsXpress from August 2004 to March 2007. Prior to joining optionsXpress, Mr. Fisher served as Chief Financial Officer of Potbelly Sandwich Works from February 2001 to July 2004, and before that in the roles of Chief Financial Officer and General Counsel for Prism Financial Corporation. In addition, Mr. Fisher currently serves on the Board of Directors of GoHealth, Inc., Meridian International and Friss fraudebestrijding. Mr. Fisher previously served on the Boards of Directors of Fathom Digital Manufacturing Corporation, optionsXpress, CBOE Holdings, Inc., InnerWorkings, Inc., GrubHub, Inc. and Just Eat Takeaway.com N.V. Mr. Fisher received a Bachelor of Science degree in Finance from the University of Illinois and a law degree from Northwestern University School of Law.

***Kirk Chartier*** currently serves as our Chief Strategy Officer. Mr. Chartier joined Enova in April 2013 as Chief Marketing Officer. Prior to joining Enova, Mr. Chartier was the Executive Vice President & Chief Marketing Officer of optionsXpress Holdings from January 2010 until Schwab acquired the business in September 2011. Following the acquisition, Mr. Chartier served as Vice President of Schwab through May 2012. From 2004 to 2010, Mr. Chartier was the Senior Managing Principal and Business Strategy Practice Leader for the Zyman Group, a marketing and strategy consultancy owned by MDC Partners, where he also served in interim senior marketing executive roles for Fortune 500 companies, including Safeco Insurance. Mr. Chartier has held executive roles at technology companies including as Senior Vice President of Business Services & eCommerce for CommerceQuest, as Vice President of Online Marketing & Strategy for THINK New Ideas and as a Corporate Auditor for the General Electric Company. In addition, Mr. Chartier serves on the Board of Directors of Lifeway Foods, Inc. He started his career as a combat pilot with the U.S. Marine Corps and is a veteran of Desert Storm. Mr. Chartier received a Master of Business Administration from Syracuse University, a Bachelor of Arts in Economics from the College of the Holy Cross, and a Bachelor of Science in Engineering from Worcester Polytechnic Institute.

***Sean Rahilly*** has served as our General Counsel and Chief Compliance Officer since June 2018. Mr. Rahilly joined Enova in October 2013 as Chief Compliance Officer. Mr. Rahilly previously served as Assistant General Counsel and Compliance Officer of First American Bank from September 2006 to September 2013. He also served as First American Bank's Vice President—Community Reinvestment Act and Compliance Officer from January 2006 to September 2006, Vice President—Compliance Manager from November 2003 to January 2006 and Assistant Vice President—Compliance and Community Reinvestment Act from July 2002 to November 2003. Prior to joining First American Bank, Mr. Rahilly served as an attorney with the Law Offices of Victor J. Cacciatore, a project assistant with Schiff Hardin & Waite and in various roles with Pullman Bank and Trust Company. He received a Bachelor of Science in Accountancy from DePaul University College of Commerce and a Juris Doctor from DePaul University College of Law.

*Human Capital* 

***Our Workforce.*** Our employees are primarily located in the United States, with a portion of our workforce in Mexico and Brazil. As of December 31, 2025, we had 1,836 employees, with 1,794 of our employees located in the United States. None of our employees are currently covered by a collective bargaining agreement or represented by an employee union. We believe we have one of the most

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skilled and talented teams of professionals in the industry. Our employees have exceptional educational backgrounds, with numerous post-graduate and undergraduate degrees in science, technology, engineering, and mathematics fields. We hire and develop a diverse range of top talent from graduate and undergraduate programs at premier institutions as well as from coding bootcamps such as Code Platoon. The extensive education of our team is complemented by the experience our leadership team obtained at leading financial services companies and technology firms such as optionsXpress, Discover Financial Services, First American Bank, JPMorgan Chase and Groupon.

We are committed to fostering a culture where everyone is treated equitably and fairly, with a sense of belonging, community and value. We believe this is important to all aspects of our business, including our goal to attract, develop and retain top talent. Our business is better when we have a team of people with diverse backgrounds, experiences, talents, skills and perspectives contributing to our success, enhancing our ability to deliver world-class products and exceptional customer service to our diverse customer base.

***In The Community.*** We are dedicated to having a positive impact on our community. We encourage our employees to volunteer in their communities and on behalf of causes that are important to them through our Enova Gives program. Corporate employees are granted one paid volunteer day per calendar year to volunteer with or on behalf of a qualified 501(c)(3) non-profit organization of their choice during work hours. In addition, Enova matches charitable donations from employees to qualifying 501(c)(3) non-profit organizations—up to $500 per employee each calendar year. At a company level, Enova invests financially in organizations that are dedicated to strengthening and broadening access to quality education; improving the lives of children and young adults in need; and providing access to high quality financial literacy programs.

***Learning & Development.*** We offer a combination of required and optional learning and development opportunities to every Enova employee. Our learning and development program is facilitated and guided primarily by our Talent Development team, Operations Learning and Development team, company leaders, subject matter experts and our People team. We utilize an enterprise learning management system ("LMS") to deliver and manage all online learning. Enova employees can utilize tuition reimbursement or department training budgets for external learning and development. Required compliance training is administered and tracked through our LMS, and every Enova employee is assigned required compliance e-Learning modules. We also invest in our talent through a variety of leadership and mentor programs, as well as other events focused on professional development.

***Rewards & Benefits.*** The primary objectives of our compensation program are to: support Enova's core values; attract, motivate, and retain the best talent; encourage and reward high performance and results, while aligning short- and long-term interests with those of our stockholders; and reinforce our strategy to grow our business as we continue to innovate. We offer employees competitive and comprehensive total rewards packages. For U.S.-based employees, this includes competitive base pay; annual bonus consideration; long-term incentive grants; employer-subsidized health, dental, and vision insurance; an employer match for 401(k) savings; paid and unpaid time off; group term life and disability insurance; paid volunteer day; paid holidays; paid parental leave; and a summer hours program. Enova offers additional corporate perks to its U.S. employees, including a discount savings program, tuition reimbursement, last-minute childcare reimbursement, and meal ordering. Enova also offers a paid four-week sabbatical program for eligible employees. Legal, financial, and work-life solutions and support are available through our Employee Assistance Program.

***Market and Industry Data*** 

The market and industry data contained in this Annual Report on Form 10-K, including trends in our markets and our position within such markets, are based on a variety of sources, including our good faith estimates, which are derived from our review of internal surveys, information obtained from customers and publicly available information, as well as from independent industry publications, reports by market research firms and other published independent sources. None of the independent industry publications used in this report were prepared on our behalf.

**REGULATION** 

Our operations are subject to extensive regulation, supervision and licensing under various federal, state, local and international statutes, ordinances and regulations.

**U.S. Federal Regulation** 

***Consumer Lending Laws.*** Our consumer loan business is subject to the federal Truth in Lending Act ("TILA"), and its underlying regulations, known as Regulation Z, and the Fair Credit Reporting Act ("FCRA"). These laws require us to provide certain disclosures to prospective borrowers and protect against unfair credit practices. The principal disclosures required under TILA are intended to promote the informed use of consumer credit. Under TILA, when acting as a lender, we are required to disclose certain material terms related to a credit transaction, including, but not limited to, the annual percentage rate, finance charge, amount financed, total of payments, the number and amount of payments and payment due dates to repay the indebtedness. The FCRA regulates the collection, dissemination and use of consumer information, including consumer credit information. The federal Equal Credit Opportunity Act

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("ECOA") prohibits us from discriminating against any credit applicant on the basis of any protected category, such as race, color, religion, national origin, sex, marital status or age, and requires us to notify credit applicants of any action taken on the individual's credit application.

***Consumer Reports and Information.*** The use of consumer reports and other personal data used in credit underwriting is governed by the FCRA and similar state laws governing the use of consumer credit information. The FCRA establishes requirements that apply to the use of "consumer reports" and similar data, including certain notifications to consumers where their loan application has been denied because of information contained in their consumer report. The FCRA requires us to promptly update any credit information reported to a credit reporting agency about a consumer and to allow a process by which consumers may inquire about credit information furnished by us to a consumer reporting agency.

***Information-Sharing Laws.*** We are also subject to the federal Fair and Accurate Credit Transactions Act, which limits the sharing of information with affiliates for marketing purposes and requires us to adopt written guidance and procedures for detecting, preventing and responding appropriately to mitigate identity theft and to adopt various policies and procedures and provide training and materials that address the importance of protecting non-public personal information and aid us in detecting and responding to suspicious activity, including suspicious activity that may suggest a possible identity theft red flag, as appropriate.

***Marketing Laws.*** Our advertising and marketing activities are subject to several federal laws and regulations including the Federal Trade Commission Act (the "FTC Act"), which prohibits unfair or deceptive acts or practices and false or misleading advertisements in all aspects of our business. As a financial services company, any advertisements related to our products must also comply with the advertising requirements set forth in TILA. Also, any of our telephone marketing activities must comply with the Telephone Consumer Protection Act (the "TCPA") and the Telemarketing Sales Rule (the "TSR"). The TCPA prohibits the use of automatic telephone dialing systems for communications with wireless phone numbers without express consent of the consumer, and the TSR established the Do Not Call Registry and sets forth standards of conduct for all telemarketing. Our advertising and marketing activities are also subject to the CAN-SPAM Act of 2003, which establishes certain requirements for commercial email messages and specifies penalties for the transmission of commercial email messages that are intended to deceive the recipient as to the source of content.

***Protection of Military Members and Dependents.*** The Military Lending Act ("MLA") is a federal law that limits the annual percentage rate to 36% on certain consumer loans made to active duty members of the U.S. military, reservists and members of the National Guard and their immediate families. The MLA's implementing regulation also contains various disclosure requirements, limitations on renewals and refinancing, as well as restrictions on the use of prepayment penalties, arbitration provisions and certain waivers of rights. The 36% annual percentage rate cap applies to a variety of consumer loan products. Therefore, due to these rate restrictions, we are unable to offer certain consumer loans to active duty military personnel, active reservists and members of the National Guard and their immediate dependents. Federal law also limits the annual percentage rate on existing loans when the borrower, or spouse of the borrower, becomes an active-duty member of the military during the life of a loan. Pursuant to federal law, the interest rate must be reduced to 6% per year on amounts outstanding during the time in which the service member is on active duty.

***Funds Transfer and Signature Authentication Laws.*** The consumer loan business is also subject to the federal Electronic Funds Transfer Act ("EFTA"), and various other laws, rules and guidelines relating to the procedures and disclosures required in debiting or crediting a debtor's bank account relating to a consumer loan (i.e., Automated Clearing House ("ACH") funds transfer). Furthermore, we are subject to various state and federal e-signature rules mandating that certain disclosures be made and certain steps be followed in order to obtain and authenticate e-signatures.

***Debt Collection Practices.*** Certain subsidiaries are subject to the Fair Debt Collection Practices Act ("FDCPA"), and for certain other subsidiaries, we use the FDCPA as a guide in connection with operating our collection activities. We are also required to comply with all applicable state collection practices laws.

***Privacy and Security of Non-Public Customer Information.*** Under the federal Gramm-Leach-Bliley Act ("GLBA"), we must disclose to individuals our privacy policy and practices, including those policies relating to the sharing of individuals' nonpublic personal information with third parties. The GLBA also requires us to ensure that our systems are designed to protect the confidentiality of individuals' nonpublic personal information and dictates certain actions that we must take to notify individuals if their personal information is disclosed in an unauthorized manner.

***Anti-Money Laundering and Economic Sanctions.*** We are also subject to certain provisions of the USA PATRIOT Act and the Bank Secrecy Act under which we must maintain an anti-money laundering compliance program covering certain of our business activities. In addition, the Office of Foreign Assets Control ("OFAC") prohibits us from engaging in financial transactions with specially designated nationals.

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***Anticorruption.*** We are also subject to the U.S. Foreign Corrupt Practices Act (the "FCPA"), which generally prohibits companies and their agents or intermediaries from making improper payments to foreign officials for the purpose of obtaining or keeping business and/or other benefits.

**CFPB** 

In July 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (the "CFPB"), which regulates consumer financial products and services, including consumer loans and remittance transfers that we offer. The CFPB has regulatory, supervisory and enforcement powers over providers of certain consumer financial products and services, including explicit supervisory authority to examine and require registration of certain providers. Pursuant to these powers, the CFPB has examined our lending products, services and practices, and we expect certain products to continue to be examined on a regular basis by the CFPB.

In October 2017, the CFPB issued its final rule entitled "Payday, Vehicle Title, and Certain High-Cost Installment Loans" (the "Small Dollar Rule"), which covers certain consumer loans that we offer. While the ability to repay provisions were rescinded in 2020, the payment provisions remain in effect. These provisions require that if a consumer has two consecutive failed payment attempts, the lender must obtain the consumer's new and specific authorization to make further withdrawals from the consumer's bank account. Additionally, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. Following a series of constitutional challenges, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and the Fifth Circuit upheld the Small Dollar Rule. On March 28, 2025, the CFPB issued a press release entitled "CFPB Offers Regulatory Relief for Small Loan Providers" indicating that the CFPB "will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025." The CFPB also indicated that it is contemplating issuing a notice of proposed rulemaking to narrow the scope of the Small Dollar Rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows.

On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The Consent Order related to issues, the majority of which were self-disclosed, including payment processing and debiting errors. Effective August 29, 2025, the CFPB terminated the Consent Order in full and waived any alleged non-compliance therewith.

On March 30, 2023, the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses, and applies to small business loans that we offer. For loans covered by the small business lending rule, a "covered lender" will be required to collect and report on certain information pursuant to an application for credit. Section 1071 requires covered lenders to collect and report information the financial institution generates and information obtained from the applicant, including the applicant's minority-owned business status, women-owned business status and LGBTQI+-owned status and the applicant's principal owners' ethnicity, race and sex, and expressly prohibits a financial institution from discouraging an applicant from responding to requests for applicant-provided data. On June 18, 2025, following various litigation challenges, the CFPB issued an interim final rule to extend the compliance deadlines by approximately one year. It further indicated its intent to initiate a new Section 1071 rulemaking and that it anticipated issuing a notice of proposed rulemaking as expeditiously as reasonably possible. On October 2, 2025, the CFPB published a final rule with the same extended compliance dates provided for in the June interim rule. On November 13, 2025, the CFPB issued a notice of proposed rulemaking to narrow the scope of the rule, including removing certain data points, and to extend the compliance date to January 1, 2028. Absent further court action, legislative action or action by the CFPB, the Company's small business loan business will need to update its application process to appropriately collect, store and report data required by Section 1071's implementing regulation. The Company will continue to monitor litigation, rulemaking and bills related to the rule.

For further discussion of the CFPB and its regulatory, supervisory and enforcement powers, see "Risk Factors—Risks Related to Our Business and Industry—*The Consumer Financial Protection Bureau has supervisory authority over our U.S. consumer businesses that could have a significant impact on our U.S. business*" in Part I, Item 1A of this report.

**One Big Beautiful Bill Act**

On July 4, 2025, the "One Big Beautiful Bill Act" (the "OBBBA") was enacted into law. The OBBBA's various provisions include, among other provisions, accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have evaluated the OBBBA

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and reflected its impact on the consolidated financial statements. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

**U.S. State Regulation** 

Our consumer lending business is regulated under a variety of state statutes, all of which are subject to change and which may impose significant costs or limitations on the way we conduct or expand our business. As of the date of this report, we offer or arrange consumer loans in 37 states that have specific statutes and regulations that enable us to offer economically viable products. We currently do not offer consumer loans in the remaining states because we do not believe it is economically feasible to operate in those jurisdictions due to specific statutory or regulatory restrictions, such as interest rate ceilings, caps on the fees that may be charged, or costly operational requirements. However, we may later offer our consumer products or services in any of these states if we believe doing so may become economically viable because of changes in applicable statutes or regulations or if we determine we can broaden our product offerings to operate under existing laws and regulations.

The scope of state regulation of consumer loans, including the fees and terms of our products and services, varies from state to state. The terms of our products and services vary from state to state in order to comply with the laws and regulations of the states in which we operate. In addition, our advertising and marketing activities and disclosures are subject to review under various state consumer protection laws and other applicable laws and regulations. The states with laws that specifically regulate our consumer products and services may limit the principal amount of a consumer loan, set maximum fees or interest rates customers may be charged and specify minimum and maximum maturity dates. Our collection activities regarding past due amounts may be subject to consumer protection laws and state regulations relating to debt collection practices. In addition, some states require certain disclosures or content to accompany our advertising or marketing materials. Also, some states require us to report consumer loan activity to state-wide databases and restrict the number and/or principal amount of loans a consumer may have outstanding at any particular time or over the course of a particular period of time.

In Texas, where we offer our CSO program, we comply with the jurisdiction's Credit Services Organization Act and related regulations. These laws generally define the services that we can provide to consumers and require us to provide a contract to the customer outlining our services and the cost of those services to the customer. In addition, these laws may require additional disclosures to consumers and may require us to be registered with the jurisdiction and/or be bonded.

We must also comply with state restrictions on the use of lead providers. In the past, several states took actions that caused us to discontinue the use of lead providers in those states. Other states may propose or enact similar restrictions on lead providers in the future.

A variety of states have recently enacted legislation related to consumer data privacy. The laws have varying consumer protections, including the right to access and delete personal information and to opt-out of the sale of personal information. Other states may propose or enact similar laws in the future.

Over the last few years, legislation that prohibits or severely restricts our consumer loan products and services has been introduced or adopted in a number of states. As a result, we have altered or ceased making consumer loans in certain states, in compliance with the new statutes. We regularly monitor proposed legislation or regulations that could affect our business.

***Licensing Requirements – Small Business Loans***

In states and jurisdictions that do not require a license to make commercial loans, OnDeck, and certain other of our subsidiaries, typically make commercial installment loans and extend lines of credit directly to customers pursuant to Utah or Virginia law. There are other states and jurisdictions that require a license or have other requirements or restrictions applicable to commercial loans, including both installment loans and line of credit accounts, and may not honor a Utah or Virginia choice of law. In these other states, historically we have originated some installment loans and lines of credit directly but purchased other installment loans and lines of credit from issuing bank partners, the foregoing depending on the requirements or restrictions of these other states. Certain line of credit accounts are extended by an issuing bank partner and we may purchase extensions under those line of credit accounts.

The issuing bank partner establishes its underwriting criteria for the issuing bank partner program in consultation with us. We recommend commercial loans to the issuing bank partner that meet the bank partner's underwriting criteria, at which point the issuing bank partner may elect to fund the installment finance loan or extend the line of credit. The issuing bank partner earns origination fees from the customers who borrow from it and retains the interest paid during the period that the issuing bank partner owns the loan. In exchange for recommending loans to an issuing bank partner, we earn a marketing referral fee based on the loans recommended to, and originated by, that issuing bank partner. Historically, OnDeck has been the purchaser of the loans that it referred to issuing bank partners.

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**Local Regulation—United States** 

In addition to state and federal laws and regulations, the consumer lending industry is subject to various local rules and regulations. These local rules and regulations are subject to change and vary widely from city to city. Local jurisdictions' efforts to restrict short-term lending have been increasing. Typically, these local ordinances apply to storefront operations, however, local jurisdictions could attempt to enforce certain business conduct and registration requirements on online lenders lending to residents of that jurisdiction. Actions taken in the future by local governing bodies to impose other restrictions on short-term lenders such as us could impact our business.

**Company and Website Information** 

Our principal executive offices are located at 175 West Jackson Blvd., Chicago, Illinois 60604, and our telephone number is (312) 568-4200.

Our website is located at www.enova.com. Through our website, we provide free access to our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. The information posted on our website is not incorporated by reference into this Annual Report on Form 10-K.

**ITEM 1A. RISK FACTORS** 

**Risk Factors Summary**

The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities:

***Risks Related to Our Business and Industry***

• Our business is highly regulated, and if we fail to comply with applicable laws, regulations, rules and guidance, our business could be adversely affected.

• The lending and financing industry continues to be targeted by new laws and regulations in many jurisdictions that could restrict the lending and financing products and services we offer, impose additional compliance costs on us, render our current operations unprofitable or even prohibit our current operations.

• Our access to payment processing systems to disburse and collect loan and financing proceeds and repayments, including the Automated Clearing House, is critical to our business, and any interruption or limitation on our ability to utilize any of the available means of processing deposits or payments could materially adversely affect our business.

• The failure to comply with debt collection regulations could subject us to fines and other liabilities, which could harm our reputation and business.

• We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing affiliates is otherwise impaired, it could adversely affect our business.

• The use of personal data for credit underwriting is highly regulated, which exposes us to compliance risk and increased costs.

• Negative public perception of our business could cause demand for our products to significantly decrease.

• Control of the Congress and the executive branch of the U.S. government could have a significant impact on financial services legislation passed in Congress and signed into law.

• Current and future litigation or regulatory proceedings could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

• Judicial decisions, CFPB rulemaking or amendments to the Federal Arbitration Act could render the arbitration agreements we use illegal or unenforceable.

• In some circumstances, federal preemption and application of an out-of-state choice of law provision will not, or may not, be available for the benefit of certain non-bank purchasers of loans to defend against a state law claim of usury.

• Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of Brazil, or any other country in which we may begin operations, could affect our operations in these countries.

• The failure of third parties who provide products, services or support to us to maintain their products, services or support could disrupt our operations or result in a loss of revenue.

• Our business depends on the uninterrupted operation of our systems and business functions, including our information technology and other business systems, as well as the ability of such systems to support compliance with applicable legal and regulatory requirements.

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• Decreased demand for our products and specialty financial services and our failure to adapt to such decrease could result in a loss of revenue and could have a material adverse effect on us.

• The CFPB has supervisory authority over certain of our U.S. consumer businesses that could have a significant impact on our U.S. business.

• We are subject to impairment risk.

• If the information provided by customers to us is incorrect or fraudulent, we may misjudge a customer's qualification to receive a loan and our operating results may be harmed.

• We are subject to anticorruption laws including the U.S. Foreign Corrupt Practices Act, anti-money laundering laws and economic sanctions laws, and our failure to comply therewith, particularly if we continue to expand internationally, could result in penalties that could harm our reputation and have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

• Failure of operating controls could produce a significant negative outcome, including customer experience degradation, legal expenses, increased regulatory cost, significant internal and external fraud losses and vendor risk.

• Increased competition from banks, credit card companies, other consumer and small business lenders, and other entities offering similar financial products and services could adversely affect our business, prospects, results of operations, financial condition and cash flows.

• A sustained deterioration in the economy could reduce demand for our products and services and result in reduced earnings.

• We may be unable to protect our proprietary technology and analytics or keep up with that of our competitors.

• We may be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.

• We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents.

• Our ability to collect payment on loans and maintain the accuracy of accounts may be adversely affected by computer viruses, electronic break-ins, technical errors and similar disruptions.

• If internet search engine providers change their methodologies for organic rankings or paid search results, or our organic rankings or paid search results decline for other reasons, our new customer growth or volume from returning customers could decline.

• Growth may place significant demands on our management and our infrastructure and could be costly.

• Future acquisitions could disrupt our business and harm our financial condition and operating results.

• The preparation of our financial statements and certain tax positions taken by us require the judgment of management, and we could be subject to risks associated with these judgments or could be adversely affected by the implementation of new, or changes in the interpretation of existing, accounting principles, financial reporting requirements or tax rules.

• Our U.S. consumer loan and small business loan businesses are seasonal in nature, which causes our cash flows to fluctuate over the year.

• Our success is dependent, in part, upon our officers, and if we are not able to attract and retain qualified officers, our business could be materially adversely affected.

***Risks Related to Our Pending Acquisition of Grasshopper***

• Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated, cannot be met, or that could have an adverse effect on us following the consummation of the acquisition of Grasshopper.

• Failure to complete the Grasshopper acquisition could negatively affect our share price, future business and financial results.

• Potential litigation relating to the Grasshopper mergers could result in significant costs, management distraction, and/or a delay of or injunction against the Grasshopper acquisition.

• We expect to incur substantial expenses related to the mergers.

***Risk Related to Our Indebtedness***

• We have incurred significant indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations under anticipated agreements governing our indebtedness.

• The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to respond to changes or to take certain actions, which could harm our long-term interests.

• We may not be able to generate sufficient cash to service our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

• Changes in our financial condition or a potential disruption in the capital markets could reduce available capital.

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• Increases in customer default rates could make us and our loans less attractive to lenders under debt facilities and investors in securitizations which may adversely affect our access to financing and our business.

***Risk Related to Our Common Stock and the Securities Market***

• Certain provisions of our restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage takeovers.

• The market price of our shares may fluctuate widely.

• If securities or industry analysts publish research that is unfavorable about our business, our stock price and trading volume could decline.

• We do not anticipate paying any dividends on our common stock in the foreseeable future.

• Our restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.

**Risk Factors**

Our business and future results may be affected by a number of risks and uncertainties that should be considered carefully in evaluating us. In addition, this report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including the risks faced by us described below. The occurrence of one or more of the events listed below could also have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

**Risks Related to Our Business and Industry**

***Our business is highly regulated, and if we fail to comply with applicable laws, regulations, rules and guidance, our business could be adversely affected.*** 

Our products and services are subject to extensive regulation, supervision and licensing under various federal, state, local and international statutes, ordinances, regulations, rules and guidance. For example, our loan products may be subject to requirements that generally mandate licensing or authorization as a lender or as a CSO; establish limits on the amount, duration, renewals or extensions of and charges for (including interest rates and fees) various categories of loans; direct the form and content of our loan contracts and other documentation; restrict collection practices; outline underwriting requirements and subject us to periodic examination and ongoing supervision by regulatory authorities, among other things. We must comply with federal laws, such as TILA, ECOA, FCRA, EFTA, GLBA and Title X of the Dodd-Frank Act, among others, as well as regulations adopted to implement those laws. In addition, our marketing and disclosure efforts and the representations made about our products and services are subject to unfair and deceptive practice statutes, including the FTC Act, the TCPA and the CAN-SPAM Act of 2003 in the United States and analogous state statutes under which the FTC, the CFPB, state attorneys general or private plaintiffs may bring legal actions.

Additionally, changes in laws or regulations or changes to the application or interpretation of the laws and regulations applicable to small business lenders could adversely affect the Company's ability to operate in the manner in which the Company currently conducts business or make it more difficult or costly for the Company to originate or otherwise acquire additional small business loans, or for the Company to collect payments on the small business loans. Such changes could subject the Company to additional licensing, registration and other legal or regulatory requirements in the future or otherwise that could, individually or in the aggregate, adversely affect the Company's ability to conduct its business.

We are also subject to various international laws, licensing or authorization requirements in connection with the products or services we offer in Brazil. Compliance with applicable laws, regulations, rules and guidance requires forms, processes, procedures, training, controls and the infrastructure to support these requirements. Compliance may also create operational constraints, be costly or adversely affect operating results. See "Business—Regulation" of Part I, Item 1 of this report for further discussion of the laws applicable to us.

The regulatory environment in which we conduct our business is extensive and complex. From time to time we become aware of instances where our products and services have not fully complied with requirements under applicable laws and regulations or applicable contracts. Determinations of compliance with applicable requirements or contracts, such as those discussed above, can be highly technical and subject to varying interpretations. When we become aware of such an instance, products or services that may not be in compliance with applicable laws, whether as a result of our compliance reviews, regulatory inquiry, customer complaint or otherwise, we generally conduct a review of the activity in question and determine how to address it, such as modifying the product, making customer refunds or providing additional disclosure. We also evaluate whether reports or other notices to regulators are required and

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provide notice to regulators whenever required. In some cases, we have decided and will decide to take corrective action even after applicable statutory or regulatory cure periods have expired, and in other cases we have notified regulators even where such notification may not have been required. Regulators or customers reviewing such incidents or remedial activities may interpret the laws, regulations and customer contracts differently than we have, or may take regulatory action against us or bring private litigation against us notwithstanding the corrective measures we have taken. This may be the case even if we no longer offer the product or service in question.

State, federal and international regulators, as well as the plaintiffs' bars, subject our industry to intense scrutiny. In addition, our contracts for certain products and services may be governed by the law applicable in a state other than the state in which the customer resides. If a court were to reject our choice of law and determine that a contract was governed by the laws of another state, the contract may be unenforceable. A judgment that the choice of law provisions in our loan agreements is unenforceable also could result in costly and time-consuming litigation, penalties, damage to our reputation, trigger repurchase obligations, negatively impact the terms of our future loans and harm our operating results. Likewise, a judgment that the choice of law provision in other commercial loan agreements is unenforceable could result in challenges to our choice of law provision and that could result in costly and time-consuming litigation.

Failure to comply with applicable laws, regulations, rules and guidance, or any finding that our past forms, practices, processes, procedures, controls or infrastructure were insufficient or not in compliance, could subject us to regulatory enforcement actions, result in the assessment against us of civil, monetary, criminal or other penalties (some of which could be significant in the case of knowing or reckless violations), result in the issuance of cease and desist orders (which can include orders for restitution, as well as other kinds of affirmative relief), require us to refund payments, interest or fees, result in a determination that certain financial products are not collectible, result in a suspension or revocation of licenses or authorization to transact business, result in a finding that we have engaged in unfair and deceptive practices, limit our access to services provided by third-party financial institutions or cause damage to our reputation, brands and valued customer relationships. We may also incur additional, substantial expenses to bring those products and services into compliance with the laws of various jurisdictions or stop offering certain products and services in certain jurisdictions.

Additionally, we may expand into complementary businesses that engage in financial, consumer credit transactions or lending services that may involve products or services that we do not currently offer, or we may implement the use of new technologies in our existing businesses and products, such as artificial intelligence-based technologies, all of which may be subject to a variety of statutes, laws and regulatory requirements in addition to those laws and regulations currently applicable to our operations. This may impose increased costs or restrictions on the manner in which we currently conduct our businesses or increase our exposure to regulatory risks and liabilities.

Our failure to comply with any regulations, rules or guidance applicable to our business could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows and could prohibit or directly or indirectly impair our ability to continue current operations. See "—*Current and future litigation or regulatory proceedings could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows*."

***The lending and financing industry continues to be targeted by new laws and regulations in many jurisdictions that could restrict the lending and financing products and services we offer, impose additional compliance costs on us, render our current operations unprofitable or even prohibit our current operations.*** 

Governments at the national, state and local levels, as well as international governments, may seek to impose new laws, regulatory restrictions or licensing requirements that affect the products or services we offer, the terms on which we may offer them, and the disclosure, compliance and reporting obligations we must fulfill in connection with our lending and financing business. They may also interpret or enforce existing requirements in new ways that could restrict our ability to continue our current methods of operation or to expand operations and impose significant additional compliance costs, which could have a negative effect on our business, prospects, results of operations, financial condition and cash flows. In some cases, these measures could even directly prohibit some or all of our current business activities in certain jurisdictions or render them unprofitable and/or impractical to continue.

In recent years, consumer loans have come under increased regulatory scrutiny that has resulted in increasingly restrictive regulations and legislation that makes offering such loans in certain states in the United States or the international countries where we operate (as further described below) less profitable or unattractive. Laws or regulations in some states in the United States require that all borrowers of certain consumer loan products be reported to a centralized database and limit the number of loans a borrower may receive or have outstanding. Other laws prohibit us from providing some of our consumer loan products in the United States to active duty military personnel, active members of the National Guard or members on active reserve duty and their spouses and covered dependents.

The U.S. Congress, as well as other similar federal, state and local bodies and similar international governmental authorities, have debated, and may in the future adopt, legislation or regulations that could, among other things, place a cap (or decrease a current cap) on the interest or fees that we can charge or a cap on the effective annual percentage rate that limits the amount of interest or fees that may be charged; limit origination fees for loans; require changes to our underwriting or collections practices; require lenders to be

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bonded or to report consumer loan activity to databases designed to monitor or restrict consumer borrowing activity; impose "cooling off" periods between the time a loan is paid off and another loan is obtained or prohibit us from providing any of our consumer loan products in the United States to active duty members of the U.S. military, reservists and members of the National Guard and their immediate families.

Furthermore, legislative or regulatory actions may be influenced by negative perceptions of us and our industry, even if such negative perceptions are inaccurate, attributable to conduct by third parties not affiliated with us (such as other industry members), or attributable to matters not specific to our industry.

We cannot currently assess the likelihood of any future unfavorable federal, state, local or international legislation or regulations being enacted that could materially affect our products and services. We closely monitor proposed legislation in jurisdictions where we offer our loan products. Additional legislative or regulatory provisions could be enacted that could severely restrict, prohibit or eliminate our ability to offer a consumer or small business loan or financing product. In addition, U.S. state regulators have broad discretionary power and may impose new licensing requirements, interpret or enforce existing regulatory requirements in different ways or issue new administrative rules, even if not contained in state statutes, that could adversely affect the way we do business and may force us to terminate or modify our operations in particular states or affect our ability to obtain new licenses or renew the licenses we hold.

Any of these or other legislative or regulatory actions that affect our lending and financing business at the national, state, international and local level could, if enacted or interpreted differently, have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows and could prohibit or directly or indirectly impair our ability to continue current operations.

***If the CFPB elects to prioritize enforcement of a new rule that impacts the consumer lending industry, this rule could have a material adverse effect on our U.S. consumer lending business.***

In October 2017, the CFPB issued its final rule entitled "Payday, Vehicle Title, and Certain High-Cost Installment Loans" (the "Small Dollar Rule"), which covers certain consumer loans that we offer. While the ability to repay provisions were rescinded in 2020, the payment provisions remain in effect. These provisions require that if a consumer has two consecutive failed payment attempts, the lender must obtain the consumer's new and specific authorization to make further withdrawals from the consumer's bank account. Additionally, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. Following a series of constitutional challenges, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and the Fifth Circuit upheld the Small Dollar Rule. On March 28, 2025, the CFPB issued a press release entitled "CFPB Offers Regulatory Relief for Small Loan Providers" indicating that the CFPB "will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025." The CFPB also indicated that it is contemplating issuing a notice of proposed rulemaking to narrow the scope of the Small Dollar Rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows.

***Our advertising and marketing materials and disclosures have been and continue to be subject to regulatory scrutiny.*** 

In the jurisdictions where we operate, our advertising and marketing activities and disclosures are subject to regulation under various industry standards, consumer protection laws, and other applicable laws and regulations. Consistent with the lending industry as a whole, our advertising and marketing materials have come under increased scrutiny.

Any inability to continue to advertise and market our business in a manner we consider effective as a result of regulatory review or new restrictions could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***We have previously ceased business in certain jurisdictions due to regulatory restrictions and, if we are forced to exit key jurisdictions in the future due to regulatory restrictions, this could adversely affect our business as a whole.*** 

In the past we have ceased business in, restricted our operations in, or chosen not to begin business in, certain jurisdictions due to regulatory restrictions which render our operations impermissible, unprofitable or impractical. In addition, because we are in some cases subject to state/provincial and local regulation in addition to federal/national regulation, we may restrict or discontinue business in certain jurisdictions within countries where we are otherwise active. For example, as of December 31, 2025, we did not offer or arrange consumer loans in 13 U.S. states because we do not believe it is economically feasible to operate in those jurisdictions due to specific statutory or regulatory restrictions, such as interest rate ceilings or caps on the fees that may be charged.

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The adoption of state regulatory measures cannot be predicted, but we expect that other states may propose or enact similar restrictions impacting our consumer or small business loan or financing products in the future, which could affect our operations in such states. Legislation or regulations targeting or otherwise directly affecting our products and services have been introduced or adopted in a number of states over the last few years, and we regularly monitor proposed legislation or regulations that could affect our business. For more information, see "Regulation and Legal Proceedings—U.S. State Regulation."

If we are forced to exit key jurisdictions due to such concerns, we cannot guarantee that we will be able to find suitably attractive additional business opportunities elsewhere, which could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***Our access to payment processing systems to disburse and collect loan and financing proceeds and repayments, including the Automated Clearing House, is critical to our business, and any interruption or limitation on our ability to utilize any of the available means of processing deposits or payments could materially adversely affect our business.*** 

When making loans and providing financing in the United States, we use several means of depositing proceeds into and collecting repayments from our customers' bank accounts, including the use of ACH. Our business, including loans made through the CSO program, depends on payment processing systems to collect amounts due by repayments from our customers' bank accounts when we have obtained authorization to do so from the customer. Our transactions are processed by banks, and if these banks cease to provide any of the available means of payment processing services, we would have to materially alter, or possibly discontinue, some or all of our business if alternative processing methods are not as effective or not available.

Previous heightened regulatory scrutiny by the U.S. Department of Justice, the Federal Deposit Insurance Corporation and other regulators, in an action referred to as Operation Choke Point, caused banks and ACH payment processors to cease doing business with certain short-term consumer lenders who were operating legally, without regard to whether those lenders were complying with applicable laws, simply to avoid the risk of heightened scrutiny or even litigation.

Our access to payment processing systems could be impaired as a result of actions by regulators to cut off the access to payment processing systems to short-term consumer lenders or by rule changes by the National Automated Clearinghouse Association ("NACHA"), which oversees the ACH network. The limited number of financial institutions we depend on may choose to discontinue providing ACH processing and similar services to us. If our access to any of these means of payment processing is impaired, we may find it difficult or impossible to continue some or all of our business, which could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows. If we are unable to maintain access to needed services on favorable terms, we would have to materially alter, or possibly discontinue, some or all of our business if alternative processors are not available.

***The failure to comply with debt collection regulations could subject us to fines and other liabilities, which could harm our reputation and business.*** 

The FDCPA regulates persons who regularly collect or attempt to collect, directly or indirectly, consumer debts owed or asserted to be owed to another person. Many states impose additional requirements on persons collecting or attempting to collect consumer debts owed to them and on debt collection communications, and some of those requirements may be more stringent than the federal requirements. Moreover, regulations governing debt collection are subject to changing interpretations that differ from jurisdiction to jurisdiction.

Restrictions on our third-party debt collectors or that apply to our attempts to collect debt originated by other lenders may have an adverse impact on our U.S. products and services.

Non-U.S. jurisdictions also regulate debt collection. We could be subject to fines, written orders or other penalties if we, or parties working on our behalf, are determined to have violated the FDCPA or analogous state or international laws, which could have a material adverse effect on our reputation, business, prospects, results of operations, financial condition and cash flows.

***We use lead providers and marketing affiliates to assist us in obtaining new customers, and if lead providers or marketing affiliates do not comply with an increasing number of applicable laws and regulations, or if our ability to use such lead providers or marketing affiliates is otherwise impaired, it could adversely affect our business.*** 

We are dependent on third parties, referred to as lead providers (or lead generators) and marketing affiliates, as a source of new customers. Our marketing affiliates place our advertisements on their websites that direct potential customers to our websites. Generally, lead providers operate, and also work with their own marketing affiliates who operate, separate websites to attract prospective customers and then sell those "leads" to online lenders. As a result, the success of our business depends substantially on the willingness and ability of lead providers or marketing affiliates to provide us customer leads at acceptable prices.

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If regulatory oversight of lead providers or marketing affiliates is increased, through the implementation of new laws or regulations or the interpretation of existing laws or regulations, our ability to use lead providers or marketing affiliates could be restricted or eliminated. Over the past few years, several states have taken actions that have caused us to discontinue the use of lead providers in those states. While these discontinuations did not have a material adverse effect on us, other states may propose or enact similar restrictions on lead providers and potentially on marketing affiliates in the future, and if other states adopt similar restrictions, our ability to use lead providers or marketing affiliates in those states would also be interrupted.

Lead providers' or marketing affiliates' failure to comply with applicable laws or regulations, or any changes in laws or regulations applicable to lead providers or marketing affiliates' or changes in the interpretation or implementation of such laws or regulations, could have an adverse effect on our business and could increase negative perceptions of our business and industry. Additionally, the use of lead providers and marketing affiliates could subject us to additional regulatory cost and expense. If our ability to use lead generators or marketing affiliates were to be impaired, our business, prospects, results of operations, financial condition and cash flows could be materially adversely affected.

In addition, we do business with third parties who are not part of our independent sales organization program, including third parties who may refer potential small business customers to us or to whom we may refer potential customers for their business. In general, if we refer an applicant that takes a loan from one of our strategic partners, that strategic partner pays us a commission based on the amount of the originated loan. The partners determine whether to extend credit to referred applicants using their own credit models and criteria.

Certain states require a license to broker commercial loans or apply other restrictions to loan brokering activities. We believe that our strategic referral program for small business products would not be considered loan brokering under most state laws and, as such, would not require us to obtain a license. There is a risk that states could adopt new laws or amend or interpret existing laws to require us to obtain a broker license, impose penalties for noncompliance, or otherwise prevent us from making further referrals and collecting commissions from our referral partners. Challenges to our program could also result in costly and time-consuming litigation, damage to our reputation and harm our operating results.

***To the extent that independent sales organization program partners, other third parties or internal sales representatives mislead loan applicants or engage or previously engaged in disreputable behavior, our reputation may be harmed and we may face liability.***

We rely on third-party independent advisors, including commercial loan brokers, which we call independent sales organization program partners, or ISOs, for a significant portion of the small business customers to whom we issue loans. As a consequence of their status as independent contractors who provide services for multiple lenders, we have less control of third-party independent sales activities as compared to the activities of our internal sales representatives.

Because ISOs earn fees on a commission basis, ISOs may have an incentive to mislead loan applicants, facilitate the submission by loan applicants of false application data or engage in other disreputable behavior so as to earn additional commissions. We also rely on our internal sales representatives for customer acquisition in our direct marketing channel, who may also be motivated to engage in disreputable behavior to increase our customer base because such internal sales representatives are paid on a commission basis. If ISOs or our internal sales representatives mislead our customers or engage in other disreputable behavior, our customers are less likely to be satisfied with their experience and we may be subject to costly and time-consuming disputes. Negative publicity relating to ISOs or internal sales representatives could impair our ability to continue to increase our revenue and our business could otherwise be materially and negatively impacted.

We significantly enhanced, and regularly update, the nature and scope of the due diligence conducted on both prospective and existing ISOs. We also implemented certain enhanced contractual provisions and compliance-related measures related to our ISO program. While these measures were intended to improve certain aspects and reduce the risks of how we work with ISOs and how they work with our customers, we cannot assure that these measures will work or continue to work as intended, that other compliance-related concerns will not emerge in the future, that the ISOs will comply with these measures, and that these measures will not negatively impact our business from this channel or have other unintended or negative impacts on our business beyond the ISO channel.

In addition, we do business with third parties who are not part of our ISO program, including third parties who may refer potential customers to us. Although such third parties are solely intended to refer to our internal processes, we are exposed to the risks of potential misleading or disreputable behavior from these third parties as well as from our ISOs.

As to our sales force, sales representatives are given sales scripts and receive rigorous training, including in-person training on avoiding unfair, abusive, and deceptive practices. In addition, internal sales representative calls are recorded and monitored for purposes of compliance and quality assurance. Despite these controls, we cannot assure that they will work as intended or that all of our internal sales representatives will comply with our procedures. Failure of our internal sales representatives to do so would expose us to the same, or worse, consequences than those relating to the ISO channel. We also refer merchants to third-party lenders. It is conceivable that we are exposed to risk if such third-party lenders engage in wrongful behavior.

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***We pay commissions to our strategic partners, other third parties and ISOs upfront and generally do not recover them in the event the related term loan or line of credit is eventually charged off.***

We pay commissions to strategic partners and ISOs on the small business installment loans and lines of credit we originate through these channels. We pay these commissions at the time the installment loan is originated or line of credit is opened or drawn on. We generally do not require that this commission be repaid to us in the event of a default on an installment loan or line of credit. While we generally discontinue working with strategic partners and ISOs that refer customers to us that ultimately have unacceptably high levels of defaults, to the extent that our strategic partners and ISOs are not at risk of forfeiting their commissions in the event of defaults, they may, to an extent, be indifferent to the riskiness of the potential customers that they refer to us.

***Any violations of our Code of Business Conduct and Ethics, or the failure to detect any such violations, may cause our business, financial condition or results of operations to be adversely affected.***

Our Code of Business Conduct and Ethics prohibits us and our employees from engaging in unethical business practices. In addition, our ISOs are required to comply with a code of conduct, or the ISO Code, tailored to their brokering services. We refer to our Code of Business Conduct and Ethics and the ISO Code collectively as the "Code." However, there can be no assurance that all of our employees, agents, or contractors will refrain from acting in violation of our Code, or that we will be able to detect any such violations. The investigation into potential violations of our Code, or even allegations of such violations, could disrupt our operations, involve significant management distraction, and lead to significant costs and expenses, and such expenses may have a material adverse effect on our financial results. If we, or our employees, agents or contractors, are found to have engaged in practices that violate our Code, we could suffer severe fines, penalties or other consequences that may have a material adverse effect on our business, financial condition or results of operations. In addition, negative public opinion could result from actual or alleged conduct by us, or our employees, agents or contractors acting on our behalf, in any number of activities or circumstances in violation of our Code, including employment related offenses, such as harassment (sexual or otherwise) and discrimination, regulatory compliance and the use and protection of data and systems, or from actions taken by regulators or others in response to such conduct.

***The use of personal data for credit underwriting is highly regulated, which exposes us to compliance risk and increased costs.***

In the United States, the FCRA regulates the collection, dissemination and use of consumer information, including consumer credit information. Compliance with the FCRA and related laws and regulations concerning consumer reports remains under regulatory scrutiny. The FCRA requires us to provide a Notice of Adverse Action to a consumer loan applicant when we deny an application for credit, which, among other things, informs the applicant of the action taken regarding the credit application and the specific reasons for the denial of credit. The FCRA also requires us to promptly update any credit information reported to a consumer reporting agency about a consumer and to allow a process by which consumers may inquire about credit information furnished by us to a consumer reporting agency. Historically, the FTC has played a key role in the implementation, oversight, enforcement and interpretation of the FCRA. Pursuant to the Dodd-Frank Act, the CFPB has primary supervisory, regulatory and enforcement authority of FCRA issues, although the FTC also retains its enforcement role regarding the FCRA. The CFPB has taken a more active approach than the FTC, including with respect to regulation, enforcement and supervision of the FCRA. Changes in the regulation, enforcement or supervision of the FCRA may materially affect our business if new regulations or interpretations by the CFPB or the FTC require us to materially alter the manner in which we use personal data in our credit underwriting. The oversight of the FCRA by both the CFPB and the FTC and any related investigation or enforcement activities or our failure to comply with the FCRA may have a material adverse impact on our business, including our operations, our mode and manner of conducting business and our financial results.

In addition, our operations in the State of California are subject to the California Consumer Privacy Act of 2018 ("CCPA"), which expanded the privacy rights of California residents and regulates the sharing of consumer information of California residents, and the California Privacy Rights Act ("CPRA"), which amended and expanded the rights and obligations under the CCPA. Compliance with the CCPA and the CPRA has increased our costs of conducting business in California, and we could see increased litigation costs as a result of these laws. Several other states have passed legislation regarding data privacy and use, which could create more risks and potential costs.

***Negative public perception of our business could cause demand for our products to significantly decrease.*** 

In recent years, consumer advocacy groups and some media reports have advocated governmental action to prohibit or place severe restrictions on short-term and high-cost consumer loans. Such consumer advocacy groups and media reports generally focus on the annual percentage rate for this type of consumer loan, which is compared unfavorably to the interest typically charged by banks to consumers with top-tier credit histories. The fees and/or interest charged by us and others in the industry attract media publicity about the industry and may be perceived as controversial. If the negative characterization of these types of loans becomes increasingly accepted by consumers, demand for any or all of the consumer loan products that we offer could significantly decrease, which could materially affect our business, prospects, results of operations, financial condition and cash flows. Additionally, if the negative characterization of these types of loans is accepted by legislators and regulators, we could become subject to more restrictive laws and regulations applicable

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to short-term loans or other consumer loan products that we offer that could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations.

In addition, our ability to attract and retain customers is highly dependent upon the external perceptions of our level of service, trustworthiness, business practices, financial condition and other subjective qualities. Negative perceptions or publicity regarding these matters—even if related to seemingly isolated incidents, or even if related to practices not specific to short-term loans, such as debt collection—could erode trust and confidence and damage our reputation among existing and potential customers, which could make it difficult for us to attract new customers and retain existing customers and could significantly decrease the demand for our products, could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations.

***Control of the Congress and the executive branch of the U.S. government could have a significant impact on financial services legislation passed in Congress and signed into law.***

In January 2025, the Republican party took control of the Senate and retained control of the House of Representatives, and Donald Trump was inaugurated as President of the United States. The Trump administration has publicly discussed meaningful changes to staffing, structure and funding for regulatory bodies with authority over Enova businesses, changes in regulatory and tax burdens on individuals and small businesses, and changes in immigration policies. We are unable to predict at this time the likelihood or effect of any such policy or structural changes or any new legislation or regulations.

***Current and future litigation or regulatory proceedings could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.*** 

We have been and are currently subject to lawsuits (including purported class actions) that could cause us to incur substantial expenditures, generate adverse publicity and could significantly impair our business, force us to cease doing business in one or more jurisdictions or cause us to cease offering or alter one or more products. We are also likely to be subject to further litigation in the future. An adverse ruling in or a settlement of any current or future litigation against us or another provider of loans or financings similar to those we offer could cause us to have to refund fees and/or interest collected, forego collection of the principal amount of loans or the delivery of purchased receivables, pay treble or other multiple damages, pay monetary penalties and/or modify or terminate our operations in particular jurisdictions.

Defense of any lawsuit, even if successful, could require substantial time and attention of our management and could require the expenditure of significant amounts for legal fees and other related costs. We and others are also subject to regulatory proceedings, and we could suffer losses as a result of interpretations of applicable laws, rules and regulations in those regulatory proceedings, even if we are not a party to those proceedings. Any of these events could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations.

***Judicial decisions, CFPB rulemaking or amendments to the Federal Arbitration Act could render the arbitration agreements we use illegal or unenforceable.***

We include arbitration provisions in our consumer and small business loan and financing agreements. These provisions are designed to allow us to resolve any customer disputes through individual arbitration rather than in court and explicitly provide that all arbitrations will be conducted on an individual and not on a class basis. Thus, our arbitration agreements, if enforced, have the effect of shielding us from class action liability. Our arbitration agreements do not generally have any impact on regulatory enforcement proceedings. We take the position that the arbitration provisions in loan and financing agreements, including class action waivers, are valid and enforceable; however, the enforceability of arbitration provisions is often challenged in court. If those challenges are successful, our arbitration and class action waiver provisions could be unenforceable, which could subject us to additional litigation, including additional class action litigation.

In addition, the U.S. Congress has, in the past, considered legislation that would generally limit or prohibit mandatory arbitration agreements in consumer contracts and has enacted legislation with such a prohibition with respect to certain mortgage loan agreements and also certain consumer loan agreements to members of the military on active duty and their dependents. Further, the Dodd-Frank Act directed the CFPB to study consumer arbitration and report to the U.S. Congress, and it authorized the CFPB to adopt rules limiting or prohibiting consumer arbitration, consistent with the results of its study.

The CFPB did issue a final rule on arbitration, which would have prohibited class action waivers in certain consumer financial services contracts. However, the House and Senate each passed a resolution of disapproval of the rule, pursuant to their powers under the Congressional Review Act, and the President signed the bill. Because the rule was disapproved, it cannot be reissued in substantially

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the same form, and the CFPB cannot issue a substantially similar rule unless the new rule is specifically authorized by a law enacted after the date of the joint resolution disapproving the original rule.

Any judicial decisions, legislation or other rules or regulations that impair our ability to enter into and enforce consumer arbitration agreements and class action waivers will increase our exposure to class action litigation as well as litigation in plaintiff-friendly jurisdictions, which would be costly and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***In some circumstances, federal preemption and application of an out-of-state choice of law provision will not, or may not, be available for the benefit of certain non-bank purchasers of loans to defend against a state law claim of usury.***

Over the past few years there have been several litigation and enforcement actions aimed at issuing banks and their non-bank lending partners. These actions have primarily challenged the validity of the issuing bank partner model that is used by many non-banks, including by the Company.

In May 2015, the U.S. Court of Appeals for the Second Circuit held in Madden v. Midland Funding, LLC that federal law did not preempt a state's interest rate limitations when applied to a non-bank debt buyer of a consumer credit card loan seeking to collect interest at the rate originally contracted for by a national bank.

If we were deemed by a court to be the "true lender" of any loans originated by the issuing bank partner, it could impact the enforceability of the loans; it could subject us to regulatory investigations, penalties and fines; we might have to alter the terms of the loans we broker; it could create challenges for our capital markets and securitization models; we would have to change the way we do business in such jurisdictions; and we may suffer an adverse impact on our business.

***Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of Brazil, or any other country in which we may begin operations, could affect our operations in these countries.*** 

We offer, arrange and/or service online consumer loans to customers in Brazil. New legislation or regulations could further restrict the loan products we offer.

Significant changes in international laws or regulations or a deterioration of the political, regulatory or economic environment of Brazil could restrict our ability to sustain or expand our operations. Similarly, a significant change in laws, regulations or overall treatment (including an interpretation or application of such laws and regulations not anticipated when exploring or initiating business) or a deterioration of the political, regulatory or economic environment of any other country in which we may decide to do business, could also materially adversely affect our prospects and could restrict our ability to initiate a pilot program or develop a pilot program into full business operations.

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***If our relationship with certain of our issuing bank partners was to end, or if the legal structure supporting such relationship is successfully challenged, then we may have to comply with additional laws, regulations, and restrictions, and certain states may require us to obtain a lending or similar license, or we may determine to withdraw from doing business in such state.***

Some states and jurisdictions require a license to make or solicit certain commercial loans in that state or jurisdiction and/or may not honor the choice of another state's law. These states assert either that their own licensing laws and requirements should generally apply to: (i) all commercial loans made by nonbanks to residents of their state; or (ii) apply to commercial loans made by nonbanks to residents of their state of certain principal amounts or with certain interest rates or other terms. In some of these states, certain of our small business loans are originated by an issuing bank partner, which is not subject to state licensing, and offered to us for sale. With respect to OnDeck loans, a bank currently originates all loans in certain states as well as some loans to customers in other states and jurisdictions. These bank originated loans are governed by Utah law, the law of the issuing bank partner's home state. The remainder of OnDeck loans provide that they are governed by Virginia or Utah law. Loans originated by our issuing bank partner are generally priced the same as loans originated by us under Virginia or Utah law. While the other U.S. states where we originate loans currently honor our choice of law, future legal changes could result in any one or more of those states no longer honoring our choice of law or introducing a new licensing regime applicable to our business. In that case, we could potentially address the legal change by altering the terms of our loans, curtailing our originations, or placing more loans through our issuing bank partner.

If we were otherwise not able to work with an issuing bank partner or if we were to seek to make commercial and consumer loans directly in certain states, we would have to attempt to comply with the laws of these states in other ways, including through obtaining the appropriate licenses. Compliance with the laws of such states could be costly, and if we are unable to obtain such licenses, our lending activity could substantially decrease or cease entirely in that state jurisdiction and our revenues, growth and profitability would be harmed.

As of December 31, 2025, we operated programs with five separate bank partners, with purchases under these programs representing 31.6% of our consolidated originations and purchases for the year ended December 31, 2025. If our relationship with an issuing bank partner of commercial and consumer loans were to end or if any other issuing bank partner were to cease operations, we would either need to find a replacement financial institution with which to enter into a similar arrangement or we would need to obtain individual federal, state or local lending licenses and otherwise comply with the laws of those jurisdictions in order to make loans in those jurisdictions. Even if we were able to obtain the necessary licenses in those jurisdictions, compliance with the laws, rules and regulations of those jurisdictions could be costly and, depending on the terms of the loans, the interest rates or other loan terms and practices applicable to loans in those jurisdictions might be subject to limits, prohibitions or restrictions. If we were unable to maintain the necessary relationships, unable to obtain the necessary licenses or unable to otherwise comply with applicable law, or in the absence of a relationship with a bank partner were to determine that compliance with an applicable jurisdiction's laws is cost-prohibitive, we would be required to (or would seek to voluntarily) discontinue or curtail our business activity, or limit the rates of interest charged on such loans, in those jurisdictions and would face increased costs and compliance burdens.

In addition, if it were found that our activities under our current arrangements with our issuing bank partners constituted impermissible lending within any such jurisdiction, we could face penalties and fines within such jurisdictions, and all or a portion of the interest charged on the loans and/or all or a portion of the principal of the loans could be found to be unenforceable or recoverable by the borrower and, to the extent it is determined that the loans were not originated in accordance with all applicable laws, we could be obligated to purchase certain loans that failed to comply with such legal requirements. Further, any finding that we engaged in lending in states where we are not properly licensed to do so could lead to litigation, harm to our reputation and negatively impact our ability to originate loans.

***The failure of third parties who provide products, services or support to us to maintain their products, services or support could disrupt our operations or result in a loss of revenue.*** 

A portion of our consumer installment loan revenue depends in part on the willingness and ability of an unaffiliated third-party lender, through the CSO program, to make loans to customers. We also utilize many other third parties to provide services to facilitate our lending and financing, including in our underwriting and payment processing. In addition, we rely on a third-party lender in connection with our lending business in Brazil. The loss of the relationship with any of these third parties, and an inability to replace them or the failure of these third parties to maintain quality and consistency in their programs or services or to have the ability to provide their products and services, could cause us to lose customers and substantially decrease the revenue and earnings of our business. Our revenue and earnings could also be adversely affected if any of those third-party providers make material changes to the products or services that we rely on. We also use third parties to support and maintain certain of our communication systems and information systems. If a third-party provider fails to provide its products or services, makes material changes to such products and services, does not maintain its quality and consistency or fails to have the ability to provide its products and services, our operations could be disrupted. Any of these events could result in a loss of revenue and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

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***Our business depends on the uninterrupted operation of our systems and business functions, including our information technology and other business systems, as well as the ability of such systems to support compliance with applicable legal and regulatory requirements.*** 

Our business is highly dependent upon our employees' ability to perform, in an efficient and uninterrupted fashion, necessary business functions, such as internet support, contact center activities, and processing and servicing of our loans. A shut-down of or inability to access the facilities in which our internet operations and other technology infrastructure are based, such as a power outage, a failure of one or more of our information technology, telecommunications or other systems, or sustained or repeated disruptions of such systems could significantly impair our ability to perform such functions on a timely basis and could result in a deterioration of our ability to underwrite, approve and process loans and finance receivables, provide customer service, perform collections activities, or perform other necessary business functions. Any such interruption could have a materially adverse effect on our business, prospects, results of operations, financial condition and cash flows.

In addition, our systems and those of third parties on whom we rely must comply with applicable legal and regulatory requirements and be capable of timely modification to comply with new or amended requirements. Any such systems problems going forward could have a material adverse effect on our business, prospects, results of operations, financial conditions and cash flows and could impair or prohibit our ability to continue current operations.

***Decreased demand for our products and specialty financial services and our failure to adapt to such decrease could result in a loss of revenue and could have a material adverse effect on us.*** 

The demand for a particular product or service may decrease due to a variety of factors, such as regulatory restrictions that reduce customer access to particular products, the availability of competing or alternative products or changes in customers' financial conditions. Should we fail to adapt to a significant change in our customers' demand for, or access to, our products, our revenue could decrease significantly. Even if we make adaptations or introduce new products to fulfill customer demand, customers may resist or may reject products whose adaptations make them less attractive or less available. In any event, the effect of any product change on the results of our business may not be fully ascertainable until the change has been in effect for some time. In particular, we have changed, and will continue to change, some of our operations and the products we offer. Any of these events could result in a loss of revenue and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***The Consumer Financial Protection Bureau has supervisory authority over certain of our U.S. consumer businesses that could have a significant impact on our U.S. business.*** 

The CFPB, which regulates U.S. consumer financial products and services, has broad regulatory, supervisory and enforcement powers over providers of consumer financial products and services, such as us, including explicit supervisory authority to examine and require registration of certain providers.

The CFPB has examined our lending products, services and practices. Certain products and services may be examined by the CFPB in the future. The CFPB's examination authority permits CFPB examiners to inspect the books and records and ask questions about business practices. As a result of examinations, we have been in the past and could be required in the future to change our products, services or practices, whether as a result of another party being examined or as a result of an examination of us, or we could be subject to monetary penalties, which could materially adversely affect us.

The CFPB also has broad authority to prohibit unfair, deceptive and abusive acts and practices and to investigate and penalize financial institutions that violate this prohibition. In addition to having the authority to obtain monetary penalties for violations of applicable federal consumer financial laws (including the CFPB's own rules), the CFPB can require remediation of practices, pursue administrative proceedings or litigation and obtain cease and desist orders (which can include orders for restitution or rescission of contracts, as well as other kinds of affirmative relief). Also, where a company has violated Title X of the Dodd-Frank Act or CFPB regulations implemented thereunder, the Dodd-Frank Act empowers state attorneys general and state regulators to bring civil actions to remedy violations of state law. If the CFPB or one or more state attorneys general or state regulators believe that we have violated any of the applicable laws or regulations, they could exercise their enforcement powers in ways that could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***We are subject to impairment risk.*** 

At December 31, 2025, we had goodwill totaling $279.3 million on our consolidated balance sheet, all of which represents assets capitalized in connection with acquisitions and business combinations. Accounting for goodwill requires significant management estimates and judgment. Events may occur in the future, and we may not realize the value of our goodwill. Management performs periodic reviews of the carrying value of our goodwill to determine whether events and circumstances indicate that impairment in value may have occurred. A variety of factors could cause the carrying value of goodwill or an intangible asset to become impaired. Should a

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review indicate impairment, a write-down of the carrying value of the goodwill or intangible asset would occur, resulting in a non-cash charge, which could adversely affect our results of operations and could also lead to our inability to comply with certain covenants in our financing documents, which could cause a default under those agreements.

***If the information provided by customers to us is incorrect or fraudulent, we may misjudge a customer's qualification to receive a loan and our operating results may be harmed.***

Our lending decisions are based partly on information provided to us by loan applicants. To the extent that these applicants provide information to us in a manner that we are unable to verify, our loan decisioning process, including the OnDeck Score®, may not accurately reflect the associated risk. In addition, data provided by third-party sources is a significant component of our loan decisioning and this data may contain inaccuracies. Inaccurate analysis of credit data that could result from false loan application information could harm our reputation, business and operating results.

In addition, we use identity and fraud checks analyzing data provided by external databases to authenticate each customer's identity. From time to time in the past, these checks have failed and there is a risk that these checks could also fail in the future, and fraud, which may be significant, may occur. We may not be able to recoup funds underlying loans made in connection with inaccurate statements, omissions of fact or fraud, in which case our revenue, operating results and profitability will be harmed. Fraudulent activity or significant increases in fraudulent activity could also lead to regulatory intervention, negatively impact our operating results, brand and reputation, and require us to take steps to reduce fraud risk, which could increase our costs.

***We are subject to anticorruption laws including the U.S. Foreign Corrupt Practices Act, anti-money laundering laws and economic sanctions laws, and our failure to comply therewith, particularly if we continue to expand internationally, could result in penalties that could harm our reputation and have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.*** 

*Anticorruption Laws*. We are subject to the FCPA, which generally prohibits companies and their agents or intermediaries from making improper payments to foreign officials for the purpose of obtaining or keeping business and/or other benefits. Although we have policies and procedures designed to ensure that we, our employees, agents and intermediaries comply with the FCPA and other anticorruption laws, such policies or procedures may not work effectively all of the time or protect us against liability for actions taken by our employees, agents and intermediaries with respect to our business or any businesses that we may acquire. In the event that we believe, or have reason to believe, that our employees, agents or intermediaries have or may have violated applicable anti-corruption laws, including the FCPA, we may be required to investigate or have a third party investigate the relevant facts and circumstances, which can be expensive and require significant time and attention from senior management. Our continued operation and expansion outside the United States could increase the risk of such violations in the future.

Other countries in which we operate or have operated, including Brazil, and other countries where we intend to operate also have anticorruption laws, which we are, have been or will be subject to.

If we are not in compliance with the FCPA and other laws governing the conduct of business with government entities (including local laws), we may be subject to criminal and civil penalties and other remedial measures, which could have an adverse effect on our business, reputation, results of operations and financial condition. Any investigation of any potential violations of the FCPA or other anticorruption laws by U.S. or foreign authorities could harm our reputation and could have a material adverse effect on our business, reputation, prospects, results of operations, financial condition and cash flows.

*Anti–Money Laundering Laws*. We are also subject to anti-money laundering laws and related compliance obligations in the United States and other jurisdictions in which we do business. In the United States, the USA PATRIOT Act and the Bank Secrecy Act require us to maintain an anti-money laundering compliance program covering certain of our business activities. The program must include: (1) the development of internal policies, procedures and controls; (2) designation of a compliance officer; (3) an ongoing employee training program; and (4) an independent audit function to test the program. If we are not in compliance with U.S. or other anti-money laundering laws, we may be subject to criminal and civil penalties and other remedial measures, which could have an adverse effect on our business, results of operations, financial condition and cash flows. Any investigation of any potential violations of anti-money laundering laws by U.S. or international authorities could harm our reputation and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

*Economic Sanctions Laws*. The United States has imposed economic sanctions that affect transactions with designated foreign countries, nationals and others. In particular, the United States prohibits U.S. persons from engaging with individuals and entities identified as "Specially Designated Nationals," such as terrorists and narcotics traffickers. These prohibitions are administered by the Treasury Department's Office of Foreign Assets Control ("OFAC"). OFAC rules prohibit U.S. persons from engaging in financial transactions with or relating to the prohibited individual, entity or country, require the blocking of assets in which the individual, entity or country has an interest. Blocked assets (e.g., property or bank deposits) cannot be paid out, withdrawn, set off or transferred in any manner

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without a license from OFAC. Other countries in which we operate also maintain economic and financial sanctions regimes. In the event that we believe, or have reason to believe, that our employees, agents or intermediaries have or may have violated applicable laws or regulations, we may be required to investigate or have a third party investigate the relevant facts and circumstances, which can be expensive and require significant time and attention from senior management. If we are not in compliance with OFAC regulations and other economic and financial sanctions regulations, we may be subject to criminal and civil penalties and other remedial measures, which could have an adverse effect on our business, prospects, results of operations, financial condition and cash flows. Any investigation of any potential violations of OFAC regulations or other economic sanctions by U.S. or foreign authorities could harm our reputation and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

Any continued international expansion could increase the risk of violations of FCPA, anti-money laundering laws, OFAC regulations, or similar applicable laws and regulations in the future.

***Failure of operating controls could produce a significant negative outcome, including customer experience degradation, legal expenses, increased regulatory cost, significant internal and external fraud losses and vendor risk.***

Losses from operational failures can be material. These losses can arise from a wide range of breaches in controls, procedures, processes and security. Breaches in any of these controls, procedures, processes or security measures could lead to significant legal expense and even punitive damages. Internal fraud, including the stealing and dissemination of client personally identifiable information, can create significant client distrust and result in serious legal action against us. Breaches in client onboarding and servicing processes can degrade customer experience and place current and future revenues at risk. The continued proliferation and technological advances in first and third-party fraud can result in large losses over a short period of time if undetected. While we seek to enhance and develop our operational risk strategy and control structure, there can be no assurance that our efforts will be successful and that we will avoid material operational losses. These potential operational risk loss scenarios are not exhaustive and we could experience a significant loss in any scenario if our operational risk enhancements do not keep pace with our business, capabilities or our continued organizational growth and complexity. In addition, operational failures could have a significant effect on our reputation which could cause additional material harm to our business and prospects.

***Increased competition from banks, credit card companies, other consumer and small business lenders, and other entities offering similar financial products and services could adversely affect our business, prospects, results of operations, financial condition and cash flows.*** 

We have many competitors. Our principal competitors are consumer and small business loan and finance companies, CSOs, online lenders, credit card companies, auto title lenders and other financial institutions that offer similar financial products and services, including loans on an unsecured as well as a secured basis. Many other financial institutions or other businesses that do not now offer products or services directed toward our traditional customer base, many of whom may be much larger than us, could begin doing so. Significant increases in the number and size of competitors for our business could result in a decrease in the number of loans that we fund or necessitate a change in the terms of the loans that we offer, resulting in lower levels of revenue and earnings in these categories.

Competitors of our business may operate, or begin to operate, under business models less focused on legal and regulatory compliance, which could put us at a competitive disadvantage. Some of our U.S. competitors operate using other business models, including a "tribal model" where the lender follows the laws of a Native American tribe regardless of the state in which the customer resides. Competitors using these models may be able to lend in jurisdictions where we do not and may have higher revenue per customer and significantly less burdensome compliance requirements, among other advantages. Additionally, negative perceptions about these models could cause legislators or regulators to pursue additional industry restrictions that could affect the business model under which we operate. To the extent that these models or other new lending models gain acceptance among consumers, small businesses and investors or that they face less onerous regulatory restrictions than we do, we may be unable to replicate their business practices or otherwise compete with them effectively, which could cause demand for our products to decline substantially. We may be unable to compete successfully against any or all of our current or future competitors. As a result, we could lose market share and our revenue could decline, thereby affecting our ability to generate sufficient cash flow to service our indebtedness and fund our operations. Any such changes in our competition could materially adversely affect our business, prospects, results of operations, financial condition and cash flows.

***A sustained deterioration in the economy could reduce demand for our products and services and result in reduced earnings.*** 

A sustained deterioration in the overall economy or adverse changes in the economic environment in the markets we serve, including an erosion of labor market conditions or declines in wage growth, could cause deterioration in the performance of our loan and finance receivables portfolios. An economic slowdown could result in a decreased number of loans and financing being made to customers due to higher unemployment or an increase in defaults in our products. During an economic slowdown or deteriorating economic conditions, we could be required to tighten our underwriting standards, which would likely reduce loan and finance receivable balances, and we could face more difficulty in collecting defaulted receivables, which could lead to an increase in losses.

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***We may be unable to protect our proprietary technology and analytics or keep up with that of our competitors.*** 

The success of our business depends to a significant degree upon the protection of our software, fraud defenses, underwriting algorithms and other proprietary intellectual property rights. We may be unable to deter misappropriation of our proprietary information, detect unauthorized use or take appropriate steps to enforce our intellectual property rights. In addition, competitors could, without violating our proprietary rights, develop technologies that are as good as or better than our technology. Our failure to protect our software and other proprietary intellectual property rights or to develop technologies that are as good as our competitors' could put us at a disadvantage relative to our competitors. Any such failures could have a material adverse effect on our business.

***We may be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.*** 

From time to time, we face, and we expect to face in the future, allegations that we have infringed the trademarks, copyrights, patents or other intellectual property rights of third parties, including from our competitors or non-practicing entities. Patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may require us to stop offering certain products or product features, acquire licenses, which may not be available at a commercially reasonable price or at all, or modify our products, product features, processes or websites while we develop non-infringing substitutes.

In addition, we use open source software in our technology platform and plan to use open source software in the future. From time to time, we may face claims from parties claiming ownership of, or demanding release of, the source code, potentially including our valuable proprietary code, or derivative works that were developed using such software, or otherwise seeking to enforce the terms of the applicable open source license. These claims could also result in litigation, require us to purchase a costly license or require us to devote additional research and development resources to change our platform, any of which could have a negative effect on our business and operating results.

***We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents.*** 

Our business involves the storage and transmission of consumers' and businesses' proprietary information, and security breaches could expose us to a risk of loss or misuse of this information, litigation, and potential liability. We are entirely dependent on the secure operation of our websites and systems as well as the operation of the internet generally. While we have incurred no material cyber-attacks or security breaches to date, a number of other companies have disclosed cyber-attacks and security breaches, some of which have involved intentional attacks.

Attacks may be targeted at us, our customers, or both. Although we devote significant resources to maintain and regularly upgrade our systems and processes that are designed to protect the security of our computer systems, software, networks and other technology assets and the confidentiality, integrity and availability of information belonging to us and our customers, our security measures may not provide absolute security. Despite our efforts to ensure the integrity of our systems, it is possible that we may not be able to anticipate or to implement effective preventive measures against all security breaches, especially because the techniques used by hackers change frequently or may not be recognized until launched, and because cyber-attacks can originate from a wide variety of sources, including third parties outside the Company such as persons who are involved with organized crime or associated with external service providers or who may be linked to terrorist organizations or hostile foreign governments. These risks may increase in the future as we continue to increase our mobile and other internet-based product offerings and expand our internal usage of web-based products and applications or expand into new countries. Additionally, the risk of successful cyber-attacks and data breaches may increase with the use of artificial intelligence, which may accelerate such attacks and cause them to evolve more rapidly. If an actual or perceived breach of security occurs, customer and/or supplier perception of the effectiveness of our security measures could be harmed and could result in the loss of customers, suppliers or both. Actual or anticipated attacks and risks may cause us to incur increasing costs, including costs to deploy additional personnel and protection technologies, train employees, and engage third-party experts and consultants.

A successful penetration or circumvention of the security of our systems could cause serious negative consequences, including significant disruption of our operations, misappropriation of our confidential information or that of our customers, or damage to our computers or systems or those of our customers and counterparties, and could result in violations of applicable privacy and other laws, financial loss to us or to our customers, loss of confidence in our security measures, customer dissatisfaction, significant litigation exposure, and harm to our reputation, all of which could have a material adverse effect on us. In addition, our applicants provide sensitive information, including bank account information, when applying for loans or financing. We rely on encryption and authentication technology licensed from third parties to provide the security and authentication to effectively secure transmission of confidential information, including customer bank account and other personal information. Advances in computer capabilities, new discoveries in the field of cryptography or other developments may result in the technology used by us to protect transaction data being breached or compromised. Data breaches can also occur as a result of non-technical issues. In addition, federal and some state regulators are considering rules and standards to address cybersecurity risks and many U.S. states have already enacted laws requiring companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are

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costly to implement and may lead to widespread negative publicity, which may cause customers to lose confidence in the effectiveness of our data security measures.

Our servers are also vulnerable to computer viruses, physical or electronic break-ins, and similar disruptions, including denial-of-service attacks. We may need to expend significant resources to protect against security breaches or to address problems caused by breaches. Security breaches, including any breach of our systems or by persons with whom we have commercial relationships that result in the unauthorized release of consumers' personal information or businesses' proprietary information, could damage our reputation and expose us to a risk of loss or litigation and possible liability. In addition, many of the third parties who provide products, services or support to us could also experience any of the above cyber risks or security breaches, which could impact our customers and our business and could result in a loss of customers, suppliers or revenue.

Any of these events could result in a loss of revenue and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***Our ability to collect payment on loans and maintain the accuracy of accounts may be adversely affected by computer viruses, electronic break-ins, technical errors and similar disruptions.***

The accessibility and automated nature of our platform may make for an attractive target for hacking, computer viruses, physical or electronic break-ins and similar disruptions. Despite efforts to ensure the integrity of our platform, it is possible that we may not be able to anticipate or to implement effective preventive measures against all security breaches of these types, in which case there would be an increased risk of fraud or identity theft, and we may experience losses on, or delays in the collection of amounts owed on, a fraudulently induced loan. In addition, the software that we have developed is highly complex and may contain undetected technical errors that could cause our computer systems to fail. Because each loan and financing provided involves our proprietary underwriting and fraud scoring models, and the applications are highly automated, any failure of our computer systems involving our proprietary credit and fraud scoring models and any technical or other errors contained in the software pertaining to our proprietary underwriting and fraud scoring models could compromise the ability to accurately evaluate potential customers, which would negatively impact our results of operations. Furthermore, any failure of our computer systems could cause an interruption in operations that may result in disruptions or reductions in the amount of collections from the loans and financings we provide to customers. If any of these risks were to materialize, it could have a material adverse effect on our business, prospects, results of operations, financial condition or cash flows.

***If internet search engine providers change their methodologies for organic rankings or paid search results, or our organic rankings or paid search results decline for other reasons, our new customer growth or volume from returning customers could decline.*** 

Our new customer acquisition marketing and our returning customer relationship management is partly dependent on search engines such as Google, Bing and Yahoo! to direct a significant amount of traffic to our desktop and mobile websites via organic ranking and paid search advertising. Our competitors' paid search activities, pay per click or search engine marketing may result in their sites receiving higher paid search results than ours and significantly increasing the cost of such advertising for us.

Our paid search activities may not produce (and in the past have not always produced) the desired results. Internet search engines often revise their methodologies, which could adversely affect our organic rankings or paid search results, resulting in a decline in our new customer growth or existing customer retention, difficulty for our customers in using our web and mobile sites, more successful organic rankings, paid search results or tactical execution efforts for our competitors than for us, a slowdown in overall growth in our customer base and the loss of existing customers, and higher costs for acquiring returning customers, which could adversely impact our business. In addition, search engines could implement policies that restrict the ability of consumer finance companies such as us to advertise their services and products, which could preclude companies in our industry from appearing in a favorable location or any location in the organic rankings or paid search results when certain search terms are used by the consumer. For example, Google's policy prohibits lenders, lead providers and affiliates from advertising certain financial products on Google AdWords. Advertisements for personal loans that require repayment within 60 days, or U.S. loans with an APR of 36 percent or more, are not allowed on Google paid search advertising. In addition, Google requires that advertisements for personal loans contain or link to information about the features, fees, risks and benefits of the advertised loan product.

Our online marketing efforts are also susceptible to actions by third parties that could negatively impact our search results. Our sites have experienced meaningful fluctuations in organic rankings and paid search results in the past, and we anticipate similar fluctuations in the future. Any reduction in the number of consumers or small businesses directed to our web and mobile sites could harm our business and operating results.

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***Failure to keep up with the rapid changes in e-commerce and the uses and regulation of the internet could harm our business.*** 

The business of providing products and services such as ours over the internet is dynamic and relatively new. We must keep pace with rapid technological change, consumer and small business use habits, internet security risks, risks of system failure or inadequacy, and governmental regulation and taxation, and each of these factors could adversely impact our business. In addition, concerns about fraud, computer security and privacy and/or other problems may discourage additional consumers and small businesses from adopting or continuing to use the internet as a medium of commerce. In countries such as the United States, where e-commerce generally has been available for some time and the level of market penetration of our online financial services is relatively high, acquiring new customers for our services may be more difficult and costly than it has been in the past. In order to expand our customer base, we must appeal to and acquire customers who historically have used traditional means of commerce to conduct their financial services transactions. If these customers prove to be less profitable than our previous customers, and we are unable to gain efficiencies in our operating costs, including our cost of acquiring new customers, our business could be adversely impacted.

***Our business is subject to complex and evolving U.S. and international laws and regulations regarding privacy, data protection, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.*** 

Our business is subject to a variety of laws and regulations in the United States and internationally that involve user privacy issues, data protection, advertising, marketing, disclosures, distribution, electronic contracts and other communications, consumer protection and online payment services. The introduction of new products or expansion of our activities in certain jurisdictions may subject us to additional laws and regulations. In addition, international data protection, privacy, and other laws and regulations can be more restrictive than those in the United States. U.S. federal and state and international laws and regulations, which can be enforced by private parties or government entities, are constantly evolving and can be subject to significant change, and the U.S. government, including the FTC and the Commerce Department, previously announced that it is reviewing the need for greater regulation of the collection of information concerning consumer behavior on the internet, including regulation aimed at restricting certain targeted advertising practices. In addition, the application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving e-commerce industry in which we operate, and may be interpreted and applied inconsistently from country to country and inconsistently with our current or past policies and practices. A number of proposals are pending before federal, state, and international legislative and regulatory bodies that could significantly affect our business. There have been a number of recent legislative proposals in the United States, at both the federal and state level, that could impose new obligations in areas such as privacy. In addition, some countries are considering legislation requiring local storage and processing of data that, if enacted, would increase the cost and complexity of delivering our services. These existing and proposed laws and regulations can be costly to comply with and can delay or impede the development of new products, the expansion into new markets, result in negative publicity, increase our operating costs, require significant management time and attention, and subject us to inquiries or investigations, claims or other remedies, including demands that we modify or cease existing business practices or pay fines, penalties or other damages.

***Growth may place significant demands on our management and our infrastructure and could be costly.*** 

We have experienced substantial growth in our business. This growth has placed and may continue to place significant demands on our management and our operational and financial infrastructure. Expanding our products or entering into new jurisdictions with new or existing products can be costly and require significant management time and attention. Additionally, as our operations grow in size, scope and complexity and our product offerings increase, we will need to enhance and upgrade our systems and infrastructure to offer an increasing number of enhanced solutions, features and functionality. The expansion of our systems and infrastructure will require us to commit substantial financial, operational and technical resources in advance of an increase in the volume of business, with no assurance that the volume of business will increase. Continued growth could also strain our ability to maintain reliable service levels for our customers, develop and improve our operational, financial and management controls, develop and enhance our legal and compliance controls and processes, enhance our reporting systems and procedures and recruit, train and retain highly skilled personnel. Competition for these personnel is intense and is particularly intense for technology and analytics professionals. We may not be successful in attracting and retaining qualified personnel. We have from time to time in the past experienced, and we expect to experience in the future, difficulty in hiring and retaining highly skilled employees with appropriate qualifications. Many of the companies with which we compete for experienced personnel have greater resources or more attractive compensation mixes than we have had. Managing our growth will require significant expenditures and allocation of valuable management resources. Failure to achieve the necessary level of efficiency in our organization as it grows could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations.

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***New top-level domain names may allow the entrance of new competitors or dilution of our brands, which may reduce the value of our domain name assets.*** 

We have invested heavily in promoting our brands, including our website addresses. The Internet Corporation for Assigned Names and Numbers, the entity responsible for administering internet protocol addresses, has introduced additional new domain name suffixes in different formats, many of which may be more attractive than the formats held by us and which may allow the entrance of new competitors at limited cost. It may also permit other operators to register websites with addresses similar to ours, causing customer confusion and dilution of our brands, which could materially adversely affect our business, prospects, results of operations, financial condition and cash flows. Any defensive domain registration strategy or attempts to protect our trademarks or brands could become a large and recurring expense and may not be successful.

***Future acquisitions could disrupt our business and harm our financial condition and operating results.*** 

Our success will depend, in part, on our ability to expand our product and service offerings and markets and grow our business in response to changing customer demands, regulatory environments, technologies and competitive pressures. In some circumstances, we may expand our offerings through the acquisition of complementary businesses, solutions or technologies rather than through internal development. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not be able to successfully complete identified acquisitions. Furthermore, even if we successfully complete an acquisition, we may not be able to successfully assimilate and integrate the business, technologies, solutions, personnel or operations of the business that we acquire, particularly if key personnel of an acquired company decide not to work for us. In addition, we may issue equity securities to complete an acquisition, which would dilute our stockholders' ownership and could adversely affect the price of our common stock. Acquisitions may also involve the entry into geographic or business markets in which we have little or no prior experience or may expose us to additional material liabilities. Consequently, we may not achieve anticipated benefits of the acquisitions, which could harm our operating results.

***The preparation of our financial statements and certain tax positions taken by us require the judgment of management, and we could be subject to risks associated with these judgments or could be adversely affected by the implementation of new, or changes in the interpretation of existing, accounting principles, financial reporting requirements or tax rules.*** 

The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods.

We carry our loans and finance receivables at fair value on the consolidated balance sheets. The fair values of our loans and finance receivables are determined using Level 3 inputs for which changes could significantly impact our fair value measurements. Valuations are highly dependent upon the reasonableness of our assumptions and the predictability of the relationships that drive the results of our valuation methodologies. A variety of factors including, but not limited to, estimated customer default rates, the timing of expected payments, estimated costs to service the portfolio, interest rates, observed credit spreads in the marketplace and valuations of comparable portfolios may ultimately affect the fair values of our loans and finance receivables. Modifications to our assumptions due to the passage of time and more information becoming available could result in material changes to our fair value calculations. These changes to fair value could adversely affect our results of operations. These changes are generally recorded directly to the income statement, which may make our financial statements less comparable to others in the industry that do not record their loan balances under the fair value option.

Management's judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against deferred tax assets. Management's judgment is also required in evaluating whether tax benefits meet the more-likely-than-not threshold for recognition under Accounting Standards Codification 740-10-25, *Income Taxes*. Our interpretations of tax laws are subject to review and examination by the various taxing authorities in the jurisdictions where we operate, and disputes may occur regarding our view on a tax position. These disputes over interpretations with the various taxing authorities may be settled by audit, administrative appeals or adjudication in the court systems of the tax jurisdictions in which we operate. In addition, we may revise our estimate of income taxes due to changes in income tax laws, legal interpretations, and business strategies. It is possible that revisions in our estimate of income taxes may materially affect our results of operations in any reporting period. We regularly review whether we may be assessed additional income taxes as a result of the resolution of these matters, and we record additional reserves as appropriate.

In addition, we prepare our financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"), and its interpretations are subject to change over time. If new rules or interpretations of existing rules require us to change our financial reporting, our results of operations and financial condition could be materially adversely affected, and we could be required to restate historical financial reporting.

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***Our U.S. consumer and small business loan businesses are seasonal in nature, which causes our cash flows to fluctuate over the year.*** 

Our U.S. consumer and small business loan businesses are affected by fluctuating demand for our products and services and fluctuating collection rates throughout the year. Demand for our consumer loan products in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers' receipt of income tax refunds. Demand for our small business loan products and services in the United States has historically been highest in the fourth quarter and early first quarter of each year, corresponding generally to holiday and post-holiday season needs, and lowest at the end of the first quarter and beginning of the second quarter of each year, where we believe that our customers' businesses are generally slower. This seasonality requires us to manage our cash flows over the course of the year. If our originations were to increase and our collections were to fall substantially below what we would normally expect during certain periods, our ability to service debt and meet our other liquidity requirements may be adversely affected, which could have a material adverse effect on our business, prospects, results of operations, and financial condition.

***Potential union activities could have an adverse effect on our relationship with our workforce.*** 

None of our employees are currently covered by a collective bargaining agreement or represented by an employee union. Occasionally we experience union organizing activities. If our employees become represented by an employee union or become subject to a collective bargaining agreement, it may make it more difficult for us to manage our business and to attract and retain new employees and may increase our cost of doing business. Having our employees become represented by an employee union, having a collective bargaining agreement or having additional requirements related to our employees imposed on us could result in work stoppages and higher employee costs and could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations.

***Our success is dependent, in part, upon our officers, and if we are not able to attract and retain qualified officers, our business could be materially adversely affected.*** 

Our success depends, in part, on our officers, which are a relatively small group of individuals. Many members of the senior management team have significant industry experience, and we believe that our senior management would be difficult to replace, if necessary. Because the market for qualified individuals is highly competitive, we may not be able to attract and retain qualified officers or candidates. In addition, increasing regulations on and negative publicity about the consumer financial services industry could affect our ability to attract and retain qualified officers. If we are unable to attract or retain qualified officers, it could materially adversely affect our business.

***Our operations could be subject to natural disasters and other business disruptions, which could adversely impact our future revenue and financial condition and increase our costs and expenses.*** 

Our services and operations are vulnerable to damage or interruption from tornadoes, hurricanes, earthquakes, fires, floods, other natural disasters, power losses, telecommunications failures, terrorist attacks, acts of war, human errors, public health crises and similar events. A significant natural disaster, such as a tornado, hurricane, earthquake, fire or flood, could have a material adverse impact on our ability to conduct business, and our insurance coverage may be insufficient to compensate for losses that may occur. Despite any precautions we may take, system interruptions and delays could occur if there is a natural disaster, if a third-party provider closes a facility we use without adequate notice for financial or other reasons, or if there are other unanticipated problems at our leased facilities. Because we rely heavily on our servers, computer and communications systems and the internet to conduct our business and provide high-quality customer service, disruptions could harm our ability to run our business and cause lengthy delays which could harm our business, results of operations and financial condition. Acts of terrorism, war, civil unrest, violence or human error could cause disruptions to our business or the economy as a whole. Our business interruption insurance may not be sufficient to compensate us for losses that may result from interruptions in our service as a result of system failures or other disruptions. Any of these events could cause consumer and small business confidence to decrease, which could result in a decreased number of loans and financing being made to customers. Any of these occurrences could have a material adverse effect on our business, prospects, results of operations, financial condition and cash flows.

***We may incur property, casualty or other losses not covered by insurance.*** 

We maintain a program of insurance coverage for various types of property, casualty and other risks. The types and amounts of insurance that we obtain will vary from time to time, depending on availability, cost and management's decisions with respect to risk retention. The policies are subject to deductibles and exclusions that could result in our retention of a level of risk on a self-insurance basis. Losses not covered by insurance could be substantial and may increase our expenses, which could harm our results of operations and financial condition.

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**Risks Related to our Pending Acquisition of Grasshopper**

***Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated, cannot be met, or that could have an adverse effect on us following the consummation of the acquisition of Grasshopper.***

Before the transactions contemplated by the Grasshopper merger agreement may be completed, various approvals, consents and/or non-objections must be obtained from bank regulatory authorities. In determining whether to grant these approvals, the applicable regulatory authorities consider a variety of factors, including the regulatory standing of each party. These approvals could be delayed or not obtained at all, including due to an adverse development in either party's regulatory standing or in any other factors considered by regulators in granting such approvals; governmental, political or community group inquiries, investigations or opposition; or changes in legislation or the political or regulatory environment generally. The approvals that are granted may impose terms and conditions, limitations, obligations or costs, or place restrictions on the conduct of the combined company's business or require changes to the terms of the transactions contemplated by the merger agreement. There can be no assurance that regulators will not impose any such conditions, limitations, obligations or restrictions and that such conditions, limitations, obligations or restrictions will not have the effect of delaying the completion of the mergers of Grasshopper Bancorp and Grasshopper Bank (collectively, the "mergers") and the other transactions contemplated by the merger agreement, imposing additional material costs on or materially limiting the revenues of the combined company following the mergers or otherwise reduce the anticipated benefits of the mergers if the mergers were consummated successfully within the expected timeframe. In addition, there can be no assurance that any such conditions, terms, obligations or restrictions will not result in the delay or abandonment of the mergers. The completion of the transactions contemplated by the merger agreement are conditioned on the receipt of the requisite regulatory approvals without the imposition of any burdensome condition and the expiration of all statutory waiting periods. Additionally, the completion of the transactions contemplated by the merger agreement are conditioned on the absence of any law or order (whether temporary, preliminary or permanent) by any court or regulatory authority of competent jurisdiction prohibiting, restricting or making illegal the consummation of the transactions contemplated by the merger agreement.

In order to obtain the requisite regulatory approvals, we may need to develop business and financial plans appropriate for a bank holding company and enhance our governance, compliance, controls and management infrastructure and capabilities to be compliant with all applicable regulations and supervisory expectations to the satisfaction of the Federal Reserve and other banking regulators before the consummation of the mergers, which may require substantial time, monetary and human resource commitments. If we are not successful in developing appropriate business and financial plans or enhancing, as needed, our governance, compliance, controls and management infrastructure and capabilities, our ability to close the mergers and obtain a bank charter and/or bank functionality through other avenues may be jeopardized.

If the consummation of the mergers is delayed, including by a delay in receipt of necessary regulatory approvals, a denial of a regulatory application, or the imposition of a burdensome condition, our ongoing business and financial results may also be adversely affected.

***Failure to complete the Grasshopper acquisition could negatively affect our share price, future business and financial results.***

The completion of the Grasshopper mergers is subject to a number of customary conditions that may not be fulfilled and, accordingly, the mergers may not be completed. In addition, if the mergers are not consummated by the termination date, either we or Grasshopper may choose to terminate the merger agreement at any time after the termination date, subject to certain exceptions and conditions as provided in the merger agreement.

If the Grasshopper mergers are not consummated, our ongoing business and financial results may be adversely affected. If the mergers are not consummated due to failure to obtain the necessary regulatory approvals, and we are unable to find an alternative pathway to obtaining a bank charter and/or bank functionality, then our ability to offer a broader range of products and services, and our stock price, may be adversely affected. We could also be subject to significant declines in our market price to the extent that the current market price reflects an assumption by the market that the Grasshopper mergers will be completed as well as any litigation related to any failure to complete the mergers. If the consummation of the mergers is delayed, our business, financial condition and results of operations may be adversely affected.

In addition, we have incurred and will incur substantial expenses in connection with the negotiation and completion of the transactions contemplated by the merger agreement. If the mergers are not completed, we must recognize these expenses without realizing the expected benefits of the mergers. Any of the foregoing, or other risks arising in connection with the failure of or delay in consummating the mergers, including the diversion of management attention from pursuing other opportunities and the constraints in the merger agreement on the ability to make significant changes to our ongoing business during the pendency of the mergers, could have an adverse effect on our business, financial condition and results of operations.

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***Potential litigation relating to the Grasshopper mergers could result in significant costs, management distraction, and/or a delay of or injunction against the Grasshopper acquisition.***

While we believe that any claims that may be asserted by purported stockholder plaintiffs related to the Grasshopper acquisition would be without merit, the results of any such potential legal proceedings are difficult to predict and could delay or prevent the mergers from being completed in a timely manner or at all. Moreover, any litigation could be time consuming and expensive and divert management's attention away from their regular business. Further, any lawsuit adversely resolved against Grasshopper, us or members of our or Grasshopper's boards of directors, could have an adverse effect on our business, financial condition and results of operations.

If any action remains unresolved, it could prevent or delay the completion of the mergers. One of the conditions to the consummation of the mergers is that no court or regulatory authority of competent jurisdiction has enacted, issued, promulgated, enforced or entered any law or order (whether temporary, preliminary or permanent) or taken any other action which prohibits, restricts or makes illegal the consummation of the transactions contemplated by the merger agreement. Consequently, if a settlement or other resolution is not reached in any lawsuit that is filed or any regulatory proceeding and a claimant secures injunctive or other relief or a regulatory authority issues an order or other directive restricting, prohibiting or making illegal the consummation of the transactions contemplated by the merger agreement, then such injunctive or other relief may delay or prevent the mergers from becoming effective in a timely manner or at all.

***We expect to incur substantial expenses related to the mergers.***

We expect to incur substantial expenses in connection with consummation of the mergers and combining the business, operations, networks, systems, technologies, policies and procedures of the two companies, particularly given the potentially transformational nature of the transaction. The success of the mergers will depend on, among other things, our ability to combine our and Grasshopper's businesses. If we are not able to successfully achieve this objective, the anticipated benefits of the mergers may not be realized fully, or at all, or may take longer to realize than expected.

There are a number of factors beyond our control that could affect the total amount or the timing of anticipated business combination expenses. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present time. Due to these factors, the transaction and combination expenses associated with the mergers could, particularly in the near term, exceed the anticipated benefits that we expect to achieve from the combination of the businesses following the consummation of the mergers. As a result of these expenses, we have taken and expect to take additional charges against our earnings before and after the completion of the mergers, which may be significant. There can be no assurance that the anticipated benefits related to the integration of the businesses will be realized to offset these transaction and integration expenses over time.

**Risks Related to our Indebtedness**

***We have incurred significant indebtedness, which could adversely affect our financial condition and prevent us from fulfilling our obligations under anticipated agreements governing our indebtedness.*** 

As of December 31, 2025, we had approximately $4,498.4 million of total debt outstanding. Interest expense on our indebtedness totaled $341.1 million during the year ended December 31, 2025. Our level of debt could have important consequences to our stockholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;•limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;•requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;•increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;•exposing us to the risk of increased interest rates to the extent that our borrowings are at variable rates of interest;

&nbsp;&nbsp;&nbsp;&nbsp;•limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;•placing us at a disadvantage compared to other, less leveraged competitors or competitors with comparable debt and more favorable terms and thereby affecting our ability to compete; and

&nbsp;&nbsp;&nbsp;&nbsp;•increasing our cost of borrowing.

We and our subsidiaries may incur significant additional indebtedness in the future. If new indebtedness is added to our current indebtedness levels, the related risks that we face would increase.

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***The terms of the agreements governing our indebtedness restrict our current and future operations, particularly our ability to respond to changes or to take certain actions, which could harm our long-term interests.*** 

The agreements governing our indebtedness contain various restrictive covenants and require that we maintain certain financial ratios that impose operating and financial restrictions on us and limit our ability to engage in actions that may be in our long-term best interests. These restrictive covenants, among other things, restrict our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;•incur additional debt;

&nbsp;&nbsp;&nbsp;&nbsp;•incur or permit certain liens to exist;

&nbsp;&nbsp;&nbsp;&nbsp;•make certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;•merge or consolidate with or into, or convey, transfer, lease or dispose of all or substantially all of our assets to, another company;

&nbsp;&nbsp;&nbsp;&nbsp;•make certain dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;•make certain payments; and

&nbsp;&nbsp;&nbsp;&nbsp;•engage in certain transactions with affiliates.

As a result of all of these covenants and restrictions, we may be:

&nbsp;&nbsp;&nbsp;&nbsp;•limited in how we conduct our business;

&nbsp;&nbsp;&nbsp;&nbsp;•unable to raise additional debt or equity financing to operate during general economic or business downturns;

&nbsp;&nbsp;&nbsp;&nbsp;•restricted in our ability to acquire new businesses; or

&nbsp;&nbsp;&nbsp;&nbsp;•unable to compete effectively or to take advantage of new business opportunities.

Any failure to comply with any of these financial and other affirmative and negative covenants could constitute an event of default or trigger an amortization event under our debt agreements, entitling the lenders to, among other things, terminate future credit availability (including under our Credit Agreement), increase the interest rate on outstanding debt, and/or accelerate the maturity of outstanding obligations under our debt agreements. If we were unable to repay the amounts due and payable under such debt agreements that are secured, the applicable lenders and noteholders could seek remedies, including against the collateral pledged under such facilities. An acceleration of the debt under certain facilities could also lead to a default under other facilities due to cross-acceleration provisions. Any such default could materially adversely affect our business, prospects, results of operations, financial condition and cash flows and could impair our ability to continue current operations. In addition, we act as servicer with respect to certain of our securitization facilities. If we default in our servicing obligations, an early amortization event or default could occur with respect to the applicable facility and we could be replaced as servicer.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" in Part II, Item 7 of this report for additional information concerning our indebtedness.

***We may not be able to generate sufficient cash to service our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.*** 

Our ability to make scheduled payments on or refinance prior to maturity our debt obligations will depend on our financial condition and operating performance and our ability to enter into other debt financings, which are subject to prevailing economic and competitive conditions and to financial, business, legislative, regulatory, capital markets and other factors beyond our control. We might not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal, premium, if any, and interest on our indebtedness. For information regarding the risks to our business that could impair our ability to satisfy our obligations under our indebtedness, see "Risk Factors—Risks Related to Our Business and Industry." If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. If we cannot make scheduled payments on our debt, we will be in default, and lenders could declare all outstanding principal and interest to be due and payable, the lenders under our Credit Agreement could terminate their commitments to loan money and we could be forced into bankruptcy or liquidation. The agreements governing our indebtedness restrict our ability to dispose of certain assets and use the proceeds from those dispositions and may also restrict our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. Our inability to generate sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially

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reasonable terms or at all, would materially and adversely affect our financial condition, liquidity, results of operations and cash flows and our ability to satisfy our obligations under our indebtedness.

***Changes in our financial condition or a potential disruption in the capital markets could reduce available capital.*** 

If funds are not available from our operations and any excess cash or from our Credit Agreement, we may be required to access the banking and credit markets to meet our financial commitments and short-term liquidity needs. We also expect to periodically access the debt capital markets to obtain capital to finance growth. Efficient access to the debt capital markets will be critical to our ongoing financial success; however, our future access to the debt capital markets could become restricted due to a variety of factors, including a deterioration of our earnings, cash flows, balance sheet quality, or overall business or industry prospects, adverse regulatory changes, a disruption to or deterioration in the state of the capital markets or a negative bias toward our industry by market participants. Disruptions and volatility in the capital markets may cause banks and other credit providers to restrict availability of new credit. Due to the negative bias toward our industry, commercial banks and other lenders have restricted access to available credit to participants in our industry, and we may have more limited access to commercial bank lending than other businesses. Our ability to obtain additional financing in the future will depend in part upon prevailing capital market conditions, and a potential disruption in the capital markets may adversely affect our efforts to arrange additional financing on terms that are satisfactory to us, if at all. If adequate funds are not available, or are not available on acceptable terms, we may not have sufficient liquidity to fund our operations, make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges and this, in turn, could adversely affect our ability to advance our strategic plans. Additionally, if the capital and credit markets experience volatility, and the availability of funds is limited, third parties with whom we do business may incur increased costs or business disruption and this could adversely affect our business relationships with such third parties.

***Increases in customer default rates could make us and our loans less attractive to lenders under debt facilities and investors in securitizations which may adversely affect our access to financing and our business.***

Increases in customer default rates could make us and our loans less attractive to our existing (or prospective) funding sources. If our existing funding sources do not achieve their desired financial returns or if they suffer losses, they (or prospective funding sources) may increase the cost of providing future financing or refuse to provide future financing on terms acceptable to us or at all. Certain of our securitization facilities and asset-backed notes issued by our subsidiaries are non-recourse to Enova and are collateralized by our loans. If the loans securing such securitization facilities and asset-backed notes fail to perform as expected, the lenders under our securitization facilities and investors in our asset-backed notes, or future lenders or investors in similar arrangements, may increase the cost of providing financing or refuse to provide financing on terms acceptable to us or at all. If we were to be unable to arrange new or alternative methods of financing on favorable terms, we may have to curtail or cease our origination of loans, which could have a material adverse effect on our business, financial condition, operating results and cash flow.

**Risks Related to our Common Stock and the Securities Market**

***Certain provisions of our restated certificate of incorporation, amended and restated bylaws and Delaware law may discourage takeovers.*** 

Our restated certificate of incorporation authorizes our Board of Directors to issue preferred stock and to determine the designations, powers, preferences, and relative, participating, optional, or other special rights, if any, and the qualifications, limitations, or restrictions of our preferred stock, including the number of shares, in any series, without any further vote or action by the stockholders. The rights of the holders of our common stock will be subject to the rights of the holders of any preferred stock that may be issued in the future. The issuance of preferred stock could delay, deter, or prevent a change in control and could adversely affect the voting power or economic value of our stock.

In addition, some provisions of our restated certificate of incorporation and amended and restated bylaws could make it more difficult for a third party to acquire control of us, even if the change of control would be beneficial to our stockholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;•limitations on the ability of our stockholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;•limitations on the ability of our stockholders to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;•a separate vote of 80% of the voting power of the outstanding shares of capital stock in order for stockholders to amend the bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;•advance notice provisions for stockholder proposals and nominations for elections to the Board of Directors to be acted upon at meetings of stockholders.

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***The market price of our shares may fluctuate widely.*** 

The market price of our common stock may be influenced by many factors, some of which are beyond our control, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;•changes in federal, state or international laws and regulations affecting our industry;

&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated variations in quarterly and annual operating results;

&nbsp;&nbsp;&nbsp;&nbsp;•changes in financial estimates and recommendations by research analysts following our common stock or the failure of research analysts to cover our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;•actual or anticipated changes in the United States or international economies;

&nbsp;&nbsp;&nbsp;&nbsp;•terrorist acts or wars or other major catastrophic events;

&nbsp;&nbsp;&nbsp;&nbsp;•announcements by us or our competitors of significant acquisitions, strategic partnerships, divestitures, joint ventures, or other strategic initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;•the trading volume of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;•the other risks and uncertainties described herein.

The stock markets have experienced price and volume fluctuations that have affected and continue to affect the market price of equity securities of many companies. These fluctuations have often been unrelated or disproportionate to the operating performance of these companies. These broad market fluctuations, as well as general economic, systemic, political, and market conditions, such as recessions, loss of investor confidence or interest rate changes, may negatively affect the market price of our common stock.

***If securities or industry analysts publish research that is unfavorable about our business, our stock price and trading volume could decline.*** 

The trading market for our common stock depends in part on the research and reports that securities or industry analysts publish about us or our business. We currently have a limited number of analysts who are publishing research about us. In the event that one or more of our analysts downgrades our stock or publishes misleading or unfavorable research about our business, our stock price could decline. If one or more of these analysts ceases coverage of our company, demand for our stock may decrease, which could cause our stock price or trading volume to decline.

***We do not anticipate paying any dividends on our common stock in the foreseeable future. As a result, stockholders will need to sell their shares of common stock to receive any income or realize a return on their investment.*** 

We do not anticipate paying any dividends on our common stock in the foreseeable future. Any declaration and payment of future dividends to holders of our common stock may be limited by the provisions of the Delaware General Corporation Law ("DGCL") and are limited by the terms of the Credit Agreement, 2028 Senior Notes, 2029 Senior Notes and our loan securitization facilities. The future payment of dividends, if permitted, will be at the sole discretion of our Board of Directors and will depend on many factors, including our earnings, capital requirements, financial condition, and other considerations that our Board of Directors deem relevant. As a result, to receive any income or realize a return on their investment, our stockholders will need to sell their shares of common stock.

***Our restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.*** 

Our restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed to us or our stockholders by any of our directors, officers, employees or agents, (iii) any action asserting a claim against us arising under the DGCL or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine. Our stockholders are deemed to have notice of and have consented to the provisions of our restated certificate of incorporation related to choice of forum. The choice of forum provision in our restated certificate of incorporation may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

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**ITEM 1C. CYBERSECURITY**

Our Board of Directors recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Audit Committee of the Board in conjunction with the Board is actively involved in the oversight of risk, and cybersecurity represents an important component of our overall approach to risk management. Our cybersecurity policies, standards, processes and practices, which are based on recognized frameworks established by the National Institute of Standards and Technology and other applicable industry standards, are fully integrated into our overall risk management. In general, we seek to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, integrity and availability of the information that we collect and store by seeking to identify, prevent and mitigate cybersecurity threats and effectively respond to cybersecurity incidents that may occur.

**Risk Management and Strategy**

Our cybersecurity risk management program is focused on the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;•***Governance.*** As discussed in more detail under the heading "Governance," the Board's oversight of cybersecurity risk management is supported by the Audit Committee of the Board, which regularly reviews the Company's cybersecurity risk management approach and interacts with various members of management.

&nbsp;&nbsp;&nbsp;&nbsp;•***Collaborative Approach.*** We use a comprehensive, cross-functional approach to identify, prevent and mitigate cybersecurity threats and incidents, and have implemented procedures designed to promptly escalate certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by senior management in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;•***Technical Safeguards.*** We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including next-generation firewalls, intrusion prevention and detection systems, antimalware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;•***Incident Response and Recovery Planning.*** We have established and maintain incident response and recovery plans that address our response to a cybersecurity incident, and such plans are evaluated on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;•***Third-Party Risk Management.*** We maintain a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems.

&nbsp;&nbsp;&nbsp;&nbsp;•***Education and Awareness.*** We provide regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats and to support this, we highlight best practices with a dedicated Cybersecurity month. We communicate the evolving information security policies, standards, processes and practices with personnel throughout the year.

We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include audits, internal assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We also engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by these assessments, audits and reviews.

Although we devote significant resources to implementing, maintaining, testing and upgrading our cybersecurity systems and processes, these security measures do not provide absolute security. Despite our efforts to maintain an effective cybersecurity risk management program, it is possible that our cybersecurity risk mitigation and prevention efforts may not be able to adequately mitigate or prevent all possible security breaches, whether because of the use of new techniques that may not be known or recognized, because cyber-attacks can originate from a wide variety of sources, or for other reasons. As of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity incident that has materially affected or is reasonably likely to materially affect our business, strategy, results of operations or financial condition; however, there can be no assurance that a cybersecurity incident that could have an adverse material impact on us will not occur in the future. See *"*Risk Factors—Risk Related to Our Business and Industry*—We are subject to cybersecurity risks and security breaches and may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents"* in Part I, Item 1A of this report.

**Governance**

***Board and Audit Committee Oversight***

The Board, in coordination with the Audit Committee, oversees our risk management process, including the management of risks arising from cybersecurity threats. The Audit Committee receives regular presentations and reports on cybersecurity risks, which address a wide

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range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Board also receives scheduled periodic reports both directly from management and through the Audit Committee. Our procedures require that the Board and the Audit Committee also receive prompt and timely information regarding any significant cybersecurity incident that meets established reporting thresholds, as well as ongoing updates, until it has been addressed, which allows the Board and Audit Committee to provide comprehensive oversight and guidance on critical cybersecurity issues. On a periodic basis, the Board and the Audit Committee discuss our approach to cybersecurity risk management with our Chief Analytics and Technology Officer ("CTO"), IT Risk Management team leader ("Head of IT Risk") or other members of the IT Risk Management function.

***Management's Role***

Our Head of IT Risk, with the CTO's oversight, is primarily responsible for assessing, monitoring and managing material risks from cybersecurity threats and manages our IT Risk Management team. The Head of IT Risk is currently a Certified Information Systems Security Professional (CISSP), with a Master of Science in Digital Forensic Science and has 19 years of cybersecurity work experience. The members of our IT Risk Management team have an average of five years of cybersecurity work experience with degrees in information technology and computer engineering. The Head of IT Risk works closely with the CTO, including holding bi-weekly meetings, to discuss cybersecurity risks and any changes in our cybersecurity policies and practices. The CTO, Head of IT Risk and IT Risk Management function work collaboratively across our company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents, if any, in accordance with our incident response and recovery plans.

**ITEM 2. PROPERTIES** 

We lease our corporate headquarters, which is located in Chicago, Illinois. We maintain additional leased offices in (i) South Jordan, Utah focusing on consumer and small business application intake and support functions and small business underwriting functions, (ii) New York, New York and Denver, Colorado for primarily small business operations and (iii) São Paulo, for our Brazilian operations. We do not own any real property. We believe that our leased facilities are adequate to support our operations and that, as needed, we will be able to obtain suitable additional facilities on commercially reasonable terms.

**ITEM 3. LEGAL PROCEEDINGS** 

Information concerning legal proceedings is incorporated herein by reference to Note 11, "Commitments and Contingencies," in the Notes to Consolidated Financial Statements.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

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**PART II** 

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** 

**Principal Market** 

The principal market for our common stock is the New York Stock Exchange ("NYSE"), and our shares of common stock are listed under the symbol "ENVA."

**Stockholders** 

There were 218 registered stockholders of record of Enova common stock as of February 17, 2026.

**Dividends** 

We do not anticipate paying any dividends on our common stock in the foreseeable future. The declaration and amount of any future dividends, however, will be determined by our Board of Directors and will depend on our financial condition, earnings and capital requirements, covenants associated with our debt obligations and any other factors that our Board of Directors believes are relevant. There can be no assurance, however, that we will pay any cash dividends on our common stock in the future. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" in Part II, Item 7 of this report.

**Performance Graph** 

The following graph shows a comparison of the cumulative total shareholder return for our common stock to the returns for the S&P SmallCap 600® Index, representing a broad-based equity market index that we are a part of, and the S&P SmallCap 600® Financials Index, representing an industry-based index that we are a part of, from December 31, 2020 through December 31, 2025. This data assumes an investment of $100 in each of our common stock and the two indices on December 31, 2020 and that all dividends were reinvested. Note that historic performance is not necessarily indicative of future performance.

![img31367884_4.gif](img31367884_4.gif)

**Unregistered Sales of Equity Securities**

We did not sell any unregistered securities during the three years ended December 31, 2025.

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**Issuer Purchases of Equity Securities**

The following table provides the information with respect to purchases made by us of shares of our common stock.

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| | | | | |
|:---|:---|:---|:---|:---|
| Period | Total Number of Shares Purchased<sup>(a)</sup> | Average Price Paid Per Share<sup>(b)</sup> | Total Number of Shares Purchased as Part of Publicly Announced Plan<sup>(c)</sup> | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan<sup>(b)(c)</sup>(in thousands) |
| October 1 – October 31, 2025 | 123528 | $113.13 | 123528 | $65608 |
| November 1 – November 30, 2025 | 82471 | 124.60 | 81781 | 394306 |
| December 1 – December 31, 2025 | 72561 | 150.13 | 72561 | 383413 |
| Total | 278560 | $126.17 | 277870 | $383413 |

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*(a) Includes shares withheld from employees as tax payments for shares issued under the Company's stock-based compensation plans of 690 shares for the month of November. See Note 13 in the Notes to Consolidated Financial Statements for additional details on the Company's stock-based compensation plans.*

*(b) The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three months ended December 31, 2025, the Company reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accounts payable and accrued expenses on the consolidated balance sheet. All dollar amounts presented in this table exclude such excise taxes.* 

*(c) On August 12, 2024, the Company announced the Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31, 2025 (the "August 2024 Authorization"). The August 2024 Authorization replaced the previous authorization. On November 12, 2025, the Company announced the Board of Directors authorized a new share repurchase program totaling $400.0 million through June 30, 2027 (the "November 2025 Authorization"). The November 2025 Authorization replaced the August 2024 Authorization. The Company repurchased $238.9 million of common stock under the August 2024 Authorization before it was terminated. All share repurchases made under the November 2025 Authorization and August 2024 Authorization were made through open market transactions. Our share repurchase program is subject to market conditions, does not obligate us to purchase any shares of our common stock, and may be terminated, increased or decreased by the Board of Directors in its discretion at any time.* 

**ITEM 6. RESERVED** 

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.** 

**RECENT DEVELOPMENTS**

**Grasshopper**

On December 10, 2025, we entered into a merger agreement with Grasshopper Bancorp, Inc. ("Grasshopper") under which we will acquire Grasshopper for an aggregate purchase price valued at approximately $369 million at signing to be paid in a combination of cash and newly issued shares. Under the terms of the merger agreement, Grasshopper will merge with and into us, with us continuing as the surviving corporation and, immediately following the merger, an interim national bank and wholly-owned subsidiary of ours will merge with and into Grasshopper Bank, a wholly-owned subsidiary of Grasshopper, with Grasshopper Bank continuing as the surviving bank. The merger agreement was unanimously approved by the Boards of Directors of each of the Company and Grasshopper. On February 2, 2026, Grasshopper held a special meeting of its stockholders in connection with the merger, at which the merger agreement was approved. The transaction remains subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026.

Founded in 2019, Grasshopper Bank is a leading client-first, full-service digital bank offering digital financial solutions for commercial and consumer customers, including fintech-focused Banking-as-a-Service and API banking platforms, commercial and Small Business Administration lending and consumer banking.

**RECENT REGULATORY DEVELOPMENTS** 

**Consumer Financial Protection Bureau ("CFPB")** 

On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The Consent Order related to issues, the majority of which were self-disclosed, including payment processing and debiting errors. Effective August 29, 2025, the CFPB terminated the Consent Order in full and waived any alleged non-compliance therewith.

In October 2017, the CFPB issued its final rule entitled "Payday, Vehicle Title, and Certain High-Cost Installment Loans" (the "Small Dollar Rule"), which covers certain consumer loans that we offer. While the ability to repay provisions were rescinded in 2020, the payment provisions remain in effect. These provisions require that if a consumer has two consecutive failed payment attempts, the lender must obtain the consumer's new and specific authorization to make further withdrawals from the consumer's bank account. Additionally, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. Following a series of constitutional challenges, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and the Fifth Circuit upheld the Small Dollar Rule. On March 28, 2025, the CFPB issued a press release entitled "CFPB Offers Regulatory Relief for Small Loan Providers" indicating that the CFPB "will not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025." The CFPB also indicated that it is contemplating issuing a notice of proposed rulemaking to narrow the scope of the Small Dollar Rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows.

On March 30, 2023, the CFPB issued its final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses, and applies to small business loans that we offer. For loans covered by the small business lending rule, a "covered lender" will be required to collect and report on certain information pursuant to an application for credit. Section 1071 requires covered lenders to collect and report information the financial institution generates and information obtained from the applicant, including the applicant's minority-owned business status, women-owned business status and LGBTQI+-owned status and the applicant's principal owners' ethnicity, race and sex, and expressly prohibits a financial institution from discouraging an applicant from responding to requests for applicant-provided data. On June 18, 2025, following various litigation challenges, the CFPB issued an interim final rule to extend the compliance deadlines by approximately one year. It further indicated its intent to initiate a new Section 1071 rulemaking and that it anticipated issuing a notice of proposed rulemaking as expeditiously as reasonably possible. On October 2, 2025, the CFPB published a final rule with the same extended compliance dates provided for in the June interim rule. On November 13, 2025, the CFPB issued a notice of proposed rulemaking to narrow the scope of the rule, including removing certain data points, and to extend the compliance date to January 1, 2028. Absent further court action, legislative action or action by the CFPB, the Company's small business loan business will need to update its application process to appropriately collect, store and report data required by Section 1071's implementing regulation. The Company will continue to monitor litigation, rulemaking and bills related to the rule.

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**European Union Pillar Two Directive**

On December 15, 2022, the European Union ("EU") Member States formally adopted the EU's Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development ("OECD") Pillar Two Framework that was supported by over 130 countries worldwide. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation. As of December 31, 2025, among the jurisdictions where the Company operates, only Brazil has enacted legislation adopting the Pillar Two Rules, specifically a Qualified Domestic Minimum Top-up Tax, effective in fiscal 2025. We do not expect the changes brought about by this directive to have a material impact on our consolidated financial statements.

In January 2026, the OECD released administrative guidance establishing a "Side-by-Side" safe harbor for eligible U.S.-headquartered multinational groups, effective for fiscal years beginning on or after January 1, 2026. If elected, this safe harbor generally reduces Pillar Two top-up tax exposure under the Income Inclusion Rule and Undertaxed Profits Rule to zero, while Qualified Domestic Minimum Top-up Taxes in jurisdictions where we operate may continue to apply. The Company continues to monitor and evaluate the "Side-by-Side" safe harbor and, where appropriate, expects to leverage applicable safe harbor provisions beginning with the fiscal year starting on January 1, 2026.

**One Big Beautiful Bill Act**

On July 4, 2025, the "One Big Beautiful Bill Act" (the "OBBBA") was enacted into law. The OBBBA's various provisions include, among other things, accelerated tax deductions for qualified property and research expenditures. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. We have evaluated the OBBBA and reflected its impact on the consolidated financial statements. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

**RESULTS OF OPERATIONS** 

**Highlights**

Our financial results for the year ended December 31, 2025 ("2025") are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;•Revenue increased $493.9 million, or 18.6%, to $3,151.7 million in 2025 compared to $2,657.8 million in the year ended December 31, 2024 ("2024").

&nbsp;&nbsp;&nbsp;&nbsp;•Net revenue increased $300.9 million, or 19.7%, to $1,830.3 million in 2025 compared to $1,529.4 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;•Income from operations increased $154.6 million, or 26.5%, to $739.4 million in 2025 compared to $584.8 million in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;•Net income was $308.4 million in 2025 compared to $209.4 million in 2024. Diluted earnings per share were $11.52 in 2025 compared to $7.43 in 2024.

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**Overview**

The following tables reflect our results of operations for the periods indicated, both in dollars and as a percentage of total revenue (dollars in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables revenue | $3110301 | $2620296 | $2086035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 41352 | 37504 | 31604 |
| **Total Revenue** | 3151653 | 2657800 | 2117639 |
| **Change in Fair Value** | (1321412) | (1128351) | (887717) |
| **Net Revenue** | 1830241 | 1529449 | 1229922 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | 621077 | 523569 | 414460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and technology | 258179 | 224391 | 194905 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 169722 | 156524 | 160265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 41831 | 40207 | 38157 |
| **Total Operating Expenses** | 1090809 | 944691 | 807787 |
| **Income from Operations** | 739432 | 584758 | 422135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (339305) | (290442) | (194779) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction gain (loss), net | 367 | (1064) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment income (loss) | 1559 | (16460) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses | (1019) | (5691) | (282) |
| **Income before Income Taxes** | 401034 | 271101 | 227247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 92645 | 61653 | 52126 |
| **Net income** | 308389 | 209448 | 175121 |
| **Diluted earnings per share** | $11.52 | $7.43 | $5.49 |
| **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables revenue | 98.7% | 98.6% | 98.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1.3 | 1.4 | 1.5 |
| **Total Revenue** | 100.0 | 100.0 | 100.0 |
| **Change in Fair Value** | (41.9) | (42.5) | (41.9) |
| **Net Revenue** | 58.1 | 57.5 | 58.1 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | 19.7 | 19.7 | 19.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and technology | 8.2 | 8.4 | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 5.4 | 5.9 | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1.3 | 1.5 | 1.8 |
| **Total Operating Expenses** | 34.6 | 35.5 | 38.2 |
| **Income from Operations** | 23.5 | 22.0 | 19.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (10.8) | (11.0) | (9.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction gain (loss), net |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment income (loss) |  | (0.6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses |  | (0.2) |  |
| **Income before Income Taxes** | 12.7 | 10.2 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 2.9 | 2.3 | 2.5 |
| **Net income** | 9.8% | 7.9% | 8.3% |

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**Valuation of Loans and Finance Receivables** 

We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. We estimate the fair value of our loans and finance receivables primarily using internally-developed, discounted cash flow analyses to more accurately predict future payments. We adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets and discount the future cash flows using a rate of return that we believe a market participant would require. Model results may be adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under GAAP. The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining time to maturity and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance. We have validated model performance by comparing past valuations with actual performance noted after each valuation.

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In 2025, 2024 and 2023, views in the marketplace on the economy and its near-term prospects remained mixed with concerns on employment, inflation, tariffs and other macroeconomic trends. In certain situations, management concluded that the probability of future charge-offs or prepayments was different than what we had experienced in the past and, therefore, altered those assumptions in our fair value models. We continue to utilize this approach and have adjusted these assumptions where appropriate. We also evaluate the discount rates used in our models on a quarterly basis and adjust when appropriate to be responsive to changes in the market and representative of what a market participant would use. As of December 31, 2025 and 2024, we deemed the resulting fair value of our loans and finance receivables to be an appropriate market-based exit price that considers current market conditions.

**NON-GAAP FINANCIAL MEASURES** 

In addition to the financial information prepared in conformity with generally accepted accounting principles ("GAAP"), we provide historical non-GAAP financial information. We present non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of our operations. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, our consolidated financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

***Adjusted Earnings Measures*** 

We provide adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. We believe that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which provides a more complete understanding of our financial performance, competitive position and prospects for the future. We utilize, and also believe that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, we believe that the Adjusted Earnings Measures are useful to management and investors in comparing our financial results during the periods shown without the effect of certain items that are not indicative of our core operating performance or results of operations.

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The following table provides reconciliations between net income and diluted earnings per share calculated in accordance with GAAP to the Adjusted Earnings Measures (in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net income | $308389 | $209448 | $175121 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction-related costs<sup>(a)</sup> | 6566 | 327 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination and cease use loss<sup>(b)</sup> |  |  | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment (income) loss<sup>(c)</sup> | (1559) | 16460 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses<sup>(d)</sup> | 1019 | 5691 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization | 7290 | 8055 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 33096 | 31816 | 26738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction (gain) loss, net | (367) | 1064 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative tax effect of adjustments | (7528) | (14789) | (9456) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory settlement<sup>(e)</sup> |  |  | 15201 |
| Adjusted earnings | $346906 | $258072 | $218551 |
| Diluted earnings per share | $11.52 | $7.43 | $5.49 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction-related costs<sup>(a)</sup> | 0.25 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease termination and cease use loss<sup>(b)</sup> |  |  | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment (income) loss<sup>(c)</sup> | (0.06) | 0.58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses<sup>(d)</sup> | 0.04 | 0.20 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset amortization | 0.27 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1.24 | 1.13 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction (gain) loss, net | (0.01) | 0.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative tax effect of adjustments | (0.29) | (0.53) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory settlement<sup>(e)</sup> |  |  | 0.48 |
| Adjusted earnings per share | $12.96 | $9.15 | $6.85 |

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*(a) For the year ended December 31, 2025, we recorded expenses of $6.6 million ($5.0 million net of related tax) related to the pending acquisition of Grasshopper. For the years ended December 31, 2024 and 2023, we recorded expenses of $0.3 million ($0.2 million net of related tax) and $0.8 million ($0.6 million net of tax), respectively, related to a consent solicitation for our Senior Notes due 2025.*

*(b) For the year ended December 31, 2023, we recorded losses of $1.7 million ($1.3 million net of related tax) to write off leasehold improvements related to the exit of leased office space.*

*(c) For the year ended December 31, 2024, we recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of our investment in Linear.* 

*(d) For the years ended December 31, 2025, 2024 and 2023, we recorded losses on early extinguishment of debt of $1.0 million ($0.8 million net of tax), $5.7 million ($4.3 million net of tax) and $0.3 million ($0.2 million net of tax), respectively.*

*(e) For the year ended December 31, 2023, we reached an agreement with the CFPB, pursuant to which we agreed to pay a civil money penalty of $15.0 million, which is nondeductible for tax purposes.*

***Adjusted EBITDA*** 

We provide Adjusted EBITDA, which is a non-GAAP measure that we define as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation expense and certain other items, as appropriate, that are not indicative of our core operating performance. We utilize, and also believe that investors utilize, Adjusted EBITDA to analyze operating performance and evaluate our ability to incur and service debt and our capacity for making capital expenditures. We believe Adjusted EBITDA is useful to management and investors in comparing our financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of our core operating performance or results of operations. Adjusted

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EBITDA is also useful to investors to help assess our estimated enterprise value. The computation of Adjusted EBITDA as presented below may differ from the computation of similarly-titled measures provided by other companies (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net income | $308389 | $209448 | $175121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 41831 | 40207 | 38157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 339305 | 290442 | 194779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction (gain) loss, net | (367) | 1064 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 92645 | 61653 | 52126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 33096 | 31816 | 26738 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction-related costs<sup>(a)</sup> | 6566 | 327 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment (income) loss<sup>(c)</sup> | (1559) | 16460 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory settlement<sup>(e)</sup> |  |  | 15201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses<sup>(d)</sup> | 1019 | 5691 | 282 |
| Adjusted EBITDA | $820925 | $657108 | $502986 |
| Adjusted EBITDA margin calculated as follows: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | $3151653 | $2657800 | $2117639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $820925 | $657108 | $502986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA as a percentage of total revenue | 26.0% | 24.7% | 23.8% |

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*Refer to footnotes in previous table for explanation of (a), (c), (d) and (e).*

***Combined Loans and Finance Receivables***

Combined loans and finance receivables is a non-GAAP measure that includes both loans and finance receivables we own and loans we guarantee, which are either GAAP items or disclosures required by GAAP. We believe this non-GAAP measure provides management and investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivables portfolio on an aggregate basis. We also believe that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on our consolidated balance sheets since both revenue and cost of revenue are impacted by the aggregate amount of receivables we own and those we guarantee as reflected in our consolidated financial statements.

**YEAR ENDED 2025 COMPARED TO YEAR ENDED 2024** 

**Revenue and Net Revenue** 

Revenue increased $493.9 million, or 18.6%, to $3,151.7 million for 2025 as compared to $2,657.8 million for 2024. The change in revenue was driven primarily by a 30.5% increase in revenue from our small business portfolio and a 10.9% increase in revenue from our consumer portfolio as higher levels of originations have led to higher loan balances for both portfolios.

Our net revenue was $1,830.3 million for 2025 compared to $1,529.4 million for 2024. Our net revenue as a percentage of revenue ("net revenue margin") was 58.1% in 2025 compared to 57.5% in 2024. The increase in net revenue margin was driven primarily by higher net revenue margin in the small business portfolio, partially offset by lower net revenue margin in the consumer portfolio.

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The following table sets forth the components of revenue and net revenue, separated by product for 2025 and 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |  |  |
|  | **2025** | **2024** | **$ Change** | **% Change** |
| **Revenue by product:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables revenue | $1748114 | $1576821 | $171293 | 10.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables revenue | 1362187 | 1043475 | 318712 | 30.5 |
| Total loan and finance receivable revenue | 3110301 | 2620296 | 490005 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 41352 | 37504 | 3848 | 10.3 |
| Total revenue | 3151653 | 2657800 | 493853 | 18.6 |
| Change in fair value | (1321412) | (1128351) | (193061) | 17.1 |
| Net revenue | $1830241 | $1529449 | $300792 | 19.7% |
| **Revenue by product (% to total):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables revenue | 55.5% | 59.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables revenue | 43.2 | 39.3 |  |  |
| Total loan and finance receivable revenue | 98.7 | 98.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1.3 | 1.4 |  |  |
| Total revenue | 100.0 | 100.0 |  |  |
| Change in fair value | (41.9) | (42.5) |  |  |
| Net revenue | 58.1% | 57.5% |  |  |

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The percentage of revenue from our small business loans and finance receivables increased in 2025 due to increased demand and favorable unit economics.

The following table summarizes revenue generated from our operations for 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Loan interest | $2095151 | $1719631 |
| Statement and draw fees on line of credit accounts | 866995 | 774190 |
| Other | 189507 | 163979 |
| Total Revenue | $3151653 | $2657800 |

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**Loan and Finance Receivable Balances** 

The fair value of our loan and finance receivable portfolio in our consolidated financial statements at December 31, 2025 and 2024 was $5,471.5 million and $4,386.4 million, respectively, with an outstanding principal balance of $4,748.0 million and $3,810.4 million, respectively. The fair value of the combined loan and finance receivables portfolio includes $26.1 million (with an outstanding principal balance of $18.7 million) and $28.4 million (with an outstanding principal balance of $19.9 million) of consumer loan balances that are guaranteed by us but not owned by us, which are not included in our consolidated financial statements as of December 31, 2025 and 2024, respectively. See "—Non-GAAP Financial Measures—Combined Loans and Finance Receivables" above for additional information related to combined loans and finance receivables.

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The following table summarizes loan and finance receivable balances outstanding as of December 31, 2025 and 2024 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |  | **Guaranteed** |  |  | **Guaranteed** |  |
|  | **Company** | **by the** |  | **Company** | **by the** |  |
|  | **Owned**<sup>(a)</sup> | **Company**<sup>(a)</sup> | **Combined**<sup>(b)</sup> | **Owned**<sup>(a)</sup> | **Company**<sup>(a)</sup> | **Combined**<sup>(b)</sup> |
| **Consumer loans and finance receivables** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal | $1446938 | $18656 | $1465594 | $1354014 | $19859 | $1373873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | 1764469 | 26148 | 1790617 | 1639307 | 28414 | 1667721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value as a % of principal | 121.9% | 140.2% | 122.2% | 121.1% | 143.1% | 121.4% |
| **Small business loans and finance receivables** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal | $3301076 | $— | $3301076 | $2456430 | $— | $2456430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | 3707075 |  | 3707075 | 2747137 |  | 2747137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value as a % of principal | 112.3% | —% | 112.3% | 111.8% | —% | 111.8% |
| **Total loans and finance receivables** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal | $4748014 | $18656 | $4766670 | $3810444 | $19859 | $3830303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | 5471544 | 26148 | 5497692 | 4386444 | 28414 | 4414858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value as a % of principal | 115.2% | 140.2% | 115.3% | 115.1% | 143.1% | 115.3% |

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*(a) GAAP measure. The loan and finance receivable balances guaranteed by us relate to loans originated by third-party lenders through the CSO program and are not included in our consolidated balance sheets.* 

*(b) Amounts represent non-GAAP measures.* 

At December 31, 2025, the ratio of fair value as a percentage of principal was 115.2% on company owned loans and finance receivables and 115.3% on combined loans and finance receivables compared to 115.1% on company owned loans and finance receivables and 115.3% on combined loans and finance receivables at December 31, 2024. These ratios were consistent year over year due to consistency in credit performance in both the consumer and small business portfolios.

**Average Amount Outstanding per Loan and Finance Receivable**

The average amount outstanding per loan and finance receivable is calculated as the total combined loans and finance receivables, gross balance at the end of the period divided by the total number of combined loans and finance receivables outstanding at the end of the period. The following table shows the average amount outstanding per loan and finance receivable by product at December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| **Average amount outstanding per loan and finance receivable (in ones)**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables<sup>(b)</sup> | $1690 | $1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables | 44249 | 40354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans<sup>(b)</sup> | $4830 | $4102 |

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*(a) The disclosure regarding the average amount per loan is statistical data that is not included in our consolidated financial statements.*

*(b) Includes loans guaranteed by us, which represent loans originated by third-party lenders through the CSO program and are not included in our consolidated balance sheets.* 

The average amount outstanding per loan increased to $4,830 as of December 31, 2025 compared to $4,102 as of December 31, 2024, mainly due to a higher average amount outstanding per loan in the small business portfolio and, to a lesser extent, an increase in the mix of loans and finance receivables held by small businesses in our portfolio as they have higher average outstanding balances.

**Average Loan and Finance Receivable Origination** 

The average loan and finance receivable origination amount is calculated as the total amount of combined loans and finance receivables originated, renewed and purchased for the period divided by the total number of combined loans and finance receivables originated,

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renewed and purchased for the period. The following table shows the average loan and finance receivable origination amount by product for 2025 compared to 2024:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Average loan and finance receivable origination amount (in ones)**<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables<sup>(b)(c)</sup> | $576 | $573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables<sup>(c)</sup> | 16441 | 16067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans<sup>(b)</sup> | $1810 | $1576 |

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*(a) The disclosure regarding the average loan origination amount is statistical data that is not included in our consolidated financial statements.* 

*(b) Includes loans guaranteed by us, which represent loans originated by third-party lenders through the CSO program and are not included in our consolidated balance sheets.* 

*(c) For line of credit accounts the average represents the average amount of each incremental draw.* 

The average loan and finance receivable origination amount is smaller than the average amount outstanding per loan and finance receivable in the previous section as the former measure includes incremental draws on our line of credit accounts whereas the latter measure includes the entire outstanding receivable on our line of credit accounts.

The average loan origination amount increased to $1,810 from $1,576 during 2025 compared to 2024, due primarily to an increase in the mix of loans and finance receivables held by small businesses in our portfolio as they have higher average origination amounts.

**Credit Performance of Loans and Finance Receivables** 

We monitor the performance of our loans and finance receivables. Internal factors such as portfolio composition (e.g., interest rate, loan term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss trends, prepayment rates) are reviewed on a regular basis at various levels (e.g., product, vintage). We also weigh the impact of relevant, internal business decisions on the portfolio. External factors such as macroeconomic trends, financial market liquidity expectations, competitive landscape and legal/regulatory requirements are also reviewed on a regular basis.

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The payment status of a customer, including the degree of any delinquency, is a significant factor in determining estimated charge-offs in the cash flow models that we use to determine fair value. The following table shows payment status on outstanding principal, interest and fees as of the end of each of the last eight quarters (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **Ending combined loans and finance receivables, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned | $4117245 | $4298675 | $4500360 | $4902287 |
| Guaranteed by the Company<sup>(a)</sup> | 17954 | 20014 | 20750 | 22349 |
| **Ending combined loan and finance receivables balance**<sup>(b)</sup> | $4135199 | $4318689 | $4521110 | $4924636 |
| > 30 days delinquent | 318356 | 305583 | 327387 | 332164 |
| > 30 days delinquency rate | 7.7% | 7.1% | 7.2% | 6.7% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **Ending combined loans and finance receivables, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned | $3438468 | $3569726 | $3742767 | $3966486 |
| Guaranteed by the Company<sup>(a)</sup> | 13046 | 14941 | 21797 | 23826 |
| **Ending combined loan and finance receivables balance**<sup>(b)</sup> | $3451514 | $3584667 | $3764564 | $3990312 |
| > 30 days delinquent | 279659 | 268053 | 293839 | 297832 |
| > 30 days delinquency rate | 8.1% | 7.5% | 7.8% | 7.5% |

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*(a) Represents loans originated by third-party lenders through the CSO program, which are not included in our consolidated financial statements.* 

*(b) Non-GAAP measure.* 

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Refer to the following sections for discussion of receivable balances and credit metrics at the consumer and small business levels.

***Consumer Loans and Finance Receivables***

The following table includes financial information for our consumer loans and finance receivables. Delinquency metrics include principal, interest and fees, and only amounts that are past due (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **<u>Consumer loans and finance receivables:</u>** |  |  |  |  |
| **Consumer combined loan and finance receivable principal balance:** |  |  |  |  |
| Company owned | $1326768 | $1375065 | $1396611 | $1446938 |
| Guaranteed by the Company<sup>(a)</sup> | 14813 | 16762 | 17301 | 18656 |
| **Total combined loan and finance receivable principal balance**<sup>(b)</sup> | $1341581 | $1391827 | $1413912 | $1465594 |
| **Consumer combined loan and finance receivable fair value balance:** |  |  |  |  |
| Company owned | $1616337 | $1668336 | $1694839 | $1764469 |
| Guaranteed by the Company<sup>(a)</sup> | 21225 | 23777 | 24372 | 26148 |
| **Ending combined loan and finance receivable fair value balance**<sup>(b)</sup> | $1637562 | $1692113 | $1719211 | $1790617 |
| Fair value as a % of principal<sup>(b)(c)</sup> | 122.1% | 121.6% | 121.6% | 122.2% |
| **Consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned | $1449511 | $1502158 | $1525989 | $1573763 |
| Guaranteed by the Company<sup>(a)</sup> | 17954 | 20014 | 20750 | 22349 |
| **Ending combined loan and finance receivable balance**<sup>(b)</sup> | $1467465 | $1522172 | $1546739 | $1596112 |
| **Average consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned<sup>(d)</sup> | $1476814 | $1467200 | $1524792 | $1527733 |
| Guaranteed by the Company<sup>(a)(d)</sup> | 20700 | 18495 | 20881 | 20562 |
| **Average combined loan and finance receivable balance**<sup>(b)(d)</sup> | $1497514 | $1485695 | $1545673 | $1548295 |
| Installment loans as percentage of average combined loan and finance receivable balance | 35.4% | 35.5% | 36.2% | 38.1% |
| Line of credit accounts as percentage of average combined loan and finance receivable balance | 64.6% | 64.5% | 63.8% | 61.9% |
| Revenue | $430825 | $428311 | $443413 | $445565 |
| Change in fair value | (217057) | (215393) | (246788) | (225915) |
| Net revenue | $213768 | $212918 | $196625 | $219650 |
| Net revenue margin | 49.6% | 49.7% | 44.3% | 49.3% |
| Combined loan and finance receivable originations and purchases | 508245 | 564214 | 589565 | 612705 |
| **<u>Delinquencies:</u>** |  |  |  |  |
| > 30 days delinquent | $120598 | $121333 | $142240 | $124894 |
| > 30 days delinquent as a % of combined loan and finance receivable balance<sup>(b)(c)</sup> | 8.2% | 8.0% | 9.2% | 7.8% |
| **<u>Charge-offs:</u>** |  |  |  |  |
| Charge-offs (net of recoveries) | $227785 | $215004 | $249545 | $247598 |
| Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance<sup>(b)(d)</sup> | 15.2% | 14.5% | 16.1% | 16.0% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **<u>Consumer loans and finance receivables:</u>** |  |  |  |  |
| **Consumer combined loan and finance receivable principal balance:** |  |  |  |  |
| Company owned | $1106364 | $1176727 | $1266030 | $1354014 |
| Guaranteed by the Company<sup>(a)</sup> | 10780 | 12487 | 18292 | 19859 |
| **Total combined loan and finance receivable principal balance**<sup>(b)</sup> | $1117144 | $1189214 | $1284322 | $1373873 |
| **Consumer combined loan and finance receivable fair value balance:** |  |  |  |  |
| Company owned | $1347165 | $1421814 | $1526834 | $1639307 |
| Guaranteed by the Company<sup>(a)</sup> | 14773 | 17284 | 25446 | 28414 |
| **Ending combined loan and finance receivable fair value balance**<sup>(b)</sup> | $1361938 | $1439098 | $1552280 | $1667721 |
| Fair value as a % of principal<sup>(b)(c)</sup> | 121.9% | 121.0% | 120.9% | 121.4% |
| **Consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned | $1208551 | $1285755 | $1390882 | $1482970 |
| Guaranteed by the Company<sup>(a)</sup> | 13046 | 14941 | 21797 | 23826 |
| **Ending combined loan and finance receivable balance**<sup>(b)</sup> | $1221597 | $1300696 | $1412679 | $1506796 |
| **Average consumer combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:** |  |  |  |  |
| Company owned<sup>(d)</sup> | $1242677 | $1244846 | $1344872 | $1429349 |
| Guaranteed by the Company<sup>(a)(d)</sup> | 14956 | 13730 | 18999 | 22060 |
| **Average combined loan and finance receivable balance**<sup>(b)(d)</sup> | $1257633 | $1258576 | $1363871 | $1451409 |
| Installment loans as percentage of average combined loan and finance receivable balance | 40.4% | 39.0% | 36.9% | 35.9% |
| Line of credit accounts as percentage of average combined loan and finance receivable balance | 59.6% | 61.0% | 63.1% | 64.1% |
| Revenue | $364731 | $367558 | $410884 | $433648 |
| Change in fair value | (182979) | (164011) | (203647) | (212947) |
| Net revenue | 181752 | 203547 | 207237 | 220701 |
| Net revenue margin | 49.8% | 55.4% | 50.4% | 50.9% |
| Combined loan and finance receivable originations and purchases | 417432 | 490640 | 569091 | 601734 |
| **<u>Delinquencies:</u>** |  |  |  |  |
| > 30 days delinquent | $84137 | $82169 | $123369 | $123442 |
| > 30 days delinquent as a % of combined loan and finance receivable balance<sup>(b)(c)</sup> | 6.9% | 6.3% | 8.7% | 8.2% |
| **<u>Charge-offs:</u>** |  |  |  |  |
| Charge-offs (net of recoveries) | $187419 | $161171 | $203588 | $233139 |
| Charge-offs (net of recoveries) as a % of average combined loan and finance receivable balance<sup>(b)(d)</sup> | 14.9% | 12.8% | 14.9% | 16.1% |

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*(a) Represents loans originated by third-party lenders through the CSO program that we have not yet purchased, which are not included in our consolidated balance sheets.*

*(b) Non-GAAP measure.*

*(c) Determined using period-end balances.*

*(d) The average combined loan and finance receivable balance is the average of the month-end balances during the period.* 

The combined ending loan balance, including principal and accrued fees/interest outstanding, of consumer loans and finance receivables at December 31, 2025 increased 5.9% to $1,596.1 million compared to $1,506.8 million at December 31, 2024, due primarily to originations outpacing repayments.

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The percentage of loans greater than 30 days delinquent decreased to 7.8% at December 31, 2025 compared to 8.2% at December 31, 2024, driven primarily by a lower percentage of originations to new customers, which typically default at a higher rate compared to returning customers, and a mix shift to installment loans, which have lower yields and default rates compared to line of credit products. Charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance of 16.0% for the three months ended December 31, 2025 (the "2025 fourth quarter") was stable compared to 16.1% for the three months ended December 31, 2024 (the "2024 fourth quarter"), driven primarily by fairly stable credit performance in most of our products in the consumer loan portfolio. The trend in charge-offs (net of recoveries) as a percentage of average combined loan and finance receivable balance across the four quarters of 2025 was generally in line with seasonal norms, with the second and third quarters being slightly higher than similar quarters in the prior year, but still in a reasonable range for the consumer portfolio and consistent with other quarters in the past four years. Demand for our consumer loan products and services in the United States has historically been highest in the third and fourth quarters of each year, corresponding to the holiday season, and lowest in the first quarter of each year, corresponding to our customers' receipt of income tax refunds. Lower originations, particularly to new customers, which typically default at a higher percentage than returning customers, generally result in lower delinquencies and charge-offs as the book is more seasoned.

Revenue related to our consumer loans and finance receivables was $445.6 million for the 2025 fourth quarter compared to $433.6 million for the 2024 fourth quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue margin related to our consumer loans and finance receivables was 49.3% for the 2025 fourth quarter, which was fairly consistent with the net revenue margin of 50.9% in the 2024 fourth quarter.

The ratio of fair value as a percentage of principal on consumer loans and finance receivables increased to 122.2% at December 31, 2025 compared to 121.4% at December 31, 2024, due primarily to improvement in delinquency. Refer to "Results of Operations—Valuation of Loans and Finance Receivables" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional discussion on loan valuation.

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***Small Business Loans and Finance Receivables***

The following table includes financial information for our small business loans and finance receivables. Delinquency metrics include principal, interest and fees, and only amounts that are past due (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **<u>Small business loans and finance receivables:</u>** |  |  |  |  |
| Total loan and finance receivable principal balance | $2637651 | $2766048 | $2948290 | $3301076 |
| Ending loan and finance receivable fair value balance | 2953482 | 3104979 | 3318014 | 3707075 |
| Fair value as a % of principal<sup>(a)</sup> | 112.0% | 112.3% | 112.5% | 112.3% |
| Ending loan and finance receivable balance, including principal and accrued fees/interest outstanding | $2667734 | $2796517 | $2974371 | $3328524 |
| Average loan and finance receivable balance<sup>(b)</sup> | $2591661 | $2734474 | $2882684 | $3157860 |
| Installment loans as percentage of average combined loan and finance receivable balance | 49.7% | 48.9% | 48.5% | 47.4% |
| Line of credit accounts as percentage of average combined loan and finance receivable balance | 50.3% | 51.1% | 51.5% | 52.6% |
| Revenue | $304596 | $326266 | $348310 | $383015 |
| Change in fair value | (100423) | (105164) | (93086) | (109568) |
| Net revenue | 204173 | 221102 | 255224 | 273447 |
| Net revenue margin | 67.0% | 67.8% | 73.3% | 71.4% |
| Combined loan and finance receivable originations and purchases | 1221234 | 1238835 | 1371874 | 1643237 |
| **<u>Delinquencies:</u>** |  |  |  |  |
| > 30 days delinquent | $197758 | $184250 | $185147 | $207270 |
| > 30 days delinquent as a % of loan balance<sup>(a)</sup> | 7.4% | 6.6% | 6.2% | 6.2% |
| **<u>Charge-offs:</u>** |  |  |  |  |
| Charge-offs (net of recoveries) | $122551 | $127876 | $128266 | $144477 |
| Charge-offs (net of recoveries) as a % of average loan and finance receivable balance<sup>(b)</sup> | 4.7% | 4.7% | 4.4% | 4.6% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **First** | **Second** | **Third** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
| **<u>Small business loans and finance receivables:</u>** |  |  |  |  |
| Total loan and finance receivable principal balance | $2192066 | $2246925 | $2327336 | $2456430 |
| Ending loan and finance receivable fair value balance | 2448045 | 2517345 | 2607606 | 2747137 |
| Fair value as a % of principal<sup>(a)</sup> | 111.7% | 112.0% | 112.0% | 111.8% |
| Ending loan and finance receivable balance, including principal and accrued fees/interest outstanding | $2229917 | $2283971 | $2351885 | $2483516 |
| Average loan and finance receivable balance<sup>(b)</sup> | $2133422 | $2240893 | $2313142 | $2412795 |
| Installment loans as percentage of average combined loan and finance receivable balance | 54.0% | 52.6% | 51.2% | 50.3% |
| Line of credit accounts as percentage of average combined loan and finance receivable balance | 46.0% | 47.4% | 48.8% | 49.7% |
| Revenue | $236477 | $251782 | $269454 | $285762 |
| Change in fair value | (79127) | (91969) | (83390) | (101144) |
| Net revenue | 157350 | 159813 | 186064 | 184618 |
| Net revenue margin | 66.5% | 63.5% | 69.1% | 64.6% |
| Combined loan and finance receivable originations and purchases | 959935 | 918014 | 1044829 | 1113185 |
| **<u>Delinquencies:</u>** |  |  |  |  |
| > 30 days delinquent | $195522 | $185884 | $170470 | $174390 |
| > 30 days delinquent as a % of loan balance<sup>(a)</sup> | 8.8% | 8.1% | 7.2% | 7.0% |
| **<u>Charge-offs:</u>** |  |  |  |  |
| Charge-offs (net of recoveries) | $99279 | $107215 | $105737 | $109044 |
| Charge-offs (net of recoveries) as a % of average loan and finance receivable balance<sup>(b)</sup> | 4.7% | 4.8% | 4.6% | 4.5% |

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*(a) Determined using period-end balances.* 

*(b) The average loan and finance receivable balance is the average of the month-end balances during the period.*

The combined ending loan balance, including principal and accrued fees/interest outstanding, of small business loans and finance receivables at December 31, 2025 increased 34.0% to $3,328.5 million compared to $2,483.5 million at December 31, 2024, due primarily to originations outpacing repayments.

The percentage of loans and finance receivables greater than 30 days delinquent decreased to 6.2% at December 31, 2025 compared to 7.0% at December 31, 2024. Charge-offs (net of recoveries) as a percentage of average loan and finance receivable balance was flat at 4.6% for the 2025 fourth quarter compared to 4.5% in the 2024 fourth quarter. These metrics evidence stable to improved credit performance of our small business portfolio.

Revenue related to our small business loans and finance receivables was $383.0 million for the 2025 fourth quarter compared to $285.8 million for the 2024 fourth quarter. The increase in revenue was driven primarily by growth in the overall portfolio. The net revenue margin related to our small business loans and finance receivables was 71.4% for the 2025 fourth quarter compared to 64.6% in the 2024 fourth quarter. The net revenue margins in the third and fourth quarters of 2025 are higher compared to prior quarters due primarily to improved credit performance and slightly higher average yields.

The ratio of fair value as a percentage of principal on small business loans and finance receivables increased slightly to 112.3% at December 31, 2025 compared to 111.8% at December 31, 2024, due primarily to improvement in delinquency. Refer to "Results of Operations—Valuation of Loans and Finance Receivables" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional discussion on loan valuation.

**Total Operating Expenses** 

Total operating expenses increased $146.1 million, or 15.5%, to $1,090.8 million in 2025 compared to $944.7 million in 2024.

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Marketing expense increased $97.5 million, or 18.6%, to $621.1 million in 2025 compared to $523.6 million in 2024, due primarily to a strategic effort to capture demand. Key drivers included higher commissionable originations and strategic partnerships within the small business portfolio.

Operations and technology expense increased $33.8 million, or 15.1%, to $258.2 million in 2025 from $224.4 million in 2024, due primarily to higher variable costs, particularly personnel costs, underwriting costs, bank charges, collection costs and other selling expenses, attributable to the increase in originations and the size of the loan portfolio. As a percentage of revenue, operations and technology expense decreased slightly to 8.2% in 2025 from 8.4% in 2024, as increased originations and revenues outpaced fixed costs.

General and administrative expense increased $13.2 million, or 8.4%, to $169.7 million in 2025 compared to $156.5 million in 2024, due primarily to higher personnel costs and $6.6 million in transaction-related costs associated with the acquisition of Grasshopper. As a percentage of revenue, general and administrative expense decreased to 5.4% in 2025 from 5.9% as increased originations and revenues outpaced fixed costs.

Depreciation and amortization expense increased $1.6 million, or 4.0%, to $41.8 million in 2025 compared to $40.2 million in 2024, driven primarily by general growth in the business and additional internal-use software placed in service.

**Nonoperating Items** 

Interest expense, net increased $48.9 million, or 16.8%, to $339.3 million in 2025 compared to $290.4 million in 2024, due primarily to an increase in the average amount of debt outstanding to $3,945.5 million during 2025 from $3,148.9 million during 2024, partially offset by a decrease in the weighted average interest rate on our outstanding debt to 8.64% in 2025 from 9.31% in 2024. See "—Liquidity and Capital Resources—Current Debt Facilities" below for further information.

Equity method investment income was $1.6 million in 2025 compared to $16.5 million of loss in 2024, due to the write-down of our investment in Linear in 2024 as discussed in Note 1 in the Notes to Consolidated Financial Statements.

**Provision for Income Taxes** 

The effective tax rate from continuing operations of 23.1% in 2025 was slightly higher compared to the effective tax rate of 22.7% in 2024. The increase was primarily driven by the prior year having a larger reduction of interest expense due to the remeasurement of unrecognized tax benefits, partially offset by higher excess tax benefits on stock compensation due to stock price appreciation.

**Net Income**

Net income increased $99.0 million, or 47.2%, to $308.4 million in 2025 compared to $209.4 million in 2024. The increase was driven primarily by higher income from operations, reflecting overall business growth driving an increase in net revenue and lower operating expenses as a percentage of revenue. This was partially offset by higher interest expense resulting from an increase in the average amount of debt outstanding. The prior year also included a write-down of our investment in Linear of $16.6 million.

**LIQUIDITY AND CAPITAL RESOURCES**

**Capital Funding Strategy** 

We seek to maintain a stable and flexible balance sheet to ensure that liquidity and funding are available to meet our business obligations. As of December 31, 2025, we had cash, cash equivalents and restricted cash of $407.9 million, of which $336.2 million was restricted, compared to $322.7 million, of which $248.8 million was restricted, as of December 31, 2024. During the year ended December 31, 2025, we issued $163.9 million of asset-backed notes and entered into a $150.0 million consumer loan securitization facility to fund growth in our consumer loan portfolio, issued $522.8 million of asset-backed notes to fund growth in our small business loan portfolio and increased the borrowing capacity of our existing secured revolving credit agreement (the "Credit Agreement") to $825.0 million. As of December 31, 2025, we had funding capacity of $649.2 million. Based on numerous stressed-case modeling scenarios, we believe we have sufficient liquidity to run our operations for the foreseeable future. Further, we have no recourse debt obligations scheduled to mature until December 2028. As part of our capital and liquidity management, we may from time to time acquire our outstanding debt securities, including through redemptions, tender offers, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws and in compliance with the indentures governing our outstanding debt securities, upon such terms and at such prices as we may determine.

Historically, we have generated significant cash flow through normal operating activities for funding both long-term and short-term needs. Our near-term liquidity is managed to ensure that adequate resources are available to fund our seasonal working capital growth, which is driven by demand for our loan and financing products. On December 6, 2023, we issued and sold $400.0 million in aggregate

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principal amount of 11.25% Senior Notes due 2028 (the "2028 Senior Notes") and used the net proceeds, in part, to retire existing indebtedness, including the remaining principal amount outstanding under our 8.50% senior notes due 2024. On August 12, 2024, we issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the "2029 Senior Notes") and used the net proceeds, in part, to retire existing indebtedness, including the remaining principal amount outstanding under our 8.50% senior notes due 2025 (the "2025 Senior Notes").

On June 23, 2022, we entered into an amendment and restatement of the Credit Agreement that, among other changes, increased the borrowing capacity to $440.0 million, with a $20.0 million letter of credit sublimit and $10.0 million swingline loan sublimit. On October 19, 2023, we amended the Credit Agreement to, among other changes, increase the total commitment amount from $440.0 million to $515.0 million. On September 11, 2024, we further amended the Credit Agreement to, among other changes, increase the total commitment amount from $515.0 million to $665.0 million. On August 28, 2025, we further amended the Credit Agreement to, among other changes, increase the total commitment amount from $665.0 million to $825.0 million, extend the maturity date from June 2026 to August 2029 and reduce the interest rate, as applicable, from the base rate plus 0.75% to the base rate plus 0.50% and from the SOFR rate plus 3.50% to the SOFR rate plus 3.25%. In addition to customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. As of February 17, 2026, our available borrowings under the Credit Agreement were $139.6 million. Since 2016, we have entered into several loan securitization facilities and offered asset-backed notes to fund our growth, primarily in our near-prime consumer loan and small business loan portfolios. As of February 17, 2026, we had funding capacity of $232.7 million. We expect that our operating needs, including satisfying our obligations under our debt agreements and funding our working capital growth, will be satisfied by a combination of cash flows from operations, borrowings under the Credit Agreement, or any refinancing, replacement thereof or increase in borrowings thereunder, and securitization or sale of loans and finance receivables under our consumer and small business loan securitization facilities.

As of December 31, 2025, we were in compliance with all financial ratios and covenants set forth in our debt agreements. Unexpected changes in our financial condition or other unforeseen factors may result in our inability to obtain third-party financing or could increase our borrowing costs in the future. To the extent we experience short-term or long-term funding disruptions, we have the ability to adjust our volume of lending and financing to consumers and small businesses that would reduce cash outflow requirements while increasing cash inflows through repayments. Additional alternatives may include the securitization or sale of assets, increased borrowings under the Credit Agreement, or any refinancing or replacement thereof, and reductions in capital spending which could be expected to generate additional liquidity.

**Capital**

Our total stockholders' equity increased by $139.8 million to $1,336.7 million at December 31, 2025 from $1,196.9 million at December 31, 2024. The increase of stockholders' equity was driven primarily by net income for the year ended December 31, 2025 and, to a lesser extent, stock-based compensation expense, partially offset by repurchases of our outstanding common stock, which is discussed in more detail below. Our book value per share outstanding increased to $54.08 at December 31, 2025 from $46.38 at December 31, 2024.

On August 12, 2024, we announced the Board of Directors authorized a new share repurchase program totaling $300.0 million through December 31, 2025 (the "August 2024 Authorization"), which replaced the prior authorization, under which the Company had repurchased $255.9 million of common stock. On November 12, 2025, we announced the Board of Directors authorized a new share repurchase program totaling $400.0 million through June 30, 2027 (the "November 2025 Authorization"), which replaced the August 2024 Authorization. The Company had repurchased $238.9 million of common stock under the August 2024 Authorization before it was terminated. Repurchases under our repurchase programs are made from time to time in accordance with applicable securities laws in the open market, through privately negotiated transactions or otherwise. The share repurchase programs do not obligate us to purchase any shares of our common stock. The November 2025 Authorization may be terminated, increased or decreased by the Board of Directors in its discretion at any time. During 2025, we paid $190.1 million to repurchase common stock under the share repurchase programs.

**Cash**

At December 31, 2025, we had $71.7 million of available unrestricted cash to fund our future operations compared to $73.9 million at December 31, 2024.

Our cash and cash equivalents at December 31, 2025 were held primarily for working capital purposes and were used to fund a portion of our lending activities. From time to time, we use excess cash and cash equivalents to fund our lending activities. We do not enter into investments for trading or speculative purposes. Our policy is to invest cash in excess of our immediate working capital requirements in short-term investments, deposit accounts or other arrangements designed to preserve the principal balance and maintain adequate

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liquidity. Our excess cash may be invested primarily in overnight sweep accounts, money market instruments or similar arrangements that provide competitive returns consistent with our polices and market conditions.

Our restricted cash typically consists of funds held in accounts as reserves on certain debt facilities and as collateral for issuing bank partner transactions. We have no ability to draw on such funds as long as they remain restricted under the applicable arrangements but have the ability to use these funds to finance loan originations, subject to meeting borrowing base requirements. Our policy is to invest restricted cash held in debt facility related accounts, to the extent permitted by such debt facility, in investments designed to preserve the principal balance and provide liquidity. Accordingly, such cash is invested primarily in money market instruments that offer daily purchase and redemption and provide competitive returns consistent with our policies and market conditions.

**Current Debt Facilities**

The following table summarizes our debt facilities as of December 31, 2025 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Revolving period end date** | **Maturity date** | **Weighted average interest rate**<sup>(a)</sup> | **Borrowing capacity** | **Principal outstanding** |
| **Funding Debt:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2025-2 Securitization Notes | October 2028 | November 2032 | 5.65% | $261434 | $261434 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2025-1 Securitization Notes | March 2028 | April 2032 | 5.89% | 261392 | 261392 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2024-2 Securitization Notes | September 2027 | October 2031 | 5.78% | 261353 | 261353 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025-A Securitization Notes |  | October 2031 | 7.29% | 93331 | 93331 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2024-1 Securitization Notes | May 2027 | June 2031 | 6.84% | 399574 | 399574 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024-A Securitization Notes |  | October 2030 | 8.29% | 45510 | 45510 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2023-1 Securitization Notes | July 2026 | August 2030 | 7.66% | 227051 | 227051 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODR 2021-1 Securitization Facility | November 2027 | November 2028 | 6.86% | 246667 | 202890 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR 2022 Securitization Facility | October 2026 | October 2028 | 7.98% | 200000 | 175194 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCLOCR 2025 Securitization Facility | July 2027 | July 2028 | 8.12% | 150000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCLOCR 2024 Securitization Facility | February 2027 | February 2028 | 9.37% | 150000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023-A Securitization Notes |  | December 2027 | 7.78% | 9282 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAOD Securitization Facility | November 2026 | November 2027 | 6.62% | 236842 | 236842 |
| &nbsp;&nbsp;&nbsp;&nbsp;HWCR 2023 Securitization Facility | September 2026 | September 2027 | 8.13% | 487595 | 473214 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODR 2022-1 Securitization Facility | June 2026 | June 2027 | 7.60% | 420000 | 202325 |
| Total funding debt |  |  | 7.08% | $3450031 | $3029392 |
| **Corporate Debt:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | August 2029 | August 2029 | 7.02%<br> <sup>(b)</sup> | 825000 | 596000 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.125% Senior Notes Due 2029 |  | August 2029 | 9.13% | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.25% Senior Notes Due 2028 |  | December 2028 | 11.25% | 400000 | 400000 |
| Total corporate debt |  |  | 8.86% | $1725000 | $1496000 |

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*(a) The weighted average interest rate is determined based on the rates and principal balances on December 31, 2025. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.*

*(b) We had outstanding letters of credit under the Revolving line of credit of $0.4 million as of December 31, 2025.*

Our ability to fully utilize the available capacity of our debt facilities may also be impacted by provisions that limit concentration risk and eligibility.

**Cash Flows**

Our cash flows and other key indicators of liquidity are summarized as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash flows provided by operating activities | $1819121 | $1538576 | $1166869 |
| Cash flows used in investing activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables | (2398643 | (1867773 | (1449417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (47140 | (43422 | (45241 |
| Total cash flows used in investing activities | (2445783 | (1911195 | (1494658 |
| Cash flows provided by financing activities | $711818 | $318882 | $526541 |
| Total debt to Adjusted EBITDA <sup>(a)</sup> | 5.5 | 5.4 | 5.9 |

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*(a) Total debt to Adjusted EBITDA, a non-GAAP measure, is calculated using Adjusted EBITDA for the twelve months ended for the respective period indicated. See "—Non-GAAP Financial Measures—Adjusted EBITDA."*

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***Cash Flows from Operating Activities*** 

Net cash provided by operating activities increased $280.5 million, or 18.2%, to $1,819.1 million for 2025 from $1,538.6 million for 2024. The increase was driven primarily by additional interest and fee income from growth in the loan portfolio.

We believe cash flows from operations and available cash balances and borrowings under our securitization facilities and Credit Agreement, which may include increased borrowings under our Credit Agreement, any refinancing or replacement thereof, and additional securitization of consumer and small business loans, will be sufficient to fund our future operating liquidity needs, including to fund our working capital growth.

***Cash Flows from Investing Activities*** 

Net cash flows used in investing activities increased $534.6 million, or 28.0%, in 2025 compared to 2024, due primarily to loan originations outpacing repayments by a wider margin in the current year compared to the prior year.

***Cash Flows from Financing Activities*** 

Net cash provided by financing activities in 2025 was $711.8 million compared to $318.9 million in 2024. Cash flows provided by financing activities for 2025 primarily consisted of net borrowings of $790.6 million under our securitization facilities and $143.0 million under the Credit Agreement, partially offset by $214.6 million in treasury shares purchases, primarily under our share repurchase programs. Cash flows provided by financing activities for 2024 primarily consisted of net borrowings of $571.4 million under our securitization facilities and $97.0 million under the Credit Agreement, partially offset by $289.3 million in treasury shares purchases, primarily under our share repurchase programs, and $44.4 million in net repayments of senior notes.

**CRITICAL ACCOUNTING ESTIMATES** 

**Loans and Finance Receivables**

We have elected the fair value option for our loans and finance receivables. We estimate the fair value of our loans and finance receivables primarily using discounted cash flow analyses at an individual loan level to more accurately predict future payments. We adjust contractual cash flows for estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets and discount the future cash flows using a rate of return that we believe a market participant would require. Model results may be adjusted by management if we do not believe the output reflects the fair value of the portfolio, as defined under U.S. GAAP. The models are updated at each measurement date to capture any changes in internal factors such as nature, term, volume, payment trends, remaining time to maturity, and portfolio mix, as well as changes in underwriting or observed trends expected to impact future performance. We have validated model performance by comparing past valuations with actual performance noted after each valuation.

The following describes the primary inputs to the discounted cash flow analyses that require significant judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net losses – Net losses are estimates of the principal payments that will not be repaid over the life of our portfolio, net of the expected principal recoveries on charged-off receivables. We have developed proprietary underwriting systems based on data we have collected since the Company's inception. These systems employ advanced risk analytics to decide whether to approve financing transactions, to structure the amount and terms of the financings we offer pursuant to jurisdiction-specific regulations, and to provide customers with funds quickly and efficiently. Our systems closely monitor collection and portfolio performance data that we use to continually refine the analytical models and statistical measures used in making our credit, purchase, marketing, and collection decisions. Leveraging the data at the core of our business, we utilize our models to estimate lifetime credit losses for loans and finance receivables. Inputs to the models include contractual cash flows, customer application information, historical and current performance, and behavioral information. Management may also incorporate discretionary adjustments based on our expectations of future credit performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepayments – Prepayments are estimates of the amount of principal payments that will occur earlier than contractually required during the life of a loan and finance receivable. Prepayments accelerate the timing of principal repayment and reduce interest payments. Prepayment rates in our discounted cash flow models are developed using historical results as the basis. Model inputs are similar to those utilized to estimate net losses and may also incorporate discretionary adjustments based on our expectations of future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Servicing costs – Servicing costs applied to the expected cash flows of our portfolio reflect our estimate of the amount investors would incur to service the underlying assets for the remainder of their lives. Servicing costs are derived from our internal analysis of our cost structure considering the characteristics of our receivables and have been benchmarked against observable information on comparable assets in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Discount rates – Determined at a product level, the discount rates utilized in our cash flow analyses reflect our estimates of the rates of return that investors would require when investing in financial instruments with similar risk and return characteristics.

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Management continuously monitors factors that may impact the fair values of our products. Internal factors such as portfolio composition (for example, interest rate, loan term, geography information, customer mix, credit quality) and performance (e.g., delinquency, loss trends, prepayment rates) are reviewed on a regular basis at various levels, including product and vintage. The Company also weighs the impact of relevant, internal business decisions on estimated fair value. External factors such as macroeconomic trends, financial market liquidity expectations, competitive landscape and legal or regulatory requirements are also reviewed on a regular basis. Management also reviews the results of our fair value model output compared to prior periods for unusual trends, potential model over- or under-reaction, outlier results and other distorting factors. Based on these analyses, management may deem it appropriate to adjust model output to derive management's best estimate of fair value.

**Goodwill**

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with Accounting Standards Codification ("ASC") 350, *Goodwill*, we test goodwill for potential impairment annually on October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount.

We first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, we consider relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, our overall financial performance, cash flow from operating activities, market capitalization and stock price. If we determine that the quantitative impairment test is required, we use the income approach to complete our annual goodwill assessment. The income approach uses future cash flows and estimated terminal values that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar from an operational and economic standpoint. See Note 5, *Goodwill and Other Intangible Assets*, to the Consolidated Financial Statements.

**Income Taxes** 

We account for income taxes under ASC 740, *Income Taxes*. As part of the process of preparing our consolidated financial statements, we are required to estimate income taxes in each of the jurisdictions in which we operate. This process involves estimating the actual current tax expense together with assessing temporary differences in recognition of income for tax and accounting purposes. These differences result in deferred tax assets and liabilities and are included within the consolidated balance sheets. We must then assess the likelihood that the deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not more likely than not, we must establish a valuation allowance. An expense or benefit is included within the tax provision in the consolidated statement of income for any increase or decrease in the valuation allowance for a given period.

We report our loans and finance receivables in the Company's tax returns at fair market value, as determined for U.S. federal income tax purposes, which differs from how we report them in the consolidated financial statements due in part to statutory tax and judicial principles that may lead to different interpretations of expected credit losses and discount rate assumptions. Changes in the fair market value of our loans and finance receivables as determined for tax purposes may have a significant impact on the timing and amount of how income taxes are recognized in the consolidated financial statements. The estimates of fair market value are dependent on multiple assumptions, including expected credit losses and discount rates.

We perform an evaluation of the recoverability of our deferred tax assets on a quarterly basis. We establish a valuation allowance if it is more likely than not (greater than 50 percent) that all or some portion of the deferred tax asset will not be realized. We analyze several factors, including the nature and frequency of operating losses, our carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets.

We account for uncertainty in income taxes in accordance with ASC 740, which requires that a more-likely-than-not threshold be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. We must evaluate tax positions taken on our tax returns for all periods that are open to examination by taxing authorities and make a judgment as to whether and to what extent such positions are more likely than not to be sustained based on the technical merits. We record interest and penalties related to tax matters as income tax expense in the consolidated statement of income.

Our judgment is required in determining the provision for income taxes, the deferred tax assets and liabilities and any valuation allowance recorded against deferred tax assets. Our judgment is also required in evaluating whether tax benefits meet the more-likely-than-not threshold for recognition under ASC 740.

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**RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS**

Refer to Note 1 in the Notes to Consolidated Financial Statements in Part II, Item 8 "Financial Statements and Supplementary Data" in this report for a discussion of recently issued accounting pronouncements that may be significant to Enova.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Market risk is a broad term related to economic losses due to adverse changes in the fair value of a financial instrument. While market risk may embody several elements, including liquidity and basis risk, the SEC's market risk rules focus on pricing risk, which relates to changes in the level of prices due to changes in interest rates, foreign currency exchange rates, commodity prices, equity prices, and other market changes that affect market risk-sensitive instruments.

We carry our loans and finance receivables at fair value with changes in fair value recognized directly in earnings. The valuation of our loan portfolio may be impacted by macroeconomic and other factors that may positively or negatively impact the repayment capacity of our customers or the discounted value of expected future cash flows from our loan portfolio.

Changes to market interest rates can impact the fair value of our loans and finance receivables. The fair value of our loans and receivables are estimated using a discounted cash flow methodology, where the discount rate represents an estimate of the required rate of return by market participants. Required returns may increase or decrease depending upon the level of market interest rates and additional risk premiums required to generate acceptable returns on specific assets. An increase of 100 basis points to the discount rates used in our valuations would decrease the balance of loans and finance receivables at fair value by approximately 0.54% and 0.68% at December 31, 2025 and 2024, respectively. A decrease of 100 basis points to the discount rates used in our valuations would increase the balance of loans and finance receivables at fair value by approximately 0.56% and 0.71% at December 31, 2025 and 2024, respectively.

Expectations of future credit losses are a significant input to the valuation of our loans and finance receivables. A variety of macroeconomic and other factors can impact the expected repayment capacity of our customers and our expectation of future credit losses, both positively and negatively. Increasing our estimates for future credit losses used in our valuations to 110% of current expectations would decrease the balance of loans and finance receivables at fair value by approximately 2.4% and 3.6% at December 31, 2025 and 2024, respectively. Conversely, credit losses may decrease as the economy strengthens or with increased government assistance. Decreasing our estimates for future credit losses used in our valuations to 90% of current expectations would increase the balance of loans and finance receivables at fair value by approximately 2.6% and 4.3% at December 31, 2025 and 2024, respectively.

The expected rate of future customer prepayments can also impact the fair value of our loans and finance receivables. Prepayment speeds can vary with economic activity, competition and other factors that may increase or decrease the liquidity available to our customers to prepay obligations. Increasing our estimates for future prepayments used in our valuations to 110% of current expectations would decrease the balance of loans and finance receivables at fair value by 0.54% and 0.79% at December 31, 2025 and 2024, respectively. Conversely, prepayment speeds may decrease as the economy weakens or inflation increases. Decreasing our estimates for future prepayments used in our valuations to 90% of current expectations would increase the balance of loans and finance receivables at fair value by 0.54% and 0.78% at December 31, 2025 and 2024, respectively.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Index to Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; PCAOB ID No.</u> 34<u>)</u>](#deloitte_opinion) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheets – December 31, 2025 and 2024</u>](#balance_sheets) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Income – Years Ended December 31, 2025, 2024 and 2023</u>](#statements_of_income) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Comprehensive Income – Years Ended December 31,</u> <u>2025, 2024 and 2023</u>](#comprehensive_income) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Stockholders' Equity – Years Ended December 31, 2025, 2024 and 2023</u>](#stockholders_equity) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows – Years Ended December 31, 2025, 2024 and 2023</u>](#cash_flows) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 74 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and the Board of Directors of Enova International, Inc.

**Opinions on the Financial Statements and Internal Control over Financial Reporting** 

We have audited the accompanying consolidated balance sheets of Enova International, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

**Basis for Opinions**

The Company's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

------

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

**Loans and finance receivables at fair value – Refer to Notes 1 and 18 to the consolidated financial statements**

*Critical Audit Matter Description*

The estimation of the fair value of loans and finance receivables portfolio uses discounted cash flow models that have been internally developed. The models use inputs that are unobservable and inherently judgmental and reflect management's best estimates of the assumptions a market participant would use to calculate fair value. The valuation inputs for the projections of future cash flows include estimated losses, prepayment rates, servicing costs and discount rates.

We identified the valuation assertion relating to loans and finance receivables at fair value as a critical audit matter because of the subjective process in determining significant inputs and judgments used to estimate the fair value. Given management's use of unobservable inputs to estimate the fair value of the loans and finance receivables, performing audit procedures to evaluate these inputs requires a high degree of auditor judgment and an increased extent of effort, including the need to involve our internal fair value specialists.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to loans and finance receivables at fair value included the following, among others:

• We tested the effectiveness of internal controls related to the determination of loans and finance receivables at fair value, including those controls related to management's review of the models and the significant inputs used to estimate the fair value.

• We tested the underlying data for accuracy and completeness, including loan balances, historical net charge-offs, payments and other assumptions, that served as the basis for the valuation.

• With the assistance of our internal fair value specialists, we developed a range of independent estimates of fair value and compared our estimates to the recorded valuation.

/s/ Deloitte & Touche LLP

Chicago, Illinois

February 20, 2026

We have served as the Company's auditor since 2021.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES** 

**CONSOLIDATED BALANCE SHEETS** 

*(dollars in thousands, except per share data)* 

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents<sup>(1)</sup> | $71709 | $73910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash<sup>(1)</sup> | 336154 | 248758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables at fair value<sup>(1)</sup> | 5471544 | 4386444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 40901 | 40690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables and prepaid expenses<sup>(1)</sup> | 80870 | 63752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 132566 | 119956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 16549 | 18201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 279275 | 279275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 3660 | 10951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets<sup>(1)</sup> | 35204 | 24194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6468432 | $5266131 |
| **Liabilities and Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses<sup>(1)</sup> | $305849 | $249970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 32041 | 32165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 295437 | 223590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt<sup>(1)</sup> | 4498381 | 3563482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5131708 | 4069207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value, 250,000,000 shares authorized, 47,441,228 and 46,520,916 shares issued and 24,715,608 and 25,808,096 outstanding as of December 31, 2025 and 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 370078 | 328268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2006143 | 1697754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (9500) | (13691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost (22,725,620 and 20,712,820 shares as of December 31, 2025 and 2024, respectively) | (1029997) | (815407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1336724 | 1196924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $6468432 | $5266131 |

---

------

*(1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.*

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS** 

*(dollars in thousands, except per share data)* 

The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. See Note 15 for additional information.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets of consolidated VIEs, included in total assets above** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $672 | $348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 292826 | 217344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables at fair value | 4227546 | 3048561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables and prepaid expenses | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7547 | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets of consolidated VIEs | $4528618 | $3276111 |
| **Liabilities of consolidated VIEs, included in total liabilities above** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $12960 | $11300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 3015120 | 2227156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities of consolidated VIEs | $3028080 | $2238456 |

---

See Notes to Consolidated Financial Statements

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF INCOME** 

*(in thousands, except per share data)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Revenue** | $3151653 | $2657800 | $2117639 |
| **Change in Fair Value** | (1321412) | (1128351) | (887717) |
| **Net Revenue** | 1830241 | 1529449 | 1229922 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing | 621077 | 523569 | 414460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations and technology | 258179 | 224391 | 194905 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 169722 | 156524 | 160265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 41831 | 40207 | 38157 |
| **Total Operating Expenses** | 1090809 | 944691 | 807787 |
| **Income from Operations** | 739432 | 584758 | 422135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (339305) | (290442) | (194779) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction gain (loss) | 367 | (1064) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment income (loss) | 1559 | (16460) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nonoperating expenses | (1019) | (5691) | (282) |
| **Income before Income Taxes** | 401034 | 271101 | 227247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 92645 | 61653 | 52126 |
| **Net income** | $308389 | $209448 | $175121 |
| **Earnings Per Share:** |  |  |  |
| Earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $12.25 | $7.78 | $5.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $11.52 | $7.43 | $5.49 |
| Weighted average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 25169 | 26920 | 30673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 26775 | 28202 | 31921 |

---

See Notes to Consolidated Financial Statements

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

*(in thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net income | $308389 | $209448 | $175121 |
| **Other comprehensive gain (loss), net of tax:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gain (loss)<sup>(1)</sup> | 4191 | (7919) | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investments, net of tax |  | 492 | (2253) |
| Total other comprehensive gain (loss), net of tax | 4191 | (7427) | (274) |
| **Comprehensive Income** | 312580 | 202021 | 174847 |

---

------

*(1) Net of tax (provision) benefit of $(1,287), $2,483 and $(637) for the years ended December 31, 2025, 2024 and 2023, respectively.* 

See Notes to Consolidated Financial Statements

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY** 

*(in thousands)* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Accumulated** |  |  |  |
|  |  |  | **Additional** |  | **Other** |  |  | **Total** |
|  | **Common Stock** | **Common Stock** | **Paid in** | **Retained** | **Comprehensive** | **Treasury Stock, at cost** | **Treasury Stock, at cost** | **Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Earnings** | **Loss** | **Shares** | **Amount** | **Equity** |
| **Balance at December 31, 2022** | **44327** | $**—** | $**251878** | $**1313185** | $**(5990)** | **(13106)** | $**(372928)** | $**1186145** |
| Stock-based compensation expense |  |  | 26738 |  |  |  |  | 26738 |
| Shares issued for vested RSUs | 624 |  |  |  |  |  |  |  |
| Shares issued for stock option exercises | 389 |  | 5640 |  |  |  |  | 5640 |
| Net income |  |  |  | 175121 |  |  |  | 175121 |
| Unrealized loss on investments, net of tax |  |  |  |  | (2253) |  |  | (2253) |
| Foreign currency translation gain, net of tax |  |  |  |  | 1979 |  |  | 1979 |
| Purchases of treasury shares, at cost |  |  |  |  |  | (3145) | (153187) | (153187) |
| **Balance at December 31, 2023** | **45340** | $**—** | $**284256** | $**1488306** | $**(6264)** | **(16251)** | $**(526115)** | $**1240183** |
| Stock-based compensation expense | **—** |  | 31816 |  |  | **—** |  | 31816 |
| Shares issued for vested RSUs | 617 |  |  |  |  |  |  |  |
| Shares issued for stock option exercises | 564 |  | 12196 |  |  |  |  | 12196 |
| Net income |  |  |  | 209448 |  |  |  | 209448 |
| Unrealized gain on investments, net of tax |  |  |  |  | 492 |  |  | 492 |
| Foreign currency translation loss, net of tax |  |  |  |  | (7919) |  |  | (7919) |
| Purchases of treasury shares, at cost |  |  |  |  |  | (4462) | (289292) | (289292) |
| **Balance at December 31, 2024** | **46521** | $**—** | $**328268** | $**1697754** | $**(13691)** | **(20713)** | $**(815407)** | $**1196924** |
| Stock-based compensation expense |  |  | 33096 |  |  |  |  | 33096 |
| Shares issued for vested RSUs | 557 |  |  |  |  |  |  |  |
| Shares issued for stock option exercises | 363 |  | 8714 |  |  |  |  | 8714 |
| Net income |  |  |  | 308389 |  |  |  | 308389 |
| Foreign currency translation gain, net of tax |  |  |  |  | 4191 |  |  | 4191 |
| Purchases of treasury shares, at cost |  |  |  |  |  | (2013) | (214590) | (214590) |
| **Balance at December 31, 2025** | **47441** | $**—** | $**370078** | $**2006143** | $**(9500)** | **(22726)** | $**(1029997)** | $**1336724** |

---

See Notes to Consolidated Financial Statements

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(in thousands)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $308389 | $209448 | $175121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 41831 | 40207 | 38157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred loan costs and debt discount | 16588 | 15787 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value | 1313391 | 1119214 | 879351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 33096 | 31816 | 26738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of equity method investment |  | 16552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 1019 | 5690 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating leases, net | 1528 | 1173 | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 70560 | 112722 | 8545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance and service charges on loans and finance receivables | 1391 | (12513) | (44169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, prepaid expenses and other assets | (24174) | 12754 | 8879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 34964 | 35053 | 18137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income taxes receivable/payable | 20538 | (49327) | 47162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 1819121 | 1538576 | 1166869 |
| **Cash Flows from Investing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables originated or acquired | (7168665) | (5640183) | (4315483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables repaid | 4770022 | 3772410 | 2866066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of software development costs and purchases of fixed assets | (47140) | (43422) | (45241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (2445783) | (1911195) | (1494658) |
| **Cash Flows from Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | 1768000 | 852000 | 423000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving line of credit | (1625000) | (755000) | (376000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under securitization facilities | 1686214 | 1617861 | 1013591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under securitization facilities | (895656) | (1046424) | (679190) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of senior notes |  | 500000 | 396232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of senior notes |  | (544393) | (81123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (15301) | (28066) | (22422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt prepayment penalty paid | (563) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 8714 | 12196 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares purchased | (214590) | (289292) | (153187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 711818 | 318882 | 526541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rates on cash | 39 | (1034) | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in cash, cash equivalents and restricted cash** | 85195 | (54771) | 199039 |
| **Cash, cash equivalents and restricted cash at beginning of year** | 322668 | 377439 | 178400 |
| **Cash, cash equivalents and restricted cash at end of year** | $407863 | $322668 | $377439 |

---

See Notes to Consolidated Financial Statements

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Significant Accounting Policies**

***Nature of the Company*** 

Enova International, Inc. ("Enova"), formed on September 7, 2011, is an independent, publicly traded company, and the Company's shares of common stock are listed on the New York Stock Exchange under the symbol "ENVA." Enova and its subsidiaries (individually and collectively referred to herein as the "Company") operate an internet-based lending platform to serve customers in need of cash to fulfill their financial responsibilities. Through a network of direct and indirect marketing channels, the Company offers funds to its customers through a variety of loan and finance receivable products that are primarily unsecured. The business is operated primarily through the internet to provide convenient, fully-automated financial solutions to its customers. As of December 31, 2025, the Company offered or arranged loans to consumers under the names "CashNetUSA" and "NetCredit" in 37 states in the United States and under the name "Simplic" in Brazil. The Company also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States under the names "OnDeck" and "Headway Capital."

The Company originates, guarantees, purchases or purchases a participating interest in consumer installment loans or line of credit accounts. The Company also provides financing to small businesses through either installment loans or line of credit accounts. Consumer and small business loans provide customers with cash in their bank account, typically in exchange for an obligation to repay the amount advanced plus fees and/or interest. "Loans and finance receivables" include both consumer loans and small business loans.

Installment loans are loans originated by the Company, by a third-party lender through the Company's credit services organization or credit access business program ("CSO program" as further described below) that the Company guarantees or by a bank partner. Installment loans include longer-term loans that require the outstanding principal balance to be paid down in multiple installments. Line of credit accounts are originated by the Company or by a bank partner. Line of credit accounts allow customers to draw on their line of credit in increments of their choosing up to their credit limit. Customers may pay off their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit account.

Through the Company's CSO program, the Company provides services related to a third-party lender's consumer loan products in Texas by acting as a credit services organization or credit access business on behalf of consumers in accordance with applicable state laws. Services offered under the CSO program include credit-related services such as arranging loans with independent third-party lenders and assisting in the preparation of loan applications and loan documents ("CSO loans"). Under the CSO program, the Company guarantees consumer loan payment obligations to the third-party lender in the event that the customer defaults on the loan, at which point, the loan is purchased by the Company. Prior to any potential purchase, CSO loans are not included in the Company's consolidated balance sheets.

The Company operates programs with certain banks to provide marketing services and loan servicing for near-prime unsecured consumer installment loans and line of credit accounts. Under the programs, the Company receives marketing and servicing fees while the bank receives an origination fee. The bank has the ability to sell and the Company has the option, but not the requirement, to purchase the loans the bank originates and, in the case of line of credit accounts, a participation interest in those accounts. The Company does not guarantee the performance of the loans and line of credit accounts originated by the bank. OnDeck operates a program with a separate bank to provide marketing services and loan servicing for small business installment loans and line of credit accounts. Under the OnDeck program, the Company receives marketing fees while the bank receives origination fees and certain program fees. The bank has the ability to sell and the Company has the option, but not the requirement, to purchase the installment loans that the bank originates and, in the case of line of credit accounts, extensions under those line of credit accounts. The Company does not guarantee the performance of the loans originated by the bank.

The Company operates a money transfer platform that allows customers to send money from the United States to Mexico, other Latin American countries and Asia. Revenue is generated through fees per transfer and an exchange rate spread.

***Basis of Presentation*** 

The consolidated financial statements of the Company included herein have been prepared on the basis of accounting principles generally accepted in the United States ("GAAP") and reflect the historical results of operations and cash flows of the Company during each respective period. The consolidated financial statements include goodwill and intangible assets arising from businesses previously acquired. The financial information included herein may not be indicative of the consolidated financial position, operating results, changes in stockholders' equity and cash flows of the Company in the future. Intercompany transactions are eliminated. Certain prior year amounts have been reclassified to conform to current year presentation.

The Company consolidates any variable interest entity ("VIE") where it has determined the Company is the primary beneficiary. The primary beneficiary is the entity which has both the power to direct the activities of the VIE that most significantly impact the VIE's

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

economic performance as well as the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.

***Use of Estimates*** 

The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, fair value of loans and finance receivables, goodwill, long-lived and intangible assets, income taxes, contingencies and litigation. Management bases its estimates on historical experience, empirical data and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates.

***Foreign Currency Translations*** 

The functional currency for the Company's subsidiaries that serve residents of Brazil is the Brazilian real. The assets and liabilities of these subsidiaries are translated into U.S. dollars at the exchange rate in effect at each balance sheet date, and the resulting adjustments are recorded in "Accumulated other comprehensive income (loss)" ("AOCI") as a separate component of stockholders' equity. Revenue and expenses are translated at the monthly average exchange rates occurring during each period.

***Cash and Cash Equivalents*** 

The Company considers deposits in banks and short-term investments with original maturities of 90 days or less as cash and cash equivalents.

***Restricted Cash***

The Company includes funds to be used for future debt payments relating to its securitization transactions and escrow deposits in restricted cash and cash equivalents.

***Cash, Cash Equivalents and Restricted Cash***

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash and cash equivalents | $71709 | $73910 | $54357 |
| Restricted cash | 336154 | 248758 | 323082 |
| Total cash, cash equivalents and restricted cash | $407863 | $322668 | $377439 |

---

***Revenue Recognition*** 

The Company recognizes revenue based on the financing products and services it offers and on loans it acquires. "Revenue" in the consolidated statements of income primarily includes: interest income, statement and draw fees on line of credit accounts, fees for services provided through the Company's CSO program ("CSO fees"), origination fees and other fees as permitted by applicable laws and pursuant to the agreement with the customer. Interest income is generally recognized on an effective yield basis over the contractual term of the loan on installment loans or the estimated outstanding period of the draw on line of credit accounts. Statement fees on line of credit accounts are similar to interest charges and are generally recognized similarly to interest income. Draw fees on line of credit accounts are generally recognized at the time of draw. CSO fees are recognized over the term of the loan. Origination fees are charged to customers on certain installment loan products and are recognized upon origination.

***Loans and Finance Receivables***

The Company utilizes the fair value option on its entire loan and finance receivable portfolio. As such, loans and finance receivables are carried at fair value in the consolidated balance sheet with changes in fair value recorded in the consolidated income statement. To

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses, prepayments and servicing costs over the estimated duration of the underlying assets. Loss, prepayment and servicing cost assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued and unpaid interest and fees are included in "Loans and finance receivables at fair value" in the consolidated balance sheets.

If a loan is renewed or refinanced, the renewal or refinanced loan is considered a new loan. The Company generally does not consider modifications that do not necessitate the customer to sign a new loan agreement to be new loans.

***Current and Delinquent Loans and Finance Receivables***

The Company classifies its loans and finance receivables as either current or delinquent. When a customer does not make a scheduled payment in full as of the due date, the receivable is considered delinquent. For the OnDeck portfolio, there is no accrual of interest income on loans when the customer misses their most recent payment. Excluding the OnDeck portfolio, there is no accrual of interest income on loans when a customer falls more than one payment behind. Loans may be returned to accrual status if the customer rectifies and the loan no longer meets non-accrual criteria. The Company allows for normal payment processing time before considering a loan delinquent but does not provide for any additional grace period.

The Company offers certain forbearance options on its loan products with features such as payment deferrals without the incurrence of additional finance charges or late fees. If a loan is deemed to be current and the customer makes a deferral or payment modification, the loan is still deemed to be current until the next scheduled payment is missed.

For consumer loans and finance receivables, the Company generally charges off a delinquent loan after 65 days past due, or earlier if deemed uncollectible at that point. For small business loans and finance receivables, the Company generally charges off a loan when it is probable that that it will be unable to collect all of the remaining principal payments, which is generally after 90 days of delinquency and 30 days of non-activity. Recoveries on loans and finance receivables that were previously charged off are generally recognized when collected or sold.

***Property and Equipment*** 

Property and equipment is recorded at cost. The cost of property retired or sold and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the consolidated statements of income. Costs associated with repair and maintenance activities are expensed as incurred. Depreciation expense is generally provided on a straight-line basis, using the following estimated useful lives:

---

| | |
|:---|:---|
| Computer hardware and software | 3 to 5 years |
| Furniture, fixtures and equipment | 3 to 7 years |
| Leasehold improvements <sup>(1)</sup> | 3 to 10 years |

---

------

*(1) Leasehold improvements are depreciated over the lesser of the estimated useful life, remaining lease term, or* 10 *years.* 

***Software Development Costs*** 

The Company applies ASC 350-40, *Internal Use Software* ("ASC 350-40"), to its software purchase and development activities. Under ASC 350-40, eligible internal and external costs incurred for the development of computer software applications, as well as for upgrades and enhancements that result in additional functionality of the applications, are capitalized to "Property and equipment" on the consolidated balance sheets. Internal and external training and maintenance costs are charged to expense as incurred or over the related service period. When a software application is placed in service, the Company begins amortizing the related capitalized software costs using the straight-line method based on its estimated useful life, which generally ranges from three to five years.

***Goodwill***

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. In accordance with ASC 350, *Intangibles—Goodwill and Other* ("ASC 350"), the Company tests goodwill for potential impairment annually as of October 1 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In assessing the qualitative factors, management considers relevant events and circumstances including but not limited to macroeconomic conditions, industry and market environment, overall financial performance of the Company, cash flow from operating activities, market capitalization and stock price. If the Company determines that the quantitative impairment test is required, management uses the income approach to complete its annual goodwill assessment. The income approach uses future cash flows and estimated terminal values for the Company that are discounted using a market participant perspective to determine the fair value, which is then compared to the carrying value to determine if there is impairment. The income approach includes assumptions about revenue growth rates, operating margins and terminal growth rates discounted by an estimated weighted-average cost of capital derived from other publicly-traded companies that are similar but not identical from an operational and economic standpoint.

***Long-Lived Assets Other Than Goodwill*** 

An evaluation of the recoverability of property and equipment and intangible assets subject to amortization is performed whenever the facts and circumstances indicate that the carrying value may be impaired. An impairment loss is recognized if the future undiscounted cash flows associated with the asset and the estimated fair value of the asset are less than the asset's corresponding carrying value. The amount of the impairment loss, if any, is the excess of the asset's carrying value over its estimated fair value.

The Company amortizes intangible assets subject to amortization on the basis of their expected periods of benefit, generally three to 20 years. The costs of start-up activities and organization costs are charged to expense as incurred.

***Investments in Unconsolidated Investees***

The Company owns a 20% equity interest in On Deck Capital Australia PTY LTD ("OnDeck Australia"), which is recorded using the equity method of accounting. As of December 31, 2025 and 2024 the carrying value of the Company's ownership in OnDeck Australia was $1.5 million and $0.1 million, respectively, which the Company included in "Other assets" on the consolidated balance sheets.

On February 24, 2021, the Company contributed the platform-as-service business assumed in the OnDeck acquisition to Linear Financial Technologies Holding LLC ("Linear") in exchange for ownership units in that entity. The Company recorded its interest in Linear under the equity method of accounting and included it in "Other assets" on the consolidated balance sheets. In 2022, the Company recognized a gain of $11.0 million related to the sale by Linear of its operating company. In the third quarter of 2024, Linear was dissolved, with its sole assets, consisting of preferred shares in a separate company, being distributed to the holders of Linear's ownership units. Concurrently in the third quarter of 2024, the separate company executed a capital raise in which the Company opted not to participate that resulted in the Company's preferred shares having a substantially less preferential position in the separate company's capital structure. Because of their subordinated position, the preferred shares were valued at $0. As such, the Company recorded a loss of $16.6 million during 2024, which included the carrying value of the investment of $16.1 million and the remaining unrealized loss of $0.5 million that had been recorded directly in accumulated other comprehensive income. In the third quarter of 2025, the preferred shares were canceled and extinguished without consideration to the Company in connection with the separate company being acquired by another entity. As of December 31, 2025 and 2024, the Company's investment in Linear had no carrying value.

Equity method income has been included in "Equity method investment income (loss)" in the consolidated income statements.

***Marketing Expenses*** 

Marketing expenses consist of digital costs, lead purchase costs and offline marketing costs such as television and direct mail advertising. All marketing expenses are expensed as incurred.

***Operations and Technology Expenses*** 

Operations and technology expenses include all expenses related to the direct operations and technology infrastructure related to loan underwriting and processing. This includes, but is not limited to, contact center and operations personnel costs, software maintenance expense, underwriting data from third-party vendors, bank/transaction fees and collection costs.

***General and Administrative Expenses*** 

General and administrative expenses primarily include the Company's corporate personnel costs, as well as legal, occupancy, and other related costs.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

***Stock-Based Compensation*** 

The Company accounts for its stock-based employee compensation plans in accordance with ASC 718, *Compensation—Stock Compensation* ("ASC 718"). Under this guidance the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the share-based compensation vests. However, with respect to income taxes, the related deduction from taxes payable is based on the award's intrinsic value at the time of exercise (for an option) or on the fair value upon vesting of the award (for restricted stock units), which can be either greater (creating an excess tax benefit) or less (creating a tax deficiency) than the deferred tax benefit that is recorded as compensation cost is recognized in the consolidated financial statements. These excess tax benefits (deficiencies) are recognized in "Provision for income taxes" in the period that the tax deduction arises. In the consolidated statement of cash flows, they are classified in operating activities in the same manner as other cash flows related to income taxes.

***Income Taxes*** 

The provision for income taxes is based on income before income taxes as reported for financial statement purposes. Deferred income taxes are provided for in accordance with the asset and liability method of accounting for income taxes in order to recognize the tax effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements.

The Company accounts for uncertainty in income taxes in accordance with ASC 740, *Income Taxes* ("ASC 740"), which requires that a more-likely-than-not threshold (greater than 50 percent) be met before the benefit of a tax position may be recognized in the consolidated financial statements and prescribes how such benefit should be measured. The Company records interest and penalties related to tax matters as income tax expense in the consolidated statements of income.

The Company performs an evaluation of the recoverability of its deferred tax assets on a quarterly basis. The Company establishes a valuation allowance if it is more likely than not that all or some portion of the deferred tax asset will not be realized. The Company analyzes several factors, including the nature and frequency of operating losses, the Company's carryforward period for any losses, the reversal of future taxable temporary differences, the expected occurrence of future income or loss and the feasibility of available tax planning strategies to protect against the loss of deferred tax assets. See Note 10 for further discussion.

***Earnings Per Share*** 

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by giving effect to the potential dilution that could occur if securities or other contracts to issue common shares were exercised and converted into common shares during the year. Restricted stock units issued under the Company's stock-based employee compensation plans are included in diluted shares upon the granting of the awards even though the vesting of shares will occur over time.

The following table sets forth the reconciliation of numerators and denominators of basic and diluted earnings per share computations for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Numerator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $308389 | $209448 | $175121 |
| Denominator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total weighted average basic shares | 25169 | 26920 | 30673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares applicable to stock-based compensation | 1606 | 1282 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total weighted average diluted shares | 26775 | 28202 | 31921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share – basic | $12.25 | $7.78 | $5.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share – diluted | $11.52 | $7.43 | $5.49 |

---

For the years ended December 31, 2025, 2024 and 2023, there were 160,087, 177,247 and 351,699 shares of common stock underlying stock options, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive. For the years ended December 31, 2025, 2024, and 2023, there were 107, 1,394 and 235,237 shares of common stock underlying restricted stock units, respectively, that were excluded from the calculation of diluted net earnings per share because their effect would have been antidilutive.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

***Adopted Accounting Standards***

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires entities to disclose additional information about federal, state and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The Company adopted this standard in the fourth quarter of 2025 on a retrospective basis as of January 1, 2023. There was no impact of adoption to recognition or measurement in the Company's consolidated financial statements. Refer to Note 10 and Note 16 for further information.

***Accounting Standards to be Adopted in Future Periods***

In September 2025, the FASB issued ASU No. 2025-06, *Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software* ("ASU 2025-06"), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-06 on the consolidated financial statements.

**2. Acquisitions**

On December 10, 2025, the Company entered into a merger agreement with Grasshopper Bancorp, Inc. ("Grasshopper") under which the Company will acquire Grasshopper for an aggregate purchase price valued at approximately $369 million at signing to be paid in a combination of cash and newly issued Enova shares. Under the terms of the merger agreement, Grasshopper will merge with and into the Company, with the Company continuing as the surviving corporation and, immediately following the merger, an interim national bank and wholly-owned subsidiary of the Company will merge with and into Grasshopper Bank, a wholly-owned subsidiary of Grasshopper, with Grasshopper Bank continuing as the surviving bank. The merger agreement was unanimously approved by the Boards of Directors of each of the Company and Grasshopper. On February 2, 2026, Grasshopper held a special meeting of its stockholders in connection with the merger, at which the merger agreement was approved. The transaction remains subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026.

Founded in 2019, Grasshopper Bank is a leading client-first, full-service digital bank offering digital financial solutions for commercial and consumer customers, including fintech-focused Banking-as-a-Service and API banking platforms, commercial and Small Business Administration lending, and consumer banking.

**3. Loans and Finance Receivables** 

Revenue generated from the Company's loans and finance receivables for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Consumer loans and finance receivables revenue | $1748114 | $1576821 | $1295231 |
| Small business loans and finance receivables revenue | 1362187 | 1043475 | 790804 |
| Total loans and finance receivables revenue | 3110301 | 2620296 | 2086035 |
| Other | 41352 | 37504 | 31604 |
| Total Revenue | $3151653 | $2657800 | $2117639 |

---

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

***Loans and Finance Receivables at Fair Value***

The components of Company-owned loans and finance receivables at December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  | **Small** |  |
|  | **Consumer** | **Business** | **Total** |
| Principal balance - accrual | $1294991 | $3079986 | $4374977 |
| Principal balance - non-accrual | 151947 | 221090 | 373037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal balance | 1446938 | 3301076 | 4748014 |
| Accrued interest and fees | 126825 | 27448 | 154273 |
| Loans and finance receivables at fair value - accrual | 1694851 | 3550186 | 5245037 |
| Loans and finance receivables at fair value - non-accrual | 69618 | 156889 | 226507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables at fair value | 1764469 | 3707075 | 5471544 |
| Difference between principal balance and fair value | $317531 | $405999 | $723530 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  | **Small** |  |
|  | **Consumer** | **Business** | **Total** |
| Principal balance - accrual | $1210042 | $2290132 | $3500174 |
| Principal balance - non-accrual | 143972 | 166298 | 310270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal balance | 1354014 | 2456430 | 3810444 |
| Accrued interest and fees | 128956 | 27086 | 156042 |
| Loans and finance receivables at fair value - accrual | 1617708 | 2672714 | 4290422 |
| Loans and finance receivables at fair value - non-accrual | 21599 | 74423 | 96022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables at fair value | $1639307 | $2747137 | $4386444 |
| Difference between principal balance and fair value | $285293 | $290707 | $576000 |

---

As of December 31, 2025 and 2024, the aggregate fair value of loans and finance receivables that were 90 days or more past due was $41.5 million, of which $30.1 million was in non-accrual status, and $32.7 million, of which $16.6 million was in non-accrual status, respectively. The aggregate unpaid principal balance for loans and finance receivables that were 90 days or more past due was $60.7 million and $71.9 million, as of December 31, 2025 and 2024, respectively.

Changes in the fair value of Company-owned loans and finance receivables during the years ended December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  |  | **Small** |  |
|  | **Consumer** | **Business** | **Total** |
| Balance at beginning of period | $1639307 | $2747137 | $4386444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations or acquisitions<sup>(1)</sup> | 2212786 | 5475179 | 7687965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees<sup>(2)</sup> | 1748114 | 1362187 | 3110301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments | (2935740) | (5469191) | (8404931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs, net<sup>(3)</sup> | (939932) | (523170) | (1463102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value<sup>(3)</sup> | 34778 | 114933 | 149711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | 5156 |  | 5156 |
| Balance at end of period | $1764469 | $3707075 | $5471544 |

---

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  |  | **Small** |  |
|  | **Consumer** | **Business** | **Total** |
| Balance at beginning of period | $1380784 | $2248383 | $3629167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations or acquisitions<sup>(1)</sup> | 2018359 | 4035963 | 6054322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees<sup>(2)</sup> | 1576821 | 1043475 | 2620296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments | (2564901) | (4225054) | (6789955) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs, net<sup>(3)</sup> | (785317) | (421275) | (1206592) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value<sup>(3)</sup> | 21733 | 65645 | 87378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | (8172) |  | (8172) |
| Balance at end of period | $1639307 | $2747137 | $4386444 |

---

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*(1) Originations or acquisitions is presented on a cost basis.*

*(2) Included in "Revenue" in the consolidated statements of income.*

*(3) Included in "Change in Fair Value" in the consolidated statements of income.*

In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2025 and 2024, the amount of consumer loans guaranteed by the Company had an estimated fair value of $26.1 million and $28.4 million, respectively, and an outstanding principal balance of $18.7 million and $19.9 million, respectively. As of December 31, 2025 and 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $22.3 million and $23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.

**4. Property and Equipment** 

As a leading technology and analytics company, a significant amount of capital is invested in developing computer software and systems infrastructure. The Company capitalized internal software development costs of $44.1 million, $40.9 million and $37.3 million during 2025, 2024 and 2023, respectively.

Major classifications of property and equipment at December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Cost** | **Accumulated Depreciation** | **Net** |
| Computer software | $244217 | $(120059) | $124158 |
| Furniture, fixtures and equipment | 30540 | (26072) | 4468 |
| Leasehold improvements | 16745 | (12805) | 3940 |
| Total | $291502 | $(158936) | $132566 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost** | **Accumulated Depreciation** | **Net** |
| Computer software | $210268 | $(103017) | $107251 |
| Furniture, fixtures and equipment | 34253 | (27085) | 7168 |
| Leasehold improvements | 16724 | (11187) | 5537 |
| Total | $261245 | $(141289) | $119956 |

---

The Company recognized depreciation expense of $34.5 million, $32.2 million and $29.8 million during 2025, 2024 and 2023, respectively.

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**5. Goodwill and Other Intangible Assets**

There were no changes in the carrying value of goodwill for the years ended December 31, 2025 and 2024.

The Company completed its annual assessment of goodwill as of October 1, 2025 based on qualitative factors and determined that the fair value of its goodwill exceeded carrying value; as such, no impairment existed at that date.

Acquired intangible assets that are subject to amortization as of December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Cost** | **Accumulated Amortization** | **Net** |
| Developed technology | $25980 | $(25445) | $535 |
| Trade names and trademarks | 11185 | (8395) | 2790 |
| Licenses | 3100 | (2945) | 155 |
| Customer relationships | 1900 | (1805) | 95 |
| Lead provider and broker relationships | 1700 | (1615) | 85 |
| Total | $43865 | $(40205) | $3660 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost** | **Accumulated Amortization** | **Net** |
| Developed technology | $25980 | $(21013) | $4967 |
| Trade names and trademarks | 11184 | (6875) | 4309 |
| Licenses | 3100 | (2325) | 775 |
| Customer relationships | 1900 | (1425) | 475 |
| Lead provider and broker relationships | 1700 | (1275) | 425 |
| Total | $43864 | $(32913) | $10951 |

---

Developed technology is amortized over five years on a straight-line basis. Customer, lead provider and broker relationships are generally amortized over three to five years based on the pattern of economic benefits provided. Trade names and trademarks are generally amortized over three to 20 years on a straight-line basis. Licenses are generally amortized over five years on a straight-line basis.

Amortization expense for acquired intangible assets was $7.3 million, $8.1 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Estimated future amortization expense for the years ended December 31, is as follows (in thousands):

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 | $2029 |
| 2027 | 806 |
| 2028 | 110 |
| 2029 | 110 |
| 2030 | 110 |

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**6. Accounts Payable and Accrued Expenses** 

Accounts payable and accrued expenses at December 31, 2025 and 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Unrecognized tax benefits | $103212 | $82463 |
| Trade accounts payable | 78962 | 58950 |
| Accrued payroll and fringe benefits | 47806 | 45784 |
| Accrued interest payable | 33882 | 30501 |
| Cash in transit | 21739 | 10943 |
| Liability for consumer loans funded by third-party lender | 17742 | 19357 |
| Other accrued liabilities | 2506 | 1972 |
| Total | $305849 | $249970 |

---

Refer to Note 10 for discussion of unrecognized tax benefits.

**7. Marketing Expenses** 

Marketing expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Customer procurement expense including lead purchase costs | $384232 | $292794 | $230910 |
| Advertising | 236845 | 230775 | 183550 |
| Total | $621077 | $523569 | $414460 |

---

**8. Leases** 

The Company has operating leases primarily for its corporate headquarters, other offices located in the U.S. and certain equipment. The Company's leases have remaining lease terms of less than one year to nine years. Certain leases include options to extend the leases for up to five years, while others include options to terminate the lease under certain conditions. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. All other operating leases are recorded on the consolidated balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The right-of-use assets represent the lease liability, plus any lease payments made at or before the commencement date, less any lease incentives received. If a lease does not provide an implicit rate, the Company uses its incremental secured borrowing rate, adjusted for the maturity date, based on information available at the commencement date in determining the present value of lease payments. Lease agreements with lease and non-lease components are accounted for as a single lease component. The Company's operating lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expense.

During the fourth quarter of 2024, the Company entered into amendments related to its leases for office space in Denver and New York. The amendments, among other changes, resulted in extensions of the lease terms from April 2026 to October 2029 in Denver and from December 2026 to June 2032 in New York. As a result, the Company recognized an adjustment to increase its operating lease liability and operating lease right of use asset balance by $5.5 million.

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

Lease expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Operating lease cost | $5261 | $4814 | $4983 |
| Variable lease cost | 492 | 746 | 1252 |
| Short-term lease cost | 311 | 493 | 1208 |
| Sublease income | (271) | (281) | (1175) |
| Total lease cost | $5793 | $5772 | $6268 |

---

Future minimum lease payments as of December 31, 2025 are as follows (in thousands):

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| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 | $4548 |
| 2027 | 6912 |
| 2028 | 6312 |
| 2029 | 5518 |
| 2030 | 4544 |
| Thereafter | 17860 |
| Total lease payments | $45694 |
| Less: interest | 13653 |
| Present value of lease liabilities | $32041 |

---

The weighted average remaining lease term and discount rate as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Weighted average remaining lease term (years) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 7.4 | 8.1 |
| Weighted average discount rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 8.81% | 8.81% |

---

Supplemental cash flow disclosures related to leases for the years ended December 31, 2025 and 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $3734 | $3790 |
| Noncash transactions related to adjustments to lease liability and right-of-use asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 777 | 6186 |

---

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**9. Long-term Debt** 

The Company's long-term debt instruments and balances outstanding as of December 31, 2025 and 2024 were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Weighted** |  | **Outstanding** | **Outstanding** |
|  | **Revolving** |  | **average** | **Borrowing** | **December 31,** | **December 31,** |
|  | **period end date** | **Maturity date** | **interest rate**<sup>(1)</sup> | **capacity** | **2025** | **2024** |
| **Funding Debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2025-2 Securitization Notes | October 2028 | November 2032 | 5.65% | $261434 | $261434 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2025-1 Securitization Notes | March 2028 | April 2032 | 5.89% | 261392 | 261392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2024-2 Securitization Notes | September 2027 | October 2031 | 5.78% | 261353 | 261353 | 261353 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025-A Securitization Notes |  | October 2031 | 7.29% | 93331 | 93331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2024-1 Securitization Notes | May 2027 | June 2031 | 6.84% | 399574 | 399574 | 399574 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024-A Securitization Notes |  | October 2030 | 8.29% | 45510 | 45510 | 123546 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODAS IV 2023-1 Securitization Notes | July 2026 | August 2030 | 7.66% | 227051 | 227051 | 227051 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODR 2021-1 Securitization Facility | November 2027 | November 2028 | 6.86% | 246667 | 202890 | 233333 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR 2022 Securitization Facility | October 2026 | October 2028 | 7.98% | 200000 | 175194 | 119039 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCLOCR 2025 Securitization Facility | July 2027 | July 2028 | 8.12% | 150000 | 90000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NCLOCR 2024 Securitization Facility | February 2027 | February 2028 | 9.37% | 150000 | 90000 | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2023-A Securitization Notes |  | December 2027 | 7.78% | 9282 | 9282 | 32116 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAOD Securitization Facility | November 2026 | November 2027 | 6.62% | 236842 | 236842 | 192000 |
| &nbsp;&nbsp;&nbsp;&nbsp;HWCR 2023 Securitization Facility | September 2026 | September 2027 | 8.13% | 487595 | 473214 | 331214 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODR 2022-1 Securitization Facility | June 2026 | June 2027 | 7.60% | 420000 | 202325 | 188342 |
| &nbsp;&nbsp;&nbsp;&nbsp;2018-1 Securitization Facility | March 2025 | March 2026<br><sup>(2)</sup> |  |  |  | 32200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total funding debt |  |  | 7.08% | $3450031 | $3029392 | $2238768 |
| **Corporate Debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | August 2029 | August 2029 | 7.02% | 825000<br><sup>(3)</sup> | $596000 | $453000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125% Senior Notes Due 2029 |  | August 2029 | 9.13% | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% Senior Notes Due 2028 |  | December 2028 | 11.25% | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total corporate debt |  |  | 8.86% | $1725000 | $1496000 | $1353000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Long-term debt issuance costs |  |  |  |  | $(24581) | $(24830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Debt discounts |  |  |  |  | (2430) | (3456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt |  |  |  |  | $4498381 | $3563482 |

---

------

*(1) The weighted average interest rate is determined based on the rates and principal balances on December 31, 2025. It does not include the impact of the amortization of deferred loan origination costs or debt discounts.*

*(2) On May 30, 2025, the remaining outstanding balance on this facility was paid in full and the facility was terminated.*

*(3) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 and $0.7 million as of December 31, 2025 and 2024, respectively.*

Weighted-average interest rates on long-term debt were 8.64% and 9.31% for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company was in compliance with all financial ratios and covenants set forth in the prevailing long-term debt agreements.

***Funding Debt***

<u>ODAS IV 2025-2 Securitization Notes</u>

On November 13, 2025, OnDeck Asset Securitization IV, LLC ("ODAS IV"), a wholly-owned indirect subsidiary of the Company, issued $261.4 million in initial principal amount of Series 2025-2 Fixed Rate Asset-Backed Notes (the "ODAS IV 2025-2 Securitization Notes") in a private securitization transaction. The ODAS IV 2025-2 Securitization Notes have a legal final payment date in November 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $122.2 million at 4.84%, Class B Notes of $58.8 million at 5.23%, Class C Notes of $49.5 million at 6.30% and Class D Notes of $31.0 million at 8.58%. Collateral for the ODAS IV 2025-2 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC ("ODK"), which is a wholly-owned indirect subsidiary of the Company.

The net proceeds of the ODAS IV 2025-2 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2025-2 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2025-2 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2025-2 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025, the carrying amount of the ODAS IV 2025-2 Securitization Notes was $257.7 million, including unamortized issuance costs of $3.8 million. The ODAS IV

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

2025-2 Securitization Notes were offered and sold to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>ODAS IV 2025-1 Securitization Notes</u>

On March 20, 2025, ODAS IV issued $261.4 million in initial principal amount of Series 2025-1 Fixed Rate Asset-Backed Notes (the "ODAS IV 2025-1 Securitization Notes") in a private securitization transaction. The ODAS IV 2025-1 Securitization Notes have a legal final payment date in April 2032 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $126.8 million at 5.08%, Class B Notes of $57.8 million at 5.52%, Class C Notes of $45.5 million at 6.64% and Class D Notes of $31.2 million at 8.77%. Collateral for the ODAS IV 2025-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.

The net proceeds of the ODAS IV 2025-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2025-1 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2025-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2025-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025, the carrying amount of the ODAS IV 2025-1 Securitization Notes was $258.4 million, including unamortized issuance costs of $3.0 million. The ODAS IV 2025-1 Securitization Notes were offered and sold to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>ODAS IV 2024-2 Securitization Notes</u>

On October 2, 2024, ODAS IV issued $261.4 million in initial principal amount of Series 2024-2 Fixed Rate Asset-Backed Notes (the "ODAS IV 2024-2 Securitization Notes") in a private securitization transaction. The ODAS IV 2024-2 Securitization Notes have a legal final payment date in October 2031 and were issued in four classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $141.7 million at 4.98%, Class B Notes of $56.9 million at 5.42%, Class C Notes of $40.2 million at 7.03% and Class D Notes of $22.6 million at 9.49%. Collateral for the ODAS IV 2024-2 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.

The net proceeds of the ODAS IV 2024-2 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2024-2 Securitization Notes and for other general corporate purposes. ODK is the servicer of the loans securing the ODAS IV 2024-2 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-2 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-2 Securitization Notes was $259.2 million, including unamortized issuance costs of $2.2 million, and $257.9 million, including unamortized issuance costs of $3.4 million, respectively. The ODAS IV 2024-2 Securitization Notes were offered and sold to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>2025-A Securitization Notes</u>

On May 30, 2025, NetCredit Combined Receivables A, LLC ("NCCRA"), a wholly-owned indirect subsidiary of the Company, issued $163.9 million of Fixed Rate Asset-Backed Notes (the "2025-A Securitization Notes") in a private securitization transaction. The 2025-A Securitization Notes have a legal final payment date in October 2031 and were issued in one class with a fixed interest rate of 7.29% per annum. The 2025-A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2025-A Securitization Notes represent obligations of NCCRA only and are not guaranteed by the Company. The net proceeds of the offering of the 2025-A Securitization Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction. As of December 31, 2025, the carrying amount of the 2025-A Securitization Notes was $92.1 million, including unamortized issuance costs of $1.2 million. The 2025-A Securitization Notes were offered and sold only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>ODAS IV 2024-1 Securitization Notes</u>

On May 17, 2024, ODAS IV issued $399.6 million in initial principal amount of Series 2024-1 Fixed Rate Asset-Backed Notes (the "ODAS IV 2024-1 Securitization Notes") in a private securitization transaction. The ODAS IV 2024-1 Securitization Notes have a legal final payment date in June 2031 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $260.1 million at 6.27%, Class B Notes of $82.2 million at 7.15%, and Class C Notes of $57.3 million at

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

8.99%. Collateral for the ODAS IV 2024-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK. ODAS IV used the net proceeds of the private offering to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2024-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the ODAS IV 2024-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2024-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from the transaction for general corporate purposes. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2024-1 Securitization Notes was $396.7 million, including unamortized issuance costs of $2.8 million, and $395.2 million, including an unamortized discount of $0.1 million and unamortized issuance costs of $4.3 million, respectively. The ODAS IV 2024-1 Securitization Notes were offered and sold to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>2024-A Securitization Notes</u>

On May 31, 2024, NetCredit Combined Receivables 2024, LLC ("NCCR 2024"), a wholly-owned indirect subsidiary of the Company, issued $217.2 million of Fixed Rate Asset-Backed Notes (the "2024-A Securitization Notes") in a private securitization transaction. The 2024-A Securitization Notes have a legal final payment date in October 2030 and were issued in two classes with principal amounts and fixed interest rates per annum as follows: Class A Notes of $172.5 million at 7.43% and Class B Notes of $44.6 million at 8.31%. The 2024-A Securitization Notes are backed by a pool of unsecured consumer installment loans. The 2024-A Securitization Notes represent obligations of NCCR 2024 only and are not guaranteed by the Company. The net proceeds of the offering of the 2024-A Securitization Notes were used to acquire unsecured consumer installment loans from certain subsidiaries of the Company, fund a reserve account and pay fees and expenses incurred in connection with the transaction. As of December 31, 2025 and 2024, the carrying amount of the 2024-A Securitization Notes was $45.0 million, including unamortized issuance costs of $0.5 million, and $122.1 million, including unamortized issuance costs of $1.4 million, respectively. The 2024-A Securitization Notes were offered and sold only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>ODAS IV 2023-1 Securitization Notes</u>

On July 27, 2023, ODAS IV issued $227.1 million in initial principal amount of Series 2023-1 Fixed Rate Asset-Backed Notes (the "ODAS IV 2023-1 Securitization Notes") in a private securitization transaction. The ODAS IV 2023-1 Securitization Notes have a legal final payment date in August 2030 and were issued in three classes with initial principal amounts and fixed interest rates per annum as follows: Class A Notes of $143.8 million at 7.00%, Class B Notes of $56.3 million at 8.25%, and Class C Notes of $27.0 million at 9.93%. Collateral for the ODAS IV 2023-1 Securitization Notes consists of, among other things, a revolving pool of small business loans originated or purchased by ODK.

The net proceeds of the ODAS IV 2023-1 Securitization Notes were used to purchase small business loans from ODK that were pledged as collateral for the ODAS IV 2023-1 Securitization Notes and to fund a reserve account. ODK is the servicer of the loans securing the ODAS IV 2023-1 Securitization Notes. ODAS IV is the sole obligor of the ODAS IV 2023-1 Securitization Notes, which are not obligations of, or guaranteed by, the Company or ODK. The Company used the proceeds from the transaction for general corporate purposes. The ODAS IV 2023-1 Securitization Notes were offered and sold to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. As of December 31, 2025 and 2024, the carrying amount of the ODAS IV 2023-1 Securitization Notes was $226.3 million, including an unamortized discount of $0.1 million and unamortized issuance costs of $0.7 million, and $225.2 million, including an unamortized discount of $0.2 million and unamortized issuance costs of $1.7 million, respectively.

<u>ODR 2021-1 Securitization Facility</u> 

On November 17, 2021, the Company and several of its subsidiaries entered into a receivables securitization (the "ODR 2021-1 Securitization Facility") with the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The ODR 2021-1 Securitization Facility finances securitization receivables that have been and will be originated or acquired under the Company's OnDeck brand by several of the Company's subsidiaries and that meet specified eligibility criteria. Under the ODR 2021-1 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the "ODR 2021-1 Debtor") and serviced by another subsidiary of the Company.

The ODR 2021-1 Debtor has issued revolving loan notes that are required to be secured by eligible securitization receivables. On March 29, 2022, the ODR 2021-1 Securitization Facility was amended to, among other changes, increase the commitment amount of the revolving loans from $150.0 million to $200.0 million. On November 18, 2022, the ODR 2021-1 Securitization Facility was further

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

amended to include a Class B revolving note with a maximum loan balance of $33.3 million, increasing the total commitment amount from $200.0 million to $233.3 million. On November 15, 2023, the ODR 2021-1 Securitization Facility was amended to, among other changes, extend the revolving period to November 2025 and the maturity date to November 2026. On November 24, 2025, the ODR 2021-1 Securitization Facility was amended to, among other changes, increase the total commitment amount from $233.3 million to $246.7 million and extend the revolving period to November 2027 and the maturity date to November 2028. The ODR 2021-1 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, there was $202.9 million and $233.3 million outstanding amount under the ODR 2021-1 Securitization Facility, respectively.

The ODR 2021-1 Securitization Facility is governed by a credit agreement, dated as of November 17, 2021, and amended on March 29, 2022, November 14, 2022, November 18, 2022, December 15, 2022, January 30, 2023, February 27, 2023, November 15, 2023, March 20, 2025, November 14, 2025 and November 24, 2025, among the ODR 2021-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The ODR 2021-1 Securitization Facility Class A note bears interest at a rate per annum equal to a benchmark rate (currently the lender's asset-backed commercial paper rate) plus an applicable margin of 2.00%. The ODR 2021-1 Securitization Facility Class B note bears interest at a rate per annum equal to a benchmark rate (currently Secured Overnight Financing Rate ("SOFR")) plus an applicable margin of 6.00%. Interest payments on the ODR 2021-1 Securitization Facility are made monthly.

All amounts due under the ODR 2021-1 Securitization Facility are secured by all of the ODR 2021-1 Debtor's assets, which include the eligible securitization receivables transferred to the ODR 2021-1 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain "bad acts," and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.

The ODR 2021-1 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the ODR 2021-1 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the ODR 2021-1 Debtor.

<u>NCR 2022 Securitization Facility</u>

On October 21, 2022, the Company and several of its subsidiaries entered into a receivables funding agreement (the "NCR 2022 Securitization Facility") with Jefferies Funding LLC, as the initial note purchaser and administrative agent (the "NCR 2022 Administrative Agent"). The NCR 2022 Securitization Facility collateralizes certain receivables that have been and will be originated or acquired under the Company's NetCredit brand by several of its subsidiaries and that meet specified eligibility criteria in exchange for a note payable. Under the NCR 2022 Securitization Facility, receivables are sold to a wholly-owned subsidiary of the Company (the "NCR 2022 Debtor") and serviced by another subsidiary of the Company.

The NCR 2022 Debtor has issued notes with an initial maximum principal balance of $125.0 million, which were required to be secured by 1.25 times the drawn amount in eligible receivables. On October 15, 2024, the NCR 2022 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to October 2026 and October 2028, respectively, increase the revolving commitment from $125.0 million to $200.0 million, decrease the borrowing rate from SOFR + 4.75% to SOFR + 4.25% and increase the advance rate from 80% to 85%. The NCR 2022 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the NCR 2022 Securitization Facility was $175.2 million and $119.0 million, respectively.

The NCR 2022 Securitization Facility is governed by a note issuance and purchase agreement, dated as of October 21, 2022, among the NCR 2022 Administrative Agent, the NCR 2022 Debtor, Citibank, N.A., as collateral agent and paying agent, and the other note purchasers from time to time party thereto. Interest payments on the NCR 2022 Securitization Facility are made monthly. The NCR 2022 Debtor is permitted to prepay the NCR 2022 Securitization Facility, subject to certain fees and conditions. In the event of prepayment for the purposes of securitizations, no fees shall apply.

All amounts due under the NCR 2022 Securitization Facility are secured by all of the NCR 2022 Debtor's assets, which include the receivables transferred to the NCR 2022 Debtor, related rights under the receivables, a bank account and certain other related collateral.

The NCR 2022 Securitization Facility documents contain customary provisions for securitizations, including: representations and warranties as to the eligibility of the receivables and other matters; indemnification for specified losses not including losses due to the inability of consumers to repay their loans; covenants regarding special purpose entity matters; and default and termination provisions

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

which provide for the acceleration of the NCR 2022 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, servicer defaults, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the receivables and defaults under other material indebtedness of the NCR 2022 Debtor.

<u>NetCredit LOC Receivables 2025 Securitization Facility</u>

On July 17, 2025, NetCredit LOC Receivables 2025, LLC ("NCLOCR 2025"), a wholly-owned indirect subsidiary of the Company, entered into a receivables securitization (the "NCLOCR 2025 Securitization Facility") with Banc of California, as administrative agent, and the lenders party thereto from time to time. The NCLOCR 2025 Securitization Facility collateralizes certain receivables that have been and will be originated under the Company's NetCredit brand by several of its subsidiaries and that meet specified criteria.

The NCLOCR 2025 Securitization Facility has two classes of loans with a total revolving commitment of $150.0 million, which are required to be secured by eligible securitization receivables. The NCLOCR 2025 Securitization Facility is non-recourse to the Company. The facility has a revolving period that ends in July 2027 and a final maturity ending in July 2028. As of December 31, 2025, the total outstanding amount of the NCLOCR 2025 Securitization Facility was $90.0 million.

The NCLOCR 2025 Securitization Facility is governed by a loan and security agreement, dated as of July 17, 2025, among NCLOCR 2025, the administrative agent and the lenders. The Class A revolving loans have a commitment amount of $125.0 million and accrue interest at a rate per annum equal to SOFR plus 3.50% with an advance rate of 75%. The Class B revolving loans have a commitment amount of $25.0 million and accrue interest at a rate per annum equal to SOFR plus 8.00% with an advance rate of 90%. Interest payments on the NCLOCR 2025 Securitization Facility are made monthly.

<u>NCLOCR 2024 Securitization Facility</u>

On February 21, 2024, NetCredit LOC Receivables 2024, LLC ("NCLOCR 2024"), a wholly-owned indirect subsidiary of the Company, entered into a receivables securitization (the "NCLOCR 2024 Securitization Facility") with lenders party thereto from time to time, Midtown Madison Management, LLC, as administrative agent, and Citibank, N.A., as collateral trustee and paying agent. The NCLOCR 2024 Securitization Facility collateralizes certain receivables that have been and will be originated under the Company's NetCredit brand by several of its subsidiaries and that meet specified criteria in exchange for a note payable.

The NCLOCR 2024 Securitization Facility has a revolving commitment of $150.0 million, which is required to be secured by eligible securitization receivables. The NCLOCR 2024 Securitization Facility is non-recourse to the Company. The facility has a revolving period that ends in February 2027 and a final maturity ending in February 2028. As of December 31, 2025 and 2024, the total outstanding amount of the NCLOCR 2024 Securitization Facility was $90.0 million and $99.0 million, respectively.

The NCLOCR 2024 Securitization Facility is governed by a note issuance and purchase agreement, dated as of February 21, 2024, among NCLOCR 2024, the administrative agent, the lenders, and the collateral trustee and paying agent. The revolving loans accrue interest at a rate per annum equal to SOFR plus 5.50% with an advance rate of 85%. Interest payments on the NCLOCR 2024 Securitization Facility are made monthly.

<u>2023-A Securitization Notes</u>

On March 3, 2023, the Company issued $170.0 million in aggregate principal notes (the "2023-A Securitization Notes") through an indirect subsidiary, NetCredit Combined Receivables 2023, LLC ("NCCR 2023"). The 2023-A Securitization Notes were sold at a discount of the principal amount to yield 9.00% to maturity in December 2027 (equivalent to 3.975% spread above interpolated U.S. Treasuries). The 2023-A Securitization Notes represent obligations of NCCR 2023 only and are not guaranteed by the Company. The net proceeds from issuance of the 2023-A Securitization Notes were used to acquire consumer loans from certain of the Company's wholly-owned subsidiaries. The acquired loans were pledged as collateral for 2023-A Securitization Notes and are serviced by another subsidiary of the Company. As of December 31, 2025 and 2024, the carrying amount of the 2023-A Securitization Notes was $9.2 million and $31.7 million, including an unamortized discount of $0.2 million and unamortized issuance costs of $0.3 million,

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

respectively. The 2023-A Securitization Notes were offered and sold only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act.

<u>RAOD Securitization Facility</u>

Assumed in the OnDeck acquisition, the loan securitization facility ("RAOD Securitization Facility") for Receivable Assets of OnDeck, LLC ("RAOD"), a wholly-owned indirect subsidiary of the Company, collateralizes certain eligible installment loans originated or purchased by ODK or certain other subsidiaries. The RAOD Securitization Facility was amended on December 24, 2020, which, amongst other changes, extended the revolving period from December 2020 to December 2022, extended the maturity date from September 2021 to December 2023, revised the advance rate to 76% and changed the borrowing rate from LIBOR plus 1.65% to LIBOR plus 2.5%. On July 16, 2021, the RAOD Securitization Facility was further amended to increase the total commitment from $100.0 million to $177.6 million by increasing the Class A note commitment to $150.0 million and adding a Class B note with a commitment of $27.6 million. The borrowing rate on the Class A note was lowered from LIBOR plus 2.5% to LIBOR plus 1.75% and the borrowing rate on the Class B note was LIBOR plus 6.5% and the advance rate for the Class A notes remained 76% and the Class B notes advance rate was 90%. The scope of acceptable collateral was also expanded to include line of credit products from OnDeck in addition to installment loans. On March 18, 2022, the RAOD Securitization Facility was amended to, among other changes, increase the Class A commitment amount to $200.0 million and the Class B commitment to $36.8 million. On November 18, 2022, the RAOD Securitization Facility was amended to, among other changes, extend the revolving period to November 2024, extend the maturity date to November 2025, change the Class A borrowing rate from LIBOR plus 1.75% to SOFR plus 1.90% and the Class B borrowing rate from LIBOR plus 6.5% to SOFR plus 8.00%, and decrease the Class B commitment from $36.8 million to $30.3 million and the Class B advance rate from 90% to 87.5%. On November 18, 2024, the RAOD Securitization Facility was amended to extend the revolving period to November 2026, extend the maturity date to November 2027, change the Class A borrowing rate from SOFR plus 1.90% to SOFR plus 1.85% and the Class B borrowing rate from SOFR plus 8.00% to SOFR plus 7.60%, and increase the Class B commitment from $30.3 million to $36.8 million and the Class B advance rate from 87.5% to 90%. The Class A commitment amount and advance rate remained the same at $200.0 million and 76%, respectively. As of December 31, 2025 and 2024, the carrying amount of the RAOD Securitization Facility was $236.8 million and $192.0 million, respectively.

<u>HWCR 2023 Securitization Facility</u>

On May 25, 2023, the Company and several of its subsidiaries entered into a receivables securitization (the "HWCR 2023 Securitization Facility") with lenders party thereto from time to time, BNP Paribas, as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The HWCR 2023 Securitization Facility finances securitization receivables that have been and will be originated under the Company's Headway Capital brand by a wholly-owned subsidiary and that meet specified eligibility criteria. Under the HWCR 2023 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the "HWCR 2023 Debtor") and serviced by another subsidiary of the Company.

The HWCR 2023 Securitization Facility initially had Class A and Class B revolving commitments of $215.0 million and $72.2 million, respectively, which are required to be secured by eligible securitization receivables. On September 18, 2024, the HWCR 2022 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to September 2026 and September 2027, respectively, increase the Class A revolving commitment from $215.0 million to $365.0 million, the Class B revolving commitment from $72.2 million to $122.6 million and the total facility commitment from $287.2 million to $487.6 million. There were no changes to the borrowing rate or advance rate on the Class A and Class B loans. The HWCR 2023 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the HWCR 2023 Securitization Facility was $473.2 million and $331.2 million, respectively.

The HWCR 2023 Securitization Facility is governed by a credit agreement, dated as of May 25, 2023, among the HWCR 2023 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans accrue interest at a rate per annum equal to the Commercial Paper rate plus 2.7% with an advance rate of 65.5%. The Class B revolving loans accrue interest at a rate per annum equal to SOFR plus 8.50% with an advance rate of 87.5%. Interest payments on the HWCR 2023 Securitization Facility are made monthly.

All amounts due under the HWCR 2023 Securitization Facility are secured by all of the HWCR 2023 Debtor's assets, which include the eligible securitization receivables transferred to the HWCR 2023 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain "bad acts," and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.

The HWCR 2023 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the HWCR 2023 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the HWCR 2023 Debtor.

<u>ODR 2022-1 Securitization Facility</u>

On June 30, 2022, the Company and several of its subsidiaries entered into a receivables securitization (the "ODR 2022-1 Securitization Facility") with lenders party thereto from time to time, BMO Capital Markets Corp. as administrative agent and collateral agent, and Deutsche Bank Trust Company Americas, as paying agent. The ODR 2022-1 Securitization Facility finances securitization receivables that have been and will be originated or acquired under the Company's OnDeck brand by a wholly-owned subsidiary and that meet specified eligibility criteria. Under the ODR 2022-1 Securitization Facility, eligible securitization receivables are sold to a wholly-owned subsidiary of the Company (the "ODR 2022-1 Debtor") and serviced by another subsidiary of the Company.

The ODR 2022-1 Securitization Facility initially had Class A and Class B revolving commitments of $350.0 million and $70.0 million, respectively, which are required to be secured by eligible securitization receivables. On June 27, 2024, the ODR 2022-1 Securitization Facility was amended to, among other changes, extend the revolving period end and final maturity date to June 2026 and June 2027, respectively, decrease the Class A revolving commitment from $350.0 million to $338.0 million, and increase the Class B revolving commitment from $70.0 million to $82.0 million. The total facility commitment remained the same at $420.0 million. The ODR 2022-1 Securitization Facility is non-recourse to the Company. As of December 31, 2025 and 2024, the total outstanding amount of the ODR 2022-1 Securitization Facility was $202.3 million and $188.3 million, respectively.

The ODR 2022-1 Securitization Facility is governed by a credit agreement, dated as of June 30, 2022, among the ODR 2022-1 Debtor, the administrative and collateral agent, the lenders, and the paying agent. The Class A revolving loans accrue interest at a rate per annum equal to BMO's prime rate plus 2.60% with an advance rate of 72.5%. The Class B revolving loans accrue interest at a rate per annum equal to SOFR plus 7.50% with an advance rate of 90%. Interest payments on the ODR 2022-1 Securitization Facility are made monthly.

All amounts due under the ODR 2022-1 Securitization Facility are secured by all of the ODR 2022-1 Debtor's assets, which include the eligible securitization receivables transferred to the ODR 2022-1 Debtor, related rights under the eligible securitization receivables, a bank account and certain other related collateral. The Company has issued a limited indemnity to the lenders for certain "bad acts," and the Company has agreed for the benefit of the lenders to meet certain ongoing financial performance covenants.

The ODR 2022-1 Securitization Facility documents contain customary provisions for securitizations, including representations and warranties as to the eligibility of the eligible securitization receivables and other matters; indemnification for specified losses not including losses due to the inability of customers to repay their loans or lines of credit; covenants regarding special purpose entity matters; and default and termination provisions which provide for the acceleration of the ODR 2022-1 Securitization Facility in circumstances including, but not limited to, failure to make payments when due, certain insolvency events, breaches of representations, warranties or covenants, failure to maintain the security interest in the eligible securitization receivables, and defaults under other material indebtedness of the ODR 2022-1 Debtor.

<u>2018-1 Securitization Facility</u>

On July 23, 2018, the Company and several of its subsidiaries entered into a receivables funding agreement (the "2018-1 Securitization Facility") with Pacific Western Bank, as lender (the "2018-1 Lender"). The 2018-1 Securitization Facility collateralized securitization receivables that had been originated or acquired under the Company's NetCredit brand by several of its subsidiaries and that met specified eligibility criteria in exchange for a revolving note. Under the 2018-1 Securitization Facility, securitization receivables were sold to a wholly-owned subsidiary of the Company (the "2018-1 Debtor") and serviced by another subsidiary of the Company.

The 2018-1 Debtor issued a revolving note with an initial maximum principal balance of $150.0 million, which was required to be secured by 1.25 times the drawn amount in eligible securitization receivables. On September 15, 2021, the 2018-1 Securitization Facility was amended to increase the advance rate 90% and to reopen and extend the revolving period to September 15, 2024 and the final maturity date to September 15, 2026. The amendment also increased the eligibility criteria around acceptable collateral and increased flexibility around certain financial covenants. On March 24, 2022, the 2018-1 Securitization Facility was amended to, among other changes, increase the commitment amount of the revolving loans from $150.0 million to $200.0 million and extend the maturity date from September 15, 2026 to March 24, 2027. On May 22, 2024, the 2018-1 Securitization Facility was amended to change the maturity date from March 24, 2027 to March 24, 2026. On May 30, 2025, the remaining outstanding balance on this facility was paid in full and the facility was terminated. As of December 31, 2024, the outstanding amount of the 2018-1 Securitization Facility was $32.2 million.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The 2018-1 Securitization Facility was governed by a loan and security agreement, dated as of July 23, 2018, and amended on September 15, 2021, March 24, 2022, July 28, 2022, December 31, 2022 and May 22, 2024, between the 2018-1 Lender and the 2018-1 Debtor. The 2018-1 Securitization Facility bore interest at a rate per annum equal to SOFR plus an applicable margin, which rate per annum was 4.25%. In addition, the 2018-1 Debtor paid certain customary upfront closing fees to the 2018-1 Lender. Interest payments on the 2018-1 Securitization Facility were made monthly.

***Corporate Debt***

<u>Revolving Credit Facility</u>

On June 23, 2022, the Company and certain of its subsidiaries entered into an amended and restated secured revolving credit agreement with Bank of Montreal, as administrative agent and collateral agent, the lenders from time to time party thereto, and BMO Capital Markets, Axos Bank, and Synovus Bank, as the joint lead arrangers and joint lead bookrunners (as amended, the "Credit Agreement"). The Credit Agreement amended and restated the existing credit agreement, dated as of June 30, 2017, by and among the Company, certain of its subsidiaries, the lenders from time to time party thereto, and TBK Bank, SSB, as administrative agent, in its entirety. On October 19, 2023, the Company and certain of its subsidiaries entered into the First Amendment to Amended and Restated Credit Agreement (the "First Amendment"). Prior to the First Amendment, the Credit Agreement provided for a secured, asset-backed revolving credit facility in an aggregate principal amount of up to $440.0 million, with a $20.0 million letter of credit sublimit and a $10.0 million swingline loan sublimit. The First Amendment increased the total commitment amount to $515.0 million with no change to the interest rate or maturity date. On September 11, 2024, the Company and certain of its subsidiaries entered into the Second Amendment to Amended and Restated Credit Agreement (the "Second Amendment"). The Second Amendment increased the total commitment amount to $665.0 million with no change to the interest rate or maturity date. On August 28, 2025, the Company and certain of its subsidiaries entered into the Third Amendment to Amended and Restated Credit Agreement (the "Third Amendment"). The Third Amendment increased the total commitment amount to $825.0 million, extended the maturity date and reduced the interest rate. The proceeds of the loans under the Credit Agreement may be used for working capital and other general business purposes. The Company had outstanding borrowings as of December 31, 2025 and 2024 of $596.0 million and $453.0 million, respectively, under the Credit Agreement.

The loans bear interest, at the Company's option, at the base rate plus 0.50% or the SOFR rate plus 3.25%. In addition to customary fees for a credit facility of this size and type, the Credit Agreement provides for payment of a commitment fee calculated with respect to the unused portion of the commitment, and ranges from 0.15% per annum to 0.50% per annum depending on usage. The loans mature on August 28, 2029. The Company had outstanding letters of credit under the Credit Agreement of $0.4 million and $0.7 million as of December 31, 2025 and 2024, respectively.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur indebtedness, grant liens, merge or consolidate, dispose of assets, make investments, enter into certain transactions with affiliates, make restricted payments, and enter into restrictive agreements, in each case subject to customary exceptions for a credit facility of this size and type. The Credit Agreement also includes financial maintenance covenants, which require the Company to maintain compliance with a minimum fixed charge coverage ratio and a maximum consolidated leverage ratio, each determined in accordance with the terms of the Credit Agreement.

<u>9.125% Senior Notes Due 2029</u>

On August 12, 2024, the Company issued and sold $500.0 million in aggregate principal amount of 9.125% senior notes due 2029 (the "2029 Senior Notes"). The 2029 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2029 Senior Notes bear interest at a rate of 9.125% annually on the principal amount payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2025. The 2029 Senior Notes were sold at a price of 100.000% with a maturity date of August 1, 2029. The 2029 Senior Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.

The 2029 Senior Notes are redeemable at the Company's option, in whole or in part, (i) at any time prior to August 1, 2026 at 100% of the aggregate principal amount of 2029 Senior Notes redeemed plus the applicable "make whole" premium specified in the indenture that governs the Company's 2029 Senior Notes (the "2029 Senior Notes Indenture"), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after August 1, 2026 at the premium, if any, specified in the 2029 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to August 1, 2026, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes at a redemption price of 109.125% of the aggregate principal amount of 2029 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2029 Senior Notes Indenture.

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The 2029 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

The Company used the net proceeds of the 2029 Senior Notes offering to extinguish the remaining outstanding balances on the 2025 Senior Notes, to pay related expenses related to the offering and extinguishment, to repay a portion of the outstanding indebtedness under the Company's revolving credit facility, and for general corporate purposes.

As of December 31, 2025 and 2024, the carrying amount of the 2029 Senior Notes was $493.7 million, which included unamortized issuance costs of $6.3 million, and $491.9 million, which included unamortized issuance costs of $8.0 million, respectively. The issuance costs are being amortized to interest expense over a period of five years, through the maturity date of August 1, 2029.

<u>11.25% Senior Unsecured Notes Due 2028</u>

On December 6, 2023, the Company issued and sold $400.0 million in aggregate principal amount of 11.25% senior notes due 2028 (the "2028 Senior Notes"). The 2028 Senior Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. The 2028 Senior Notes bear interest at a rate of 11.25% annually on the principal amount payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2024. The 2028 Senior Notes were sold at a price of 99.058% with a maturity date of December 15, 2028. The 2028 Senior Notes are unsecured debt obligations of the Company and are unconditionally guaranteed by certain of its domestic subsidiaries.

The 2028 Senior Notes are redeemable at the Company's option, in whole or in part, (i) at any time prior to December 15, 2025 at 100% of the aggregate principal amount of 2028 Senior Notes redeemed plus the applicable "make whole" premium specified in the indenture that governs the Company's 2028 Senior Notes (the "2028 Senior Notes Indenture"), plus accrued and unpaid interest, if any, to the redemption date and (ii) at any time on or after December 15, 2025 at the premium, if any, specified in the 2028 Senior Notes Indenture that will decrease over time, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to December 15, 2025, at its option, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Senior Notes at a redemption price of 111.25% of the aggregate principal amount of 2028 Senior Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with the proceeds of certain equity offerings as described in the 2028 Senior Notes Indenture.

The 2028 Senior Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

The Company used a portion of the net proceeds of the 2028 Senior Notes offering to retire existing indebtedness, and to pay the related accrued interest, premiums, fees and expenses associated therewith. The remaining amount was used for general corporate purposes.

As of December 31, 2025 and 2024, the carrying amount of the 2028 Senior Notes was $393.6 million, which included an unamortized discount of $2.2 million and unamortized issuance costs of $4.2 million, and $391.4 million, which included an unamortized discount of $3.0 million and unamortized issuance costs of $5.6 million, respectively. The discount and issuance costs are being amortized to interest expense over a period of five years, through the maturity date of December 15, 2028.

As of December 31, 2025, required principal payments under the terms of the long-term debt for each of the five years after December 31, 2025 are as follows (in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 | $— |
| 2027 |  |
| 2028 | 400000 |
| 2029 | 1096000 |
| 2030 |  |
| Thereafter |  |
| Securitization<sup>(1)</sup> | 3029392 |
| Total | $4525392 |

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*(1) The ODR 2022-1 Securitization Facility matures in* June 2027*, the HWCR 2023 Securitization Facility matures in* September 2027*, the RAOD Securitization Facility matures in* November 2027*, the 2023-A Securitization Notes mature in* December 2027*, the NCLOCR 2024 Securitization Facility matures in* February 2028*, the NCLOCR 2025 Securitization Facility matures in* July 2028*,* 

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

*the NCR 2022 Securitization Facility matures in* October 2028*, the ODR 2021-1 Securitization Facility matures in* November 2028*, the ODAS IV 2023-1 Securitization Notes mature in* August 2030*, the 2024-A Securitization Notes mature in* October 2030*, the ODAS IV 2024-1 Securitization Notes mature in* June 2031*, the 2025-A Securitization Notes mature in* October 2031*, the ODAS IV 2024-2 Securitization Notes mature in* October 2031*, the ODAS IV 2025-1 Securitization Notes mature in* April 2032 *and the ODAS IV 2025-2 Securitization Notes mature in* November 2032*.*

**10. Income Taxes** 

The components of the Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | $9649 | $6858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments | 3605 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 7567 | 7532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign net operating loss carryforward | 15464 | 8200 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. net operating loss carryforward | 8533 | 10539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized intangible costs | 14860 | 28938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward | 4573 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3726 | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 67977 | 77624 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortizable intangible assets | 61101 | 61418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables, net | 237328 | 186224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 30478 | 26606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 3931 | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3052 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | 335890 | 280736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liabilities before valuation allowance | (267913) | (203112) |
| Valuation allowance | (27524) | (20478) |
| Net deferred tax liabilities | $(295437) | $(223590) |

---

The components of the provision for income taxes and the income to which it relates for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Income before income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic | $400754 | $270682 | $226638 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 280 | 419 | 609 |
| Income before income taxes | $401034 | $271101 | $227247 |
| Current provision: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $25947 | $(42149) | $38260 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | (265) | 98 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local | (3538) | (9019) | 4792 |
| Total current provision | $22144 | $(51070) | $43570 |
| Deferred provision: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $56871 | $96736 | $7483 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local | 13630 | 15987 | 1073 |
| Total deferred provision | $70501 | $112723 | $8556 |
| Total provision for income taxes | $92645 | $61653 | $52126 |

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

Included within both the current and deferred federal provision components for the year ended December 31, 2024 was a decrease in the unrecognized tax benefits reserve, which results in a current federal and state income tax benefit with an equal and offsetting deferred federal and state income tax expense, due to the temporary nature of the unrecognized tax benefits.

The effective tax rate on income differed from the federal statutory rate of 21% for the years ended December 31, 2025, 2024 and 2023, for the following reasons (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Tax provision computed at the federal statutory income tax rate | $84217 | 21.0% | $56931 | 21.0% | $47722 | 21.0% |
| State and local income taxes, net of federal tax benefits<sup>(1)</sup> | 7192 | 1.8% | 7249 | 2.7% | 3815 | 1.7% |
| Nontaxable or nondeductible items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nondeductible regulatory settlement |  | 0.0% |  | 0.0% | 3150 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (512) | -0.1% | 1021 | 0.4% | 69 | 0.0% |
| Tax credits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development credit | (1317) | -0.3% | (1896) | -0.7% | (2655) | -1.2% |
| Changes in valuation allowance | (516) | -0.1% | 841 | 0.3% |  | 0.0% |
| Changes in unrecognized tax benefits | 3905 | 1.0% | (2523) | -0.9% | (130) | -0.1% |
| Effect of changes in tax laws or rates enacted in current period |  | 0.0% |  | 0.0% |  | 0.0% |
| Foreign tax effects | (324) | -0.1% | 30 | 0.0% | 155 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision | $92645 | 23.1% | $61653 | 22.7% | $52126 | 22.9% |

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------

*(1) The states that contributed to the majority (greater than 50%) of the tax effect in this category include California, New Jersey, New York, Tennessee, and Wisconsin.*

The Company had gross federal net operating loss carryforwards of $11.2 million as of December 31, 2025, mainly attributable to the Company's 2020 acquisitions. The Company has recorded a valuation allowance related to the federal net operating loss carryforwards as they are not more likely than not to be utilized as the losses will be limited to the Section 382 ownership changes. The Company had a tax-effected valuation allowance of $0.7 million as of December 31, 2025 established against the net operating losses that will expire prior to their utilization.

The Company had gross state net operating loss carryforwards of $293.4 million, $277.4 million and $178.6 million as of December 31, 2025, 2024 and 2023, respectively, that, if unused, will expire between calendar years 2026 and 2046. The 2025 gross state net operating loss carryforwards include losses incurred in states that quantify net operating losses before the application of apportionment factors, and their inclusion inflates the total amount of state net operating loss carryforwards when compared to a population of states that quantify net operating losses after the application of apportionment factors. The Company had recorded a tax-effected valuation allowance of $9.9 million as of December 31, 2025, primarily related to Louisiana state net operating loss carryforward deferred tax assets as they are not more likely than not to be utilized based on the calculation of income tax in the state of Louisiana. The state excludes interest income from its tax base and the Company does not anticipate generating a sufficient amount of non-interest income to enable the utilization of net operating losses.

The Company had gross foreign net operating loss carryforwards from Brazilian operations of $73.6 million, $39.0 million and $29.5 million as of December 31, 2025, 2024 and 2023, respectively. These net operating loss carryforwards are subject to annual limitations and have an unlimited carryforward period. The Company has recorded a full valuation allowance related to the Brazilian net operating loss carryforwards, as they are not more likely than not to be utilized. We currently have insignificant accumulated earnings in foreign jurisdictions. We intend to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs.

The Company had gross federal capital loss carryforwards of $19.0 million as of December 31, 2025, mainly attributable to the Company's write-down of its investment in Linear in 2024. Capital losses can be carried back three years and carried forward five years. The Company has recorded a valuation allowance related to the capital loss that will not be utilized against capital gains within the three-year carryback window. The Company continued to maintain a tax-effected valuation allowance of $1.3 million as of December 31, 2025 against the capital loss carryforwards that are not more likely than not to be utilized prior to their expiration as the Company cannot project future capital gains.

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**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The following table summarizes the valuation allowance activity for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Balance at beginning of period | $20478 | $16035 | $11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 7046 | 4443 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deductions |  |  | (16) |
| Balance at end of period | $27524 | $20478 | $16035 |

---

A reconciliation of the activity related to unrecognized tax benefits follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Balance at beginning of period | $99277 | $173707 | $83833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions based on tax positions related to the current year | 115930 | 97348 | 169811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions for tax positions of prior years |  | 59 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions for tax positions of prior years | (96885) | (169345) | (76100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions due to lapsed statute of limitations | (282) | (2367) | (4081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions due to settlement with taxing authorities | (81) | (125) |  |
| Balance at end of period | $117959 | $99277 | $173707 |

---

Included in the balances of unrecognized tax benefits at December 31, 2025, 2024 and 2023 were potential benefits of $11.4 million, $7.2 million and $9.9 million, respectively, that, if recognized, would favorably affect the effective tax rate in the period of recognition. The balance of unrecognized tax benefits for temporary items as of December 31, 2025, 2024 and 2023 was $91.8 million, $75.6 million and $125.9 million, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The liability for unrecognized tax benefits as of December 31, 2025 and 2024 included $8.5 million and $4.9 million, respectively, for accrued interest and penalties related to unrecognized tax benefits. Within the tabular rollforward, the additions and reductions based on tax positions related to the current year, primarily relate to a temporary uncertainty that is expected to reverse in the immediately following tax period. The table includes the net increase or decrease associated with this position. The balance of unrecognized tax benefits includes amounts classified as an increase in income taxes payable or the reduction of a deferred tax asset. In 2024, the Company decreased the balance of the unrecognized tax benefits reserve due to management's evaluation and remeasurement of its settlement position related to the timing of recognition of income and losses related to the Company's loan and finance receivable portfolio.

The Company believes it is reasonably possible that, within the next twelve months, unrecognized domestic tax benefits will change by a significant amount up to and including the full amount of the reserve. The Company's principal uncertainties are related to the timing of recognition of income and losses related to its loan and finance receivable portfolio. Depending upon the outcome of any future agreements or settlements with relevant taxing authorities, the amount of the uncertainty, including amounts that would be recognized as a component of the effective tax rate, could change significantly. While the total amount of uncertainty to be resolved is not clear, it is reasonably possible that the uncertainties pertaining to the tax positions will be resolved in the next twelve months.

The Company's U.S. tax returns are subject to examination by federal and state taxing authorities. The statute of limitations related to the Company's consolidated Federal income tax returns is closed for all tax years up to and including 2021. The years open to examination by state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.

**11. Commitments and Contingencies** 

***Guarantees of Consumer Loans*** 

In connection with its CSO program, the Company guarantees consumer loan payment obligations to unrelated third-party lenders for consumer loans and is required to purchase any defaulted loans it has guaranteed. As of December 31, 2025 and 2024, the amount of

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

consumer loans guaranteed by the Company had an estimated fair value of $26.1 million and $28.4 million, respectively, and an outstanding principal balance of $18.7 million and $19.9 million, respectively. As of December 31, 2025 and 2024, the amount of consumer loans, including principal, fees and interest, guaranteed by the Company were $22.3 million and $23.8 million, respectively. These loans are not included in the consolidated balance sheets as the Company does not own the loans prior to default.

***Consumer Financial Protection Bureau***

On November 15, 2023, the Company consented to the issuance of a Consent Order by the CFPB pursuant to which the Company agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15.0 million. The civil money penalty is included in "General and Administrative" expenses in the Consolidated Statements of Income. The Consent Order related to issues, the majority of which were self-disclosed, including payment processing and debiting errors. Effective August 29, 2025, the CFPB terminated the Consent Order in full and waived any alleged non-compliance therewith.

***Litigation***

On April 23, 2018, the Commonwealth of Virginia, through Attorney General Mark R. Herring, filed a lawsuit in the Circuit Court for the County of Fairfax, Virginia against NC Financial Solutions of Utah, LLC ("NC Utah"), a subsidiary of the Company. The lawsuit alleged violations of the Virginia Consumer Protection Act relating to NC Utah's communications with customers, collections of certain payments, its loan agreements, and the rates it charged to Virginia borrowers. The plaintiff sought to enjoin NC Utah from continuing its lending practices in Virginia, restitution, civil penalties, and costs and expenses in connection with the same. In January 2026, the parties entered into a Consent Decree to resolve the matter. Under the Consent Decree, NC Utah denied the allegations contained in the complaint and agreed to a payment of $3.4 million, comprised of $3.1 million in customer restitution, $0.2 million in fees and costs, and $0.1 million in administration expenses. Additionally, NC Utah agreed to modify certain outstanding loans at reduced interest rates and forgive approximately $87.0 million of previously charged-off receivables. As the payment of $3.4 million had been accrued in prior years and the forgiven loans charged off in prior years, there was no material impact to the Company's consolidated income statements for the years ended December 31, 2025 and 2024.

The Company is also involved in certain routine legal proceedings, claims and litigation matters encountered in the ordinary course of its business. Certain of these matters may be covered to an extent by insurance or by indemnification agreements with third parties. The Company has recorded accruals in its consolidated financial statements for those matters in which it is probable that it has incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. In the opinion of management, the resolution of these matters will not have a material adverse effect on the Company's financial position, results of operations or liquidity.

**12. Employee Benefit Plans** 

The Company sponsors the Enova International, Inc. 401(k) Savings Plan (the "Enova 401(k) Plan"), which is open to all U.S. employees of the Company and its subsidiaries. The Company also offers the Enova International, Inc. Nonqualified Savings Plan (the "NQSP") for certain members of Company management. For the Enova 401(k) Plan, new employees are automatically enrolled in this plan unless they elect not to participate. The Company makes matching contributions of 100% of the first 1% of pay and 50% of the next 5% of pay that each employee contributes to the Enova 401(k) Plan. The Company's matching contributions fully vest after a participant's second year of service with the Company. The Company recorded compensation expense for combined contributions to these plans of $5.3 million, $4.6 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company also sponsors the Enova International, Inc. Supplemental Executive Retirement Plan ("SERP") in which certain officers and certain other employees of the Company participate. Under this defined contribution plan, the Company makes an annual supplemental cash contribution to the SERP based on the terms of the plan as approved by the Company's Management Development and Compensation Committee of the Board of Directors. The Company recorded compensation expense of $1.0 million, $0.9 million and $0.5 million for SERP contributions for the years ended December 31, 2025, 2024 and 2023, respectively.

The NQSP and the SERP are non-qualified deferred compensation plans for which the Company holds securities in rabbi trusts to pay benefits. These securities are classified as trading securities, and the unrealized gains and losses on these securities are netted with the costs of the plans in "General and administrative expenses" in the consolidated statements of income.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

Amounts included in the consolidated balance sheets relating to the NQSP and the SERP were as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Other receivables and prepaid expenses | $14486 | $10712 |
| Accounts payable and accrued expenses | $15123 | $11251 |

---

**13. Stock-Based Compensation** 

Under the Enova International, Inc. 2014 Fourth Amended and Restated Long-Term Incentive Plan (the "Enova LTIP"), the Company is authorized to issue 16,500,000 shares of Common Stock pursuant to "Awards" granted as incentive stock options (intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended), nonqualified stock options, restricted stock units ("RSUs"), restricted stock, performance shares, stock appreciation rights or other stock-based awards. Since 2014, nonqualified stock options and RSU awards have been the only stock-based awards granted under the Enova LTIP. As of December 31, 2025, there were 2,760,776 shares available for future grants under the Enova LTIP.

During the year ended December 31, 2025, the Company received 204,626 shares of its common stock valued at approximately $23.4 million as partial payment of taxes required to be withheld upon issuance of shares under RSUs.

<u>Restricted Stock Units</u>

The Company grants RSUs to Company officers, certain employees and to the non-management members of the Board of Directors under the Enova LTIP. Each vested RSU entitles the holder to receive a share of the common stock of the Company. For Company officers and certain employees, the shares are to be issued upon vesting of the RSUs generally on an annual basis over a period of four years. Shares for RSU awards granted to members of the Board of Directors vest and are issued twelve months after the grant date.

In accordance with ASC 718, the grant date fair value of RSUs is based on the Company's closing stock price on the day before the grant date and is amortized to expense over the vesting periods. The agreements relating to awards provide that the vesting and payment of awards would be accelerated if there is a change in control of the Company.

The following table summarizes the Company's RSU activity during 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Units** | **Weighted Average Fair Value at Date of Grant** | **Units** | **Weighted Average Fair Value at Date of Grant** | **Units** | **Weighted Average Fair Value at Date of Grant** |
| Outstanding at beginning of year | 1251810 | $48.34 | 1489809 | $41.40 | 1540579 | $32.06 |
| Units granted | 283581 | 112.08 | 478537 | 54.79 | 638419 | 51.94 |
| Shares issued | (557114) | 44.05 | (617291) | 36.36 | (624264) | 29.10 |
| Units forfeited | (44121) | 66.52 | (99245) | 49.75 | (64925) | 41.71 |
| Outstanding at end of year | 934156 | $69.39 | 1251810 | $48.34 | 1489809 | $41.40 |

---

Compensation expense related to these RSUs totaling $25.0 million ($19.2 million net of related taxes), $25.0 million ($18.8 million net of related taxes) and $22.2 million ($16.6 million net of related taxes) was recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Total unrecognized compensation cost related to these RSUs at December 31, 2025 was $42.5 million, which will be recognized over a weighted average period of approximately 2.4 years. The outstanding RSUs had an aggregate intrinsic value of $146.8 million at December 31, 2025.

<u>Stock Options</u>

The Company grants stock options to purchase Enova stock to Company officers and certain employees under the Enova LTIP. Stock options would allow the holder to purchase shares of the Company's common stock at a price not less than the fair market value of the shares as of the grant date, or the exercise price. Stock options granted under the Enova LTIP generally become exercisable in equal increments on the first, second and third anniversaries of their date of grant, and expire on the seventh anniversary of their date of grant. Exercise prices of these stock options are equal to the closing stock price on the day before the grant date.

In accordance with ASC 718, compensation expense on stock options is based on the grant date fair value of the stock options and is amortized to expense over the vesting periods. For the year ended December 31, 2025, the Company estimated the fair value of the stock

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

option grants using the Black-Scholes option-pricing model based on the following weighted average assumptions: risk-free interest rate of 4.0%, expected term (life) of options of 4.5 years, expected volatility of 41.5% and no expected dividends. Determining the fair value of options awards at their respective grant dates requires considerable judgment, including estimating expected volatility and expected term (life). The Company based its expected volatility on a weighted average of the historical volatility of the Company. The Company calculated its expected term based on the simplified method, which is the mid-point between the weighted-average graded-vesting term and the contractual term. The simplified method was chosen as a means to determine expected term as the Company has limited historical option exercise experience as a public company. The Company derived the risk-free rate from a weighted-average yield for the three-and five-year zero-coupon U.S. Treasury Strips. The Company estimates forfeitures at the grant date based on its historical forfeiture rate and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

The following table summarizes the Company's stock option activity during 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | **Units** | **Weighted Average Exercise Price** | **Units** | **Weighted Average Exercise Price** | **Units** | **Weighted Average Exercise Price** |
| Outstanding at beginning of year | 1793587 | $36.58 | 2120241 | $28.98 | 2202687 | $23.80 |
| Options granted | 206906 | 110.40 | 237157 | 68.97 | 306105 | 47.89 |
| Options exercised | (363198) | 23.99 | (563811) | 21.63 | (388551) | 14.52 |
| Outstanding at end of year | 1637295 | $48.70 | 1793587 | $36.58 | 2120241 | $28.98 |
| Exercisable options at end of year | 1170280 | 35.12 | 1170738 | 28.14 | 1450841 | 23.24 |

---

The weighted average fair value of options granted in 2025 was $44.12. Compensation expense related to stock options totaling $8.1 million ($6.2 million net of related taxes), $6.8 million ($5.1 million net of related taxes) and $4.6 million ($3.4 million net of related taxes) was recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Total unrecognized compensation cost related to stock options at December 31, 2025 was $12.6 million, which will be recognized over a period of approximately 2.0 years. At December 31, 2025, the intrinsic value of stock options outstanding was $177.7 million, and the intrinsic value of stock options exercisable was $142.9 million, respectively.

**14. Related Party Transactions** 

As discussed in Note 1 in the Notes to Consolidated Financial Statements, in December 2021, the Company divested a portion of its interest in OnDeck Australia and began recording its remaining interest utilizing the equity method of accounting. As of December 31, 2025 and 2024, there was no balance due from affiliate outstanding between the Company and OnDeck Australia.

The Company believes that the transactions described above have been provided on terms no less favorable to the Company than could have been negotiated with non-affiliated third parties.

**15. Variable Interest Entities**

As part of the Company's overall funding strategy and as part of its efforts to support its liquidity from sources other than its traditional capital market sources, the Company has established a securitization program through its various securitization facilities. The Company transfers certain loan receivables to wholly owned, bankruptcy-remote special purpose subsidiaries ("VIEs"), which issue notes backed by the underlying loan receivables and are serviced by other wholly-owned subsidiaries of the Company. The cash flows from the loans held by the VIEs are used to repay obligations under the notes.

The Company is required to evaluate the VIEs for consolidation. The Company has the ability to direct the activities of the VIEs that most significantly impact the economic performance of the entities as the servicer of the securitized loan receivables. Additionally, the Company has the right to returns related to servicing fee revenue from the VIEs and to receive residual payments, which expose it to potentially significant losses and returns. Accordingly, the Company determined it is the primary beneficiary of the VIEs and is required to consolidate them. The assets and liabilities related to the VIEs are included in the Company's consolidated financial statements and are accounted for as secured borrowings.

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

**16. Supplemental Disclosures of Cash Flow Information** 

The following table sets forth certain cash and non-cash activities for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Cash paid during the year for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $321080 | $274117 | $182407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid (recovered)<sup>(1)</sup> | 1439 | (1517) | (3105) |
| Non-cash investing and financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and finance receivables renewed | $519299 | $414138 | $491291 |

---

------

*(1) Total income taxes paid (recovered) by jurisdiction were as follows (in thousands):*

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Income taxes paid, net of refunds received |  |  |  |
| Federal | $— | $— | $(2061) |
| State and Local |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alabama | 79 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;California |  |  | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | 191 | (396) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia | (37) | (320) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana |  | (10) | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maryland | 84 |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;North Carolina | 85 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey | 87 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oregon | 112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania | 107 |  | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina | 140 | 434 | (814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas | 258 | (349) | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virginia | 3 | (987) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;West Virginia |  |  | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other States | 248 | 111 | 178 |
| Foreign | 82 |  |  |
| Total income taxes paid (recovered) | $1439 | $(1517) | $(3105) |

---

**17. Operating Segment Information** 

During the three years ended December 31, 2025, the Company primarily provided online financial services to non-prime credit consumers and small businesses in the United States and Brazil. The Company has one reportable segment, which is composed of the Company's domestic and international operations and corporate services. The Company has aggregated all components of its business into a single operating segment based on the similarities of the economic characteristics, the nature of the products and services, the nature of the production and distribution methods, the shared technology platforms, the type of customer and the nature of the regulatory environment. The Company's Chief Operating Decision Maker, its Chief Executive Officer, is regularly provided with significant segment expenses at a similar level and category as is disclosed in the Consolidated Statements of Income; as such, separate presentation is not provided in this Note.

The following table presents the Company's revenue by geographic region for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Revenue** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $3072575 | $2604460 | $2087519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other international countries | 79078 | 53340 | 30120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | $3151653 | $2657800 | $2117639 |

---

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The Company's long-lived assets, which consist of the Company's property and equipment, were $132.6 million and $120.0 million at December 31, 2025 and 2024, respectively. The operations for the Company's domestic and international businesses are primarily located within the United States, and the value of any long-lived assets located outside of the United States is immaterial.

**18. Fair Value Measurements** 

***Recurring Fair Value Measurements*** 

The Company uses a hierarchical framework that prioritizes and ranks the market observability of inputs used in its fair value measurements. Market price observability is affected by a number of factors, including the type of asset or liability and the characteristics specific to the asset or liability being measured. Assets and liabilities with readily available, active, quoted market prices or for which fair value can be measured from actively quoted prices generally are deemed to have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The Company classifies the inputs used to measure fair value into one of three levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2: Inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable.

&nbsp;&nbsp;&nbsp;&nbsp;•Level 3: Unobservable inputs for the asset or liability measured.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company's market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level of input that is significant to the entire measurement. Such determination requires significant management judgment.

During the years ended December 31, 2025 and 2024, there were no transfers of assets or liabilities between Level 1, 2 or 3. It is the Company's policy to value any transfers between levels of the fair value hierarchy based on end of period values.

The Company's financial assets that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
|  | **2025** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables<sup>(1)</sup> | $1764469 | $— | $— | $1764469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables<sup>(1)</sup> | 3707075 |  |  | 3707075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-qualified savings plan assets<sup>(2)</sup> | 14486 | 14486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in trading security<sup>(3)</sup> | 13722 | 13722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5499752 | $28208 | $— | $5471544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
|  | **2024** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans and finance receivables<sup>(1)</sup> | $1639307 | $— | $— | $1639307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small business loans and finance receivables<sup>(1)</sup> | 2747137 |  |  | 2747137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-qualified savings plan assets<sup>(2)</sup> | 10712 | 10712 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in trading security<sup>(3)</sup> | 3636 | 3636 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $4400792 | $14348 | $— | $4386444 |

---

------

*(1) Consumer loans and finance receivables and small business loans and finance receivables are included in "Loans and finance receivable at fair value" in the Company's consolidated balance sheets.*

*(2) The non-qualified savings plan assets are included in "Other receivables and prepaid expenses" in the Company's consolidated balance sheets and have an offsetting liability, which is included in "Accounts payable and accrued expenses" in the Company's consolidated balance sheets.*

*(3) Investment in trading security is included in "Other assets" in the Company's consolidated balance sheets.*

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

The Company primarily estimates the fair value of its loan and finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs, such as estimated losses, prepayments, servicing costs and discount rates, that are unobservable but reflect the Company's best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs may, in isolation, have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. An increase to the net loss rate, prepayment rate, servicing cost, or discount rate would decrease the fair value of the Company's loans and finance receivables. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input.

The fair value of the nonqualified savings plan assets was deemed Level 1 as they are publicly traded equity securities for which market prices of identical assets are readily observable.

The fair value of the investment in trading security was deemed Level 1 as it is a publicly traded fund with active market pricing that is readily available.

The Company had no liabilities measured at fair value on a recurring basis as of December 31, 2025 or 2024.

***Fair Value Measurements on a Non-Recurring Basis*** 

The Company measures non-financial assets and liabilities such as property and equipment and intangible assets at fair value on a nonrecurring basis or when events or circumstances indicate that the carrying amount of the assets may be impaired. At December 31, 2025 and 2024, there were no assets or liabilities recorded at fair value on a nonrecurring basis.

***Financial Assets and Liabilities Not Measured at Fair Value*** 

The Company's financial assets and liabilities as of December 31, 2025 and 2024 that are not measured at fair value in the consolidated balance sheets are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
|  | **2025** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $71709 | $71709 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash<sup>(1)</sup> | 336154 | 336154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated investee<sup>(2)</sup> | 6918 |  |  | 6918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $414781 | $407863 | $— | $6918 |
| **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | $596000 | $— | $— | $596000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization facilities | 3029180 |  | 3037390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% senior notes due 2028 | 397783 |  | 422924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125% senior notes due 2029 | 500000 |  | 530620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $4522963 | $— | $3990934 | $596000 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** |
|  | **2024** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $73910 | $73910 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash<sup>(1)</sup> | 248758 | 248758 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in unconsolidated investee<sup>(2)</sup> | 6918 |  |  | 6918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $329586 | $322668 | $— | $6918 |
| **Financial liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving line of credit | $453000 | $— | $— | $453000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization facilities | 2238279 |  | 2246406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25% senior notes due 2028 | 397033 |  | 433112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125% senior notes due 2029 | 500000 |  | 519360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3588312 | $— | $3198878 | $453000 |

---

------

**ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)**

------

*(1) Restricted cash includes $292.8 million and $217.3 million in assets of consolidated VIEs as of December 31, 2025 and 2024, respectively.*

*(2) Investment in unconsolidated investee is included in "Other assets" in the consolidated balance sheets.*

Cash and cash equivalents and restricted cash bear interest at market rates and have maturities of less than 90 days. The carrying amount of restricted cash and cash equivalents approximates fair value.

The Company measures the fair value of its investment in unconsolidated investee using Level 3 inputs. Because the unconsolidated investee is a private company and financial information is limited, the Company estimates the fair value based on the best available information at the measurement date.

The Company measures the fair value of its revolving line of credit using Level 3 inputs. The Company considered the fair value of its other long-term debt and the timing of expected payment(s).

The fair values of the Company's securitization facilities and senior notes are estimated based on quoted prices in markets that are not active, which are deemed Level 2 inputs.

**19. Subsequent Events**

Subsequent events have been reviewed through the date these financial statements were issued.

------

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** 

None

**ITEM 9A. CONTROLS AND PROCEDURES** 

**Evaluation of Disclosure Controls and Procedures**

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, our management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of December 31, 2025 (the "Evaluation Date"). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective and provide reasonable assurance (i) that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms; and (ii) that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

**Limitations on the Effectiveness of Controls**

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or internal control over financial reporting will prevent or detect all possible misstatements due to error and fraud. Our disclosure controls and procedures and internal control over financial reporting are, however, designed to provide reasonable assurance of achieving their objectives.

**Report of Management on Internal Control over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

We conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in "Internal Control — Integrated Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in "Internal Control — Integrated Framework" (2013), management, with the participation of our Chief Executive Officer and Chief Financial Officer, concluded that our internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears in this Form 10-K.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION** 

**Insider Adoption or Termination of Trading Arrangements**

During the quarter ended December 31, 2025, none of our directors or Section 16 officers adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408.

------

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** 

Not applicable.

------

**PART III** 

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** 

The Company plans to file with the SEC a definitive proxy statement, pursuant to SEC Regulation 14A in connection with its 2026 Annual Meeting of Stockholders, or the Proxy Statement, within 120 days after December 31, 2025. Information required by this Item 10 relating to our directors and nominees included under the captions "Proposal 1: Election of Directors—Directors to be Elected by our Stockholders" and "Stockholder Proposals and Communications with our Board—Director Nominations" of our Proxy Statement is incorporated herein by reference.

The information required by this Item 10 regarding our Audit Committee under the caption "Structure and Functioning of the Board—Board Committees—Audit Committee" is incorporated herein by reference.

Information concerning executive officers is contained in this report under "Item 1. Business—Operations—Management and Personnel—Executive Officers."

Any information required by this Item 10 regarding compliance with Section 16(a) of the Exchange Act of 1934 included under the caption "Delinquent Section 16(a) Reports" in our Proxy Statement is incorporated herein by reference.

All other information required by this Item 10 contained in the Proxy Statement is incorporated herein by reference.

The Company has an insider trading policy governing purchases, sales and other transactions in its securities that applies to its directors, officers, employees and certain other covered persons. It is also the Company's policy to comply with applicable insider trading laws, rules and regulations, as well as any applicable stock exchange listing standards, when the Company engages in transactions in the Company's securities. The Company believes that its insider trading policy and other procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company's insider trading policy is filed as Exhibit 19.1 to this report.

The Company has adopted a Code of Business Conduct and Ethics that applies to all of its directors, officers (including all of its executive officers) and employees. This Code of Business Conduct and Ethics is publicly available on the Company's website at www.enova.com in the Investor Relations section under "Corporate Governance—Code of Conduct." Amendments to the Code of Business Conduct and Ethics and any grant of a waiver from a provision of the Code of Business Conduct and Ethics requiring disclosure under applicable SEC rules will be disclosed on the Company's website.

**ITEM 11. EXECUTIVE COMPENSATION** 

Information contained under the captions "Executive Compensation", "Director Compensation", "Compensation Committee Interlocks and Insider Participation" and "Executive Compensation—Management Development and Compensation Committee Report" in the Proxy Statement is incorporated into this report by reference in response to this Item 11.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS** 

Information contained under the caption "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement is incorporated into this report by reference in response to this Item 12.

------

***Securities Authorized for Issuance Under Equity Compensation Plans***

The table below sets forth information, as of December 31, 2025, with respect to shares of common stock of the Company that may be issued under the Company's existing equity compensation plans.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon exercise of outstanding options, warrants and rights** | **Weighted average exercise price of outstanding options, warrants and rights** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))** |
|  | (a) | (b) | (c) |
| Equity compensation plans approved by security holders | 2571451 | $31.01 | 2760776 |
| Equity compensation plans not approved by security holders |  |  |  |
| Total | 2571451 | $31.01 | 2760776 |

---

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** 

Information contained under the captions "Certain Relationships and Related Transactions", "Structure and Functioning of the Board—Board Committees" and "Structure and Functioning of the Board—Director Independence" in the Proxy Statement is incorporated into this report by reference in response to this Item 13.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES** 

Information contained under the caption "Audit and Non-Audit Fees" in the Proxy Statement is incorporated into this report by reference in response to this Item 14.

------

**PART IV** 

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES** 

The following consolidated financial statements are filed in Item 8 of Part II of this report:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; PCAOB ID No. 34)</u>](#deloitte_opinion) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Balance Sheets – December 31, 2025 and 2024</u>](#balance_sheets) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Income – Years Ended December 31, 2025, 2024 and 2023</u>](#statements_of_income) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Comprehensive Income – Years Ended December 31, 2025, 2024 and 2023</u>](#comprehensive_income) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Stockholders' Equity – Years Ended December 31, 2025, 2024 and 2023</u>](#stockholders_equity) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows – Years Ended December 31, 2025, 2024 and 2023</u>](#cash_flows) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | 74 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Exhibit Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** | **Filed<br>Herewith** |
| 2.1 | [<u>Separation and Distribution Agreement between Cash America International, Inc. and Enova International, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514417045/d823052dex21.htm) | 8-K | 001-35503 | 2.1 | 11/19/2014 |  |
| 2.2 | [<u>Agreement and Plan of Merger dated as of July 28, 2020, among Enova International, Inc., Energy Merger Sub, Inc. and On Deck Capital, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459020034407/enva-ex21_15.htm) | 8-K | 001-35503 | 2.1 | 12/28/2020 |  |
| 2.3 | [<u>Agreement and Plan of Merger, by and between Enova International, Inc. and Grasshopper Bancorp, Inc., dated December 10, 2025</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312525315025/enva-ex2_1.htm) | 8-K | 001-35503 | 2.1 | 12/11/2025 |  |
| 3.1 | [<u>Enova International, Inc. Restated Certificate of Incorporation</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023035502/enva-ex3_1.htm) | 10-Q | 001-35503 | 3.1 | 7/28/2023 |  |
| 3.2 | [<u>Enova International, Inc. Amended and Restated Bylaws</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459017023996/enva-ex31_6.htm) | 8-K | 001-35503 | 3.1 | 11/17/2017 |  |
| 4.1 | [<u>Specimen common stock certificate</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514362215/d760719dex41.htm) | 10-12B | 001-35503 | 4.1 | 10/2/2014 |  |
| 4.2 | [<u>Description of the Registrant's Securities</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459020007473/enva-ex42_51.htm) | 10-K | 001-35503 | 4.2 | 2/27/2020 |  |
| 4.3 | [<u>Indenture, dated as of December 6, 2023, by and among Enova International, Inc., each of the guarantors party thereto and Computershare Trust Company, N.A., as trustee and the Form of 11.25% Senior Note due 2028 (included as Exhibit A).</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023069191/enva-ex4_1.htm) | 8-K | 001-35503 | 4.1 | 12/11/2023 |  |
| 4.4 | [<u>Indenture, dated as of August 12, 2024, by and among Enova International, Inc., each of the guarantors party thereto and Computershare Trust Company, N.A., as trustee, and the Form of 9.125% Senior Note due 2029 (included as Exhibit A) (incorporated by reference to Exhibit 4.1 to the Company's Form 8-K filed on August 12, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312524198919/d736055dex41.htm) | 10-Q | 001-35503 | 4.1 | 7/23/2024 |  |
| 4.5 | [<u>Base Indenture, dated as of July 27, 2023, by and between OnDeck Asset Securitization IV,</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023055249/enva-ex4_1.htm) | 10-Q | 001-35503 | 4.1 | 10/25/2023 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | [<u>LLC, as Issuer and Deutsche Bank Trust Company Americas, as Indenture Trustee of Asset Backed Notes (Issuable in Series of Notes)</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023055249/enva-ex4_1.htm) |  |  |  |  |
| 4.6 | [<u>Series 2023-1 Indenture Supplement dated as of July 27, 2023 to Base Indenture dated as of July 27, 2023, by and between OnDeck Asset Securitization IV, LLC, as Issuer and Deutsche Bank Trust Company Americas, as Indenture Trustee of up to $378,417,000 of Asset Backed Notes</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023055249/enva-ex4_2.htm) | 10-Q | 001-35503 | 4.2 | 10/25/2023 |
| 4.7 | [<u>Series 2024-1 Indenture Supplement, dated as of May 17, 2024, to Base Indenture dated as of July 27, 2023, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $500,149,970 of Asset Backed Notes</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024086053/enva-ex4_2.htm) | 10-Q | 001-35503 | 4.2 | 7/24/2024 |
| 4.8 | [<u>Indenture, dated as of March 3, 2023, by and among NetCredit Combined Receivables 2023, LLC, as Issuer, and Citibank, N.A., as Indenture Trustee, Paying Agent, Note Registrar and Securities Intermediary</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024086053/enva-ex4_3.htm) | 10-Q | 001-35503 | 4.3 | 7/24/2024 |
| 4.9 | [<u>Indenture, dated as of May 31, 2024, by and among NetCredit Combined Receivables 2024, LLC, as Issuer, and Citibank, N.A., as Indenture Trustee, Paying Agent, Note Registrar and Securities Intermediary</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024086053/enva-ex4_1.htm) | 10-Q | 001-35503 | 4.1 | 7/24/2024 |
| 4.10 | [<u>Series 2024-2 Indenture Supplement, dated as of October 2, 2024, to Base Indenture dated as of July 27, 2023, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $261,353,000 of Asset Backed Notes</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex4_10.htm) | 10-K | 001-35503<br>| 4.10 | 2/18/2025 |
| 4.11 | [<u>First Amendment to Indenture, dated as of July 31, 2024, by and between NetCredit Combined Receivables 2024, LLC and Citibank, N.A., as Indenture Trustee, Securities Intermediary, Note Registrar and Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex4_11.htm) | 10-K<br>| 001-35503<br>| 4.11 | 2/18/2025 |
| 4.12 | [<u>First Amendment to Indenture, dated as of August 9, 2024, by and between NetCredit Combined Receivables 2023, LLC and Citibank, N.A., as Indenture Trustee, Securities Intermediary, Note Registrar and Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex4_12.htm) | 10-K<br>| 001-35503<br>| 4.12 | 2/18/2025 |
| 4.13 | [<u>Series 2025-1 Indenture Supplement, dated as of March 20, 2025, to Base Indenture dated as of July 27, 2023 and amended as of March 20, 2025, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $261,392,000 of Asset Backed Notes</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025060339/enva-ex4_1.htm) | 10-Q | 001-35503 | 4.1 | 4/29/2025 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 4.14 | [<u>First Supplement to the Base Indenture, dated as of March 20, 2025, between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025060339/enva-ex4_2.htm) | 10-Q<br>| 001-35503 | 4.2 | 4/29/2025 |  |
| 4.15 | [<u>Indenture, dated as of May 30, 2025, by and among NetCredit Combined Receivables A, LLC, as Issuer, and Citibank, N.A., as Indenture Trustee, Paying Agent, Note Registrar and Securities Intermediary</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025098791/enva-ex4_1.htm) | 10-Q | 001-35503 | 4.1 | 7/25/2025 |  |
| 4.16 | [<u>Series 2025-2 Indenture Supplement, dated as of November 13, 2025, to Base Indenture dated as of July 27, 2023 and amended as of March 20, 2025 and further amended as of November 13, 2025, by and between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, of up to $261,434,000 of Asset Backed Notes</u>](enva-ex4_16.htm) |  |  |  |  | X |
| 4.17 | [<u>Second Supplement to the Base Indenture, dated as of November 13, 2025, between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee</u>](enva-ex4_17.htm) |  |  |  |  | X |
| 4.18<br>| [<u>Omnibus First Supplement to Series 2023-1 Indenture Supplement, Series 2024-1 Indenture Supplement, Series 2024-2 Indenture Supplement and Series 2025-1 Indenture Supplement, dated as of November 13, 2025, between OnDeck Asset Securitization IV, LLC, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee</u>](enva-ex4_18.htm) |  |  |  |  | X |
| 10.1 | [<u>Enova International, Inc. 2014 Long-Term Incentive Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459014005836/enva-ex101_20140930124.htm) | 10-Q | 001-35503 | 10.1 | 11/14/2014 |  |
| 10.2 | [<u>Enova International, Inc. Fourth Amended and Restated 2014 Long-Term Incentive Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024038075/enva-20240326.htm) | DEF 14A | 001-35503 | Appendix A | 3/28/2024 |  |
| 10.3 | [<u>Enova International, Inc. Senior Executive Bonus Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312516533959/d148329ddef14a.htm) | DEF 14A | 001-35503 | Appendix B | 4/7/2016 |  |
| 10.4 | [<u>Enova International, Inc. Amended and Restated Senior Executive Bonus Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459019027488/enva-ex101_70.htm) | 10-Q | 001-35503 | 10.1 | 7/31/2019 |  |
| 10.5 | [<u>Enova International, Inc. Supplemental Executive Retirement Plan, as amended and restated effective September 13, 2017\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459017020844/enva-ex101_358.htm) | 10-Q | 001-35503 | 10.1 | 11/1/2017 |  |
| 10.6 | [<u>Amended and Restated Enova International, Inc. Nonqualified Savings Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023022472/enva-ex10_1.htm) | 8-K | 001-35503 | 10.1 | 5/16/2023 |  |
| 10.7 | [<u>Form of Enova International, Inc. Severance Pay Plan for Executives\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514362215/d760719dex1012.htm) | 10-12B | 001-35503 | 10.12 | 10/2/2014 |  |
| 10.8 | [<u>Form of Enova International, Inc. Senior Executive Bonus Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514362215/d760719dex1013.htm) | 10-12B | 001-35503 | 10.13 | 10/2/2014 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10.9 | [<u>Summary of 2014 Terms and Conditions of the Enova International, Inc. Short-Term Incentive Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514362215/d760719dex1014.htm) | 10-12B | 001-35503 | 10.14 | 10/2/2014 |
| 10.10 | [<u>Enova International, Inc. Amended and Restated Annual Short Term Incentive Plan\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459019027488/enva-ex102_71.htm) | 10-Q | 001-35503 | 10.2 | 7/31/2019 |
| 10.11 | [<u>Form of Executive Change-in-Control Severance and Restrictive Covenant Agreement (Chief Executive Officer)\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022002334/enva-ex10_12.htm) | 10-K | 001-35503 | 10.12 | 2/28/2022 |
| 10.12 | [<u>Form of Executive Change-in-Control Severance and Restrictive Covenant Agreement (Executive Officers other than the CEO)\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022002334/enva-ex10_13.htm) | 10-K | 001-35503 | 10.13 | 2/28/2022 |
| 10.13 | [<u>Form of Enova International, Inc. Third Amended and Restated 2014 Long-Term Incentive Plan Award Agreement for Grant of Restricted Stock Units\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024019385/enva-ex10_14.htm) | 10-K | 001-35503 | 10.14 | 2/23/2024 |
| 10.14 | [<u>Form of Enova International, Inc. Fourth Amended and Restated 2014 Long-Term Incentive Plan Award Agreement for Grant of Restricted Stock Units\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex10_14.htm) | 10-K | 001-35503 | 10.14 | 2/18/2025 |
| 10.15 | [<u>Form of Enova International, Inc. Third Amended and Restated 2014 Long-Term Incentive Plan Award Agreement for Special Grant of Nonqualified Stock Option with a Limited Stock Appreciation Right\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024019385/enva-ex10_15.htm) | 10-K | 001-35503 | 10.15 | 2/23/2024 |
| 10.16 | [<u>Form of Enova International, Inc. Fourth Amended and Restated 2014 Long-Term Incentive Plan Award Agreement for Special Grant of Nonqualified Stock Option with a Limited Stock Appreciation Right\*</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex10_16.htm) | 10-K | 001-35503 | 10.16 | 2/18/2025 |
| 10.17 | [<u>Form of Enova International, Inc. Fourth Amended and Restated 2014 Long-Term Incentive Plan Award Agreement for Special Grant of Nonqualified Stock Option with a Limited Stock Appreciation Right</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312525249986/enva-ex10_1.htm) | 10-Q | 001-35503<br>| 10.1 | 10/24/2025 |
| 10.18 | [<u>Lease Agreement, dated July 25, 2014, between 175 Jackson L.L.C. and Enova International, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312514378336/d760719dex1011.htm) | 10-12B | 001-35503 | 10.11 | 10/22/2014 |
| 10.19 | [<u>Second Amendment to Lease Agreement, dated September 13, 2017, between 175 Jackson L.L.C. and Enova International, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459017020844/enva-ex102_385.htm) | 10-Q | 001-35503 | 10.2 | 11/1/2017 |
| 10.20 | [<u>Amendment No. 5 to Fourth Amended and Restated Credit Agreement, dated as of December 24, 2020, among Receivable Assets of OnDeck, LLC, as Borrower, the Lenders party thereto and Truist Bank, as Administrative Agent (Portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K.)</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459021009434/enva-ex1036_122.htm) | 10-K | 001-35503 | 10.36 | 2/26/2021 |
| 10.21 | [<u>Amendment No. 6 to Fourth Amended and Restated Credit Agreement, dated as of July 16, 2021, among Receivable Assets of OnDeck,</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459021052958/enva-ex101_15.htm) | 10-Q | 001-35503 | 10.1 | 10/29/2021 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | [<u>LLC, as Borrower, the Lenders party thereto and Truist Bank, as Administrative Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000156459021052958/enva-ex101_15.htm) |  |  |  |  |
| 10.22 | [<u>Credit Agreement dated as of November 17, 2021 among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022002334/enva-ex10_39.htm) | 10-K | 001-35503 | 10.39 | 2/28/2022 |
| 10.23 | [<u>Amendment No. 7 to Fourth Amended and Restated Credit Agreement, dated as of March 18, 2022, among Receivable Assets of OnDeck, LLC, as Borrower, the Lenders party thereto and Truist Bank, as Administrative Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022007110/enva-ex10_2.htm) | 10-Q | 001-35503 | 10.2 | 5/3/2022 |
| 10.24 | [<u>First Amendment to Credit Agreement, dated March 29, 2022 among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022007110/enva-ex10_4.htm) | 10-Q | 001-35503 | 10.4 | 5/3/2022 |
| 10.25 | [<u>Amended and Restated Credit Agreement among Enova International, Inc., as a Borrower and the Parent, certain restricted subsidiaries of the Parent from time to time party hereto, as Borrowers, certain restricted subsidiaries of the Parent from time to time party hereto, as Guarantors, the Lenders party hereto, and Bank of Montreal, as Administrative Agent and Collateral Agent dated as of June 23, 2022</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022013505/enva-ex10_2.htm) | 10-Q | 001-35503 | 10.2 | 7/29/2022 |
| 10.26 | [<u>Credit Agreement dated June 30, 2022 among OnDeck Receivables 2022, LLC, various lenders, and BMO Capital Markets Corp., as Administrative Agent and Collateral Agent, and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017022013505/enva-ex10_1.htm) | 10-Q | 001-35503 | 10.1 | 7/29/2022 |
| 10.27 | [<u>Note Issuance and Purchase Agreement among NetCredit Receivables 2022, LLC as Issuer, Citibank, N.A. as Collateral Agent and Paying Agent, Jefferies Funding LLC as Initial Note Purchaser, each of note purchasers from time to time party hereto, and Jefferies Funding LLC, as Administrative Agent dated as of October 21, 2022</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023004381/enva-ex10_46.htm) | 10-K | 001-35503 | 10.46 | 2/24/2023 |
| 10.28 | [<u>Third Amendment to Credit Agreement, dated November 18, 2022, among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023004381/enva-ex10_47.htm) | 10-K | 001-35503 | 10.47 | 2/24/2023 |
| 10.29 | [<u>Amendment No. 8 to Fourth Amended and Restated Credit Agreement, dated as of November 18, 2022, among Receivable Assets of OnDeck, LLC, as Borrower, the Lenders party thereto and Truist Bank, as Administrative Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023004381/enva-ex10_48.htm) | 10-K | 001-35503 | 10.48 | 2/24/2023 |

---

------

10.30 [<u>Third Amendment to Lease Agreement, dated March 21, 2023, between Mark Zettl, as Court Appointed Receiver, and Enova International, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023015853/enva-ex10_1.htm) 10-Q 001-35503 10.1 4/28/2023

10.31 [<u>Credit Agreement, dated May 25, 2023, among HWC Receivables 2023, LLC as Company, various lenders, Headway Capital, LLC as Originator and BNP Paribas as Administrative Agent and Collateral Agent and Deutsche Bank Trust Company Americas as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017023035502/enva-ex10_1.htm) 10-Q 001-35503 10.1 7/28/2023

10.32 [<u>First Amendment to Amended and Restated Credit Agreement among Enova International, Inc., as a Borrower and the Parent, certain restricted subsidiaries of the Parent from time to time party hereto, as Borrowers, certain restricted subsidiaries of the Parent from time to time party hereto, as Guarantors, the Lenders party hereto, and Bank of Montreal, as Administrative Agent and Collateral Agent dated as of October 19, 2023</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024019385/enva-ex10_43.htm) 10.K 001-35503 10.43 2/23/2024

10.33 [<u>Amendment No. 7 to Credit Agreement, dated November 15, 2023, among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024019385/enva-ex10_44.htm) 10.K 001-35503 10.44 2/23/2024

10.34 [<u>Note Issuance and Purchase Agreement among NetCredit LOC Receivables 2024, LLC as Issuer, Citibank, N.A. as Collateral Agent and Paying Agent, each of the note purchasers listed on Schedule I thereto as Initial Note Purchasers, each of the other note purchasers from time to time party thereto, and Midtown Madison Management LLC, as Administrative Agent dated as of February 21, 2024</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024047610/enva-ex10_1.htm) 10-Q 001-35503 10.1 4/24/2024

10.35 [<u>Omnibus Amendment - Amendment No. 2 to Credit Agreement, Amendment to Backup Servicing Agreement and Reaffirmation of Performance Guaranty, dated as of June 27, 2024, by and among OnDeck Receivables 2022, LLC, various lenders, BMO Capital Markets Corp., as Administrative Agent and Collateral Agent, ODK Capital, LLC, as Servicer, Vervent Inc., as Backup Servicer, and Enova International, Inc., as Performance Guarantor</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024086053/enva-ex10_1.htm) 10-Q 001-35503 10.1 7/24/2024

10.36 [<u>Second Amendment to Amended and Restated Credit Agreement among Enova International, Inc., as a Borrower and the Parent, certain restricted subsidiaries of the Parent from time to time party thereto, as Borrowers, certain restricted subsidiaries of the Parent from time to time party thereto, as Guarantors, the Lenders party thereto, and Bank of Montreal, as Administrative Agent and Collateral Agent, dated as of September 11, 2024</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024116660/enva-ex10_1.htm) 10-Q 001-35503 10.1 10/23/2024

------

10.37 [<u>Omnibus Amendment - Amendment No. 1 to Credit Agreement and Amendment to Security Agreement, dated as of September 18, 2024, among HWC Receivables 2023, LLC, as company, the lenders party thereto, Headway Capital, LLC, as originator, Enova International, Inc., as performance guarantor, and BNP Paribas, as administrative agent and as collateral agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017024116660/enva-ex10_2.htm) 10-Q 001-35503 10.2 10/23/2024

10.38 [<u>Second Amendment to Note Issuance and Purchase Agreement among NetCredit Receivables 2022, LLC as Issuer, Citibank, N.A. as Collateral Agent and Paying Agent, Jefferies Funding LLC as Administrative Agent and Initial Note Purchaser, Citibank, N.A., as Collateral Agent and Paying Agent, and the note purchasers from time to time party thereto, as dated as of October 15, 2024</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex10_41.htm) 10-K 001-35503 10.41 2/18/2025

10.39 [<u>Amendment No. 10 to Fourth Amended and Restated Credit Agreement and Omnibus Amendment, dated as of November 18, 2024, among Receivable Assets of OnDeck, LLC, as Borrower, Vervent Inc., as Backup Servicer, the lenders party thereto from time to time, Computershare Trust Company, National Association, as Custodian and Collateral Agent, and Truist Bank, as Administrative Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex10_42.htm) 10-K 001-35503 10.42 2/18/2025

10.40 [<u>Amendment No. 8 to Credit Agreement, dated as of March 20, 2025, among OnDeck Receivables 2021, LLC, various lenders, and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and Deutsche Bank Trust Company Americas, as Paying Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025060339/enva-ex10_1.htm) 10-Q 001-35503 10.1 4/29/2025

10.41 [<u>Third Amendment to Amended and Restated Credit Agreement and Joinder, dated as of August 28, 2025, among Enova International, Inc., as a Borrower and the Parent, certain restricted subsidiaries of the Parent from time to time party thereto, as Borrowers, certain restricted subsidiaries of the Parent from time to time party thereto, as Guarantors, the Lenders party thereto, and Bank of Montreal, as Administrative Agent and Collateral Agent</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312525249986/enva-ex10_2.htm) 10-Q 001-35503 10.2 10/24/2025

10.42 [<u>Loan and Security Agreement, dated as of July 17, 2025, among NetCredit LOC Receivables 2025, LLC, as Borrower, Banc of California, as Administrative Agent and Initial Class A Lender, Omaha ABF V LLC and Omaha ABF VII LLC, each as an Initial Class B Lender, and each of the other lenders from time to time party thereto</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312525249986/enva-ex10_3.htm) 10-Q 001-35503 10.3 10/24/2025

10.43 [<u>Form of Voting Agreement, by and among Enova International, Inc., Grasshopper Bancorp, Inc., and certain stockholders of Grasshopper Bancorp, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1529864/000119312525315025/enva-ex10_1.htm) 8-K 001-35503 10.1 10/11/2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 10.44 | [<u>Amendment No. 11 to Fourth Amended and Restated Credit Agreement, dated as of October 10, 2025, by and among Receivable Assets of OnDeck, LLC, the lenders party thereto and Truist Bank, as Administrative Agent</u>](enva-ex10_44.htm) |  |  |  |  | X |
| 10.45 | [<u>First Amendment to Note Issuance and Purchase Agreement, dated as of October 17, 2025, by and among NetCredit LOC Receivables 2024, LLC, the note purchasers party thereto, Citibank, N.A. as Collateral Trustee, and Midtown Madison Management LLC, as Administrative Agent</u>](enva-ex10_45.htm) |  |  |  |  | X |
| 10.46 | [<u>Amendment No. 3 to Credit Agreement and Reaffirmation of Performance Guaranty, dated as of November 7, 2025, by and among OnDeck Receivables 2022, LLC, the lenders from time to time parties thereto, BMO Capital Markets Corp., as Administrative Agent and Collateral Agent, and Enova International, Inc., as Performance Guarantor</u>](enva-ex10_46.htm) |  |  |  |  | X |
| 10.47 | [<u>Amendment No. 9 to Credit Agreement, dated as of November 14, 2025, among OnDeck Receivables 2021, LLC, various lenders, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and Deutsche Bank Trust Company Americas, as Paying Agent</u>](enva-ex10_47.htm) |  |  |  |  | X |
| 10.48 | [<u>Amendment No. 10 to Credit Agreement, dated as of November 24, 2025, among OnDeck Receivables 2021, LLC, various lenders, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent, and Deutsche Bank Trust Company Americas, as Paying Agent</u>](enva-ex10_48.htm) |  |  |  |  | X |
| 19.1 | [<u>Enova International, Inc. Insider Trading Policy</u>](enva-ex19_1.htm) |  |  |  |  | X |
| 21.1 | [<u>Subsidiaries of Enova International, Inc.</u>](enva-ex21_1.htm) |  |  |  |  | X |
| 23.1 | [<u>Consent of Deloitte & Touche LLP</u>](enva-ex23_1.htm) |  |  |  |  | X |
| 31.1 | [<u>Certification of Chief Executive Officer</u>](enva-ex31_1.htm) |  |  |  |  | X |
| 31.2 | [<u>Certification of Chief Financial Officer</u>](enva-ex31_2.htm) |  |  |  |  | X |
| 32.1 | [<u>Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](enva-ex32_1.htm) |  |  |  |  | X |
| 32.2 | [<u>Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](enva-ex32_2.htm) |  |  |  |  | X |
| 97.1 | [<u>Enova International, Inc. Policy for The Recovery of Erroneously Awarded Incentive Compensation</u>](https://www.sec.gov/Archives/edgar/data/1529864/000095017025022244/enva-ex97_1.htm) | 10-K | 001-35503 | 97.1 | 2/18/2025 |  |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive  |  |  |  |  | X<sup>(2)</sup> |

---

------

---

| | |
|:---|:---|
|  | Data File because its XBRL tags are embedded within the Inline XBRL document.<sup>(1)</sup> |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document<sup>(1)</sup><br> X<sup>(2)</sup> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)<br> X<sup>(2)</sup> |

---

\* Indicates management contract or compensatory plan, contract or arrangement.

------

(1)Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets at December 31, 2025 and December 31, 2024; (ii) Consolidated Statements of Income for the years ended December 31, 2025, December 31, 2024 and December 31, 2023; (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, December 31, 2024 and December 31, 2023; (iv) Consolidated Statements of Stockholders' Equity at December 31, 2025, December 31, 2024 and December 31, 2023; (v) Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024 and December 31, 2023; and (vi) Notes to Consolidated Financial Statements.

(2)Submitted electronically herewith.

**ITEM 16. FORM 10-K SUMMARY**

None.

------

**SIGNATURES** 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | ENOVA INTERNATIONAL, INC. |
| Date: February 20, 2026 | By: | /s/ STEVEN CUNNINGHAM  |
|  |  | Steven Cunningham |
|  |  | *Chief Executive Officer* |

---

Pursuant to the requirements of the Securities and Exchange Act of 1934, the report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ STEVEN CUNNINGHAM  | Chief Executive Officer and Director | February 20, 2026 |
| Steven Cunningham | (Principal Executive Officer) |  |
| /s/ SCOTT CORNELIS  | Chief Financial Officer | February 20, 2026 |
| Scott Cornelis | (Principal Financial Officer) |  |
| /s/ JAMES J. LEE  | Chief Accounting Officer | February 20, 2026 |
| James J. Lee | (Principal Accounting Officer) |  |
| /s/ DAVID FISHER  | Chairman of the Board of Directors, | February 20, 2026 |
| David Fisher | Executive Chairman |  |
| /s/ ELLEN CARNAHAN  | Director | February 20, 2026 |
| Ellen Carnahan |  |  |
| /s/ LINDSAY CORBY | Director | February 20, 2026 |
| Lindsay Corby |  |  |
| /s/ DANIEL R. FEEHAN  | Director | February 20, 2026 |
| Daniel R. Feehan |  |  |
| /s/ WILLIAM M. GOODYEAR  | Director | February 20, 2026 |
| William M. Goodyear |  |  |
| /s/ JAMES A. GRAY  | Director | February 20, 2026 |
| James A. Gray |  |  |
| /s/ GREGG A. KAPLAN  | Director | February 20, 2026 |
| Gregg A. Kaplan |  |  |
| /s/ MARK MCGOWAN  | Director | February 20, 2026 |
| Mark McGowan |  |  |
| /s/ LINDA JOHNSON RICE  | Director | February 20, 2026 |
| Linda Johnson Rice |  |  |
| /s/ MARK A. TEBBE  | Director | February 20, 2026 |
| Mark A. Tebbe |  |  |

---

------

## Exhibit 4.16

**Exhibit 4.16**

ONDECK ASSET SECURITIZATION IV, LLC,<br>as Issuer

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,<br>as Indenture Trustee

SERIES 2025-2 INDENTURE SUPPLEMENT

dated as of November 13, 2025

to

BASE INDENTURE

dated as of July 27, 2023 and

amended as of March 20, 2025 and

further amended as of November 13, 2025

Up to $261,434,000<br>of<br>Asset Backed Notes

------

**Table of Contents**

**Page**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRELIMINARY STATEMENT | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESIGNATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE II ARTICLE 5 OF THE BASE INDENTURE | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 Establishment of Series 2025-2 Accounts. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 Series 2025-2 Reserve Account | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 Indenture Trustee As Securities Intermediary. | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 Allocations with Respect to the Series 2025-2 Notes. | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 Monthly Application of Total Available Amount. | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 Distribution of Interest Payments and Principal Payments. | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE III AMORTIZATION EVENTS | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 Amortization Events | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IV OPTIONAL PREPAYMENT | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE V SERVICING FEE | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 Servicing Fee | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 Successor Servicing Fee | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI FORM OF SERIES 2025-2 NOTES | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 Issuance of Series 2025-2 Notes. | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 Restricted Global Notes. | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 Temporary Global Notes and Permanent Global Notes. | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 Definitive Notes. | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 Transfer Restrictions. | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VII INFORMATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VIII MISCELLANEOUS | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 Ratification of Indenture. | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 Governing Law. | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 Further Assurances. | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 Exhibits. | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 No Waiver; Cumulative Remedies. | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 Amendments. | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 [Reserved]. | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 Severability. | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 Counterparts; Electronic Signatures. | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.10 No Bankruptcy Petition. | 49 |

---

-i-

------

<u>Page</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.11 Notice to Rating Agency. | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.12 Annual Opinion of Counsel. | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.13 Tax Treatment. | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.14 Confidentiality. | 50 |

---

**EXHIBITS**

<br>Exhibit A-1: Form of Restricted Global Class A Note

Exhibit A-2: Form of Temporary Global Class A Note

Exhibit A-3: Form of Permanent Global Class A Note

Exhibit B-1: Form of Restricted Global Class B Note

Exhibit B-2: Form of Temporary Global Class B Note

Exhibit B-3: Form of Permanent Global Class B Note

Exhibit C-1: Form of Restricted Global Class C Note

Exhibit C-2: Form of Temporary Global Class C Note

Exhibit C-3: Form of Permanent Global Class C Note

Exhibit D-1: Form of Restricted Global Class D Note

Exhibit D-2: Form of Temporary Global Class D Note

Exhibit D-3: Form of Permanent Global Class D Note

Exhibit E-1: Form of Transfer Certificate (Restricted to Temporary)

Exhibit E-2: Form of Transfer Certificate (Restricted to Permanent)

Exhibit E-3: Form of Transfer Certificate (Temporary to Restricted)

Exhibit E-4: Form of Clearing House System Certificate

Exhibit E-5: Form of Certificate of Beneficial Ownership

Exhibit F: [Reserved]

Exhibit G: Form of Monthly Settlement Statement

Exhibit H: Form of Withdrawal Request

Exhibit I: Industry Codes

-ii-

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SERIES 2025-2 SUPPLEMENT, dated as of November 13, 2025 (as amended, supplemented, restated or otherwise modified from time to time, this "<u>Indenture Supplement</u>") between ONDECK ASSET SECURITIZATION IV, LLC, a special purpose limited liability company established under the laws of Delaware (the "<u>Issuer</u>"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, in its capacity as Indenture Trustee (together with its successors in trust thereunder as provided in the Base Indenture referred to below, the "<u>Indenture Trustee</u>"), to the Base Indenture, dated as of July 27, 2023, between the Issuer and the Indenture Trustee, and as amended by the First Supplement to the Base Indenture, dated as of March 20, 2025 (as further amended, modified, restated or supplemented from time to time, exclusive of Indenture Supplements creating new Series of Notes, the "<u>Base Indenture</u>").

<u>PRELIMINARY STATEMENT</u>

WHEREAS, Sections 2.2 and 12.1 of the Base Indenture provide, among other things, that the Issuer and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of Notes.

NOW, THEREFORE, the parties hereto agree as follows:

<u>DESIGNATION</u>

There is hereby created a Series of Notes to be issued pursuant to the Base Indenture and this Indenture Supplement and such Series of Notes shall be designated generally as Series 2025-2 Asset Backed Notes.

The Series 2025-2 Notes shall be issued in four (4) classes: the first of which shall be designated as Series 2025-2 Asset Backed Notes, Class A, and referred to herein as the Class A Notes, the second of which shall be designated as Series 2025-2 Asset Backed Notes, Class B, and referred to herein as the Class B Notes, the third of which shall be designated as the Series 2025-2 Asset Backed Notes, Class C, and referred to herein as the Class C Notes, and the fourth of which shall be designated as the Series 2025-2 Asset Backed Notes, Class D, and referred to herein as the Class D Notes.

The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The net proceeds from the sale of the Series 2025-2 Notes shall be applied in accordance with <u>Section 2.4(a)</u>.

# ARTICLE I<br>DEFINITIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All capitalized terms not otherwise defined herein are defined in the Base Indenture. All Article, Section or Subsection references herein shall refer to Articles, Sections or Subsections of this Indenture Supplement, except as otherwise provided herein. Unless

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otherwise stated herein, as the context otherwise requires or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2025-2 Notes and not to any other Series of Notes issued by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following words and phrases specified in the Base Indenture with respect to the Series 2025-2 Notes shall have the following meanings:

"<u>Series 2025-2 Average Balance Maximum Amount</u>" means $55,000.

"<u>Series 2025-2 Hot Backup Servicer Trigger Event</u>" means the occurrence of either of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is less than 12.00%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is greater than 12.50%.

"<u>Series 2025-2 Loan Determination Date</u>" means, for any Transfer Date, at least two (2) Business Days prior to such Transfer Date.

"<u>Series 2025-2 Maximum Initial Principal Balance</u>" means $500,000.

"<u>Series 2025-2 Maximum Original Term</u>" means, (i) with respect to a Daily Pay Loan, 504 Loan Payment Dates, (ii) with respect to a Weekly Pay Loan, 104 Loan Payment Dates, and (iii) with respect to a Monthly Pay Loan, 24 Loan Payment Dates.

"<u>Series 2025-2 Minimum Payment Percentage</u>" means the higher of (a) at least 45% of all scheduled loan payments due and payable at the time of origination under such existing Loan and (b) the percentage set forth in the Credit Policy on the applicable Transfer Date.

"<u>Series 2025-2 Scheduled Payment Requirements</u>" means, with respect to a Loan that scheduled loan payments are due and payable under such loan in equal installments, a portion of which is applied thereunder to the payment of interest and a portion of which is applied thereunder to the payment of principal.

"<u>Series 2025-2 Warm Backup Servicer Trigger Event</u>" means the occurrence of both of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is less than 15.50%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is greater than 10.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following words and phrases shall have the following meanings with respect to the Series 2025-2 Notes and the definitions of such terms are applicable to the singular

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as well as the plural form of such terms and to the masculine as well as the feminine and neutral genders of such terms:

"<u>30 MPF Pooled Loan</u>" is defined in the Loan Purchase Agreement.

"<u>Additional Series 2025-2 Notes</u>" is defined in <u>Section 6.1(b)</u>.

"<u>Adjusted Pool Outstanding Principal Balance</u>" means, on any date of determination, the amount by which the sum of the Outstanding Principal Balances for all Pooled Loans exceeds the sum of the Outstanding Principal Balances for all 30 MPF Pooled Loans.

"<u>Aggregate Excess Concentration Amount</u>" means, on any date of determination, the sum of (i) the Series 2025-2 Aggregate Excess Concentration Amount and (ii) the sum of the aggregate excess concentration amounts for all other Series of Notes.

"<u>Amortization Event</u>" is defined in <u>Article III</u>.

"<u>Annual Backup Servicer Fee Limit</u>" means, for any Payment Date, an amount equal to the excess, if any, of (x) $200,000 over (y) the aggregate amount of the Series 2025-2 Backup Servicing Fees paid to the Backup Servicer pursuant to clause (iv) of <u>Section 2.5(b)</u> on the eleven (11) Payment Dates preceding such Payment Date (or, such lesser number of Payment Dates as shall have occurred since the Series 2025-2 Closing Date).

"<u>Annual Custodian Fee Limit</u>" means, for any Payment Date, an amount equal to the excess, if any, of (x) $15,000 over (y) the aggregate amount of fees, expenses and indemnities paid to the Custodian pursuant to clause (i) of <u>Section 2.5(b)</u> on the eleven (11) Payment Dates preceding such Payment Date (or, such lesser number of Payment Dates as shall have occurred since the Series 2025-2 Closing Date).

"<u>Annual Indenture Trustee Fee Limit</u>" means, for any Payment Date, an amount equal to the excess, if any, of (x) $135,000 over (y) the aggregate amount of fees, expenses and indemnities paid to the Indenture Trustee pursuant to clause (i) of <u>Section 2.5(b)</u> on the eleven (11) Payment Dates preceding such Payment Date (or, such lesser number of Payment Dates as shall have occurred since the Series 2025-2 Closing Date).

"<u>Annual Successor Servicer Reimbursement Limit</u>" means for any Payment Date, an amount equal to the excess, if any, of (x) $175,000 over (y) the aggregate amount of Series 2025-2 Third Party Reimbursable Items paid to the Successor Servicer pursuant to clause (ii) of <u>Section 2.5(b)</u> on the eleven (11) Payment Dates preceding such Payment Date (or, such lesser number of Payment Dates as shall have occurred since the Series 2025-2 Closing Date).

"<u>Applicable Procedures</u>" is defined in <u>Section 6.5(c)</u>.

"<u>Backup Servicing Fee</u>" is defined in the Backup Servicing Agreement.

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"<u>Class A Adjusted Invested Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class A Invested Amount on such date over (b) the amount of cash and Permitted Investments on deposit in the Series 2025-2 Collection Account (after giving effect to any withdrawals therefrom on such date pursuant to <u>Section 2.4(c)</u>) on such date.

"<u>Class A Initial Invested Amount</u>" means, as of any date of determination, the sum of (i) the aggregate initial principal amount of the Class A Notes, which is $122,161,000 and (ii) the aggregate initial principal amount of any Class A Additional Series 2025-2 Notes issued prior to such date, if any.

"<u>Class A Interest Payment</u>" means (a) for the initial Payment Date after the Series 2025-2 Closing Date (or, in the case of an additional issuance of a Class A Note after the Series 2025-2 Closing Date, the date of such issuance), the product of (i) 1/360 of the Class A Note Rate, (ii) the number of days from and including the Series 2025-2 Closing Date (or date of issuance) to and excluding the 17th day of the calendar month in which the initial (or, as applicable, next) Payment Date occurs (calculated on the basis of a 360-day year consisting of twelve 30-day months) and (iii) the Class A Initial Invested Amount and (b) for any subsequent Payment Date (other than on a Series 2025-2 Prepayment Date), the sum of (i) the product of (x) one-twelfth of the Class A Note Rate and (y) the Class A Invested Amount on the immediately preceding Payment Date (after giving effect to all payments of principal of the Class A Notes on such immediately preceding Payment Date) and (ii) the portion, if any, of the Class A Interest Payment for the immediately preceding Payment Date that was not paid on such Payment Date, together with interest thereon (to the extent permitted by law) at the Class A Note Rate.

"<u>Class A Invested Amount</u>" means, as of any date of determination, an amount equal to (a) the Class A Initial Invested Amount minus (b) the amount of principal payments made to the Class A Noteholders on or prior to such date.

"<u>Class A Note Owner</u>" means, with respect to the Series 2025-2 Global Note that is a Class A Note, the Person who is the beneficial owner of an interest in such Series 2025-2 Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Class A Note Rate</u>" means 4.84% per annum.

"<u>Class A Noteholder</u>" means the Person in whose name a Class A Note is registered in the Note Register.

"<u>Class A Notes</u>" means any one of the Series 2025-2 Asset Backed Notes, Class A, executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of <u>Exhibit A-1</u>, <u>A-2</u> or <u>A-3</u>. Definitive Class A Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.11 of the Base Indenture.

"<u>Class A Required Enhancement Amount</u>" means, on any date, an amount equal to the product of (a) the Class A Required Enhancement Percentage and (b) the Class A

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Adjusted Invested Amount on such date; <u>provided, however</u>, that, after the declaration or occurrence of an Amortization Event with respect to the Series 2025-2 Notes, the Class A Required Enhancement Amount shall equal the Class A Required Enhancement Amount on the date of the declaration or occurrence of such Amortization Event.

"<u>Class A Required Enhancement Percentage</u>" means 56.32%.

"<u>Class A/B Adjusted Invested Amount</u>" means, on any day, an amount equal to the sum of the Class A Adjusted Invested Amount and the Class B Adjusted Invested Amount, in each case as of such day.

"<u>Class A/B/C Adjusted Invested Amount</u>" means, on any day, an amount equal to the sum of the Class A Adjusted Invested Amount, the Class B Adjusted Invested Amount and the Class C Adjusted Invested Amount, in each case as of such day.

"<u>Class A/B/C/D Adjusted Invested Amount</u>" means, on any day, an amount equal to the sum of the Class A Adjusted Invested Amount, the Class B Adjusted Invested Amount, the Class C Adjusted Invested Amount and the Class D Adjusted Invested Amount, in each case as of such day.

"<u>Class B Adjusted Invested Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class B Invested Amount on such date over (b) the excess, if any, of (x) the amount of cash and Permitted Investments on deposit in the Series 2025-2 Collection Account (after giving effect to any withdrawals therefrom on such date pursuant to <u>Section 2.4(c)</u>) on such date over (y) the Class A Invested Amount on such date.

"<u>Class B Initial Invested Amount</u>" means, as of any date of determination, the sum of (i) the aggregate initial principal amount of the Class B Notes, which is $58,754,000 and (ii) the aggregate initial principal amount of any Class B Additional Series 2025-2 Notes issued prior to such date, if any.

"<u>Class B Interest Payment</u>" means (a) for the initial Payment Date after the Series 2025-2 Closing Date (or, in the case of an additional issuance of a Class B Note after the Series 2025-2 Closing Date, the date of such issuance), the product of (i) 1/360 of the Class B Note Rate, (ii) the number of days from and including the Series 2025-2 Closing Date (or date of issuance) to and excluding the 17th day of the calendar month in which the initial (or, as applicable, next) Payment Date occurs (calculated on the basis of a 360-day year consisting of twelve 30-day months) and (iii) the Class B Initial Invested Amount and (b) for any subsequent Payment Date (other than on a Series 2025-2 Prepayment Date), the sum of (i) the product of (x) one-twelfth of the Class B Note Rate and (y) the Class B Invested Amount on the immediately preceding Payment Date (after giving effect to all payments of principal of the Class B Notes on such immediately preceding Payment Date) and (ii) the portion, if any, of the Class B Interest Payment for the immediately preceding Payment Date that was not paid on such Payment Date, together with interest thereon (to the extent permitted by law) at the Class B Note Rate.

"<u>Class B Invested Amount</u>" means, as of any date of determination, an amount equal to (a) the Class B Initial Invested Amount minus (b) the amount of principal payments made to the Class B Noteholders on or prior to such date.

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"<u>Class B Note Owner</u>" means, with respect to a Series 2025-2 Global Note that is a Class B Note, the Person who is the beneficial owner of an interest in such Series 2025-2 Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Class B Note Rate</u>" means 5.23% per annum.

"<u>Class B Noteholder</u>" means the Person in whose name a Class B Note is registered in the Note Register.

"<u>Class B Notes</u>" means any one of the Series 2025-2 Asset Backed Notes, Class B, executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of <u>Exhibit B-1</u>, <u>B-2</u> or <u>B-3</u>. Definitive Class B Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.11 of the Base Indenture.

"<u>Class B Required Enhancement Amount</u>" means, on any date, an amount equal to the product of (a) the Class B Required Enhancement Percentage and (b) the Class A/B Adjusted Invested Amount on such date; <u>provided, however</u>, that, after the declaration or occurrence of an Amortization Event with respect to the Series 2025-2 Notes, the Class B Required Enhancement Amount shall equal the Class B Required Enhancement Amount on the date of the declaration or occurrence of such Amortization Event.

"<u>Class B Required Enhancement Percentage</u>" means 34.97%.

"<u>Class C Adjusted Invested Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class C Invested Amount on such date over (b) the excess, if any, of (x) the amount of cash and Permitted Investments on deposit in the Series 2025-2 Collection Account (after giving effect to any withdrawals therefrom on such date pursuant to <u>Section 2.4(c)</u>) on such date over (y) the sum of the Class A Invested Amount and the Class B Invested Amount on such date.

"<u>Class C Initial Invested Amount</u>" means, as of any date of determination, the sum of (i) the aggregate initial principal amount of the Class C Notes, which is $49,535,000 and (ii) the aggregate initial principal amount of any Class C Additional Series 2025-2 Notes issued prior to such date, if any.

"<u>Class C Interest Payment</u>" means (a) for the initial Payment Date after the Series 2025-2 Closing Date (or, in the case of an additional issuance of a Class C Note after the Series 2025-2 Closing Date, the date of such issuance), the product of (i) 1/360 of the Class C Note Rate, (ii) the number of days from and including the Series 2025-2 Closing Date (or date of issuance) to and excluding the 17th day of the calendar month in which the initial (or, as applicable, next) Payment Date occurs (calculated on the basis of a 360-day year consisting of twelve 30-day months) and (iii) the Class C Initial Invested Amount and (b) for any subsequent Payment Date (other than on a Series 2025-2 Prepayment Date), the sum of (i) the product of (x) one-twelfth of the Class C Note Rate and (y) the Class C Invested Amount on the immediately preceding Payment Date (after giving effect to all payments of principal of the Class C Notes on such immediately preceding Payment Date)

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and (ii) the portion, if any, of the Class C Interest Payment for the immediately preceding Payment Date that was not paid on such Payment Date, together with interest thereon (to the extent permitted by law) at the Class C Note Rate.

"<u>Class C Invested Amount</u>" means, as of any date of determination, an amount equal to (a) the Class C Initial Invested Amount minus (b) the amount of principal payments made to the Class C Noteholders on or prior to such date.

"<u>Class C Note Owner</u>" means, with respect to a Series 2025-2 Global Note that is a Class C Note, the Person who is the beneficial owner of an interest in such Series 2025-2 Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Class C Note Rate</u>" means 6.30% per annum.

"<u>Class C Noteholder</u>" means the Person in whose name a Class C Note is registered in the Note Register.

"<u>Class C Notes</u>" means any one of the Series 2025-2 Asset Backed Notes, Class C, executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of <u>Exhibit C-1</u>, <u>C-2</u> or <u>C-3</u>. Definitive Class C Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.11 of the Base Indenture.

"<u>Class C Required Enhancement Amount</u>" means, on any date, an amount equal to the product of (a) the Class C Required Enhancement Percentage and (b) the Class A/B/C Adjusted Invested Amount on such date; <u>provided, however</u>, that, after the declaration or occurrence of an Amortization Event with respect to the Series 2025-2 Notes, the Class C Required Enhancement Amount shall equal the Class C Required Enhancement Amount on the date of the declaration or occurrence of such Amortization Event.

"<u>Class C Required Enhancement Percentage</u>" means 16.97%.

"<u>Class D Adjusted Invested Amount</u>" means, on any date of determination, the excess, if any, of (a) the Class D Invested Amount on such date over (b) the excess, if any, of (x) the amount of cash and Permitted Investments on deposit in the Series 2025-2 Collection Account (after giving effect to any withdrawals therefrom on such date pursuant to <u>Section 2.4(c)</u>) on such date over (y) the sum of the Class A Invested Amount, the Class B Invested Amount and the Class D Invested Amount on such date.

"<u>Class D Initial Invested Amount</u>" means, as of any date of determination, the sum of (i) the aggregate initial principal amount of the Class D Notes, which is $30,984,000 and (ii) the aggregate initial principal amount of any Class D Additional Series 2025-2 Notes issued prior to such date, if any.

"<u>Class D Interest Payment</u>" means (a) for the initial Payment Date after the Series 2025-2 Closing Date (or, in the case of an additional issuance of a Class D Note after the

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Series 2025-2 Closing Date, the date of such issuance), the product of (i) 1/360 of the Class D Note Rate, (ii) the number of days from and including the Series 2025-2 Closing Date (or date of issuance) to and excluding the 17th day of the calendar month in which the initial (or, as applicable, next) Payment Date occurs (calculated on the basis of a 360-day year consisting of twelve 30-day months) and (iii) the Class D Initial Invested Amount and (b) for any subsequent Payment Date (other than on a Series 2025-2 Prepayment Date), the sum of (i) the product of (x) one-twelfth of the Class D Note Rate and (y) the Class D Invested Amount on the immediately preceding Payment Date (after giving effect to all payments of principal of the Class D Notes on such immediately preceding Payment Date) and (ii) the portion, if any, of the Class D Interest Payment for the immediately preceding Payment Date that was not paid on such Payment Date, together with interest thereon (to the extent permitted by law) at the Class D Note Rate.

"<u>Class D Invested Amount</u>" means, as of any date of determination, an amount equal to (a) the Class D Initial Invested Amount minus (b) the amount of principal payments made to the Class D Noteholders on or prior to such date.

"<u>Class D Note Owner</u>" means, with respect to a Series 2025-2 Global Note that is a Class D Note, the Person who is the beneficial owner of an interest in such Series 2025-2 Global Note, as reflected on the books of DTC, or on the books of a Person maintaining an account with DTC (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of DTC).

"<u>Class D Note Rate</u>" means 8.58% per annum.

"<u>Class D Noteholder</u>" means the Person in whose name a Class D Note is registered in the Note Register.

"<u>Class D Notes</u>" means any one of the Series 2025-2 Asset Backed Notes, Class D, executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, substantially in the form of <u>Exhibit D-1</u>, <u>D-2</u> or <u>D-3</u>. Definitive Class D Notes shall have such insertions and deletions as are necessary to give effect to the provisions of Section 2.11 of the Base Indenture.

"<u>Class D Required Enhancement Amount</u>" means, on any date, an amount equal to the product of (a) the Class D Required Enhancement Percentage and (b) the Class A/B/C/D Adjusted Invested Amount on such date; <u>provided, however</u>, that, after the declaration or occurrence of an Amortization Event with respect to the Series 2025-2 Notes, the Class D Required Enhancement Amount shall equal the Class D Required Enhancement Amount on the date of the declaration or occurrence of such Amortization Event.

"<u>Class D Required Enhancement Percentage</u>" means 5.71%.

"<u>Clearstream</u>" is defined in <u>Section 6.3</u>.

"<u>Confidential Information</u>" means information delivered to the Indenture Trustee or any Series 2025-2 Noteholder by or on behalf of the Issuer or the Seller in connection

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with and relating to the transactions contemplated by or otherwise pursuant to the Indenture and the Transaction Documents, but will not include information that: (i) was publicly known or otherwise known to the Indenture Trustee or the Series 2025-2 Noteholder prior to the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the Indenture Trustee, any Series 2025-2 Noteholder or any Person acting on behalf of the Indenture Trustee or any Series 2025-2 Noteholder; (iii) otherwise is known or becomes known to the Indenture Trustee or any Series 2025-2 Noteholder other than (x) through disclosure by the Issuer or the Seller or (y) as a result of a breach of fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be treated as non-confidential by consent of the Issuer and the Seller.

"<u>Deficiency</u>" is defined in <u>Section 2.2(b)</u>.

"<u>Delinquency Ratio</u>" means, as of any Determination Date, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Pooled Loans that had a Missed Payment Factor of (i) with respect to Daily Pay Loans, fifteen (15) or higher as of such Determination Date, (ii) with respect to Weekly Pay Loans, three (3) or higher as of such Determination Date or (iii) with respect to Monthly Pay Loans, 0.75 or higher as of such Determination Date and (b) the denominator of which is the Pool Outstanding Principal Balance as of such Determination Date.

"<u>Determination Date</u>" means the last day of each Monthly Period.

"<u>DTC</u>" means The Depository Trust Company or its successor, as the Clearing Agency for the Series 2025-2 Notes.

"<u>DTC Custodian</u>" means the Indenture Trustee, in its capacity as custodian for DTC and any successor thereto in such capacity.

"<u>Eligible Account</u>" means (a) a segregated identifiable trust account established in the trust department of a Qualified Trust Institution or (b) a separately identifiable deposit account established in the deposit taking department of a Qualified Institution or a separately identifiable securities account established with a Qualified Institution.

"<u>Euroclear</u>" is defined in <u>Section 6.3</u>.

"<u>Executed Documentation</u>" is defined in <u>Section 8.09</u>.

"<u>Financial Assets</u>" is defined in <u>Section 2.3(b)(i)</u>.

"<u>Highest Concentration Industry Code</u>" means, on any date of determination, the Industry Code shared by Obligors of Pooled Loans having the highest aggregate Outstanding Principal Balance as compared to all other Industry Codes.

"<u>Highest Concentration State</u>" means, on any date of determination, the state or territory of the United States which has the highest concentration of Obligors of Pooled Loans by aggregate Outstanding Principal Balance as compared to all other such states and territories.

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"<u>Highest Four Concentration Industry Codes</u>" means, on any date of determination, the four (4) Industry Codes shared by Obligors of Pooled Loans having the four (4) highest aggregate Outstanding Principal Balances as compared to all other Industry Codes.

"<u>Highest Four Concentration States</u>" means, on any date of determination, the four (4) states or territories of the United States which has the four (4) highest concentrations of Obligors of Pooled Loans by aggregate Outstanding Principal Balances as compared to all other such states and territories.

"<u>Highest Three Concentration Industry Codes</u>" means, on any date of determination, the three (3) Industry Codes shared by Obligors of Pooled Loans having the three (3) highest aggregate Outstanding Principal Balances as compared to all other Industry Codes.

"<u>Highest Three Concentration States</u>" means, on any date of determination, the three (3) states or territories of the United States which has the three (3) highest concentrations of Obligors of Pooled Loans by aggregate Outstanding Principal Balances as compared to all other such states and territories.

"<u>Highest Two Concentration Industry Codes</u>" means, on any date of determination, the two (2) Industry Codes shared by Obligors of Pooled Loans having the two (2) highest aggregate Outstanding Principal Balances as compared to all other Industry Codes.

"<u>Highest Two Concentration States</u>" means, on any date of determination, the two (2) states or territories of the United States which has the two (2) highest concentrations of Obligors of Pooled Loans by aggregate Outstanding Principal Balances as compared to all other such states and territories.

"<u>Industry Code</u>" means, with respect to any Obligor of a Pooled Loan, the industry code listed on <u>Exhibit I</u> under which the business of such Obligor has been classified by the Seller.

"<u>Interest and Expense Amount</u>" means, for any Payment Date, an amount equal to the sum of (x) the Interest Payment for such Payment Date and (y) the amounts to be distributed from the Series 2025-2 Settlement Account pursuant to paragraphs (i) through (iv) of <u>Section 2.5(b)</u> on such Payment Date.

"<u>Interest Payment</u>" means, for any Payment Date, the sum of the Class A Interest Payment, the Class B Interest Payment, the Class C Interest Payment and the Class D Interest Payment.

"<u>KBRA</u>" means Kroll Bond Rating Agency, LLC and any successor thereto.

"<u>Legal Final Payment Date</u>" means the November 2032 Payment Date.

"<u>Majority in Interest</u>" means (a) so long as the Class A Notes are Outstanding, Class A Noteholders holding more than 50% of the Class A Invested Amount (excluding any Class A Notes held by the Issuer or any Affiliate of the Issuer), (b) so long as the Class B Notes are Outstanding and no Class A Notes are Outstanding, Class B Noteholders holding

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more than 50% of the Class B Invested Amount (excluding any Class B Notes held by the Issuer or any Affiliate of the Issuer), (c) so long as the Class C Notes are Outstanding and no Class A Notes or Class B Notes are Outstanding, Class C Noteholders holding more than 50% of the Class C Invested Amount (excluding any Class C Notes held by the Issuer or any Affiliate of the Issuer) and (d) so long as the Class D Notes are Outstanding and no Class A Notes, Class B Notes are Outstanding or Class C Notes are Outstanding, Class D Noteholders holding more than 50% of the Class D Invested Amount (excluding any Class D Notes held by the Issuer or any Affiliate of the Issuer).

"<u>New York UCC</u>" is defined in <u>Section 2.3(b)(i)</u>.

"<u>Note Rate</u>" means the Class A Note Rate, the Class B Note Rate, the Class C Note Rate or the Class D Note Rate, as the context may require.

"<u>One Year Equivalent</u>" means, (i) with respect to any Loan that is not a LOC Loan, (a) with respect to any Loan that is a Daily Pay Loan, 252 Loan Payment Dates, (b) with respect to any Loan that is a Weekly Pay Loan, 52 Loan Payment Dates, and (c) with respect to any Loan that is a Monthly Pay Loan, 12 Loan Payment Dates, and (ii) with respect to LOC Loans, the "applicable amortization period" set forth in the related Loan Agreement of (x) with respect to any Loan that is a Daily Pay Loan, 252 scheduled payments, (y) with respect to a Loan that is a Weekly Pay Loan, 52 full weeks and (z) with respect to a Loan that is a Monthly Pay Loan, 12 months, in each case, following the date of the last advance made thereunder.

"<u>Outstanding</u>" means, with respect to the Series 2025-2 Notes, all Series 2025-2 Notes theretofore authenticated and delivered under the Indenture, <u>except</u> (a) Series 2025-2 Notes theretofore canceled or delivered to the Transfer Agent and Registrar for cancellation, (b) Series 2025-2 Notes which have not been presented for payment but funds for the payment of which are on deposit in the Series 2025-2 Note Distribution Account and are available for payment of such Series 2025-2 Notes, and Series 2025-2 Notes which are considered paid pursuant to Section 11.1 of the Base Indenture, or (c) Series 2025-2 Notes in exchange for or in lieu of other Series 2025-2 Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Series 2025-2 Notes are held by a purchaser for value.

"<u>Outstanding Principal Balance Decline</u>" means, for any Payment Date, (a)(i) with respect to any Pooled Loan that first became a 30 MPF Pooled Loan during the related Monthly Period, the Outstanding Principal Balance of such Pooled Loan on the date such Pooled Loan became a 30 MPF Pooled Loan, (ii) with respect to any Pooled Loan other than any Pooled Loan included in <u>clause (i)</u> that became a Charged-Off Loan during the related Monthly Period, the Outstanding Principal Balance of such Pooled Loan on the date such Pooled Loan became a Charged-Off Loan and (iii) with respect to any Pooled Loan that became a Warranty Repurchase Loan during the related Monthly Period, the Outstanding Principal Balance of such Pooled Loan on the date such Pooled Loan became a Warranty Repurchase Loan, and (b) with respect to any Pooled Loan other than any Pooled Loans included in <u>clause (a)</u>, all Collections received during the related Monthly

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Period that were applied by the Servicer to reduce the Outstanding Principal Balance of the Pooled Loans in accordance with the Servicing Agreement.

"<u>Payment Date</u>" means the 17<sup>th</sup> day of each month, or if such date is not a Business Day, the next succeeding Business Day, commencing December 17, 2025.

"<u>Permanent Global Notes</u>" is defined in <u>Section 6.3</u>.

"<u>Principal Payment Amount</u>" means, for any Payment Date, the sum of the Outstanding Principal Balance Declines with respect to each Pooled Loan for such Payment Date.

"<u>Purchase Agreement</u>" is defined in <u>Section 6.1</u>(a).

"<u>QIBs</u>" is defined in <u>Section 6.1(a)</u>.

"<u>Rating Agency</u>" means, with respect to the Series 2025-2 Notes, KBRA and any other nationally recognized rating agency rating the Series 2025-2 Notes at the request of the Issuer.

"<u>Rating Agency Condition</u>" means, with respect to the Series 2025-2 Notes with respect to any action subject to such condition, the delivery by the Issuer of written (including in the form of e-mail) notice of the proposed action to the Rating Agency with respect to the Series 2025-2 Notes at least ten (10) Business Days prior to the effective date of such action (or such shorter notice period if specified in the Base Indenture or this Indenture Supplement with respect to any specific action, or if ten (10) Business Days prior notice is impractical, such advance notice as is practicable); *provided* that in connection with an issuance of an additional series of notes, (i) the Issuer will provide written (including in the form of e-mail) notice of the proposed action to the Rating Agency at least thirty (30) days prior to the effective date of such action (or if thirty (30) days prior notice is impractical, such advance notice as is practicable) and (ii) the Rating Agency will provide notification in writing (which notification may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by the applicable rating agency) that the issuance of such additional series of notes will not result in a reduction or withdrawal by such rating agency of the rating of the Series 2025-2 Notes.

"<u>Re-Aged Modification</u>" means any Material Modification consisting of an increase to the "credit limit", decrease to the "applicable APR", or an increase to the "applicable amortization period" for which the related obligor was not current on all payments at the time of such changes to the applicable Loan Agreement became effective.

"<u>Record Date</u>" means, with respect to each Payment Date, the immediately preceding Business Day.

"<u>Regulation RR</u>" means 17 C.F.R Section 246.

"<u>Regulation S</u>" means Regulation S promulgated under the Securities Act.

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"<u>Renewal Loan</u>" means a Loan a portion of the proceeds of which were used to satisfy in full an existing Loan.

"<u>Restricted Global Notes</u>" is defined in <u>Section 6.2</u>.

"<u>Restricted Notes</u>" means the Restricted Global Notes and all other Series 2025-2 Notes evidencing the obligations, or any portion of the obligations, initially evidenced by the Restricted Global Notes, other than certificates transferred or exchanged upon certification as provided in <u>Section 6.5</u>.

"<u>Restricted Period</u>" means the period commencing on the Series 2025-2 Closing Date and ending on the 40<sup>th</sup> day after the Series 2025-2 Closing Date.

"<u>Rule 144A</u>" means Rule 144A promulgated under the Securities Act.

"<u>Securities Intermediary</u>" is defined in <u>Section 2.3(a)</u>.

"<u>Series 2025-2</u>" means Series 2025-2, the Principal Terms of which are set forth in this Indenture Supplement.

"<u>Series 2025-2 Aggregate Excess Concentration Amount</u>" means, on any date of determination, an amount equal to the sum, without duplication, on such date of the Series 2025-2 Concentration Limits.

"<u>Series 2025-2 Amortization Period</u>" means the period beginning at the earlier of (a) the close of business on the Business Day immediately preceding the day on which an Amortization Event is deemed to have occurred with respect to the Series 2025-2 Notes and (b) the close of business on October 31, 2028, and ending on the date when the Series 2025-2 Notes are fully paid.

<u>"Series 2025-2 Amortization Requirements</u>" means with respect to a Loan, that such Loan is fully amortizing over its term, or with respect to a LOC Loan, its "applicable amortization period" with an Outstanding Principal Balance that amortizes each day Payments are received thereunder.

"<u>Series 2025-2 Asset Amount</u>" means, on any date of determination, the product of (a) the Adjusted Pool Outstanding Principal Balance and (b) the percentage equivalent of a fraction the numerator of which is the Series 2025-2 Required Asset Amount on such date and the denominator of which is the sum of (x) the Series 2025-2 Required Asset Amount and (y) the aggregate Required Asset Amounts with respect to each other Series of Notes on such date.

"<u>Series 2025-2 Asset Amount Deficiency</u>" means, on any date of determination, the amount, if any, by which the Series 2025-2 Asset Amount is less than the Series 2025-2 Required Asset Amount on such date.

"<u>Series 2025-2 Backup Servicing Fee</u>" means, for any Payment Date, an amount equal to the Series 2025-2 Percentage on the immediately preceding Payment Date of the

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Backup Servicing Fee payable by the Issuer to the Backup Servicer pursuant to the Backup Servicing Agreement on such Payment Date.

"<u>Series 2025-2 Charged-Off Loan Percentage</u>" means, with respect to any Business Day, the percentage equivalent (which percentage shall never exceed 100%) of a fraction the numerator of which shall be equal to the Series 2025-2 Required Asset Amount as of the end of the immediately preceding Business Day and the denominator of which is the sum of the numerators used to determine the Charged-Off Loan Percentages for all Series of Notes on such Business Day.

"<u>Series 2025-2 Closing Date</u>" means November 13, 2025.

"<u>Series 2025-2 Collateral</u>" means the Collateral and the Series 2025-2 Series Account Collateral.

"<u>Series 2025-2 Collection Account</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Concentration Limit Adjustment Condition</u>" means, with respect to any modification of any Series 2025-2 Concentration Limit percentage by the Issuer to which the "Series 2025-2 Concentration Limit Adjustment Condition" applies, (a) the Rating Agency Condition is satisfied and (b) after giving effect to such Series 2025-2 Concentration Limit modifications, the Issuer will have made no more than two such modifications to the Series 2025-2 Concentration Limits during the previous 12-month period and no more than four such modifications to the Series 2025-2 Concentration Limits in total.

"<u>Series 2025-2 Concentration Limits</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which are located in the Highest Concentration State exceeds 20.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which are located in the Highest Two Concentration States exceeds 35.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which are located in the Highest Three Concentration States exceeds 50.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which are located in the Highest Four Concentration States exceeds 65.0% of the Adjusted Pool Outstanding Principal Balance;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which are located in any single state (other than the Highest Four Concentration States) exceeds 10.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which share the Highest Concentration Industry Code exceeds 21.5% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which share the Highest Two Concentration Industry Codes exceeds 35.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which share the Highest Three Concentration Industry Codes exceeds 47.5% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which share the Highest Four Concentration Industry Codes exceeds 60.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which share any single Industry Code (other than the Highest Four Concentration Industry Codes) exceeds 10.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having a number of Loan Payment Dates at origination (or "applicable amortization periods" in the case of a LOC Loan) which is more than the One Year Equivalent with respect to such Loan exceeds 70.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having a number of Loan Payment Dates at origination (or "applicable amortization periods" in the case of a LOC Loan) which is more than the One Year Equivalent with respect to such Loan and the Obligors of which had OnDeck Scores at origination of less than 515 exceeds 0.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having a number of Loan Payment Dates at origination (or "applicable amortization periods" in the case of a LOC Loan) which is more than the One Year Equivalent with respect to

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such Loan and the Obligors of which had OnDeck Scores at origination of less than 545 exceeds 7.5% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having a number of Loan Payment Dates at origination (or "applicable amortization periods" in the case of a LOC Loan) which is more than the One Year Equivalent with respect to such Loan and the Obligors of which had OnDeck Scores at origination of less than 585 exceeds 30.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having a number of Loan Payment Dates at origination (or "applicable amortization periods" in the case of a LOC Loan) which is more than the One Year Equivalent with respect to such Loan and the Obligors of which had OnDeck Scores at origination of less than 640 exceeds 60.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) that are LOC Loans having a number of "applicable amortization periods" which is more than the One Year Equivalent with respect to such Loan and the Obligors of which had OnDeck Scores at origination of less than 585 exceeds 20.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) that are LOC Loans having a number of "applicable amortization periods" which is more than the One Year Equivalent with respect to such Loan exceeds 30.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) that are LOC Loans to Obligors with OnDeck Scores at origination of less than 515 exceeds 0.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having an Outstanding Principal Balance in excess of $100,000 exceeds 65.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having an Outstanding Principal Balance in excess of $150,000 exceeds 40.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having an Outstanding

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Principal Balance in excess of $225,000 exceeds 12.5% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having an Outstanding Principal Balance in excess of $100,000 the Obligors of which had OnDeck Scores at origination of less than 640 exceeds 50.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) having an Outstanding Principal Balance in excess of $225,000 and the Obligors of which had OnDeck Scores at origination of less than 585 exceeds 0.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of less than 515 exceeds 2.5% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of less than 545 exceeds 15.0% of the Adjusted Pool Outstanding Principal Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of less than 585 exceeds 50.0% of the Adjusted Pool Outstanding Principal Balance;

aa) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of less than 640 exceeds 90.0% of the Adjusted Pool Outstanding Principal Balance;

bb) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which have been in business for less than two (2) years exceeds 10.0% of the Adjusted Pool Outstanding Principal Balance;

cc) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which have been in business for less than five (5) years exceeds 40.0% of the Adjusted Pool Outstanding Principal Balance;

dd) the amount by which the aggregate Outstanding Principal Balance of the sum of (a) all Pooled Loans (excluding all 30 MPF Pooled Loans) that are

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not Renewal Loans exceeds 65.0% of the Adjusted Pool Outstanding Principal Balance;

ee) the amount by which the aggregate Outstanding Principal Balance of all Pooled Loans (excluding all 30 MPF Pooled Loans) that are subject to a Re-Aged Modification exceeds 0.0% of the Adjusted Pool Outstanding Principal Balance;

ff) if on such date of determination, the Weighted Average Loan Yield is less than 67.0%, then the amount of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of less than 515, that would, as of such date of determination, cause the Weighted Average Loan Yield to be equal to at least 67.0% (if such amount were excluded from the calculation of the weighted average);

gg) if on such date of determination, the Weighted Average Loan Yield is less than 55.5%, then the amount of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of greater than or equal to 515, but less than 545, that would, as of such date of determination, cause the Weighted Average Loan Yield to be equal to at least 55.5% (if such amount were excluded from the calculation of the weighted average);

hh) if on such date of determination, the Weighted Average Loan Yield is less than 48.0%, then the amount of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of greater than or equal to 545, but less than 585, that would, as of such date of determination, cause the Weighted Average Loan Yield to be equal to at least 48.0% (if such amount were excluded from the calculation of the weighted average);

ii) if on such date of determination, the Weighted Average Loan Yield is less than 40.0%, then the amount of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of greater than or equal to 585, but less than 640, that would, as of such date of determination, cause the Weighted Average Loan Yield to be equal to at least 40.0% (if such amount were excluded from the calculation of the weighted average); and

jj) if on such date of determination, the Weighted Average Loan Yield is less than 35.0%, then the amount of all Pooled Loans (excluding all 30 MPF Pooled Loans) the Obligors of which had OnDeck Scores at origination of greater than or equal to 640, that would, as of such date of determination, cause the Weighted Average Loan Yield to be equal to at least 35.0% (if such amount were excluded from the calculation of the weighted average);

*provided* that as of any date of determination, for any of the foregoing concentration limits with respect to LOC Loans that reference number of years in business, OnDeck Scores or any other metric determined by the Seller at the time of underwriting, such metric with respect to any LOC Loan will be measured as of the date of original underwriting of such LOC Loan by the Seller; *provided further* that if such LOC Loan has been re-underwritten, such metric will be measured as the date of the most recent re-underwriting.

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"<u>Series 2025-2 Global Notes</u>" means a Temporary Global Note, a Restricted Global Note or a Permanent Global Note.

"<u>Series 2025-2 Initial Invested Amount</u>" means, as of any date of determination, the sum of (i) the aggregate initial principal amount of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, which on the Closing Date is $261,434,000 and (ii) the aggregate initial principal amount of any Additional Series 2025-2 Notes issued prior to such date, if any.

"<u>Series 2025-2 Interest & Expense Account</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Invested Amount</u>" means, on any date of determination, the sum of the Class A Invested Amount, the Class B Invested Amount, the Class C Invested Amount and the Class D Invested Amount, in each case as of such date.

"<u>Series 2025-2 Invested Percentage</u>" means, with respect to any Business Day (i) during the Series 2025-2 Revolving Period, the percentage equivalent of a fraction the numerator of which shall be equal to the Series 2025-2 Required Asset Amount as of the close of business on the immediately preceding Business Day and the denominator of which is the sum of the numerators used to determine the Invested Percentages for allocations for all Series of Notes as of the close of business on the immediately preceding Business Day or (ii) during the Series 2025-2 Amortization Period, the percentage equivalent of a fraction the numerator of which shall be equal to the Series 2025-2 Required Asset Amount as of the close of business on the last Business Day of the Series 2025-2 Revolving Period, and the denominator of which is the sum of the numerators used to determine the Invested Percentages for allocations for all Series of Notes as of the end of the immediately preceding Business Day.

"<u>Series 2025-2 Maximum Principal Amount</u>" means (a) with respect to the Class A Notes, $206,452,000, (b) with respect to the Class B Notes, $99,293,000, (c) with respect to the Class C Notes, $83,714,000 and (d) with respect to the Class D Notes, $52,362,000.

"<u>Series 2025-2 Minimum Bank Account Statements</u>" means three (3) bank account statements (or similar electronic bank information).

"<u>Series 2025-2 Note Distribution Account</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Note Owners</u>" means, collectively, the Class A Note Owners, the Class B Note Owners, the Class C Note Owners and the Class D Note Owners.

"<u>Series 2025-2 Noteholders</u>" means, collectively, the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders.

"<u>Series 2025-2 Notes</u>" means, collectively, the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, including, in each case, any Additional Series 2025-2 Notes.

------

"<u>Series 2025-2 Notes Invested Amount</u>" means, as of any day, the sum of the Class A Invested Amount, the Class B Invested Amount, the Class C Invested Amount and the Class D Invested Amount, in each case as of such day.

"<u>Series 2025-2 Notes Principal Payment Amount</u>" for any Payment Date will equal the outstanding principal amount of the Series 2025-2 Notes on such Payment Date.

"<u>Series 2025-2 Percentage</u>" means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2025-2 Invested Amount as of such date and the denominator of which is the Aggregate Invested Amount as of such date.

"<u>Series 2025-2 Permitted Prepayment Date</u>" means any Business Day occurring on or after the earlier to occur of (a) December 1, 2027 or (b) the date that the Class A/B/C/D Adjusted Invested Amount on such Business Day is equal to or less than 15% of the Series 2025-2 Invested Amount on the Series 2025-2 Closing Date.

"<u>Series 2025-2 Pool Amount</u>" means the amount equal to the aggregate outstanding principal balances of the Pooled Loans allocable to the Series 2025-2 Notes as of the relevant date.

"<u>Series 2025-2 Prepayment Amount</u>" is defined in <u>Article IV</u>.

"<u>Series 2025-2 Prepayment Date</u>" is defined in <u>Article IV</u>.

"<u>Series 2025-2 Required Asset Amount</u>" means, on any date of determination, the sum of (a) the Series 2025-2 Aggregate Excess Concentration Amount on such date and (b) the greatest of (v) the sum of (i) the Class A Adjusted Invested Amount on such date and (ii) the Class A Required Enhancement Amount on such date, (w) the sum of (i) the Class A/B Adjusted Invested Amount on such date and (ii) the Class B Required Enhancement Amount on such date, (x) the sum of (i) the Class A/B/C Adjusted Invested Amount on such date and (ii) the Class C Required Enhancement Amount on such date, (y) the sum of (i) the Class A/B/C/D Adjusted Invested Amount on such date and (ii) the Class D Required Enhancement Amount on such date, and (z) the Series 2025-2 Adjusted Invested Amount.

"<u>Series 2025-2 Required Reserve Account Amount</u>" means, as of any date of determination, an amount equal to the sum of (i) 0.75% of the Series 2025-2 Initial Invested Amount, as of the Closing Date, and (ii) with respect to each issuance of additional Series 2025-2 Notes, 0.75% of the increase, if any, in the Series 2025-2 Initial Invested Amount, as of the date of such additional issuance, as a result of such additional issuance, calculated as of the date of such additional issuance, or any higher amount designated by the Issuer in respect of such additional issuance, determined in the Issuer's sole and absolute discretion.

"<u>Series 2025-2 Reserve Account</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Reserve Account Amount</u>" means, on any date of determination, the amount on deposit in the Series 2025-2 Reserve Account and available for withdrawal therefrom.

------

"<u>Series 2025-2 Reserve Account Deficiency</u>" means, on any date of determination, the amount, if any, by which the Series 2025-2 Reserve Account Amount is less than the Series 2025-2 Required Reserve Account Amount.

"<u>Series 2025-2 Reserve Account Surplus</u>" means, on any date of determination, the amount, if any, by which the Series 2025-2 Reserve Account Amount exceeds the Series 2025-2 Required Reserve Account Amount.

"<u>Series 2025-2 Revolving Period</u>" means the period from and including the Series 2025-2 Closing Date to but excluding the commencement of the Series 2025-2 Amortization Period.

"<u>Series 2025-2 Series Account Collateral</u>" is defined in <u>Section 2.1(c)</u>.

"<u>Series 2025-2 Series Accounts</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Serviced Portfolio Balance</u>" means, on any date of determination, the product of (a) the Pool Outstanding Principal Balance and (b) the percentage equivalent of a fraction the numerator of which is the Series 2025-2 Required Asset Amount on such date and the denominator of which is the sum of (x) the Series 2025-2 Required Asset Amount and (y) the aggregate Required Asset Amounts with respect to each other Series of Notes Outstanding on such date.

"<u>Series 2025-2 Servicing Fee</u>" is defined in <u>Section 5.1</u>.

"<u>Series 2025-2 Servicing Fee Percentage</u>" is defined in <u>Section 5.1</u>.

"<u>Series 2025-2 Settlement Account</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Series 2025-2 Successor Servicing Fee</u>" is defined in <u>Section 5.2</u>.

"<u>Series 2025-2 Termination Date</u>" means the date on which the Series 2025-2 Notes are fully paid.

<u>"Series 2025-2 Third Party Reimbursable Items</u>" means, for any Payment Date, an amount equal to the Series 2025-2 Percentage on the immediately preceding Payment Date of the Third Party Reimbursable Items (as defined in the Successor Servicing Agreement) payable by the Issuer to the Successor Servicer pursuant to the Successor Servicing Agreement on such Payment Date.

"<u>Successor Servicing Fee</u>" is defined in the Successor Servicing Agreement.

"<u>Temporary Global Notes</u>" is defined in <u>Section 6.3</u>.

"<u>Three-Month Average Delinquency Ratio</u>" means, on any Payment Date, the average of the Delinquency Ratios as of the three (3) Determination Dates immediately preceding such Payment Date.

------

"<u>Three-Month Weighted Average Excess Spread</u>" means, on any Payment Date, the average of the Weighted Average Excess Spreads as of the three (3) Determination Dates immediately preceding such Payment Date.

"<u>Three-Month Weighted Average Loan Yield</u>" means, on any Payment Date, the average of the Weighted Average Loan Yields as of the three (3) Determination Dates immediately preceding such Payment Date.

"<u>Total Available Amount</u>" means, for any Payment Date, an amount equal to the sum of (a) the Total Available Collections Amount for such Payment Date and (b) the amount to be withdrawn from the Series 2025-2 Reserve Account and deposited into the Series 2025-2 Settlement Account pursuant to <u>Sections 2.2(b), (d)</u> or <u>(h)</u> on such Payment Date.

"<u>Total Available Collections Amount</u>" means, for any Payment Date, the sum of (a) the excess, if any, of (i) the sum of (A) the aggregate amount of Collections allocated to the Series 2025-2 Collection Account pursuant to <u>Section 2.4(b)</u> during the related Monthly Period, (B) the investment income on amounts on deposit in the Series 2025-2 Collection Account during such Monthly Period and (C) the investment income on amounts on deposit in the Series 2025-2 Interest & Expense Account during such Monthly Period transferred to the Series 2025-2 Collection Account on such Payment Date pursuant to <u>Section 2.1(b)</u> over (ii) the amount withdrawn from the Series 2025-2 Collection Account during such Monthly Period pursuant to <u>Section 2.2(a)</u> and <u>Section 2.4(c)</u>, <u>plus</u>, (b) upon the commencement of the Amortization Period or on the first Payment Date following the occurrence of an Amortization Event with respect to the Series 2025-2 Notes, the amount, if any, by which the amount on deposit in the Series 2025-2 Collection Account at the close of business on the last day of the related Monthly Period was greater than the amount described in clause (a) above.

"<u>Trigger Event</u>" means the occurrence of any of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Loan Yield on such Payment Date is less than 37.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Weighted Average Excess Spread on such Payment Date is less than 9.00%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Three-Month Average Delinquency Ratio on such Payment Date is greater than 16.00%.

"<u>Weighted Average Excess Spread</u>" means, as of any Determination Date, an amount equal to 12 times the percentage equivalent of a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the numerator of which is the excess, if any, of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to all Collections received during the related Monthly Period in respect of Loans that were not applied by the Servicer to

------

reduce the Outstanding Principal Balances of such Loans in accordance with Section 2(a)(i) of the Servicing Agreement, including all recoveries with respect to Charged-Off Loans (net of amounts, if any, retained by any third party collection agent) allocated to the Series 2025-2 Collection Account pursuant to <u>Section 2.4(b)</u>;

over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the sum of the Interest Payment for the Payment Date immediately succeeding such Determination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the sum of the Series 2025-2 Servicing Fee payable to the Servicer pursuant to <u>Section 2.5(b)(iii)</u>, the Series 2025-2 Successor Servicing Fee payable to the Successor Servicer pursuant to <u>Section 2.5(b)(iv)</u>, and the portion of the Series 2025-2 Backup Servicing Fee payable to the Backup Servicer pursuant to <u>Section 2.5(b)(iv)</u> payable to the Backup Servicer prior to the payment of interest on the Series 2025-2 Notes, in each case, on the Payment Date immediately succeeding such Determination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Series 2025-2 Third Party Reimbursable Items payable to the Successor Servicer pursuant to <u>Section 2.5(b)(ii)</u>, if applicable, prior to the payment of interest on the Series 2025-2 Notes on the Payment Date immediately succeeding such Determination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the aggregate amount of accrued and unpaid fees, expenses and indemnities due and payable to the Indenture Trustee and the Custodian pursuant to <u>Section 2.5(b)(i)</u> prior to the payment of interest on the Series 2025-2 Notes on the Payment Date immediately succeeding such Determination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the product of (x) the daily average of the Series 2025-2 Charged-Off Loan Percentage with respect to each Business Day during the related Monthly Period and (y) the aggregate Outstanding Principal Balance of all Pooled Loans that became Charged-Off Loans during such Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) and the denominator of which is the average daily Series 2025-2 Asset Amount during such Monthly Period.

"<u>Weighted Average Loan Yield</u>" means, as of any Determination Date, the quotient, expressed as a percentage, obtained by dividing (a) the sum, for all Pooled Loans (excluding all 30 MPF Pooled Loans), of the product of (i) the Loan Yield for each Pooled Loan (excluding each 30 MPF Pooled Loan) multiplied by (ii) the Outstanding Principal

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Balance of such Loan as of such Determination Date, by (b) the Adjusted Pool Outstanding Principal Balance as of such Determination Date.

"<u>Withdrawal Request</u>" means a written request, substantially in the form of <u>Exhibit H</u>, from an Authorized Officer of the Issuer, requesting the withdrawal of an amount set forth therein from the Series 2025-2 Collection Account and certifying that no Series 2025-2 Asset Amount Deficiency or other Amortization Event with respect to the Series 2025-2 Notes will result from such withdrawal or will be existing immediately thereafter.

# ARTICLE II<br>ARTICLE 5 OF THE BASE INDENTURE
Sections 5.1 through 5.3 of the Base Indenture and each other Section of Article 5 of the Indenture relating to another Series shall read in their entirety as provided in the Base Indenture or any applicable Indenture Supplement. Article 5 of the Indenture (except for <u>Sections</u> 5.1 through 5.3 thereof and any portion thereof relating to another Series) shall read in its entirety as follows and shall be exclusively applicable to the Series 2025-2 Notes:

## Section 2.1 <u>Establishment of Series 2025-2 Accounts.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall establish and maintain in the name of the Indenture Trustee for the benefit of the Series 2025-2 Noteholders five (5) accounts: (i) the Series 2025-2 Collection Account (such account, the "<u>Series 2025-2 Collection Account</u>"); (ii) the Series 2025-2 Interest & Expense Account (such account, the "<u>Series 2025-2 Interest & Expense Account</u>"); (iii) the Series 2025-2 Settlement Account (such account, the "<u>Series 2025-2 Settlement Account</u>"); (iv) the Series 2025-2 Reserve Account (such account, the "<u>Series 2025-2 Reserve Account</u>") and (v) the Series 2025-2 Note Distribution Account (such account, the "<u>Series 2025-2 Note Distribution Account</u>" and, together with the Series 2025-2 Collection Account, the Series 2025-2 Interest & Expense Account, the Series 2025-2 Settlement Account and the Series 2025-2 Reserve Account, the "<u>Series 2025-2 Series Accounts</u>"). Each Series 2025-2 Series Account shall bear a designation indicating that the funds deposited therein are held for the benefit of the Series 2025-2 Noteholders. Each Series 2025-2 Series Account shall be an Eligible Account. If a Series 2025-2 Series Account is at any time no longer an Eligible Account, the Issuer shall, within ten (10) Business Days of obtaining knowledge that such Series 2025-2 Series Account is no longer an Eligible Account, establish a new Series 2025-2 Series Account that is an Eligible Account. If a new Series 2025-2 Series Account is established, the Issuer shall instruct the Indenture Trustee in writing to transfer all cash and investments from the non-qualifying Series 2025-2 Series Account into the new Series 2025-2 Series Account. Initially, each of the Series 2025-2 Series Accounts will be established with Deutsche Bank Trust Company Americas as non-interest bearing trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may instruct in writing (by standing instructions or otherwise) the institution maintaining each of the Series 2025-2 Collection Account, the Series 2025-2 Interest & Expense Account and the Series 2025-2 Reserve Account to invest funds on deposit in such Series 2025-2 Series Account from time to time in Permitted Investments; *provided, however*, that (x) any such investment in the Series 2025-2 Collection Account shall mature, or be payable or redeemable upon demand of the holder thereof, not later than (1) in the case of

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any such investment made during the Series 2025-2 Revolving Period, the Business Day following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2025-2 Collection Account) or (2) in the case of any such investment made during the Series 2025-2 Amortization Period, the Business Day prior to the first Payment Date following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2025-2 Collection Account), unless any such Permitted Investment is held with the Indenture Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on or prior to such Payment Date and (y) any such investment in the Series 2025-2 Interest & Expense Account and the Series 2025-2 Reserve Account shall mature, or be payable or redeemable upon demand of the holder thereof, not later than the Business Day prior to the first Payment Date following the date on which such funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Series 2025-2 Interest & Expense Account or the Series 2025-2 Reserve Account), unless any such Permitted Investment is held with the Indenture Trustee, then such investment may mature on such Payment Date so long as such funds shall be available for withdrawal on or prior to such Payment Date. The Issuer shall not direct the Indenture Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment. Funds on deposit in the Series 2025-2 Settlement Account and the Series 2025-2 Note Distribution Account shall remain uninvested. In the absence of written investment instructions hereunder, funds on deposit in the Series 2025-2 Collection Account, the Series 2025-2 Interest & Expense Account and the Series 2025-2 Reserve Account shall remain uninvested. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds deposited in the Series 2025-2 Interest & Expense Account shall be deposited in the Series 2025-2 Collection Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Series 2025-2 Collection Account and the Series 2025-2 Reserve Account shall be deemed to be on deposit therein and available for distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to secure and provide for the repayment and payment of the Issuer Obligations with respect to the Series 2025-2 Notes, the Issuer hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of the Series 2025-2 Noteholders, all of the Issuer's right, title and interest in and to the following (whether now or hereafter existing or acquired): (i) the Series 2025-2 Series Accounts, including any security entitlement thereto; (ii) all funds on deposit therein from time to time; (iii) all certificates and instruments, if any, representing or evidencing any or all of the Series 2025-2 Series Accounts or the funds on deposit therein from time to time; (iv) all investments made at any time and from time to time with monies in the Series 2025-2 Series Accounts, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for the Series 2025-2 Series Accounts, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including cash (the items in the foregoing <u>clauses (i)</u> through <u>(vi)</u> are referred to, collectively, as the "<u>Series 2025-2 Series Account Collateral</u>").

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## Section 2.2 <u>Series 2025-2 Reserve Account</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Absent the occurrence of an Amortization Event, on any Business Day on which there is a Series 2025-2 Reserve Account Deficiency, the Issuer shall direct the Indenture Trustee in writing by 1:00 P.M., New York City time, on such Business Day to withdraw from the Series 2025-2 Collection Account and deposit in the Series 2025-2 Reserve Account an amount equal to the lesser of such Series 2025-2 Reserve Account Deficiency and the amount then on deposit in the Series 2025-2 Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Absent the occurrence of an Amortization Event, if the Issuer determines that the aggregate amount distributable from the Series 2025-2 Settlement Account pursuant to paragraphs (i) through (v) of <u>Section 2.5(b)</u> on any Payment Date exceeds the Total Available Collections Amount for such Payment Date (the "<u>Deficiency</u>"), the Issuer shall direct the Indenture Trustee in writing at or before 2:00 P.M., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such direction, by 11:00 A.M., New York City time, on such Payment Date, withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Settlement Account an amount equal to the lesser of (x) the Deficiency and (y) the Series 2025-2 Reserve Account Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Absent the occurrence of an Amortization Event, if the Issuer determines that the amount to be deposited in the Series 2025-2 Note Distribution Account pursuant to paragraph (vi) of <u>Section 2.5(b)</u> and paid to the Series 2025-2 Noteholders pursuant to <u>Section 2.7</u> on the Legal Final Payment Date is less than the Series 2025-2 Invested Amount, the Issuer shall direct the Indenture Trustee in writing at or before Noon, New York City time, on the Business Day immediately preceding the Legal Final Payment Date, and the Indenture Trustee shall, in accordance with such direction, by 11:00 A.M., New York City time, on such Payment Date, withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Note Distribution Account an amount equal to the lesser of such insufficiency and the Series 2025-2 Reserve Account Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Absent the occurrence of an Amortization Event, if the Issuer determines during the Series 2025-2 Amortization Period that the sum of (i) the Total Available Amount for a Payment Date and (ii) the Series 2025-2 Reserve Account Amount on such Payment Date is greater than or equal to the sum of (x) the Interest Payment for such Payment Date, (y) all fees, expenses and indemnities payable to the Indenture Trustee, the Custodian, the Servicer, any Successor Servicer and the Backup Servicer pursuant to <u>Section 2.5(b)</u> on such Payment Date and (z) the Series 2025-2 Notes Invested Amount (before any payments of principal of the Series 2025-2 Notes on such Payment Date), the Issuer shall direct the Indenture Trustee in writing at or before 2:00 P.M., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such direction, by 11:00 A.M., New York City time, on such Payment Date, withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Settlement Account on such Payment Date an amount equal to the Series 2025-2 Reserve Account Amount on such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Absent the occurrence of an Amortization Event, if there is a Series 2025-2 Reserve Account Surplus on any Payment Date, the Issuer may direct the Indenture Trustee to withdraw from the Series 2025-2 Reserve Account and pay to the Issuer, and the Indenture Trustee shall withdraw from the Series 2025-2 Reserve Account and pay to the Issuer such

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excess so long as, after giving effect to such withdrawal, no Series 2025-2 Asset Amount Deficiency would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the Series 2025-2 Amortization Period, on any Payment Date on which the amounts on deposit in the Series 2025-2 Reserve Account, together with the Total Available Collections Amount for such Payment Date, would be sufficient to pay the outstanding principal amount of the Series 2025-2 Notes in full on such Payment Date pursuant to <u>Section 2.5(b)(vi)</u>, the Issuer shall direct the Indenture Trustee in writing by 1:00 P.M., New York City time on such Payment Date, to withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Note Distribution Account on such Payment Date for the payment of principal on the Series 2025-2 Notes, the amount on deposit in the Series 2025-2 Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Issuer determines that the Total Available Collections Amount on any Payment Date is less than the aggregate amounts payable pursuant to <u>Sections 2.5(b)(i)</u> to <u>2.5(b)(v)</u>, then the Issuer shall direct the Indenture Trustee in writing by 1:00 P.M., New York City time on such Payment Date, to withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Collection Account as part of the Total Available Collections Amount, an amount that is the lesser of (x) such deficiency and (y) the amount on deposit in the Series 2025-2 Reserve Account. On subsequent Payment Dates, to the extent of funds available in the Series 2025-2 Settlement Account, the Issuer shall direct the Indenture Trustee in writing by 1:00 P.M., New York City time on such Payment Date, to replenish the Series 2025-2 Reserve Account from such funds up to an amount equal to the Series 2025-2 Required Reserve Account Amount pursuant to <u>Section 2.5(b)(vii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If, on any Payment Date, the Adjusted Pool Outstanding Principal Balance, as of the end of the preceding calendar month, has been reduced to zero, the Issuer shall direct the Indenture Trustee in writing by 1:00 P.M., New York City time on such Payment Date, to withdraw from the Series 2025-2 Reserve Account and deposit in the Series 2025-2 Settlement Account the amount on deposit in the Series 2025-2 Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, on any Payment Date, the amount on deposit in the Series 2025-2 Reserve Account is greater than the Series 2025-2 Required Reserve Account Amount, the Issuer may direct the Indenture Trustee in writing by 1:00 P.M., New York City time on such Payment Date, to withdraw from the Series 2025-2 Reserve Account and pay to the Issuer the amount that is the lesser of (x) such excess and (y) the amount on deposit in the Series 2025-2 Reserve Account; *provided* that, after giving effect to such withdrawal, the Series 2025-2 Required Asset Amount shall not exceed the Series 2025-2 Asset Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On any date on or after the Series 2025-2 Termination Date, the Indenture Trustee, acting in accordance with the written instructions of the Issuer shall withdraw from the Series 2025-2 Reserve Account all amounts on deposit therein and pay them to or at the direction of the Issuer.

## Section 2.3 <u>Indenture Trustee As Securities Intermediary</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee or other Person holding a Series 2025-2 Series Account shall be the "<u>Securities Intermediary</u>". If the Securities Intermediary in respect of any Series

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2025-2 Series Account is not the Indenture Trustee, the Issuer shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-2 Series Accounts are accounts to which "financial assets" within the meaning of Section 8-102(a)(9) ("<u>Financial Assets</u>") of the UCC in effect in the State of New York (the "<u>New York UCC</u>") will be credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All securities or other property underlying any Financial Assets credited to any Series 2025-2 Series Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2025-2 Series Account be registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All property delivered to the Securities Intermediary pursuant to this Indenture Supplement will be promptly credited to the appropriate Series 2025-2 Series Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each item of property (whether investment property, security, instrument or cash) credited to a Series 2025-2 Series Account shall be treated as a Financial Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Series 2025-2 Series Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Series 2025-2 Series Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes of the UCC, New York shall be deemed to the Securities Intermediary's jurisdiction and the Series 2025-2 Series Accounts (as well as the "securities entitlements" (as defined in Section 8-102(a)(17) of the New York UCC) related thereto) shall be governed by the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Securities Intermediary has not entered into, and until termination of this Indenture Supplement, will not enter into, any agreement with any other Person relating to the Series 2025-2 Series Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of this Indenture Supplement will not enter into, any agreement with the Issuer purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in <u>Section 2.3(b)(v)</u> of this Indenture Supplement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Except for the claims and interest of the Indenture Trustee and the Issuer in the Series 2025-2 Series Accounts, the Securities Intermediary knows of no claim to, or interest, in the Series 2025-2 Series Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against any Series 2025-2 Series Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee and the Issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2025-2 Series Accounts and in all proceeds thereof, and shall be the only person authorized to originate entitlement orders in respect of the Series 2025-2 Series Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Securities Intermediary will promptly send copies of all statements for each of the Series 2025-2 Series Accounts, which statements shall reflect any financial assets credited thereto, simultaneously to each of the Issuer and the Indenture Trustee at the addresses set forth in Section 13.4 of the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this <u>Section 2.3</u> to the contrary, with respect to any Series 2025-2 Series Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New York UCC) if such Series 2025-2 Series Account is deemed not to constitute a securities account.

## Section 2.4 <u>Allocations with Respect to the Series 2025-2 Notes.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Series 2025-2 Closing Date, the Issuer shall cause $258,798,822.75, the net proceeds from the sale of the Series 2025-2 Notes to be deposited into the Series 2025-2 Collection Account and the Indenture Trustee shall, at the written direction of the Issuer, apply such net proceeds as follows: (i) deposit $1,960,755.00 in the Series 2025-2 Reserve Account, (ii) pay certain expenses of the Issuer with respect to the issuance of the Series 2025-2 Notes, and (iii) use the remainder, if any, at the written direction of the Seller, to purchase additional Loans pursuant to the Loan Purchase Agreement. On each date of issuance of Additional Series 2025-2 Notes, the Issuer shall cause the net proceeds from the sale of such Additional Series 2025-2 Notes to be deposited into the Series 2025-2 Collection Account and the Indenture Trustee shall, at the written direction of the Issuer, apply such net proceeds as follows: (i) deposit from such proceeds an amount at least equal to the amount, if any, by which the Series 2025-2 Reserve Account Amount is less than the Series 2025-2 Required Reserve Account Amount, calculated after giving effect to the issuance of such Additional Series 2025-2 Notes, (ii) pay certain expenses of the Issuer with respect to the issuance of the Additional Series 2025-2 Notes, and (iii) use the remainder, if any, to purchase additional Loans pursuant to the Loan Purchase Agreement, if so directed in writing by the Seller, or for any other purpose not otherwise prohibited by any provision of the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to 3:00 P.M., New York City time, on each Deposit Date during a Monthly Period, the Issuer shall direct in writing the Indenture Trustee to allocate to the Series 2025-2 Noteholders and deposit in the Series 2025-2 Collection Account an amount equal to the product of the Series 2025-2 Invested Percentage on such Deposit Date and the Collections deposited into the Collection Account on such Deposit Date and thereafter to deposit into the Series 2025-2 Interest & Expense Account the lesser of such amount and the amount necessary to cause the aggregate amount so deposited into the Series 2025-2 Interest & Expense Account during such Monthly Period to equal the Interest and Expense Amount for the related Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the Series 2025-2 Revolving Period, the Issuer may direct the Indenture Trustee by delivering a Withdrawal Request to the Indenture Trustee by 1:00 P.M., New York City time, on any Business Day to withdraw amounts then on deposit in the Series 2025-2 Collection Account (after giving effect to any withdrawal therefrom on such Business Day pursuant to <u>Section 2.2(a)</u>) for either of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Business Day is a Transfer Date, to fund all or a portion of the purchase price of Loans being acquired by the Issuer on such Transfer Date pursuant to the Loan Purchase Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Business Day is a Transfer Date, to fund the purchase price of Subsequent LOC Advances acquired by the Issuer from OnDeck on or prior to such Business Day not otherwise funded pursuant to clause (i), so long as the aggregate amount deposited in the Series 2025-2 Interest & Expense Account as of such date is greater than or equal to the Interest and Expense Amount for the corresponding Payment Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to reduce the Invested Amount of any other Series of Outstanding Notes;

*provided*, *however*, that such application of funds may only be made if no Series 2025-2 Asset Amount Deficiency or other Amortization Event with respect to the Series 2025-2 Notes would result therefrom or exist immediately thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer may direct the Indenture Trustee in writing to allocate to the Series 2025-2 Noteholders and deposit in the Series 2025-2 Note Distribution Account on any Business Day that is also the Series 2025-2 Prepayment Date any amounts allocated to another Series of Notes that are available under the applicable Indenture Supplement that the Issuer has elected to apply to pay a portion of the Series 2025-2 Prepayment Amount on such Series 2025-2 Prepayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer may direct the Indenture Trustee in writing to deposit in the Series 2025-2 Note Distribution Account on any Business Day that is also the Series 2025-2 Prepayment Date any amounts on deposit in the other Series 2025-2 Series Accounts that the Issuer has elected to apply to pay a portion of the Series 2025-2 Prepayment Amount on such Payment Date.

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## Section 2.5 <u>Monthly Application of Total Available Amount.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to 2:00 P.M., New York City time, on each Monthly Reporting Date, the Issuer shall direct the Indenture Trustee in writing to (i) withdraw from the Series 2025-2 Interest & Expense Account and deposit in the Series 2025-2 Settlement Account, on the immediately succeeding Payment Date, the Interest and Expense Amount for such Payment Date, and (ii) withdraw from the Series 2025-2 Collection Account and deposit in the Series 2025-2 Settlement Account, on the immediately succeeding Payment Date, the Total Available Collections Amount (less the Interest and Expense Amount for such Payment Date) for such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date, based solely on the information contained in the Monthly Settlement Statement with respect to Series 2025-2 Notes, the Indenture Trustee shall apply the Total Available Amount for such Payment Date on deposit in the Series 2025-2 Settlement Account in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, on a *pro rata* basis, to the extent of the Total Available Amount, (A) to the Indenture Trustee, an amount equal to the sum of (1) all accrued and unpaid fees, expenses and indemnities then due to it that relate directly to the Series 2025-2 Notes and (2) the Series 2025-2 Percentage on the immediately preceding Payment Date of all accrued and unpaid fees, expenses and indemnities then due to it that do not relate directly to any Series of Notes, but, so long as no Event of Default has occurred, and the maturity of the Series 2025-2 Notes has not been accelerated, only to the extent that, after giving effect thereto, the Annual Indenture Trustee Fee Limit for such Payment Date shall have not been exceeded, and (B) to the Custodian, an amount equal to the sum of (1) any accrued and unpaid fees, expenses and indemnities then due to it that relate directly to the Series 2025-2 Notes and (2) the Series 2025-2 Percentage on the immediately preceding Payment Date of any accrued and unpaid fees, expenses and indemnities then due to it that do not relate directly to any Series of Notes, but, so long as no Event of Default has occurred, and the maturity of the Series 2025-2 Notes has not been accelerated, only to the extent that after giving effect thereto the Annual Custodian Fee Limit for such Payment Date shall have not been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, if a Successor Servicer has been appointed, to the Successor Servicer, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clause (i) above), an amount equal to the Series 2025-2 Third Party Reimbursable Items, but only to the extent that after giving effect thereto the Annual Successor Servicer Reimbursement Limit for such Payment Date shall have not been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, (A) if OnDeck is the Servicer, to the Servicer, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) and (ii) above) an amount equal to the Series 2025-2 Servicing Fee for the related Monthly Period and (B) if a Successor Servicer is the Servicer, to the Successor Servicer, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) above) an amount equal to the Series 2025-2 Successor Servicing Fee for the related Monthly Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourth, to the Backup Servicer, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (iii) above) an amount equal to the Series 2025-2 Backup Servicing Fee for such Payment Date, but only to the extent that after giving effect thereto the Annual Backup Servicer Fee Limit for such Payment Date shall have not been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fifth, to the Series 2025-2 Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (iv) above), an amount equal to the Interest Payment for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sixth, (A) on any Payment Date immediately succeeding a Monthly Period falling in the Series 2025-2 Revolving Period, to the Series 2025-2 Collection Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (v) above), an amount equal to the Series 2025-2 Asset Amount Deficiency, if any, on such Payment Date, and (B) on the earlier of (x) May 17, 2028 or (y) the first Payment Date following the occurrence of an Amortization Event with respect to the Series 2025-2 Notes, to the Series 2025-2 Note Distribution Account, to the extent of the Total Available Amount, an amount equal to the Series 2025-2 Notes Principal Payment Amount for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) seventh, to the Series 2025-2 Reserve Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (vi) above), an amount equal to the Series 2025-2 Reserve Account Deficiency, if any, on such Payment Date (after giving effect to any withdrawals on such Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) eighth, on a *pro rata* basis, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (vii) above), to (A) the Indenture Trustee, an amount equal to the fees, expenses and indemnities not otherwise paid to the Indenture Trustee pursuant to clause (i) above due to the operation of the Annual Indenture Trustee Fee Limit, (B) the Custodian, an amount equal to the fees, expenses and indemnities not otherwise paid to the Custodian pursuant to clause (i) above due to the operation of the Annual Custodian Fee Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) ninth, on a *pro rata* basis, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (i) through (viii) above), (A) to the Backup Servicer, any portion of the Series 2025-2 Backup Servicing Fee for such Payment Date not otherwise paid to the Backup Servicer pursuant to clause (iv) above due to the operation of the Annual Backup Servicer Fee Limit and (B) the Successor Servicer, if applicable, any portion of the Series 2025-2 Third Party Reimbursable Items not otherwise paid to the

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Successor Servicer pursuant to clause (ii) above due to the operation of the Annual Successor Servicer Reimbursement Limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) tenth, to, or at the written direction of, the Issuer, an amount equal to the balance remaining in the Series 2025-2 Settlement Account, if any.

## Section 2.6 <u>Distribution of Interest Payments and Principal Payments.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2025-2 Notes, the Indenture Trustee shall, in accordance with Section 6.1 of the Base Indenture, distribute from the Series 2025-2 Note Distribution Account the Interest Payment for such Payment Date in the following order of priority to the extent of the amount deposited in the Series 2025-2 Note Distribution Account for the payment of interest pursuant to <u>Section 2.5(b)(v)</u> on such Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *pro rata* to each Class A Noteholder, an amount equal to the Class A Interest Payment for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *pro rata* to each Class B Noteholder, an amount equal to the Class B Interest Payment for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *pro rata* to each Class C Noteholder, an amount equal to the Class C Interest Payment for such Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *pro rata* to each Class D Noteholder, an amount equal to the Class D Interest Payment for such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the earlier of (x) December 17, 2028 or (y) the first Payment Date following the date of the occurrence of an Amortization Event with respect to the Series 2025-2 Notes and on each Payment Date thereafter, based solely on the information contained in the Monthly Settlement Statement with respect to the Series 2025-2 Notes, the Indenture Trustee shall, in accordance with Section 6.1 of the Base Indenture, distribute from the Series 2025-2 Note Distribution Account the amount deposited therein pursuant to <u>Sections 2.5(b)(vi)</u> and <u>2.5(b)(viii)</u> and any amounts withdrawn from the Series 2025-2 Reserve Account and deposited therein pursuant to <u>Sections 2.2(b)</u> and <u>2.2(e)</u> on such Payment Date in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *pro rata* to each Class A Noteholder until the Class A Invested Amount is reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *pro rata* to each Class B Noteholder until the Class B Invested Amount is reduced to zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *pro rata* to each Class C Noteholder until the Class C Invested Amount is reduced to zero; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *pro rata* to each Class D Noteholder until the Class D Invested Amount is reduced to zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The principal amount of the Series 2025-2 Notes shall be due and payable on the Legal Final Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee shall notify the Person in whose name a Series 2025-2 Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Series 2025-2 Note will be paid. Such notice shall be made at the expense of the Issuer and shall be mailed within three (3) Business Days of receipt of a Monthly Settlement Statement indicating that such final payment will be made and shall specify that such final installment will be payable only upon presentation and surrender of such Series 2025-2 Note and shall specify the place where such Series 2025-2 Note may be presented and surrendered for payment of such installment. Notices in connection with payments of Series 2025-2 Notes shall be (i) transmitted by facsimile to Series 2025-2 Noteholders holding Global Notes and (ii) sent by registered mail to Series 2025-2 Noteholders holding Definitive Notes and shall specify that such final installment will be payable only upon presentation and surrender of such Series 2025-2 Note and shall specify the place where such Series 2025-2 Note may be presented and surrendered for payment of such installment.

# ARTICLE III<br>AMORTIZATION EVENTS

## Section 3.1 <u>Amortization Events</u>. If any one of the following events shall occur with respect to the Series 2025-2 Notes (each, an " <u>Amortization Event</u> "):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Trigger Event shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Series 2025-2 Asset Amount Deficiency shall occur and continue for at least three (3) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Series 2025-2 Reserve Account Deficiency shall occur and continue for at least five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Servicer Default shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Event of Default with respect to the Series 2025-2 Notes shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an Insolvency Event shall occur with respect to the Seller or the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the aggregate amount of cash and Permitted Investments on deposit in the Series 2025-2 Collection Account, the Series 2025-2 Reserve Account and any other Series Accounts on any Payment Date, after giving effect to all deposits and withdrawals to be made therein or therefrom on such Payment Date in accordance with this Indenture Supplement or the applicable Indenture Supplement, shall exceed the Pool Outstanding Principal Balance on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) failure on the part of the Issuer (i) to make any payment or deposit when required by the terms of the Base Indenture or this Indenture Supplement (other than any failure

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to make a payment of interest on or principal of any Series 2025-2 Notes) which failure continues unremedied for at least five (5) Business Days after the date such payment or deposit is required to be made or (ii) to duly observe or perform any other covenants or agreements of the Issuer set forth in the Base Indenture or this Indenture Supplement, which failure materially and adversely affects the interests of the Series 2025-2 Noteholders, and which failure shall continue or not be cured for a period of thirty (30) days after which there shall have been given to the Issuer by the Indenture Trustee or the Issuer and the Indenture Trustee by a Majority in Interest, written notice specifying such default and requiring it to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representation or warranty made by the Issuer in the Base Indenture or this Indenture Supplement, or any information required to be delivered by the Issuer thereunder or hereunder to the Indenture Trustee shall prove to have been incorrect in any material respect when made or when delivered, which incorrect representation or warranty or information materially and adversely affects the interests of the Series 2025-2 Noteholders and continues to be incorrect for a period of thirty (30) days after which there shall have been given to the Issuer by the Indenture Trustee or the Issuer and the Indenture Trustee by a Majority in Interest, written notice thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) failure on the part of the Seller (i) to make any payment required by the terms of the Loan Purchase Agreement (or within the applicable grace period which shall not exceed five (5) Business Days after the date such payment is required to be made) or (ii) to duly observe or perform any other covenants or agreements of the Seller in the Loan Purchase Agreement, which failure materially and adversely affects the interests of the Series 2025-2 Noteholders, and which failure shall continue unremedied for a period of thirty (30) days after there shall have been given to the Seller by the Indenture Trustee or the Seller and the Indenture Trustee by a Majority in Interest, written notice specifying such failure and requiring it to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any representation or warranty made by the Seller in the Loan Purchase Agreement, or any information required to be delivered by the Seller thereunder to the Issuer or the Indenture Trustee shall prove to have been incorrect in any material respect when made or when delivered, which incorrect representation or warranty or information materially and adversely affects the interests of the Series 2025-2 Noteholders and continues to be incorrect for a period of thirty (30) days after there shall have been given to the Seller by the Indenture Trustee or the Seller and the Indenture Trustee by a Majority in Interest, written notice thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any of the Transaction Documents shall cease, for any reason, to be in full force and effect, other than in accordance with its terms.

then, in the case of any event described in clause (h) through (m) of this <u>Section 3.1</u>, an Amortization Event will be deemed to have occurred with respect to the Series 2025-2 Notes only, if after the applicable grace period, either the Indenture Trustee or the Majority in Interest, declare that an Amortization Event has occurred with respect to the Series 2025-2 Notes**.** In the case of any event described in clauses (a) through (g) of this <u>Section 3.1</u>, an Amortization Event with respect to the Series 2025-2 Notes will be deemed to have occurred without notice or other action on the part of the Indenture Trustee or the Series 2025-2 Noteholders.

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# ARTICLE IV<br>OPTIONAL PREPAYMENT
The Issuer shall have the option to prepay the Series 2025-2 Notes in whole but not in part, on any Business Day occurring on or after the Series 2025-2 Permitted Prepayment Date. The Issuer shall give the Indenture Trustee at least three (3) Business Days' prior written notice of the Business Day on which the Issuer intends to exercise such option to prepay (the "<u>Series 2025-2 Prepayment Date</u>"), and the Indenture Trustee shall (at the direction and expense of the Issuer) give the Series 2025-2 Noteholders written notice of the Series 2025-2 Prepayment Date within one (1) Business Day of its receipt of such notice. The prepayment price for the Series 2025-2 Notes (the "<u>Series 2025-2 Prepayment Amount</u>") shall equal the sum of (x) the Series 2025-2 Invested Amount (determined after giving effect to any payments of principal and interest on such Payment Date), plus (y) accrued and unpaid interest thereon; *provided* that the amount of interest payable on each Class of Series 2025-2 Notes on the Series 2025-2 Prepayment Date (other than a Series 2025-2 Prepayment Date that occurs on a Payment Date), if any, will equal the sum of (A) the product of (i) 1/360 of the applicable Note Rate, (ii) the number of days from and including the immediately preceding Payment Date to and excluding the Series 2025-2 Prepayment Date and (iii) the outstanding principal amount of the applicable Class of Notes on the immediately preceding Payment Date and (B) the amount of any unpaid interest on the applicable Class of Notes from prior Payment Dates plus, to the extent permitted by law, interest at the applicable Note Rate. Not later than 11:00 A.M., New York City time, on such Series 2025-2 Prepayment Date, the Issuer shall deposit, or cause to be deposited pursuant to <u>Sections 2.4(d)</u> and <u>2.4(e)</u> or otherwise, in the Series 2025-2 Note Distribution Account an amount sufficient to pay the Series 2025-2 Prepayment Amount in immediately available funds. The funds deposited into the Series 2025-2 Note Distribution Account will be paid by the Indenture Trustee to the Series 2025-2 Noteholders on such Series 2025-2 Prepayment Date. When the Outstanding Principal Balance of the Series 2025-2 Notes have been paid, this Series 2025-2 Indenture Supplement shall cease to be of further effect.

# ARTICLE V<br>SERVICING FEE

## Section 5.1 <u>Servicing Fee</u>.
If OnDeck is the Servicer, a portion of the Servicing Fee payable to the Servicer pursuant to the Servicing Agreement shall be payable to the Servicer on each Payment Date for the related Monthly Period in an amount (the "<u>Series 2025-2 Servicing Fee</u>") equal to the product of (a) one-twelfth of 1.00% (the "<u>Series 2025-2 Servicing Fee Percentage</u>") times (b) the daily average of the Series 2025-2 Serviced Portfolio Balance on each day during such Monthly Period; *provided, however*, that, the Series 2025-2 Servicing Fee on the first Payment Date following the Series 2025-2 Closing Date will equal the product of (i) 1/360 of the Series 2025-2 Servicing Fee Percentage, (ii) the number of days in the period from and including the Series 2025-2 Closing Date to and including December 17, 2025 and (iii) the daily average of the Series 2025-2 Serviced Portfolio Balance on each day during the period described in clause (ii). The Series 2025-2 Servicing Fee shall be payable to the Servicer on each Payment Date pursuant to <u>Section 2.5(b)(iii)</u>.

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## Section 5.2 <u>Successor Servicing Fee</u>.
If a Successor Servicer is the Servicer, a portion of the Successor Servicing Fee payable to the Successor Servicer pursuant to the Successor Servicing Agreement shall be payable to the Successor Servicer on each Payment Date for the related Monthly Period in an amount (the "<u>Series 2025-2 Successor Servicing Fee</u>") equal to the greater of (i) $7,500 and (ii) the product of (a) one-twelfth of 1.00% times (b) the daily average of the Series 2025-2 Serviced Portfolio Balance on each day during such Monthly Period. The Series 2025-2 Successor Servicing Fee shall be payable to the Successor Servicer on each Payment Date pursuant to <u>Section 2.5(b)(iii)</u>.

# ARTICLE VI<br>FORM OF SERIES 2025-2 NOTES

## Section 6.1 <u>Issuance of Series 2025-2 Notes.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Issuance.</u> The Series 2025-2 Notes are being offered and sold by the Issuer pursuant to a Purchase Agreement, dated July 27, 2023 (the "<u>Purchase Agreement</u>"), by and among the Issuer, ODK Capital, LLC ("<u>OnDeck</u>"), Jefferies LLC and Truist Securities, Inc. The Series 2025-2 Notes will be reoffered and resold initially only to (1) qualified institutional buyers (as defined in Rule 144A) ("<u>QIBs</u>") in reliance on Rule 144A and (2) outside the United States, to Persons other than U.S. Persons (as defined in Regulation S of the Securities Act) in accordance with Rule 903 of Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Issuances.</u> At any time during the Series 2025-2 Revolving Period, the Issuer may, in its sole discretion, issue additional Series 2025-2 Notes of any existing class (the "<u>Additional Series 2025-2 Notes</u>") from time to time without the consent of the Series 2025-2 Noteholders. Each issuance of Additional Series 2025-2 Notes of any Class shall be subject to the following conditions: (i) such issuance does not cause the Series 2025-2 Maximum Principal Amount to be exceeded, (ii) the Rating Agency Condition with respect to the Series 2025-2 Notes is satisfied, (iii) the Issuer and the Loans to be acquired by the Issuer in connection with such issuance satisfy all conditions set forth in the Transaction Documents, (iv) at the time of such issuance, an Amortization Event with respect to the Series 2025-2 Notes has not occurred and is not continuing, and (v) an opinion of counsel with respect to tax matters is delivered to the effect that (I) such issuance will not cause any of the outstanding Series 2025-2 Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations 1.1001-3, (II) the Issuer will not be treated as an association or as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (III) such issuance will not cause any of the outstanding Series 2025-2 Notes to be characterized as other than indebtedness for United States federal income tax purposes. At the time of each issuance of Additional Series 2025-2 Notes, the Issuer shall deliver to the Indenture Trustee an officer's certificate stating that the foregoing conditions and all other conditions precedent to the authentication of the Additional Series 2025-2 Notes by the Indenture Trustee have been satisfied. The terms and conditions of the Additional Series 2025-2 Notes of each Class shall be identical to those of the initial Series 2025-2 Notes of that Class (except that the interest due on the Additional Series 2025-2 Notes shall accrue from the issue date of such Additional Series 2025-2 Notes). Interest on the Additional Series 2025-2 Notes shall be payable commencing on the first Payment Date following the issue date of such Additional Series 2025-2 Notes (if issued

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prior to the applicable Record Date). The Additional Series 2025-2 Notes shall rank *pari passu* in all respects with the initial Series 2025-2 Notes of that Class. Notwithstanding the foregoing, no Additional Series 2025-2 Notes may be issued if, after issuance and sale of such Additional Series 2025-2 Notes, Regulation RR would not be satisfied with respect to the Series 2025-2 Notes.

## Section 6.2 <u>Restricted Global Notes.</u> 
Each Class of the Series 2025-2 Notes offered and sold in their initial distribution in reliance upon Rule 144A will be issued in the form of a Global Note in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-1</u>, with respect to the Class B Notes in <u>Exhibit B-1</u>, with respect to the Class C Notes in <u>Exhibit C-1</u> and, with respect to the Class D Notes in <u>Exhibit D-1</u> in each case registered in the name of Cede & Co., as nominee of DTC, and deposited with the DTC Custodian (collectively, the "<u>Restricted Global Notes</u>"). The initial principal amount of the Restricted Global Notes may from time to time be increased or decreased by adjustments made on the records of the DTC Custodian in connection with a corresponding decrease or increase in the initial principal amount of the corresponding Class of Temporary Global Notes or the Permanent Global Notes, as hereinafter provided.

## Section 6.3 <u>Temporary Global Notes and Permanent Global Notes.</u> 
Each of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes offered and sold on the Series 2025-2 Closing Date in reliance upon Regulation S will be issued in the form of a Global Note in fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in <u>Exhibit A-2</u>, with respect to the Class B Notes in <u>Exhibit B-2</u>, with respect to the Class C Notes in <u>Exhibit C-2</u> and with respect to the Class D Notes in <u>Exhibit D-2,</u> in each case which shall be deposited on behalf of the purchasers of the Series 2025-2 Notes represented thereby with the DTC Custodian, and registered in the name of a nominee of DTC for the account of Euroclear Bank S.A./N.V., as operator of the Euroclear System ("<u>Euroclear</u>") (if the Issuer satisfies certain requirements) or for Clearstream Banking, société anonyme ("<u>Clearstream</u>"), duly executed by the Issuer and authenticated by the Indenture Trustee in the manner set forth in Section 2.3 of the Base Indenture. Until such time as the Restricted Period shall have terminated, such Class A Notes, Class B Notes, the Class C Notes and the Class D Notes shall be referred to herein collectively as the "<u>Temporary Global Notes</u>". After such time as the Restricted Period shall have terminated with respect to any Series 2025-2 Notes, such Class A Notes, Class B Notes, Class C Notes or Class D Notes, as applicable, as to which the Indenture Trustee has received from Euroclear or Clearstream, as the case may be, a certificate substantially in the form of <u>Exhibit E-4</u> to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially in the form of <u>Exhibit E-5</u>, shall be exchanged, in whole or in part, for interests in a permanent global note in registered form without interest coupons, with respect to the Class A Notes, substantially in the form set forth in <u>Exhibit A-3</u>, with respect to the Class B Notes, substantially in the form set forth in <u>Exhibit B-3</u>, with respect to the Class C Notes, substantially in the form set forth in <u>Exhibit C-3</u> and with respect to the Class D Notes, substantially in the form set forth in <u>Exhibit D-3</u> as hereinafter provided (collectively, the "<u>Permanent Global Notes</u>"). The principal amount of the Temporary Global Notes or the Permanent Global Notes may from time to time be increased or decreased by adjustments made

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on the records of the DTC Custodian in connection with a corresponding decrease or increase of principal amount of the corresponding Class of Restricted Global Notes, as hereinafter provided.

## Section 6.4 <u>Definitive Notes.</u> 
No Series 2025-2 Note Owner will receive a Definitive Note representing such Series 2025-2 Note Owner's interest in the Series 2025-2 Notes other than in accordance with Section 2.11 of the Base Indenture.

## Section 6.5 <u>Transfer Restrictions.</u> 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Series 2025-2 Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, and no such transfer to any such other Person may be registered; *provided, however*, that this <u>Section 6.5(a)</u> shall not prohibit any transfer of a Series 2025-2 Note that is issued in exchange for a Series 2025-2 Global Note but is not itself a Series 2025-2 Global Note and shall not prohibit any transfer of a beneficial interest in a Series 2025-2 Global Note effected in accordance with the other provisions of this <u>Section 6.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transfer by an owner of a beneficial interest in a Restricted Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the same Restricted Global Note shall be made upon the deemed representation of the transferee that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the owner of a beneficial interest in a Restricted Global Note wishes at any time to exchange its interest in such Restricted Global Note for an interest in a Temporary Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Temporary Global Note, such exchange or transfer may be effected, subject to the applicable rules and procedures of DTC, Euroclear and Clearstream (the "<u>Applicable Procedures</u>"), only in accordance with the provisions of this <u>Section 6.5(c)</u>. Upon receipt by the Transfer Agent and Registrar, at the office of the Transfer Agent and Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Transfer Agent and Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Temporary Global Note, in a principal amount equal to that of the beneficial interest in such Restricted Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form set forth in <u>Exhibit E-1</u> given by the holder of such beneficial interest in such Restricted Global Note, the Transfer Agent and Registrar, if it is not the Indenture Trustee, shall instruct the DTC Custodian to reduce the principal amount of the Restricted Global Note, and to increase the principal amount of the Temporary Global Note, by the principal amount of the beneficial interest in such Restricted Global Note to be so

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exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Temporary Global Note having a principal amount equal to the amount by which the principal amount of the Restricted Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the owner of a beneficial interest in a Restricted Global Note wishes at any time to exchange its interest in such Restricted Global Note for an interest in the Permanent Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Permanent Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 6.5(d)</u>. Upon receipt by the Transfer Agent and Registrar, at the office of the Transfer Agent and Registrar, of (A) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Transfer Agent and Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Permanent Global Note in a principal amount equal to that of the beneficial interest in such Restricted Global Note to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a certificate in substantially the form of <u>Exhibit E-2</u> given by the holder of such beneficial interest in such Restricted Global Note, the Transfer Agent and Registrar, if it is not the Indenture Trustee, shall instruct the DTC Custodian to reduce the principal amount of such Restricted Global Note, and to increase the principal amount of the Permanent Global Note, by the principal amount of the beneficial interest in such Restricted Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be) a beneficial interest in the Permanent Global Note having a principal amount equal to the amount by which the principal amount of the Restricted Global Note was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the owner of a beneficial interest in a Temporary Global Note or a Permanent Global Note wishes at any time to exchange its interest in such Temporary Global Note or such Permanent Global Note for an interest in the Restricted Global Note, or to transfer such interest to a Person who wishes to take delivery thereof in the form of a beneficial interest in the Restricted Global Note, such exchange or transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this <u>Section 6.5(e)</u>. Upon receipt by the Transfer Agent and Registrar, at the office of the Transfer Agent and Registrar, of (i) written instructions given in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Transfer Agent and Registrar to credit or cause to be credited to a specified Clearing Agency Participant's account a beneficial interest in the Restricted Global Note in a principal amount equal to that of the beneficial interest in such Temporary Global Note or such Permanent Global Note, as the case may be, to be so exchanged or transferred, (ii) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) with respect to a transfer of a beneficial interest in such Temporary Global Note (but not such Permanent Global Note),

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a certificate in substantially the form set forth in <u>Exhibit E-3</u> given by the holder of such beneficial interest in such Temporary Global Note, the Transfer Agent and Registrar, if it is not the Indenture Trustee, shall instruct the DTC Custodian to reduce the principal amount of such Temporary Global Note or such Permanent Global Note, as the case may be, and to increase the principal amount of the Restricted Global Note, by the principal amount of the beneficial interest in such Temporary Global Note or such Permanent Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in the Restricted Global Note having a principal amount equal to the amount by which the principal amount of such Temporary Global Note or such Permanent Global Note, as the case may be, was reduced upon such exchange or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that a Series 2025-2 Global Note or any portion thereof is exchanged for Series 2025-2 Notes other than Series 2025-2 Global Notes, such other Series 2025-2 Notes may in turn be exchanged (upon transfer or otherwise) for Series 2025-2 Notes that are not Series 2025-2 Global Notes or for a beneficial interest in a Series 2025-2 Global Note (if any is then outstanding) only in accordance with such procedures, which shall be substantially consistent with the provisions of <u>Sections 6.5(a)</u> through <u>Section 6.5(e)</u> and <u>Section 6.5(g)</u> (including the certification requirement intended to ensure that transfers and exchanges of beneficial interests in a Series 2025-2 Global Note comply with Rule 144A or Regulation S under the Securities Act, as the case may be) and any Applicable Procedures, as may be adopted from time to time by the Issuer and the Transfer Agent and Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Until the termination of the Restricted Period, interests in the Temporary Global Notes may be held only through Clearing Agency Participants acting for and on behalf of Euroclear and Clearstream; *provided* that this <u>Section 6.5(g)</u> shall not prohibit any transfer in accordance with <u>Section 6.5(e)</u>. After the expiration of the Restricted Period, interests in the Permanent Global Notes may be transferred without requiring any certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Series 2025-2 Notes shall bear the following legends to the extent indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Restricted Global Notes shall bear the following legend:

"THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR ANY STATE SECURITIES LAWS. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("<u>RULE 144A</u>"), TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A (A "<u>QIB</u>") THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING

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OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE ISSUER, PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E), TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Class A Notes, Class B Note and Class C Notes which are Restricted Global Notes shall bear the following legend:

BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) YOU ARE NOT ACQUIRING OR HOLDING AN INTEREST IN THIS NOTE FOR OR ON BEHALF OF, OR WITH THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>")) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY THAT IS DEEMED TO HOLD THE "ASSETS" OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), OR (D) A GOVERNMENTAL, NON-U.S., OR CHURCH PLAN WHICH IS SUBJECT TO OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>") (EACH OF (A)-(D) REFERRED TO AS A "<u>PLAN</u>"), OR (II) THE PLAN'S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAW."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Class D Notes which are Restricted Global Notes shall bear the following legend:

"EITHER (A) THE HOLDER OF THIS NOTE IS NOT (I) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), TO WHICH SECTION 4975 OF THE CODE OR OTHER U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, "SIMILAR LAWS") APPLIES OR (III) AN ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (I) AND (II) (PURSUANT TO 29 CFR §2510.3-101, AS MODIFIED BY

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SECTION 3(42) OF ERISA (THE "PLAN ASSETS REGULATION") OR OTHERWISE) (EACH OF THE FOREGOING DESCRIBED IN CLAUSES (I), (II) AND (III) BEING REFERRED TO AS A "PLAN"), OR (IV) A PERSON WHO IS PURCHASING OR HOLDING THIS NOTE OR ANY INTEREST HEREIN ON BEHALF OF, AS FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF, ANY PLAN, OR (B) IT IS A PLAN NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND THE HOLDER'S PURCHASE AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT RESULT IN A VIOLATION OF ANY APPLICABLE SIMILAR LAWS AND WILL NOT CAUSE THE ASSETS OF THE ISSUER TO BE SUBJECT TO SIMILAR LAWS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Temporary Global Notes shall bear the following legend:

"THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. UNTIL 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES (THE "<u>RESTRICTED PERIOD</u>") IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES AND OUTSIDE OF THE UNITED STATES (THE "<u>OFFERING</u>"), THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES, AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO THE ISSUER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Class A Notes, Class B Note and Class C Notes which are Temporary Global Notes shall bear the following legend:

BY YOUR ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, YOU SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) YOU ARE NOT ACQUIRING OR HOLDING AN INTEREST IN THIS NOTE FOR OR ON BEHALF OF, OR WITH THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("<u>ERISA</u>")) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" (AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY THAT IS DEEMED TO HOLD THE "ASSETS" OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN

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(WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), OR (D) A GOVERNMENTAL, NON-U.S., OR CHURCH PLAN WHICH IS SUBJECT TO OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>") (EACH OF (A)-(D) REFERRED TO AS A "<u>PLAN</u>"), OR (II) THE PLAN'S ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAW."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Class D Notes which are Temporary Global Notes shall bear the following legend:

"EITHER (A) THE HOLDER OF THIS NOTE IS NOT (I) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")), THAT IS SUBJECT TO TITLE I OF ERISA, (II) A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), TO WHICH SECTION 4975 OF THE CODE OR OTHER U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, "SIMILAR LAWS") APPLIES OR (III) AN ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (I) AND (II) (PURSUANT TO 29 CFR §2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE "PLAN ASSETS REGULATION") OR OTHERWISE) (EACH OF THE FOREGOING DESCRIBED IN CLAUSES (I), (II) AND (III) BEING REFERRED TO AS A "PLAN"), OR (IV) A PERSON WHO IS PURCHASING OR HOLDING THIS NOTE OR ANY INTEREST HEREIN ON BEHALF OF, AS FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF, ANY PLAN, OR (B) IT IS A PLAN NOT SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE AND THE HOLDER'S PURCHASE AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT RESULT IN A VIOLATION OF ANY APPLICABLE SIMILAR LAWS AND WILL NOT CAUSE THE ASSETS OF THE ISSUER TO BE SUBJECT TO SIMILAR LAWS"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All Series 2025-2 Global Notes shall bear the following legend:

"THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY ("<u>DTC</u>"), OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR A

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NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR THE TRANSFER AGENT AND REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN."

The required legends set forth above shall not be removed from the applicable Series 2025-2 Notes except as provided herein. The legend required for a Restricted Note may be removed from such Restricted Note if there is delivered to the Issuer and the Transfer Agent and Registrar such satisfactory evidence, which may include an Opinion of Counsel as may be reasonably required by the Issuer and the Transfer Agent and Registrar that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such Series 2025-2 Note will not violate the registration requirements of the Securities Act. Upon provision of such satisfactory evidence, the Indenture Trustee upon receipt of an Issuer Order shall authenticate and deliver in exchange for such Restricted Note a Series 2025-2 Note having an equal aggregate principal amount that does not bear such legend.

# ARTICLE VII<br>INFORMATION
The Issuer hereby agrees to provide to the Indenture Trustee, by 2:00 P.M., New York City time, on each Monthly Reporting Date, a Monthly Settlement Statement, substantially in the form of <u>Exhibit G</u>, setting forth as of the immediately preceding Determination Date and for the related Monthly Period the information set forth therein, and, on and after the immediately succeeding Payment Date, and such obligation shall be deemed satisfied upon delivery of each such Monthly Settlement Statement to the Indenture Trustee by the Servicer, and the Indenture Trustee shall provide to the Series 2025-2 Note Owners copies of such Monthly Settlement Statement. The Indenture Trustee shall make each Monthly Settlement Statement available each month (as described above) to the Series 2025-2 Note Owners via the Indenture Trustee's internet website. The Indenture Trustee's internet website shall initially be located at https://tss.sfs.db.com/investpublic, which may be accessed by the Note Owners with the use of an assigned password.

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# ARTICLE VIII<br>MISCELLANEOUS

## Section 8.1 <u>Ratification of Indenture</u>.
As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.

## Section 8.2 <u>Governing Law</u>.
**THIS INDENTURE SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

## Section 8.3 <u>Further Assurances</u>.
The Issuer agrees, at the Issuer's expense, from time to time, to do and perform any and all acts and to execute any and all further instruments required or reasonably requested by the Indenture Trustee or the Majority in Interest to more fully effect the purposes of this Indenture Supplement and the sale of the Series 2025-2 Notes hereunder. The Issuer hereby authorizes the Indenture Trustee (without obligation) to file any financing statements or similar documents or notices or continuation statements in order to perfect the Indenture Trustee's security interest in the Series 2025-2 Collateral under the provisions of the UCC or similar legislation of any applicable jurisdiction.

## Section 8.4 <u>Exhibits</u>.
The following exhibits attached hereto supplement the exhibits included in the Base Indenture:

Exhibit A-1: Form of Restricted Global Class A Note

Exhibit A-2: Form of Temporary Global Class A Note

Exhibit A-3: Form of Permanent Global Class A Note

Exhibit B-1: Form of Restricted Global Class B Note

Exhibit B-2: Form of Temporary Global Class B Note

Exhibit B-3: Form of Permanent Global Class B Note

Exhibit C-1: Form of Restricted Global Class C Note

Exhibit C-2: Form of Temporary Global Class C Note

Exhibit C-3: Form of Permanent Global Class C Note

Exhibit D-1: Form of Restricted Global Class D Note

Exhibit D-2: Form of Temporary Global Class D Note

Exhibit D-3: Form of Permanent Global Class D Note

Exhibit E-1: Form of Transfer Certificate (Restricted to Temporary)

Exhibit E-2: Form of Transfer Certificate (Restricted to Permanent)

Exhibit E-3: Form of Transfer Certificate (Temporary to Restricted)

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Exhibit E-4: Form of Clearing System Certificate

Exhibit E-5: Form of Certificate of Beneficial Ownership

Exhibit F: [Reserved]

Exhibit G: Form of Monthly Settlement Statement

Exhibit H: Form of Withdrawal Request

Exhibit I: Industry Codes

## Section 8.5 <u>No Waiver; Cumulative Remedies</u>.
No failure to exercise and no delay in exercising, on the part of the Indenture Trustee, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law.

## Section 8.6 <u>Amendments</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 6.1(b)</u>, <u>Section 8.6(b)</u> and Section 12.1 of the Base Indenture and subject to Section 12.6 of the Base Indenture, the provisions of this Indenture Supplement may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by the Issuer, the Indenture Trustee and the Majority in Interest and (ii) the Rating Agency Condition is satisfied with respect to such amendment, modification, or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing Section 8.6(a), solely with respect to clauses (k) through (aa) of the Series 2025-2 Concentration Limits, the percentages may be modified at any time by the Issuer without the prior written consent of any Series 2025-2 Noteholders, subject only to satisfaction of the Series 2025-2 Concentration Limit Adjustment Condition.

## Section 8.7 <u>[Reserved]</u>.

## Section 8.8 <u>Severability</u>.
If any provision hereof is void or unenforceable in any jurisdiction, such voidness or unenforceability shall not affect the validity or enforceability of (i) such provision in any other jurisdiction or (ii) any other provision hereof in such or any other jurisdiction.

## Section 8.9 <u>Counterparts; Electronic Signatures</u>.
This Indenture Supplement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture Supplement by facsimile transmission or electronic transmission (in pdf format) shall be as effective as delivery of a manually executed counterpart of this Indenture Supplement. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Indenture Supplement and all other Transaction

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Documents and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Indenture Supplement or any other Transaction Document or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Indenture Supplement or the other Transaction Documents or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of funds or other communications) ("<u>Executed Documentation</u>") may be accepted, executed or agreed to through the use of an electronic signature in accordance with laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Indenture Trustee or the Transfer Agent and Registrar acts on any Executed Documentation sent by electronic transmission, neither the Indenture Trustee nor the Transfer Agent and Registrar will be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication, it being understood and agreed that the Indenture Trustee and the Transfer Agent and Registrar shall conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Indenture Trustee or the Transfer Agent and Registrar acting on unauthorized instructions and the risk of interception and misuse by third parties.

## Section 8.10 <u>No Bankruptcy Petition</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By acquiring a Series 2025-2 Note or an interest therein, each Series 2025-2 Noteholder and each Series 2025-2 Note Owner hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This covenant shall survive the termination of this Indenture Supplement and the Base Indenture and the payment of all amounts payable hereunder and thereunder.

## Section 8.11 <u>Notice to Rating Agency</u>.
The Indenture Trustee shall provide to the Rating Agency a copy of each notice delivered to, or required to be provided by, the Indenture Trustee pursuant to this Indenture Supplement or any other Transaction Document.

Notice to KBRA shall be sent to:

------

Kroll Bond Rating Agency<br>805 Third Avenue, 29th Floor

New York, NY 10022<br>Attention: ABS Surveillance

E-mail: abssurveillance@kbra.com<br>

## Section 8.12 <u>Annual Opinion of Counsel</u>.

## Section 8.13 <u>Tax Treatment</u>.
The Series 2025-2 Notes are being issued with the intention that they qualify under applicable tax law as indebtedness and any entity acquiring any direct or indirect interest in any Series 2025-2 Note (other than any entity who is treated as the same taxpayer as the Issuer) by acceptance of its Series 2025-2 Notes (or, in the case of a Note Owner, by virtue of such Note Owner's acquisition of a beneficial interest therein) agrees to treat the Series 2025-2 Notes (or its beneficial interest therein) for purposes of federal, state and local income or franchise taxes and any other tax imposed on or measured by income as indebtedness.

## Section 8.14 <u>Confidentiality</u>.
Each Series 2025-2 Note Owner, by its acceptance and holding of a beneficial interest in a Series 2025-2 Note, hereby agrees to maintain the confidentiality of all Confidential Information in accordance with procedures adopted by such Series 2025-2 Note Owner in good faith to protect Confidential Information of third parties delivered to such Person; *provided* that such Person may deliver or disclose Confidential Information to: (i) such Person's directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential Information; (ii) such Person's financial advisors and other professional advisors who agree to hold confidential the Confidential Information; (iii) any other Series 2025-2 Note Owner; (iv) any Person of the type that would be, to such Person's knowledge, permitted to acquire an interest in the Series 2025-2 Notes in accordance with the requirements of this Indenture Supplement pursuant to which such Person sells or offers to sell

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any such interest in the Series 2025-2 Notes or any part thereof and that agrees to hold confidential the Confidential Information in accordance with this Indenture Supplement; (v) any federal or state or other regulatory, governmental or judicial authority having jurisdiction over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such Person; (vii) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information; (viii) any other Person with the consent of the Issuer or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such Series 2025-2 Noteholder, (B) in response to any subpoena or other legal process upon prior notice delivered to the Issuer (unless prohibited by applicable law or other requirement having the force of law), (C) in connection with any litigation to which such Person is a party upon prior notice delivered to the Issuer (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2025-2 Notes or Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies offered under the Series 2025-2 Notes, the Indenture or any other document relating to the Series 2025-2 Notes. Each Series 2025-2 Note Owner, by its acceptance of a beneficial interest in the Series 2025-2 Notes, hereby agrees, except as set forth in clauses (v), (vi) and (ix) above, that it will use the Confidential Information for the sole purpose of making an investment in the Series 2025-2 Notes or administering its investment in the Series 2025-2 Notes. In the event of any required disclosure of the Confidential Information by such Series 2025-2 Noteholder, such Series 2025-2 Noteholder shall agree to use reasonably efforts to protect the confidentiality of the Confidential Information.

[Signature Pages Follow]

------

IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture Supplement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

ONDECK ASSET SECURITIZATION IV, LLC, as Issuer

By:  <br> Name:<br>Title:

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee

By:  <br> Name:<br>Title:

By:  <br> Name:<br>Title:

------

## Exhibit 4.17

**Exhibit 4.17**

ONDECK ASSET SECURITIZATION IV, LLC,<br>as Issuer,

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,<br>as Indenture Trustee

**SECOND SUPPLEMENT**<br> Dated as of November 13, 2025<br>to the<br>**BASE INDENTURE**<br> Dated as of July 27, 2023

------

SECOND SUPPLEMENT TO BASE INDENTURE

SECOND SUPPLEMENT TO THE BASE INDENTURE, dated as of November 13, 2025 (this "<u>Second</u> <u>Supplement</u>"), between ONDECK ASSET SECURITIZATION IV, LLC, a Delaware limited liability company, as issuer (the "<u>Issuer</u>") and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee (in such capacity, the "<u>Indenture Trustee</u>"), hereby amends the Base Indenture, dated as of July 27, 2023, as amended by the First Supplement, dated March 20, 2025 (the "Existing Base Indenture" as amended by this Second Supplement, and as may be further amended, restated, amended and restated, supplement or otherwise modified from time to time, the "<u>Base Indenture</u>").

<u>PRELIMINARY STATEMENT</u>

WHEREAS, <u>Section 12.1(d)</u> of the Existing Base Indenture provides, among other things, that the Issuer and the Indenture Trustee may make amendments to the Existing Base Indenture;

WHEREAS, the Issuer wishes to amend the Base Indenture as set forth herein; and

WHEREAS, in accordance with <u>Section 12.1</u> of the Existing Base Indenture, the Issuer has delivered an Officer's Certificate certifying that this Second Supplement will not materially adversely affect any Noteholder.

NOW, THEREFORE, in consideration of the provisions, covenants and the mutual agreements herein contained, the parties hereto agree as follows:

**ARTICLE I** **<br>DEFINITIONS**

Unless otherwise defined herein, all capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Existing Base Indenture.

**ARTICLE II** **<br>AMENDMENTS**

Section 2.1.Effective upon satisfaction of the conditions precedent set forth in <u>Section 3.1</u> of this Second Supplement, the Existing Base Indenture is being amended by (i) deleting the stricken text (indicated in the same manner as the following example: stricken text) and adding the inserted text (indicated in the same manner as the following example: <u>inserted text</u>) as set forth on the pages of the Base Indenture attached hereto as **<u>Exhibit A</u>**.

**ARTICLE III** **<br>GENERAL**

Section 3.1.<u>Conditions to Effectiveness</u>. The amendments referenced in <u>Section 2.1</u> of this Second Supplement shall be effective upon the Indenture Trustee receiving each of the following (the date on which all such conditions have been met, the "<u>Effective Date</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a copy of this Second Supplement, properly executed by the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Opinion of Counsel described in <u>Section 12.6</u> of the Base Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)an Officer's Certificate described in <u>Section 12.6</u> of the Base Indenture.

Section 3.2.<u>Effect on Existing Base Indenture</u>. Subject to the satisfaction of the conditions precedent set forth in <u>Section 3.1</u> hereto, upon the date hereof (i) the Existing Base Indenture shall be amended in accordance herewith, (ii) this Second Supplement shall form part of the Base Indenture for all purposes and (iii) the parties and each Noteholder shall be bound by the Base Indenture, as so amended. Except as expressly set forth or contemplated in this Second Supplement, the terms and conditions of the Existing Base Indenture shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Base Indenture made in accordance with the terms of the Base Indenture.

Section 3.3.<u>Binding Effect</u>. This Second Supplement is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as may be limited by involuntary bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at last or in equity and by an implied covenant of good faith and fair dealing).

Section 3.4.<u>Counterparts; Electronic Signatures</u>. This Second Supplement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Second Supplement by facsimile transmission or electronic transmission (in pdf format or other electronic means) shall be as effective as delivery of a manually executed counterpart of this Second Supplement. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Second Supplement and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Second Supplement or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Second Supplement or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of funds or other communications) ("<u>Executed Documentation</u>") may be accepted, executed or agreed to through the use of an electronic signature in accordance with laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Indenture Trustee or the Transfer Agent and Registrar acts on any Executed

------

Documentation sent by electronic transmission, neither the Indenture Trustee nor the Transfer Agent and Registrar will be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication, it being understood and agreed that the Indenture Trustee and the Transfer Agent and Registrar shall conclusively presume that Executed Documentation that purports to have been sent by an Authorized Officer of a Person has been sent by an Authorized Officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Indenture Trustee or the Transfer Agent and Registrar acting on unauthorized instructions and the risk of interception and misuse by third parties.

Section 3.5.<u>Governing Law</u>. **THIS SECOND SUPPLEMENT, AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS SECOND SUPPLEMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.**

Section 3.6.<u>Amendments</u>. This Second Supplement may not be modified or amended except in accordance with the terms of the Base Indenture.

Section 3.7.<u>Severability</u>. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

Section 3.8.<u>Indenture Trustee</u>. The Indenture Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer and the Indenture Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Second Supplement and makes no representation with respect thereto. In entering into this Second Supplement, the Indenture Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Indenture Trustee. The Issuer hereby directs the Indenture Trustee to execute this Second Supplement and acknowledges and agrees that the Indenture Trustee will be fully protected in relying upon the foregoing direction.

**ARTICLE IV** **<br>REPRESENTATIONS AND WARRANTIES**

The Issuer represents and warrants to the Indenture Trustee that this Second Supplement has been duly and validly executed and delivered by such party and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.

[Remainder of Page Intentionally Left Blank]

------

IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Second Supplement to be executed and delivered by its respective duly authorized officer as of the day and year first written above.

ONDECK ASSET SECURITIZATION IV, LLC, as Issuer<br>By: <br>Name:<br>Title:

*[Signature Page to Second Supplement to Indenture]*

------

DEUTSCHE BANK TRUST COMPANY AMERICAS, <br>not in its individual capacity but solely as Indenture Trustee

By:

Name:

Title:

By:

Name:

Title:

*[Signature Page to Second Supplement to Indenture]*

------

**EXHIBIT A**

**AMENDED BASE INDENTURE**

------

## Exhibit 4.18

**Exhibit 4.18**

<u>OMNIBUS FIRST SUPPLEMENT TO SERIES 2023-1 INDENTURE SUPPLEMENT, SERIES 2024-1 INDENTURE SUPPLEMENT, SERIES 2024-2 INDENTURE SUPPLEMENT AND SERIES 2025-1 INDENTURE SUPPLEMENT</u>

THIS FIRST OMNIBUS SUPPLEMENT TO SERIES 2023-2 INDENTURE SUPPLEMENT, SERIES 2024-1 INDENTURE SUPPLEMENT, SERIES 2024-2 INDENTURE SUPPLEMENT AND SERIES 2025-1 INDENTURE SUPPLEMENT dated as of November 13, 2025 (this "<u>Omnibus Supplement Amendment</u>"), between ONDECK ASSET SECURITIZATION IV, LLC, a Delaware limited liability company, as issuer (the "<u>Issuer</u>") and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee (in such capacity, the "<u>Indenture Trustee</u>"), hereby amends (i) the Series 2023-1 Indenture Supplement, dated as of June 27, 2023 (the "<u>Original Series 2023-1 Indenture Supplement</u>", together with this Supplement Amendment, the "<u>Series 2023-1 Indenture Supplement</u>"), (ii) the Series 2024-1 Indenture Supplement, dated as of May 17, 2024 (the "<u>Original Series 2024-1 Indenture Supplement</u>", together with this Supplement Amendment, the "<u>Series 2024-1 Indenture Supplement</u>"), (iii) the Series 2024-2 Indenture Supplement, dated as of October 2, 2024 (the "<u>Original Series 2024-2 Indenture Supplement</u>", together with this Supplement Amendment, the "<u>Series 2024-2 Indenture Supplement</u>"), and (iv) the Series 2025-1 Indenture Supplement, dated as of March 20, 2025 (the "<u>Original Series 2025-1 Indenture Supplement</u>", together with this Supplement Amendment, the "<u>Series 2025-1 Indenture Supplement</u>", and the Series 2025-1 Indenture Supplement, together with the Series 2023-1 Indenture Supplement, the Series 2024-1 Indenture Supplement and the Series 2024-2 Indenture Supplement, the "<u>Relevant Series Supplements</u>"), each by and between the Issuer and the Indenture Trustee, and each of which supplement the Base Indenture, dated as of July 27, 2023, as amended by the First Supplement to Base Indenture, dated March 20, 2025 and as further amended by the Second Supplement to Base Indenture, dated as of the date hereof (and as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the "<u>Base Indenture</u>").

<u>PRELIMINARY STATEMENT</u>

WHEREAS, the Issuer wishes to amend the Original Series 2023-1 Indenture Supplement, the Original Series 2024-1 Indenture Supplement, the Original Series 2024-2 Indenture Supplement and the Original Series 2025-1 Indenture Supplement (together, the "<u>Original Indenture Supplements</u>") in accordance with <u>Sections 12.1(d)</u> of the Base Indenture as set forth herein; and

WHEREAS, in accordance with Section 12.1 of the Base Indenture, the Issuer has delivered an Officer's Certificate certifying that this Omnibus Supplement Amendment will not materially adversely affect any Noteholder (as evidenced by a Rating Agency Condition).

NOW, THEREFORE, in consideration of the provisions, covenants and the mutual agreements herein contained, the parties hereto agree as follows:

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**ARTICLE I** **<br>DEFINITIONS**

Unless otherwise defined herein, all capitalized terms used herein (including in the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Base Indenture.

**ARTICLE II** **<br>AMENDMENTS**

Section 2.1.Effective upon satisfaction of the conditions precedent set forth in <u>Section 3.1</u> of this Omnibus Supplement Amendment, each Original Indenture Supplement is amended by (i) deleting the stricken text (indicated in the same manner as the following example: stricken text) and adding the inserted text (indicated in the same manner as the following example: <u>inserted text</u>) as set forth on below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)in respect of the Original Series 2023-1 Indenture Supplement, as follows:

"<u>Series 2023-1 Warm Backup Servicer Trigger Event</u>" means the occurrence of both of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is <u>less</u>greater than 15.50%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is <u>greater</u>less than 10.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)in respect of the Original Series 2024-1 Indenture Supplement, as follows:

"<u>Series 2024-1 Warm Backup Servicer Trigger Event</u>" means the occurrence of both of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is <u>less</u>greater than 15.50%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is <u>greater</u>less than 10.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in respect of the Original Series 2024-2 Indenture Supplement, as follows:

"<u>Series 2024-2 Warm Backup Servicer Trigger Event</u>" means the occurrence of both of the following events on any Payment Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is <u>less</u>greater than 15.50%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is <u>greater</u>less than 10.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)in respect of the Original Series 2025-1 Indenture Supplement, as follows:

"<u>Series 2025-1 Warm Backup Servicer Trigger Event</u>" means the occurrence of both of the following events on any Payment Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Three-Month Weighted Average Excess Spread on such Payment Date is <u>less</u>greater than 15.50%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Three-Month Average Delinquency Ratio on such Payment Date is <u>greater</u>less than 10.50%.

**ARTICLE III** **<br>GENERAL**

Section 3.1.<u>Conditions to Effectiveness</u>. The amendments referenced in <u>Section 2.1</u> of this Omnibus Supplement Amendment shall be effective upon the Indenture Trustee receiving each of the following (the date on which all such conditions have been met, the "<u>Effective Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a copy of this Omnibus Supplement Amendment, properly executed by the parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)evidence of satisfaction of the Rating Agency Condition in accordance with <u>Section 12.1</u> of the Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)an Officer's Certificate described in <u>Section 12.6</u> of the Base Indenture.

Section 3.2.<u>Effect on Original Indenture Supplements</u>. Subject to the satisfaction of the conditions precedent set forth in <u>Section 3.1</u> hereto, upon the date hereof (i) the Original Indenture Supplements shall be amended in accordance herewith, (ii) this Omnibus Supplement Amendment shall form part of the Relevant Series Supplements for all purposes and (iii) the parties and each Noteholder shall be bound by the Base Indenture and the Relevant Series Supplements, as so amended and supplemented. Except as expressly set forth or contemplated in this Omnibus Supplement Amendment, the terms and conditions of the Original Indenture Supplements shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Original Indenture Supplements made in accordance with the terms of the Base Indenture.

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Section 3.3.<u>Binding Effect</u>. This Omnibus Supplement Amendment is a legal, valid and binding obligation of the Issuer enforceable against the Issuer in accordance with its terms (except as may be limited by involuntary bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting creditors' rights generally or by general equitable principles, whether considered in a proceeding at last or in equity and by an implied covenant of good faith and fair dealing).

Section 3.4.<u>Counterparts; Electronic Signatures</u>. This Omnibus Supplement Amendment may be executed in two or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Omnibus Supplement Amendment by facsimile transmission or electronic transmission (in pdf format or other electronic means) shall be as effective as delivery of a manually executed counterpart of this Omnibus Supplement Amendment. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Omnibus Supplement Amendment and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Omnibus Supplement Amendment or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Omnibus Supplement Amendment or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of funds or other communications) ("<u>Executed Documentation</u>") may be accepted, executed or agreed to through the use of an electronic signature in accordance with laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Indenture Trustee or the Transfer Agent and Registrar acts on any Executed Documentation sent by electronic transmission, neither the Indenture Trustee nor the Transfer Agent and Registrar will be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication, it being understood and agreed that the Indenture Trustee and the Transfer Agent and Registrar shall conclusively presume that Executed Documentation that purports to have been sent by an Authorized Officer of a Person has been sent by an Authorized Officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation, the risk of the Indenture Trustee or the Transfer Agent and Registrar acting on unauthorized instructions and the risk of interception and misuse by third parties.

Section 3.5.<u>Governing Law</u>. **THIS OMNIBUS SUPPLEMENT AMENDMENT, AND ALL MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS** 

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**OMNIBUS SUPPLEMENT AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.**

Section 3.6.<u>Amendments</u>. This Omnibus Supplement Amendment may not be modified or amended except in accordance with the terms of the Base Indenture.

Section 3.7.<u>Severability</u>. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

Section 3.8.<u>Indenture Trustee</u>. The Indenture Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer and the Indenture Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Omnibus Supplement Amendment and makes no representation with respect thereto. In entering into this Omnibus Supplement Amendment, the Indenture Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Indenture Trustee. The Issuer hereby directs the Indenture Trustee to execute this Omnibus Supplement Amendment and acknowledges and agrees that the Indenture Trustee will be fully protected in relying upon the foregoing direction.

**ARTICLE IV** **<br>REPRESENTATIONS AND WARRANTIES**

The Issuer represents and warrants to the Indenture Trustee that this Omnibus Supplement Amendment has been duly and validly executed and delivered by such party and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Second Supplement to be executed and delivered by its respective duly authorized officer as of the day and year first written above.

ONDECK ASSET SECURITIZATION IV, LLC, as Issuer<br>By: <br>Name:<br>Title:

*[Signature Page to Omnibus First Supplement to Series 2023-1, 2024-1, 2024-2 and 2025-1 Indenture Supplements]*

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DEUTSCHE BANK TRUST COMPANY AMERICAS, <br>not in its individual capacity but solely as Indenture Trustee

By:

Name:

Title:

By:

Name:

Title:

*[Signature page to First Omnibus Supplement to Series 2023-1, 2024-1, 2024-2 and 2025-1 Indenture Supplements]*

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## Exhibit 10.44

**Exhibit 10.44**

**AMENDMENT NO. 11 TO <br>FOURTH AMENDED AND RESTATED CREDIT AGREEMENT AND OMNIBUS AMENDMENT**

This **AMENDMENT NO. 11 TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT** (this "**Amendment**") dated as of October 10, 2025, is entered into by and among **RECEIVABLE ASSETS OF ONDECK, LLC**, a Delaware limited liability company ("**Company**"), the Lenders party hereto and **Truist BANK,** as Administrative Agent (in such capacity, the "**Administrative Agent**").

**RECITALS:**

**WHEREAS**, Company, the Lenders party thereto from time to time, the Administrative Agent, and Wells Fargo Bank, N.A., as Paying Agent and as Collateral Agent for the Secured Parties, entered into a Fourth Amended and Restated Credit Agreement, dated as of December 17, 2018, as amended by that certain Amendment No. 1 to the Fourth Amended and Restated Credit Agreement, dated as of October 2, 2019, as further amended by that certain Amendment No. 2 to the Fourth Amended and Restated Credit Agreement, dated as of May 14, 2020, as further amended by that certain Amendment No. 3 to the Fourth Amended and Restated Credit Agreement, dated as of November 11, 2020, as further amended by that certain Amendment No. 4 to the Fourth Amended and Restated Credit Agreement, dated as of December 16, 2020, as further amended by that certain Amendment No. 5 to the Fourth Amended and Restated Credit Agreement, dated as of December 24, 2020, as further amended by that certain Amendment No. 6 to the Fourth Amended and Restated Credit Agreement, dated as of July 16, 2021, as further amended by that certain Amendment No. 7 to the Fourth Amended and Restated Credit Agreement dated as of March 18, 2022, as further amended by that certain Amendment No. 8 to the Fourth Amended and Restated Credit Agreement dated as of November 18, 2022, as further amended by that certain Amendment No. 9 to the Fourth Amended and Restated Credit Agreement dated as of March 17, 2023 and as further amended by that certain Amendment No. 10 to the Fourth Amended and Restated Credit Agreement dated as of November 18, 2024 (as may be further amended, restated, supplemented or otherwise modified from time to time, the "**Credit Agreement**") pursuant to which the Lenders have made advances and other financial accommodations to Company. Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement, as amended hereby; and

**WHEREAS**, Company, the Lenders party hereto and Administrative Agent, desire to amend the Credit Agreement as set forth herein subject to the terms and conditions set forth herein.

**NOW, THEREFORE**, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

**Section 1.** **AMENDMENTS TO THE CREDIT AGREEMENT** 

Effective as of date hereof, each of the parties hereto agrees that the Credit Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same

------

manner as the following example: <u>double-underlined text</u>) as set forth in the document attached as <u>Exhibit A</u> hereto.

**Section 2.** **REPRESENTATIONS AND WARRANTIES**

In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, Company represents and warrants to the Administrative Agent and the Lenders, on the date hereof, that the following statements are true and correct, it being understood and agreed that the representations and warranties made on the date hereof are deemed to be made concurrently with the consummation of the transactions contemplated hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Due Authorization.** The execution, delivery and performance of this Amendment have been duly authorized by all necessary action on the part of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Binding Obligation.** This Amendment has been duly executed and delivered by the Company and is the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Incorporation of Representations and Warranties from Credit Agreement**. The representations and warranties contained in Section 4 of the Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Absence of Default**. No event has occurred and is continuing or will result from the consummation of this Amendment that would constitute a Default or an Event of Default.

**Section 3.** **MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Reference to and Effect on the Credit Agreement and the Other Credit Documents**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On and after the date hereof, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in the Credit Documents and the Related Agreements to "the Credit Agreement" or "thereunder", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment. This Amendment is hereby designated as a Credit Document for all purposes of the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as expressly set forth herein, no other amendments, changes or modifications to the Credit Agreement and each other Credit Document are intended or implied, and in all other respects the Credit Agreement and each other Credit Document are and shall continue to be in full force and effect and are hereby in all respects specifically ratified, restated

------

and confirmed by all parties hereto as of the date hereof and Company shall not be entitled to any other further amendment by virtue of the provisions of this Amendment or with respect to the subject matter of this Amendment. To the extent of conflict between the terms of this Amendment and the other Credit Documents, the terms of this Amendment shall control. The Credit Agreement and this Amendment shall be read and construed as one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, Administrative Agent or Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Binding Effect**. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Governing Law**. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Execution in Counterparts**. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by fax or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Headings**. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Prior Agreements.** This Amendment and the Credit Documents (as amended hereby) represents the entire agreement and understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

*[remainder intentionally left blank]*

------

IN WITNESS THEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

**RECEIVABLE ASSETS OF ONDECK, LLC**, as Company

By:  <br> Name:<br>Title:

**TRUIST BANK**, as Administrative Agent and Class A Revolving Lender

By:  <br> Name:<br>Title:

**JEFFERIES FUNDING LLC**, as Class B Revolving Lender

By:  <br> Name:<br>Title:

[*Credit Agreement Amendment No. 11*]

------

<u>EXHIBIT A</u>

<u>Marked Credit Agreement</u>

*See attached*

------

## Exhibit 10.45

**Exhibit 10.45**

**FIRST AMENDMENT TO** 

**NOTE ISSUANCE AND PURCHASE AGREEMENT**

This FIRST AMENDMENT TO NOTE ISSUANCE AND PURCHASE AGREEMENT (this "<u>Amendment</u>") is entered into this 17th day of October, 2025, by and among NETCREDIT LOC RECEIVABLES 2024, LLC, a Delaware limited liability company ("<u>Issuer</u>"), the Note Purchasers party hereto, CITIBANK, N.A. ("<u>Citibank</u>"), not in its individual capacity but solely as collateral trustee for the Secured Parties (in such capacity, "<u>Collateral Trustee</u>"), and MIDTOWN MADISON MANAGEMENT LLC, as Administrative Agent for itself and for the other Note Purchasers (in such capacity, "<u>Administrative Agent</u>").

<u>Recitals</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Issuer, Note Purchasers party thereto, Collateral Trustee, Citibank, as Paying Agent (in such capacity, the "<u>Paying Agent</u>"), and Administrative Agent entered into that certain Note Issuance and Purchase Agreement, dated as of February 21, 2024 (as amended, amended and restated, supplemented, revised, or otherwise modified from time to time, the "<u>Note Issuance Agreement</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Issuer, Note Purchasers, Collateral Trustee and Administrative Agent have agreed to make certain amendments to the Note Issuance Agreement as set forth herein and, subject to the terms and conditions set forth herein, Administrative Agent, Issuer, Collateral Trustee and Note Purchasers have agreed to such amendments.

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

<u>Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Definitions</u>**. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Note Issuance Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Amendment</u>**. Upon satisfaction of the conditions precedent set forth in <u>Section 4</u> below, the Issuer, the Administrative Agent, the Collateral Trustee and the Note Purchasers party hereto agree that the Note Issuance Agreement, and the schedules and the exhibits thereto, are hereby amended by incorporating the changes shown on the marked copy of the Note Issuance Agreement attached hereto as <u>Exhibit A</u> (it being understood that language which appears "struck out" or "struck out", as applicable, has been deleted and language which appears as "<u>double-underlined</u>" or "<u>double-underlined</u>", as applicable, has been added).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>No Waiver</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**<u>No Waiver</u>. Nothing contained in this Amendment or any other communication between Administrative Agent and Note Purchasers and the Issuer shall be a waiver of any past, present or future violation, under the Note Issuance Agreement. Similarly, Administrative Agent hereby expressly reserves any rights, privileges and remedies under the Note

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Issuance Agreement and each Transaction Document that Administrative Agent and Note Purchasers may have with respect to any violation and any failure by Administrative Agent or Note Purchasers to exercise any right, privilege or remedy as a result of any such violation, shall not directly or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Administrative Agent or Note Purchasers at any time to exercise any right, privilege or remedy in connection with the Note Issuance Agreement or any Transaction Document, (ii) amend or alter any provision of the Note Issuance Agreement or any Transaction Document or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering any obligation of Issuer or any rights, privilege or remedy of Administrative Agent and Note Purchasers under the Note Issuance Agreement or any Transaction Document or any other contract or instrument. Nothing in this Amendment shall be construed to be a consent by Administrative Agent or Note Purchasers to any prior, existing or future violations of the Note Issuance Agreement or any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**<u>Ratification</u>. Issuer ratifies and confirms that all of its obligations under the Transaction Documents are in full force and effect and are performable in accordance with their respective terms without setoff, defense, counter-claim or claims in recoupment. This Amendment shall be construed in connection with and as part of the Note Issuance Agreement, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Note Issuance Agreement, as amended by this Amendment, and each other Transaction Document are hereby ratified and confirmed and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**<u>Further Assurances</u>. Issuer and Administrative Agent agree that at any time and from time to time, upon the written request of the other, it will execute and deliver such further documents and do such further acts and things as the other may reasonably request in order to effect the purposes of this Amendment and the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Conditions Precedent to Effectiveness of Amendment</u>**. The effectiveness of this Amendment is conditioned upon the satisfaction of the following conditions precedent. The determination as to whether each condition has been satisfied shall be made by Administrative Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**Administrative Agent shall have received this Amendment, duly executed by Issuer, Note Purchasers, Collateral Trustee and Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**Administrative Agent shall have received duly executed copies of the CC Bank Participation Agreement and CC Bank Program Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**Issuer shall have paid to Administrative Agent, for the benefit of the Note Purchasers, an additional interest adjustment fee in an amount equal to $49,652.78 in immediately available funds, which fee shall be fully earned and nonrefundable as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**The representations and warranties contained or incorporated herein shall be true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**No Default or Event of Default has occurred that is continuing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**Issuer shall have paid to Administrative Agent, on behalf of itself and the Note Purchasers, all fees, costs and expenses due and owing to Administrative Agent and the Note Purchasers as of the date hereof (including the costs of any counsel to Administrative Agent). All fees, costs, expenses and other amounts payable hereunder shall be non-refundable and fully earned upon Administrative Agent's receipt of such fees, costs, expenses or amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Representations and Warranties</u>.** To induce Administrative Agent and Note Purchasers to enter into this Amendment, Issuer hereby represents and warrants to Administrative Agent and each Note Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**Immediately after giving effect to this Amendment, (a) the representations and warranties contained in the Note Issuance Agreement, as amended by this Amendment, are true, accurate and complete in all material respects (except to the extent already qualified by materiality, in which case it shall be true and correct in all respects and shall not be false or misleading in any respect) as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), (b) no Default or Event of Default has occurred and is continuing, (c) Issuer is in good standing under the laws of its state of organization, (d) no amendment, modification or other change has been made to its certificate of formation or governance documents, and (e) the execution, delivery and performance of this Amendment has been approved by all necessary limited liability company action of Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**Issuer has the power and authority to execute and deliver this Amendment and to perform its obligations under the Note Issuance Agreement, as amended by this Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**The execution and delivery by Issuer of this Amendment and the performance by Issuer of its obligations under the Note Issuance Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Issuer, except as already has been obtained or made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**This Amendment has been duly executed and delivered by Issuer and is the binding obligation of Issuer, enforceable against Issuer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **<u>Integration</u>**. This Amendment and the Note Issuance Agreement represent the entire agreement between the parties about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties and negotiations between the parties about the subject matter of this Amendment and the Note Issuance Agreement merge into this Amendment and the Note Issuance Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **<u>Severability</u>**. If any term or provision of this Amendment is adjudicated to be illegal, invalid or unenforceable under Applicable Law, such term or provision shall be inapplicable to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remainder of this Amendment which shall be given effect so far as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **<u>Successors and Assigns</u>**. Subject to <u>Section 12.2</u> of the Note Issuance Agreement, this Amendment shall be binding upon and inure to the benefit of Issuer, Administrative Agent and Note Purchasers and their respective successors and permitted assigns, except that Issuer shall not have the right to assign any rights hereunder or any interest herein without Administrative Agent's and Note Purchasers' prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **<u>WAIVER OF JURY TRIAL. GOVERNING LAW</u>**. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS Amendment SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE NOTE ISSUANCE AGREEMENT AND SHALL BE SUBJECT TO ANY WAIVER OF JURY TRIAL AND NOTICE PROVISIONS SET FORTH IN THE NOTE ISSUANCE AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **<u>No Oral Agreements</u>**. Neither this Amendment nor any provision hereof may be changed, waived, discharged, modified or terminated orally, but only by an instrument in writing signed by the parties required to be a party thereto pursuant to the Note Issuance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **<u>Counterparts</u>.** This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Signature pages delivered by facsimile or other electronic means shall have the same effect as manually executed signature pages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **<u>Collateral Trustee.</u>** Regarding the Collateral Trustee. The Collateral Trustee shall be afforded all of the same rights, protections, privileges, indemnities and immunities afforded to it under the Note Issuance Agreement as if restated herein, mutatis mutandis. The Administrative Agent hereby authorizes and directs the Collateral Trustee to execute and deliver this Amendment.

*[Signature page follows.]*

------

**IN WITNESS WHEREOF**, this Amendment is being executed as of the date first written above.

**ISSUER:<br>NETCREDIT LOC RECEIVABLES 2024, LLC**,

a Delaware limited liability company

By: <br> Name: Steven E. Cunningham<br>Title: Chief Financial Officer and Treasurer

[Signature Page to First Amendment to Note Issuance Agreement – NetCredit LOC Receivables 2024, LLC]

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**ADMINISTRATIVE AGENT:**

<br> **MIDTOWN MADISON MANAGEMENT LLC**,

a Delaware limited liability company

By: <br> Name: <br>Title:

**NOTE PURCHASERS:**

<br> **ACM AIF EVERGREEN P3 DAC SUBCO LP**

By: <br> Name: <br>Title:

**ATALAYA ASSET INCOME FUND PARALLEL 345 LP**

By: <br> Name: <br>Title:

**ACM AIF CO-INVESTMENT DAC SUBCO LP**

By: <br> Name: <br>Title:

**ATALAYA HYBRID INCOME FUND EVERGREEN POOL 1 LP**

By: <br> Name: <br>Title:

[Signature Page to First Amendment to Note Issuance Agreement – NetCredit LOC Receivables 2024, LLC]

------

**COLLATERAL TRUSTEE:**

<br> **CITIBANK, N.A., not in its individual capacity but solely as Collateral Trustee**

By:

Name:

Title:

[Signature Page to First Amendment to Note Issuance Agreement – NetCredit LOC Receivables 2024, LLC]

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## Exhibit 10.46

**Exhibit 10.46**

Amendment No. 3 to Credit Agreement and Reaffirmation of Performance Guaranty

This Amendment No. 3 to Credit Agreement and Reaffirmation of Performance guaranty (this "<u>Amendment</u>") is entered into as of November 7, 2025, by and among OnDeck Receivables 2022, LLC, a Delaware limited liability company, as company ("<u>Company</u>"), the lenders from time to time parties hereto (the "<u>Lenders</u>"), BMO Capital Markets Corp., as administrative agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>") and as collateral agent for the Secured Parties and Enova International, Inc., as performance guarantor (the "<u>Performance Guarantor</u>").

Recitals

Whereas, the Company has entered into that certain Credit Agreement, dated as of June 30, 2022, by and among the Company, the Lenders, the Administrative Agent and Deutsche Bank Trust Company Americas, as paying agent, (as amended prior to the date hereof, by the Amendment No. 1 to Credit Agreement dated May 8, 2023, by the Amendment No. 2 to Credit Agreement dated June 27, 2024, this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>");

Whereas, in accordance with the terms of the Credit Agreement, the Company has requested, and the Requisite Lenders and Administrative Agent have agreed to, modify certain provisions of the Credit Agreement, upon the terms and subject to the conditions set forth herein and the Lenders have requested that the Performance Guarantor reaffirm its obligations under the Performance Guaranty in connection with such amendments;

Now, Therefore, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Defined Terms.* Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Amendment to the Credit Agreement.* Upon satisfaction of the conditions set forth in Section 3 hereof, the parties hereto hereby agree that the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the pages attached as <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Conditions Precedent.* The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)receipt by the Administrative Agent of this Amendment, duly executed and delivered by the parties thereto, in form and substance acceptable to the Administrative Agent; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Company shall pay or caused to be paid all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and Lenders incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Representations and Warranties of Company*. Company hereby represents and warrants to the Administrative Agent and each Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The representations and warranties of Company contained in Section 4 of the Credit Agreement are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Event of Default, Default or Early Amortization Event, or Servicer Default or any event that with the giving of notice of the lapse of time, or both, would constitute a Servicer Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company (i) has all necessary power, authority and legal right to (A) execute and deliver this Amendment and (B) carry out the terms of this Amendment and the Credit Documents as amended hereby and (ii) has duly authorized by all necessary limited liability action the execution, delivery and performance of this Amendment and the Credit Documents as amended hereby on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution and delivery of this Amendment by the Company and performance by the Company of the Credit Agreement as amended hereby have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The execution and delivery of this Amendment, the consummation of the transactions contemplated hereby and by the Credit Documents as amended hereby and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without the giving of notice or lapse of time or both) a default under, the Organizational Documents or a default in any material respect under any Contractual Obligation of the Company, (ii) result in the creation or imposition of any Lien upon any of Company's properties, or (iii) violate any Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Effect on the Credit Agreement and Ratification*. (a) Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Credit Documents or constitute a course of conduct or dealing among the parties. The Administrative Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents. The Credit Agreement, as hereby amended and all other Credit Documents to which the Company is a party are hereby

------

ratified and re-affirmed by the Company in all respects and, except as set forth herein, shall remain unmodified and in full force and effect. All references in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. This Amendment shall constitute a Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The relationship of the Administrative Agent and the Lenders, on the one hand, and the Company, on the other hand, has been and shall continue to be, at all times, that of creditor and debtor and not as joint venturers or partners. Nothing contained in this Amendment, any instrument, document or agreement delivered in connection herewith or in the Credit Agreement or any of the other Credit Documents shall be deemed or construed to create a fiduciary relationship between or among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*Reaffirmation of Performance Guaranty*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)After giving effect to this Amendment and each of the other transactions contemplated hereby and thereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the effectiveness of this Amendment, the Performance Guarantor hereby reaffirms all covenants, representations and warranties made by it in the Performance Guaranty and agrees that all such covenants, representations and warranties shall be deemed to have been re-made as of the date hereof, unless such representations and warranties by their terms refer to an earlier date than the date hereof, in which case they shall be correct on and as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*No Novation.* This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or any other Credit Document or an accord and satisfaction in regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Successors and Assigns.* The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; *provided* that the Company may not assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Administrative Agent and Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*Headings*. The captions and headings of this Amendment are for convenience of reference only and shall not affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.*Incorporation of Credit Agreement.* The provisions contained in Section 9.11 (Severability), Section 9.14 (APPLICABLE LAW), Section 9.15 (CONSENT TO JURISDICTION), Section 9.16 (WAIVER OF JURY TRIAL), Section 9.17 (Confidentiality) and Section 9.20 (Effectiveness) of the Credit Agreement are incorporated herein by this reference, *mutatis mutandis*.

Remainder of Page Intentionally Blank; Signatures Follow.

------

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the day and year first above written.

ONDECK RECEIVABLES 2022, LLC,

as Company

By:

Name: Steven Cunningham

Title: Treasurer

Amendment No. 3 to Credit Agreement

------

ENOVA INTERNATIONAL, INC.,

as Performance Guarantor

By:

Name: Steven Cunningham

Title: Chief Financial Officer

Amendment No. 3 to Credit Agreement

------

BMO CAPITAL MARKETS CORP.,

as Administrative Agent and Collateral Agent

By:

Name: Frank Trocchio

Title: Managing Director

Amendment No. 3 to Credit Agreement

------

BANK OF MONTREAL,

as a Class A Committed Lender

By:

Name: Jacqueline M Lentz

Title: Director

Amendment No. 3 to Credit Agreement

------

THE TORONTO-DOMINION BANK,

as a Class A Committed Lender

By:

Name: Luna Mills

Title: Managing Director

Amendment No. 3 to Credit Agreement

------

POWERSCOURT INVESTMENTS 33, LP,

as Class B Lender

By: Powerscourt Investments GP, LLC , its general partner

By: Maples Fiduciary Services (Delaware) Inc., its managing member

By:

Name: Scott Huff

Title: Authorized Signatory

Amendment No. 3 to Credit Agreement

------

**<u>Exhibit A</u>**

[attached]

------

## Exhibit 10.47

**Exhibit 10.47**

Amendment No. 9 to<br>Credit Agreement

This Amendment No. 9 to Credit Agreement (this "<u>Amendment</u>") is entered into as of November 14, 2025, by and among OnDeck Receivables 2021, LLC, a Delaware limited liability company, as company (the "<u>Borrower</u>"), the lenders from time to time parties hereto (the "<u>Lenders</u>"), JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>") and Deutsche Bank Trust Company Americas, as paying agent (in such capacity, the "<u>Paying Agent</u>").

Recitals

Whereas, the Borrower has entered into that certain Credit Agreement, dated as of November 17, 2021, by and among the Borrower, the lenders, the Administrative Agent and the Paying Agent (as amended prior to the date hererof, by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>");

Whereas, in accordance with the terms of the Credit Agreement, the Borrower has requested, and the Required Lenders and Administrative Agent have agreed to, modify certain provisions of the Credit Agreement, upon the terms and subject to the conditions set forth herein.

Now, Therefore, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Defined Terms.* Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Amendment to the Credit Agreement.* Upon satisfaction of the conditions set forth in Section 3 hereof, the parties hereto hereby agree that the Credit Agreement is hereby amended as follows (it being understood that the language which appears "struck out" has been deleted and language which appears as "bold and underlined" has been added), and the definition of "**Revolving Commitment Termination Date**" is hereby amended and restated in its entirety as follows:

"**Revolving Commitment Termination Date**" means the earliest to occur of (i) November **<u>26</u>**17, 2025; (ii) the date the Class A Revolving Commitments are permanently reduced to zero pursuant to Section 2.6; (iii) the date of the termination of the Revolving Commitments pursuant to Section 7.1; and (iv) the first day of the Early Amortization Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Conditions Precedent.* The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)receipt by the Administrative Agent of this Amendment, duly executed and delivered by the parties thereto, in form and substance acceptable to the Administrative Agent; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Borrower shall pay or caused to be paid all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and Lenders incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Representations and Warranties of Borrower.* Borrower hereby represents and warrants to the Administrative Agent, the Paying Agent and each Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The representations and warranties of Borrower contained in Section 4 of the Credit Agreement are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Event of Default, Default or Early Amortization Event, or Servicer Default or any event that with the giving of notice of the lapse of time, or both, would constitute a Servicer Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver this Amendment and (B) carry out the terms of this Amendment and the Credit Documents as amended hereby and (ii) has duly authorized by all necessary limited liability action the execution, delivery and performance of this Amendment and the Credit Documents as amended hereby on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution and delivery of this Amendment by the Borrower and performance by the Borrower of the Credit Agreement as amended hereby have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The execution and delivery of this Amendment, the consummation of the transactions contemplated hereby and by the Credit Documents as amended hereby and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without the giving of notice or lapse of time or both) a default under, the Organizational Documents or a default in any material respect under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of Borrower's properties, or (iii) violate any Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Effect on the Credit Agreement, Ratification and Direction.* (a) Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Credit Documents or constitute a course of conduct or dealing among the parties. The Administrative Agent, the Paying Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents.

------

The Credit Agreement, as hereby amended and all other Credit Documents to which the Borrower is a party are hereby ratified and re-affirmed by the Borrower in all respects and, except as set forth herein, shall remain unmodified and in full force and effect. All references in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. This Amendment shall constitute a Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The relationship of the Administrative Agent and the Lenders, on the one hand, and the Borrower, on the other hand, has been and shall continue to be, at all times, that of creditor and debtor and not as joint venturers or partners. Nothing contained in this Amendment, any instrument, document or agreement delivered in connection herewith or in the Credit Agreement or any of the other Credit Documents shall be deemed or construed to create a fiduciary relationship between or among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and the Lenders hereby direct the Paying Agent to execute this Amendment and acknowledge and agree that the Paying Agent will be fully protected in relying upon the foregoing direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*No Novation.* This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or any other Credit Document or an accord and satisfaction in regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*Successors and Assigns.* The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; *provided* that the Borrower may not assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Administrative Agent and Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Headings.* The captions and headings of this Amendment are for convenience of reference only and shall not affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*Incorporation of Credit Agreement.* The provisions contained in Section 9.11 (Severability), Section 9.14 (APPLICABLE LAW), Section 9.15 (CONSENT TO JURISDICTION), Section 9.16 (WAIVER OF JURY TRIAL), Section 9.17 (Confidentiality) and Section 9.20 (Effectiveness) of the Credit Agreement are incorporated herein by this reference, *mutatis mutandis*.

REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURES FOLLOW.

------

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the day and year first above written.

ONDECK RECEIVABLES 2021, LLC,<br>as Company

By:

Name:

Title: <br>

<br>Amendment No. 9 to Credit Agreement

------

JPMORGAN CHASE BANK, N.A.,<br>as Administrative Agent and Collateral Agent

By:

Name:

Title:

JPMORGAN CHASE BANK, N.A.,<br>as Class A Committed Lender

By:

Name:

Title:

Falcon Asset Funding LLC<br>as Class A Conduit Lender

By: JPMORGAN CHASE BANK, N.A.,

its attorney-in-fact

By:

Name:

Title:

<br>Amendment No. 9 to Credit Agreement

------

JEFFERIES FUNDING LLC, as Class B Lender

By:

Name:

Title:

<br>Amendment No. 9 to Credit Agreement

------

DEUTSCHE BANK TRUST COMPANY AMERICAS,<br>as Paying Agent<br>

By:  <br> Name:<br>Title:<br>

By:  <br> Name:<br>Title:

<br>Amendment No. 9 to Credit Agreement

------

## Exhibit 10.48

**Exhibit 10.48**

Amendment No. 10 to

Credit Agreement

This Amendment No. 10 to Credit Agreement (this "<u>Amendment</u>") is entered into as of November 24, 2025, by and among OnDeck Receivables 2021, LLC, a Delaware limited liability company, as company (the "<u>Borrower</u>"), the lenders from time to time parties hereto (the "<u>Lenders</u>"), JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>") and Deutsche Bank Trust Company Americas, as paying agent (in such capacity, the "<u>Paying Agent</u>").

Recitals

Whereas, the Borrower has entered into that certain Credit Agreement, dated as of November 17, 2021, by and among the Borrower, the lenders, the Administrative Agent and the Paying Agent (as amended prior to the date hererof, by this Amendment and as further amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>");

Whereas, in accordance with the terms of the Credit Agreement, the Borrower has requested, and the Required Lenders and Administrative Agent have agreed to, modify certain provisions of the Credit Agreement, upon the terms and subject to the conditions set forth herein.

Now, Therefore, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*Defined Terms.* Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*Amendment to the Credit Agreement.* Upon satisfaction of the conditions set forth in Section 3 hereof, the parties hereto hereby agree that the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u><u>)</u> as set forth in the pages attached as <u>Exhibit A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*Conditions Precedent.* The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)receipt by the Administrative Agent of this Amendment, duly executed and delivered by the parties thereto, in form and substance acceptable to the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Borrower shall pay or caused to be paid all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and Lenders incurred in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*Representations and Warranties of Borrower.* Borrower hereby represents and warrants to the Administrative Agent, the Paying Agent and each Lender that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The representations and warranties of Borrower contained in Section 4 of the Credit Agreement are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except in the case of any representation and warranty qualified by materiality, which is true and correct in all respects) as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Event of Default, Default or Early Amortization Event, or Servicer Default or any event that with the giving of notice of the lapse of time, or both, would constitute a Servicer Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Borrower (i) has all necessary power, authority and legal right to (A) execute and deliver this Amendment and (B) carry out the terms of this Amendment and the Credit Documents as amended hereby and (ii) has duly authorized by all necessary limited liability action action the execution, delivery and performance of this Amendment and the Credit Documents as amended hereby on the terms and conditions herein and therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental Authority required for the due execution and delivery of this Amendment by the Borrower and performance by the Borrower of the Credit Agreement as amended hereby have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The execution and delivery of this Amendment, the consummation of the transactions contemplated hereby and by the Credit Documents as amended hereby and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without the giving of notice or lapse of time or both) a default under, the Organizational Documents or a default in any material respect under any Contractual Obligation of the Borrower, (ii) result in the creation or imposition of any Lien upon any of Borrower's properties, or (iii) violate any Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in suit at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*Effect on the Credit Agreement, Ratification and Direction.* (a) Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Credit Documents or constitute a course of conduct or dealing among the parties. The Administrative Agent, the Paying Agent and Lenders reserve all rights, privileges and remedies under the Credit Documents. The Credit Agreement, as hereby amended and all other Credit Documents to which the Borrower is a party are hereby ratified and re-affirmed by the Borrower in all respects and, except as set forth herein, shall remain unmodified and in full force and effect. All references in the Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. This Amendment shall constitute a Credit Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The relationship of the Administrative Agent and the Lenders, on the one hand, and the Borrower, on the other hand, has been and shall continue to be, at all times, that of creditor and debtor and not as joint venturers or partners. Nothing contained in this Amendment, any instrument, document or agreement delivered in connection herewith or in the Credit Agreement or any of the other Credit Documents shall be deemed or construed to create a fiduciary relationship between or among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent and the Lenders hereby direct the Paying Agent to execute this Amendment and acknowledge and agree that the Paying Agent will be fully protected in relying upon the foregoing direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.*No Novation.* This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or any other Credit Document or an accord and satisfaction in regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.*Successors and Assigns.* The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; *provided* that the Borrower may not assign or transfer any of its rights or obligations under this Amendment without the prior written consent of the Administrative Agent and Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.*Headings.* The captions and headings of this Amendment are for convenience of reference only and shall not affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.*Incorporation of Credit Agreement.* The provisions contained in Section 9.11 (Severability), Section 9.14 (APPLICABLE LAW), Section 9.15 (CONSENT TO JURISDICTION), Section 9.16 (WAIVER OF JURY TRIAL), Section 9.17 (Confidentiality) and Section 9.20 (Effectiveness) of the Credit Agreement are incorporated herein by this reference, *mutatis mutandis*.

remainder of page intentionally blank; signatures follow.

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the day and year first above written.

ONDECK RECEIVABLES 2021, LLC,<br>as Company

By:

Name:

Title: <br>

<br>Amendment No. 10 to Credit Agreement

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JPMORGAN CHASE BANK, N.A.,<br>as Administrative Agent and Collateral Agent

By:

Name:

Title:

JPMORGAN CHASE BANK, N.A.,<br>as Class A Committed Lender

By:

Name:

Title:

Falcon Asset Funding LLC<br>as Class A Conduit Lender

By: JPMORGAN CHASE BANK, N.A.,

its attorney-in-fact

By:

Name:

Title:

<br>Amendment No. 10 to Credit Agreement

------

JEFFERIES FUNDING LLC, as Class B Lender

By:

Name:

Title:

<br>Amendment No. 10 to Credit Agreement

------

DEUTSCHE BANK TRUST COMPANY AMERICAS,<br>as Paying Agent<br>

By:  <br> Name:<br>Title:<br>

By:  <br> Name:<br>Title:

<br>Amendment No. 10 to Credit Agreement

------

<u>Exhibit A</u>

<u>Marked Credit Agreement</u>

*See attached*

------

## Exhibit 19.1

**Exhibit 19.1**

**ENOVA INTERNATIONAL, INC.**

**INSIDER TRADING POLICY**

# *Need for a Statement of Policy* 
U.S. federal and state securities laws prohibit the purchase or sale of securities of a company while aware of material nonpublic information about that company. These laws also prohibit the disclosure of material nonpublic information about a company to others (referred to as "tipping") who may then trade in securities of that company. Such conduct is commonly referred to as "insider trading." The Securities and Exchange Commission ("SEC") and the U.S. Attorney's office vigorously pursue violations of insider trading laws, and their authority to enforce insider trading laws is extremely broad.

Although the law governing insider trading is U.S.-based, it applies to all associates, including all officers, of Enova International, Inc. and its subsidiaries (the "Company") worldwide (whom we collectively refer to as our 'associates' throughout this policy). These laws also apply to all members of the Board of Directors of the Company (each, a "Director"). In addition to substantial civil and criminal penalties for individuals found to have engaged in insider trading, insider trading laws also can impose substantial penalties on companies whose personnel violate insider trading laws.

The Company encourages Directors, associates, consultants and those persons with a special relationship with the Company (*e.g.*, its auditors, attorneys or independent contractors) who own Company securities to hold those securities as a long-term investment. At the same time, the Company recognizes that there occasionally may be a need or desire to execute trades in Company securities. All such trades must be made in accordance with this policy.

In addition to ensuring compliance with the insider trading laws, this policy has been adopted to help avoid even the appearance of improper conduct on the part of anyone employed by or associated with our Company. We have all worked hard over the years to establish the Company's reputation for integrity and ethical conduct. We cannot afford to have it damaged.

This policy replaces any previous policy of the Company concerning insider trading.

# *Consequences of Insider Trading Violations* 
The consequences of insider trading violations can be severe, both for the individuals involved and, potentially, their employers. Individuals who trade on inside information or "tip" information to others will be subject to civil penalties, criminal fines (no matter how small the profit or loss avoided) and potential jail terms. Companies (as well as possibly any supervisory person) that fail to take appropriate steps to prevent illegal trading may also be subject to civil and criminal penalties.

Anyone who violates this policy, whether or not the failure to comply with this policy is a violation of law, is subject to disciplinary action, up to and including termination.

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# *Definitions/Explanations* 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>Who is an "insider"?</u>* Any person who possesses or has access to material nonpublic information is considered an insider as to that information. Insiders include not only the Company's Directors and associates but also consultants and those persons with a special relationship with the Company (*e.g.*, its auditors, attorneys or independent contractors) who may have access to material nonpublic information. The definition of insider is specific to each transaction. In other words, an individual is an insider with respect to each item of material nonpublic information of which he or she is aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.*<u>What is material information?</u>* Information is considered material if a reasonable investor likely would consider such information important in determining whether to buy, sell or hold the Company's securities. Information also can be considered material if it would be likely to have a significant impact (positive or negative) on the market price of the Company's stock, whether over the short- or long-term, if it were publicly disclosed. Material information can be positive or negative and can relate to virtually any aspect of the Company's business (and is not limited to financial information) or any type of security, debt or equity, of the Company. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all the facts and circumstances and is often evaluated by enforcement authorities with the benefit of hindsight. For example, information about the following could be material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪undisclosed quarterly or annual financial results and undisclosed changes in previously released financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪earnings and revenue projections or estimates and changes in previously announced earnings guidance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪pending or proposed material Company transactions, including, but not limited to, joint ventures, mergers, acquisitions, divestitures or recapitalizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪changes in dividend policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪major events regarding the Company's securities, including stock splits or the offering of additional securities (debt or equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪proposed or pending financing transactions or information regarding significant issues relating to the Company's liquidity, credit and loan facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪significant management changes or proposed management changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪pending or threatened major litigation or governmental enforcement action or developments in major litigation or governmental enforcement actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪a significant sale of assets or disposition of a subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪impending financial liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪significant new contracts, licenses or products, or significant developments regarding important customers or suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪significant changes in corporate objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪significant communications with regulators or other significant regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪significant cybersecurity incidents or events impacting the Company or

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third-party providers that support the Company's business operations, including data breach incidents, viruses and network compromises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪any other events that could materially impact the Company's business, operations or financial results.

The above list is only illustrative; many other types of information may be considered "material," depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.*<u>When is information considered public?</u>* Nonpublic information is generally not known to the public. Nonpublic information will not be considered public until it has been released broadly to the marketplace (such as by a widely disseminated press release or an SEC filing) and the investing public has had time to absorb it fully. As a general rule, the Company considers its information to be nonpublic until after two *full* trading days have passed since the information was made public by a press release or SEC filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.*<u>What are Company securities?</u>* Company securities include all equity and debt securities of the Company or any subsidiary, including common stock, preferred stock, notes, bonds and debentures, as well as securities whose value is derived from Company securities, such as put or call options and swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.*<u>Are there any hardship exemptions or exceptions that will allow trading while in possession</u> <u>of material nonpublic information?</u>* The existence of a personal financial emergency does not excuse you from compliance with this policy. It does not matter that you need money to buy a house or pay for college or medical expenses. There is no exception for small trades, and losing money is not a defense. If you have material nonpublic information – don't trade. If in doubt – don't trade and contact the General Counsel for guidance. Always assume your trading or advice to others will be scrutinized with twenty-twenty hindsight using the most stringent interpretation of the facts.

# *Statement of Policy* 
&nbsp;&nbsp;&nbsp;&nbsp;1.*<u>Persons Covered</u>*. This policy applies to (i) Directors and associates of the Company; (ii) consultants, service providers and persons with a special relationship with the Company (*e.g.*, its auditors, attorneys and independent contractors) who may have access to material nonpublic information (the persons referenced in (i) and (ii) above are referred to in this policy as "you" or "covered persons"); and (iii) family members who reside with you, anyone else who lives in your household, any family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in Company securities) and any entity over which you have influence or control, such as a trust, limited liability company, partnership or corporation. You are responsible for making sure that the purchase or sale of any security covered by this policy by any such person complies with this policy.

&nbsp;&nbsp;&nbsp;&nbsp;2.*<u>Prohibited Trading and Communications</u>*. No Director, associate or other covered person may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)trade or transact in (*e.g.,* buy or sell) Company securities while he or she possesses material nonpublic or "inside" information concerning the Company, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)communicate or "tip" such information to another person who may trade or advise others to trade on the basis of such information or make recommendations as to trading in the Company's securities.

Such acts are referred to as "<u>insider trading</u>."

Communication may occur in a number of ways, including posts to social media platforms. Because of its instant, permanent impact and ease of dissemination, social media can pose a significant risk for unintentional or inadvertent disclosure of material non-public information. If you choose to make a work-related post, you should be sure that you are not disclosing material non-public information (e.g., mentioning that you had a good or bad day because of something qualifies as material non-public information or soliciting advice to deal with a problem or challenge that is related to material non-public information) or making indirect disclosures that may allow others to deduce material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;3.*<u>Trading Prohibited Until the Information Has Been Public for Two Full Trading Days</u>.* Any covered person who possesses material nonpublic or "inside" information may not trade or otherwise transact in Company securities until the Company has publicly disclosed the information AND the public has had a reasonable time to access and consider such information. To satisfy this requirement, if you possess material nonpublic or "inside" information about the Company, you may not trade until after two *full* trading days have passed since the information was made public by a press release or SEC filing or otherwise has been widely publicly disseminated.

For example, if the Company announces financial earnings by press release before trading begins on a Tuesday, the first time you can buy or sell Company securities is after the opening of the market on Thursday (assuming that you are not otherwise aware of material nonpublic information at that time). However, if the Company announces earnings by press release on Tuesday after trading has begun or after the market has closed on that Tuesday, the first time you can buy or sell Company securities is after the opening of the market on Friday (assuming that you are not otherwise aware of material nonpublic information at that time).

&nbsp;&nbsp;&nbsp;&nbsp;4.*<u>Special and Prohibited Transactions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Derivatives, Short Sales and Options*. No Director or associate may at any time engage in short sales or trade in market options (*e.g.*, puts or calls) or any other kind of derivatives related to Company securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Margin and Pledging.* No Director or associate may hold the Company's securities in a margin account or pledge Company securities as collateral for a loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Hedging.* No Director or associate may engage in hedging or monetization transactions, such as zero-cost collars and forward sale contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Standing and Limit Orders.* Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 Plans, as described in this policy) create heightened risk for insider trading violations; therefore, the Company discourages the use of standing and

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limit orders involving Company securities. If a standing or limit order is utilized, it may only be active during a trading window and must be terminated prior to the close of any trading window and at any time the Director or associate possesses material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;5.*<u>Certain Excepted Transactions</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Stock Options and Restricted Stock Units.* The restriction on trading does not preclude the exercise of stock options or the vesting of restricted stock or restricted stock units under the Company's Long-Term Incentive Plan or similar equity incentive plans. However, the subsequent or simultaneous sale of common stock acquired pursuant to an exercise of stock options or settlement of restricted stock units, including sales pursuant to a cashless exercise of options or any market sale for the purposes of paying the exercise price of any options, are subject to the restrictions of this policy.

In addition, the restrictions on trading under this policy do not apply to the exercise of a tax withholding right pursuant to which the Company withholds shares to satisfy tax withholding obligations in connection with an exercise of a stock option or upon the vesting of restricted stock or a restricted stock unit award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*401(k) Savings Plan.* If the Company's 401(k) Savings Plan or other similar plans allow investments in Company stock through a Company Stock Fund, the restriction does not preclude the acquisition of the Company's stock pursuant to a previously established election to invest contributions in the Company's Stock Fund of such plans. The trading restrictions do apply, however, to (a) elections you make under these plans to increase or decrease the percentage of your periodic contributions that will be allocated to the Company's Stock Fund,(b) an election to make an intra-plan transfer (or reallocation) of an existing account balance into or out of the Company's Stock Fund, (c) any election to borrow against your 401(k) Savings Plan or pre-pay a plan loan if such action would result in the liquidation or the allocation of loan proceeds to or from the Company Stock Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Mutual Funds*. The restrictions in this policy do not apply to transactions in mutual funds or exchange-traded funds with a broad portfolio of investments that may include the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;6.*<u>Trading in Other Company's Securities</u>.* No Director, associate or other covered person may trade, or recommend that another person trade, in the securities of any other company while in possession of material nonpublic or "inside" information about the other company obtained in the course of his or her employment or service with the Company (for example, information concerning a possible acquisition of another company) and must also refrain from disclosing such information.

&nbsp;&nbsp;&nbsp;&nbsp;7.*<u>Nondisclosure of Material Nonpublic Information</u>.* In addition to the non-disclosure requirements in item 2 above, any covered person who possesses material nonpublic or "inside" information may not disclose that information to any other person, including any other associate, without the prior approval of the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, and such disclosure must be in compliance with the Company's Corporate Disclosure/Regulation FD Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;8.*<u>Post-Termination Transactions</u>*. The restrictions and prohibitions on transactions in Company securities and in securities of any other company while in possession of material nonpublic information concerning the Company or such other company continues to apply even after you have terminated employment or your relationship with the Company. If you are in possession of material nonpublic information about the Company or about another company obtained during the course of your employment with or service to the Company when your employment or relationship with the Company terminates, you may not trade in Company securities or the securities of such other company until that information has become public or is no longer material.

&nbsp;&nbsp;&nbsp;&nbsp;9.*<u>Supervisors</u>*. Officers and supervisors must take reasonable measures to ensure that associates under their supervision who are reasonably likely to have access to material nonpublic or "inside" information are aware of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;10.*<u>Violation</u>.* Any violation of this policy must be promptly reported to the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;11.*<u>Individual Responsibility</u>.* In all cases, the responsibility for determining whether an individual is in possession of material nonpublic information rests with that individual, and any action on the part of the Company, its General Counsel or any other Director or associate pursuant to this policy or otherwise does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws.

# *Trading Windows and Blackout Periods* 
&nbsp;&nbsp;&nbsp;&nbsp;1.*<u>Regularly Scheduled Trading Windows</u>*. Directors, executive officers, associates, and consultants of the Company listed on <u>Annex A</u> to this policy, as well as those family members of and entities associated with such persons as identified under "*Statement of Policy—1. Persons Covered*" herein may only trade or transact in Company securities during the following trading windows:

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| | | |
|:---|:---|:---|
|  | **Trading Window Opens** | &nbsp;&nbsp;**Trading Window Closes** |
| Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;After two full trading days have passed since the quarterly results were made public by an earnings press release or SEC filing | &nbsp;&nbsp;10 days prior to the end of each quarter |
| Annual | &nbsp;&nbsp;&nbsp;&nbsp;After two full trading days have passed since the annual results were made public by an earnings press release or SEC filing | &nbsp;&nbsp;10 days prior to the end of the calendar year |

---

The Company will notify affected individuals of the official date on which any trading window opens; affected individuals may not trade prior to receiving such notification.

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<u>Annex A</u> to this policy may be revised from time to time by the Board of Directors or the Chief Executive Officer of the Company. To the extent you are not a Director, executive officer, or associate of the Company, the Company will notify you if you are subject to the Annex.

The Company may shorten or suspend these regular trading windows, in which case the persons designated by the Company's Chief Executive Officer, Chief Financial Officer or General Counsel may not trade in the Company's securities. If the Company elects to shorten or suspend a trading window, the Company will notify affected individuals, who must then suspend all trading activities and may not disclose the suspension of trading to others.

Regardless of whether there is an open trading window, no Director, associate or other covered person may trade during any time in which that person possesses material nonpublic or "inside" information regarding the Company and trading for that individual must be suspended until (a) after two *full* trading days have passed since the information was made public by a press release or SEC filing, or (b) the date the suspension is lifted by the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

Directors, associates and other covered persons must ensure that any open standing orders they have with their brokers to buy or sell Company securities when certain conditions are met are turned off (a) outside of any trading window, and (b) during any other period in which material non-public information is possessed.

&nbsp;&nbsp;&nbsp;&nbsp;2.*<u>Event-Specific Blackout Periods</u>.* In certain circumstances, the Company may determine to restrict certain persons from transacting in Company securities due to the materiality and nonpublic nature of events that may arise from time to time, even while the regular trading window remains open generally for others. In addition, the Company also may determine to implement special blackout periods or policies prohibiting directors and executive officers from trading in Company securities in proximity to Company announcements concerning Company stock repurchases and programs. Due to the confidential nature of any event that would trigger an event-specific black-out, if you are notified that you are subject to an event-specific trading blackout, you must not disclose its existence to anyone within or outside the Company*.* 

# *Pre-Clearance Requirements for Directors and Officers* 
Each Director and executive officer of the Company, together with any family member residing in their household, certain other family members as described under "*Statement of Policy—1. Persons Covered*" herein, and trusts of which they are trustees, partnerships of which they are a partner or other similar entities under their influence or control, must consult with the General Counsel of the Company <u>before</u> engaging in any acquisition, disposition or other transaction covered by this policy involving Company securities, including routine purchases and sales, stock option exercises, gifts, contributions to a trust, reallocations of Company stock in a 401(k) plan or other similar plan, and any other transactions. This pre-clearance requirement does not apply to acquisitions of Company common stock that occur pursuant to a previously established election to invest contributions in the Company's Stock Fund of the Company's 401(k) plan or other similar plan (if applicable) or to the vesting of stock options or restricted stock units under the Company's Long-Term Incentive Plan or to transactions occurring under a previously adopted Rule 10b5-1 Plan that has been pre-cleared and

------

pre-approved as provided below. This pre-clearance requirement is intended to aid in preventing inadvertent insider trading violations and will serve also to assist Directors and executive officers in complying with their Form 4 filing obligations and other obligations under the federal securities laws.

The General Counsel of the Company is under no obligation to approve a trade submitted for pre-clearance, and may determine not to clear the trade or may require the trade be effected within a certain timeframe or require other restrictions as a condition to any approval.

# *Rule 10b5-1 Trading Plans* 
Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the "Exchange Act") provides an affirmative defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this policy must enter into a "pre-arranged" trading plan for transactions in Company securities that meets the requirements and procedural conditions of Rule 10b5-1(c) and which adheres to other market-developed and accepted practices in effect from time to time (a "Rule 10b5-1 Plan").

Any Rule 10b5-1 Plan, and any amendments to an existing Rule 10b5-1 Plan, entered into by any director or executive officer must be approved and precleared by the General Counsel prior to implementation. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of any material nonpublic information about the Company.

Rule 10b5-1 Plans are subject to a cooling-off period between adoption or modification of a plan and the date trading may begin under the plan. The length of the cooling-off period depends on your role in the Company:

&nbsp;&nbsp;&nbsp;&nbsp;1.For all of the Company's directors and executive officers who are subject to Section 16 of the Exchange Act, the first trade under the 10b5-1 Plan may not occur until after the later of (a) 90 days after the adoption, or modification, of the 10b5-1 Plan or (b) two full business days following the disclosure of the Company's financial results in a Form 10-Q or Form 10-K for the fiscal quarter in which the Rule 10b5-1 Plan was adopted or modified (but not to exceed 120 days after adoption or modification of the 10b5-1 Plan).

&nbsp;&nbsp;&nbsp;&nbsp;2.For all others, the first trade under the 10b5-1 Plan may not occur until 30 days following the Rule 10b5-1 Plan adoption or modification.

Once the plan is adopted, the person cannot exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party, and comply with all other rules of the SEC in effect from time to time. Additionally, the Company is required to disclose in its quarterly and annual reports the adoption of any 10b5-1 Plans by an executive officer or director, their material terms, as well as any terminations or material amendments to such plans.

------

# *Questions* 
All associates having questions should consult with the General Counsel before engaging in a transaction if they are unsure if they possess material nonpublic or "inside" information or if they have any questions about this policy or whether they should engage in a transaction.

ADOPTED BY THE BOARD OF DIRECTORS OF ENOVA INTERNATIONAL, INC.

ON FEBRUARY 24, 2015, AS AMENDED ON OCTOBER 27, 2023 AND FEBRUARY 2, 2026

------

**ANNEX A TO THE**

**ENOVA INTERNATIONAL, INC. INSIDER TRADING POLICY**

**Directors, Officers and other Associates Subject to the**

**Trading Window Restriction on Trading**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All members of the Board of Directors of Enova International, Inc. (the "Company")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All officers of the Company and each of its subsidiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All Enova associates

ANNEX A

UPDATED BY THE CHIEF EXECUTIVE OFFICER OF ENOVA INTERNATIONAL, INC.

ON DECEMBER 8, 2014 CONFIRMED FEBRUARY 2, 2026

------

## Exhibit 21.1

**Exhibit 21.1**

**<u>Subsidiaries of Enova International, Inc.</u>**

The following is a list of subsidiaries of Enova International, Inc. as of February 20, 2026:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Entity Name** | &nbsp;&nbsp;**Jurisdiction of Incorporation/Organization** | &nbsp;&nbsp;**Direct Ownership %** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;├─┬─ Debit Plus, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── Debit Plus Payment Solutions, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── Debit Plus Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ └─── Debit Plus Technologies, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;├─┬─ Energy Intermediate, Inc | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ └─┬─ On Deck Capital, Inc | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── ODWS, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── ODX, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── OnDeck Asset Securitization Trust III, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── OnDeck Canada Holdings, Inc | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── OnDeck Capital Australia Pty Ltd | &nbsp;&nbsp;Australia | &nbsp;&nbsp;20.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── OnDeck Capital UK, Ltd | &nbsp;&nbsp;England | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;└─┬─ Enova Online Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;├─┬─ Align Mint, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ └─┬─ Cumulus Funding, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ └─── Align Balance, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;├─┬─ CNU Online Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CashNetUSA of Florida, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ CNU Global-1, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── CNU of Mexico 1, LLC | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;99.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── CNU of Mexico 2, LLC | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;99.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ CNU Global-2, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── CNU of Mexico 1, LLC | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── CNU of Mexico 2, LLC | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU Loan Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of California, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Delaware, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Illinois, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Indiana, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Michigan, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Mississippi, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Missouri, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Nevada, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Oklahoma, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of South Carolina, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Tennessee, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Texas, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── CNU of Wisconsin, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ Enova Brazil, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── LH1003 Servicos De Dados LTDA | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ Enova Card HoldCo, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── Enova Card Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ Enova Finance 5, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── EFR 2016-1, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── Enova International GEC, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ Enova SMB, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─┬─ Headway Capital, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─── CashNet CSO of Maryland, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─── CNU of Alabama, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─── CNU of Idaho, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─── CNU of Kansas, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─┬─ CNU of Utah, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ ├─── CNU of Louisiana, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ ├─── NC Financial Solutions of Louisiana, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ └─── NC Financial Solutions of Utah, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─── HWC Receivables 2023, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ ├─┬─ ODK Capital, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ ├─── Ondeck Asset Securitization IV, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ ├─── Ondeck Receivables 2021, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ └─── Ondeck Receivables 2022, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ │ └─── Receivable Assets of OnDeck, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ └─── Tennessee CNU, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── The Business Backer, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── EnovInd Investment, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── LH1003 Servicos De Dados LTDA | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;99.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── LH1010 Correspondente Bancário e Serviços Ltda. | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── Long Oak Finance, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NC Financial Solutions, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Alabama, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Arizona, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of California, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Delaware, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Georgia, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Idaho, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Illinois, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Mississippi, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Missouri, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of New Mexico, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of North Dakota, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of South Carolina, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of South Dakota, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Texas, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── NC Financial Solutions of Virginia, LLC | &nbsp;&nbsp;Utah | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NC Financial Solutions of Wisconsin, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit Finance, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─┬─ NetCredit LOC Funding 2024, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ │ └─── NetCredit LOC Receivables 2024, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NetCredit LOC Receivables, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit Funding A, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NetCredit Combined Receivables A, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit Funding 2023 A, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NetCredit Combined Receivables 2023, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit Funding 2024 A, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NetCredit Combined Receivables 2024, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit Funding, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── EFR 2018-1, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── NetCredit Loan Services, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ NetCredit LOC Funding 2025, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── NetCredit LOC Receivables 2025, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── NetCredit Receivables 2022, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─── Ohio Consumer Financial Solutions, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ ├─┬─ Pangea Intermediate, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─┬─ Pangea Transfer Company, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ ├─── Pangea Latin America, S.A. de C.V. | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;99.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─┬─ Pangea USA, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ │ └─── Pangea Latin America, S.A. de C.V. | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;│ └─── The Check Giant NM LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;└─── Enova Financial Holdings, LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100.00% |

---

------

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statements on Post-Effective Amendment No.1 on Form S-8 to Form S-4 (No. 333-248400), Amendment No. 1 to Form S-4 (No. 333-292287), and Form S-8 (Nos. 333-265012, 333-249461, 333-228115, 333-211413, 333-200929 and 333-280745) of our report dated February 20, 2026, relating to the financial statements of Enova International, Inc. and the effectiveness of Enova International, Inc.'s internal control over financial reporting appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

February 20, 2026

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Steven E. Cunningham, certify that:

1. I have reviewed this Annual Report on Form 10-K of Enova International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2026

---

| |
|:---|
| /s/ Steven E. Cunningham |
| Steven E. Cunningham |
| Chief Executive Officer |

---

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Scott Cornelis, certify that:

1. I have reviewed this Annual Report on Form 10-K of Enova International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2026

---

| |
|:---|
| /s/ Scott Cornelis |
| Scott Cornelis |
| Chief Financial Officer  |

---

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K of Enova International, Inc. (the "Company") for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steven E. Cunningham, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Enova International, Inc. and will be retained by Enova International, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

---

| |
|:---|
| /s/ Steven E. Cunningham |
| Steven E. Cunningham |
| Chief Executive Officer |

---

Date: February 20, 2026

The foregoing certification is being furnished solely pursuant to the requirements of 18 U.S.C. § 1350 and is not being filed as a part of the Report or as a separate disclosure document.

------

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 10-K of Enova International, Inc. (the "Company") for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Scott Cornelis, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Enova International, Inc. and will be retained by Enova International, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

---

| |
|:---|
| /s/ Scott Cornelis |
| Scott Cornelis |
| Chief Financial Officer |

---

Date: February 20, 2026

The foregoing certification is being furnished solely pursuant to the requirements of 18 U.S.C. § 1350 and is not being filed as a part of the Report or as a separate disclosure document.

------