What changed: r10 to r11
September 28 review: recorded the September 25 OnDeck Asset Securitization IV issuance ($500.026M of notes at a 6.22% weighted coupon against a $526M pool, maturing October 2032) as executed funding, replacing the planned-transaction checkpoint and limitation. No operating-model cell changed; the proceeds and coupon enter the cells with the Q3 statements.
Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.
| Field | Before | After |
|---|---|---|
| /memory/as_of | 2026-09-25 | 2026-09-28 |
| /memory/bands/10d/n | 300 | 298 |
| /memory/bands/10d/p10 | -4.272 | -8.02 |
| /memory/bands/10d/p50 | 0.007 | -0.588 |
| /memory/bands/10d/p90 | 5.808 | 8.018 |
| /memory/bands/10d/p_up | 0.5 | 0.45 |
| /memory/bands/126d/n | 288 | 202 |
| /memory/bands/126d/p10 | -14.626 | -26.693 |
| /memory/bands/126d/p50 | 3.443 | 5.778 |
| /memory/bands/126d/p90 | 22.757 | 42.863 |
| /memory/bands/126d/p_up | 0.642 | 0.619 |
| /memory/bands/1d/n | 300 | 298 |
| /memory/bands/1d/p10 | -1.293 | -2.945 |
| /memory/bands/1d/p50 | 0.065 | 0.111 |
| /memory/bands/1d/p90 | 1.535 | 2.675 |
| /memory/bands/1d/p_up | 0.52 | 0.517 |
| /memory/bands/21d/n | 298 | 216 |
| /memory/bands/21d/p10 | -5.478 | -11.233 |
| /memory/bands/21d/p50 | 0.222 | -0.411 |
| /memory/bands/21d/p90 | 6.97 | 13.983 |
| /memory/bands/21d/p_up | 0.534 | 0.454 |
| /memory/bands/252d/n | 273 | 179 |
| /memory/bands/252d/p10 | -22.652 | -33.485 |
| /memory/bands/252d/p50 | 3.325 | 9.427 |
| /memory/bands/252d/p90 | 32.758 | 58.104 |
| /memory/bands/252d/p_up | 0.586 | 0.631 |
| /memory/bands/5d/n | 300 | 298 |
| /memory/bands/5d/p10 | -2.273 | -5.387 |
| /memory/bands/5d/p50 | 0.039 | -0.155 |
| /memory/bands/5d/p90 | 3.344 | 5.685 |
| /memory/bands/5d/p_up | 0.507 | 0.48 |
| /memory/bands/63d/n | 294 | 210 |
| /memory/bands/63d/p10 | -10.836 | -18.811 |
| /memory/bands/63d/p50 | 0.298 | -0.081 |
| /memory/bands/63d/p90 | 14.562 | 26.201 |
| /memory/bands/63d/p_up | 0.52 | 0.49 |
| /memory/state | up/below/off/stuck/quiet/mid/alone | up/below/off/stuck/ordinary/weak/some |
| /meta/as_of | 2026-09-26 | 2026-09-28 |
| /meta/research_reviewed_at | 2026-09-19 | 2026-09-28 |
| /meta/revision | 10 | 11 |
| /operating_model/limitations/4 | September facility amendments and the anticipated September 25 OnDeck securitization are funding capacity/plans, not cash earned. No proceeds from the planned transaction are assumed received as of September 19. | The September 17 facility amendment and the September 25 OnDeck Asset Securitization IV issuance ($500.026M of notes, 6.22% weighted average coupon, $526M collateral pool, final maturity October 2032) are funding, not cash earned. The proceeds are not in the modeled cash cells, which remain at the September 19 calibration; the issuance changes funding cost and capacity, not revenue. |
| /research/change_note | Added product credit scenarios and cash loan-funding bridge; incorporated September bank-application withdrawal and funding updates. | September 28 review: recorded the September 25 OnDeck Asset Securitization IV issuance ($500.026M of notes at a 6.22% weighted coupon against a $526M pool, maturing October 2032) as executed funding, replacing the planned-transaction checkpoint and limitation. No operating-model cell changed; the proceeds and coupon enter the cells with the Q3 statements. |
| /research/checkpoints/1/date_status | estimated | confirmed |
| /research/checkpoints/1/event | Planned OnDeck financing | OnDeck Asset Securitization IV in the accounts |
| /research/checkpoints/1/timing | Anticipated September 25, 2026 | Issued September 25, 2026; next quarterly filing |
| /research/checkpoints/1/watch | Confirm actual closing and collateral/funding terms; no proceeds assumed today. | Reconcile the $500.026M of notes, the $526M pledged pool and the 6.22% weighted coupon with funded debt, interest expense and restricted cash in the Q3 statements before changing the funding-cost cells. |
| /research/economics | H1 revenue was $1.804B; $707.0M fair-value expense left $1.097B net revenue. Operating income was $444.3M and net interest expense $191.9M. CFO of $1.019B preceded $1.388B net cash loan investment and $23.4M capex/software, leaving negative $392.8M before repurchases and financing. June cash was $122.2M plus separately restricted cash $343.0M. Loans had $5.351B principal and $6.173B fair value. On September 14 Enova withdrew Grasshopper-related regulatory applications while reaffirming revenue growth outlook of roughly 25% for Q3 and 20-25% for 2026. September facilities and a planned OnDeck securitization concern collateral funding, not operating revenue. Buyback authorization and covenant availability are separate constraints. | H1 revenue was $1.804B; $707.0M fair-value expense left $1.097B net revenue. Operating income was $444.3M and net interest expense $191.9M. CFO of $1.019B preceded $1.388B net cash loan investment and $23.4M capex/software, leaving negative $392.8M before repurchases and financing. June cash was $122.2M plus separately restricted cash $343.0M. Loans had $5.351B principal and $6.173B fair value. On September 14 Enova withdrew Grasshopper-related regulatory applications while reaffirming revenue growth outlook of roughly 25% for Q3 and 20-25% for 2026. September facilities and a planned OnDeck securitization concern collateral funding, not operating revenue. Buyback authorization and covenant availability are separate constraints. On September 25 the planned financing closed: OnDeck Asset Securitization IV, an Enova subsidiary, issued $500.026M of asset-backed notes in four classes secured by a $526M small-business loan portfolio, at a 6.22% weighted average fixed coupon with final maturity in October 2032. That is collateralized funding for the loan book, not operating revenue or owner cash; it replaces the planned-transaction language in the September 19 review. |
| /research/limitations/4 | September facility amendments and the anticipated September 25 OnDeck securitization are funding capacity/plans, not cash earned. No proceeds from the planned transaction are assumed received as of September 19. | The September 17 facility amendment and the September 25 OnDeck Asset Securitization IV issuance ($500.026M of notes, 6.22% weighted average coupon, $526M collateral pool, final maturity October 2032) are funding, not cash earned. The proceeds are not in the modeled cash cells, which remain at the September 19 calibration; the issuance changes funding cost and capacity, not revenue. |
| /research/reviewed_at | 2026-09-19 | 2026-09-28 |
| /research/risks/4 | Planned securitizations may close on different terms or timing. | The September 25 securitization fixes $500M of funding at a 6.22% weighted coupon through 2032; future securitizations may close on different terms or timing, and advance rates on the $526M collateral pool govern how much of the book it funds. |
| /sources/5/retrieved | None | 2026-09-28 |
| /sources/5/title | None | September 25 Form 8-K: OnDeck Asset Securitization IV notes issued |
| /sources/5/url | None | https://www.sec.gov/Archives/edgar/data/1529864/000119312526402851/enva-20260925.htm |