Enova's OnDeck Unit Prices $500M Asset-Backed Securitization with Four Fixed-Rate Tranches
ENVA sits 69% above its 52-week low of $103.02 on elevated volume (4.8× avg).
Summary
Enova's OnDeck subsidiary intends to issue $500 million in asset-backed notes secured by small business loans, with closing expected around September 25, 2026. The four-tranche structure carries fixed rates from 5.61% to 8.28% and is accompanied by detailed portfolio performance data.
Key Events · Financing and Capital Events · ENVA
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$500M Securitization Announced
OnDeck Asset Securitization IV, LLC intends to offer $500,026,000 in Series 2026-1 Fixed Rate Asset-Backed Notes in a private transaction, with closing anticipated on or about September 25, 2026.
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Four-Tranche Structure Priced
Class A notes: $235.3M at 5.61% (AA rating); Class B: $114.6M at 6.05% (A-); Class C: $94.7M at 6.73% (BBB-); Class D: $55.4M at 8.28% (BB). Legal final payment date is October 18, 2032.
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Collateral and Proceeds Use
Notes are backed by a revolving pool of small business loans originated or purchased by OnDeck. Proceeds will fund loan purchases and a reserve account; OnDeck will use substantially all proceeds for general corporate purposes.
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Portfolio Performance Data Disclosed
As of July 31, 2026, term loan annualized net charge-off rate was 10.94% and line of credit rate was 12.01%, both improved from 2025 levels (16.92% and 15.97% respectively).
Analysis · ENVA · Finance
OnDeck, Enova's small business lending arm, is bringing a $500 million private securitization to market, with notes priced across four tranches at fixed rates ranging from 5.61% to 8.28%. The transaction provides substantial new funding capacity for OnDeck's lending operations and underscores its continued access to the securitization market, even after the recent 25% stock decline triggered by the Grasshopper Bancorp withdrawal. The filing also includes detailed delinquency and net charge-off data: as of July 31, 2026, term loan annualized net charge-offs stood at 10.94% and line of credit charge-offs at 12.01% — both improved from 2025 levels but still elevated relative to pre-2022 vintages.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ENVA was trading at $174.10 on NYSE in the Finance sector, with a market capitalization of approximately $4.3B. The 52-week trading range was $103.02 to $267.45. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.