Enova International, Inc. filed a Form 8-K on November 3, 2026, disclosing a proposed private offering of $500,251,000 in aggregate principal amount of Series 2026-2 Fixed Rate Asset-Backed Notes by its wholly-owned indirect subsidiary, OnDeck Asset Securitization IV, LLC.

Key Highlights

  • Proposed offering size: $500,251,000 in aggregate principal amount of Series 2026-2 Fixed Rate Asset-Backed Notes.
  • Issuer: OnDeck Asset Securitization IV, LLC, a wholly-owned indirect subsidiary of Enova International, Inc., is the sole obligor of the Offered Notes.
  • Collateral: A revolving pool of small business loans originated or purchased by ODK Capital, LLC (doing business as OnDeck), another wholly-owned indirect subsidiary of the company.
  • Use of proceeds: The Issuer will use net proceeds to purchase small business loans from OnDeck pledged as collateral; the company will use funds received from the Issuer for general corporate purposes.
  • No guarantee: According to the filing, "the Offered Notes will not be obligations of, or guaranteed by, the Company or OnDeck."
  • Eligibility: The Offered Notes are offered only to qualified institutional buyers under Rule 144A and to persons outside the United States pursuant to Regulation S under the Securities Act.
  • Supplemental Data: On November 3, 2026, the company made historic loan performance and other data available to qualified potential purchasers during informational meetings, furnished as Exhibit 99.1.

Enova's OnDeck Unit Structures $500,251,000 Private Securitization

According to the filing, OnDeck Asset Securitization IV, LLC intends to issue the Series 2026-2 Fixed Rate Asset-Backed Notes in one or more classes. The collateral for the Offered Notes will consist of, among other things, a revolving pool of small business loans originated or purchased by ODK Capital, LLC, which the filing identifies as a wholly-owned indirect subsidiary of Enova International operating as OnDeck. The Issuer will use the net proceeds to purchase qualifying small business loans from OnDeck, which will then be pledged as collateral.

The filing states that the Supplemental Data shared with potential purchasers covers a specific subset of OnDeck's daily, weekly, and monthly pay U.S. term loans and lines of credit, limited to those with an original term of 24 months or less and a specified minimum loan yield (excluding origination fees) of greater than or equal to 10%. The Supplemental Data includes delinquency information measured by "missed payment factor" rather than calendar days past due, as well as cumulative net loss data for term loans and annualized net loss rates for both term loans and lines of credit.

The company cautioned that "no assurance is given that the Supplemental Data is indicative of the future performance of the Company's or OnDeck's existing or future on-balance sheet loans, or loans sold or loans to be sold." The filing also noted that the exact terms and timing of the proposed offering will depend upon market conditions and other factors. Enova International's common stock is listed on the NYSE:ENVA exchange.

What Was Disclosed

Enova International disclosed a proposed private offering of $500,251,000 in Series 2026-2 Fixed Rate Asset-Backed Notes by subsidiary OnDeck Asset Securitization IV, LLC, backed by small business loans, along with supplemental historic loan performance data shared with qualified potential purchasers on November 3, 2026.