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Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings

The following is a summary of the Company’s outstanding borrowings as of September 30, 2022 and December 31, 2021, including borrowing capacity as of September 30, 2022 (in thousands):

Purpose						Borrower						Borrowing Capacity						September 30, 2022						December 31, 2021						Interest Rate as of September 30, 2022						Maturity Date
Secured borrowing payable						Opportunity Funding SPE II, LLC						$	1,758					$	1,758					$	22,443					15.00%						—			(1)
Senior debt
Revolving line of credit						Opportunity Funding SPE III, LLC						$	175,000					$	127,159					$	119,000					LIBOR plus 6.00%						January 2024
Revolving line of credit						Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A)						75,000						37,500						45,900						SOFR plus 7.36%						June 2025
Revolving line of credit						Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B)						125,000						84,750						—						SOFR plus 6.75%						June 2025
Revolving line of credit						Opportunity Funding SPE VI, LLC						—						—						30,600						LIBOR plus 7.25%						April 2023
Revolving line of credit						Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC						45,000						—						7,500						SOFR plus 0.11% plus 3.85%						February 2024
Revolving line of credit						Gray Rock SPV LLC						75,000						40,055						—						SOFR plus 7.25%						April 2025
Total revolving lines of credit												495,000						289,464						203,000
Term loan, net						OppFi-LLC						50,000						48,905						48,578						LIBOR plus 10.00%						March 2025
Total senior debt												$	545,000					$	338,369					$	251,578
Financed insurance premium						OppFi-LLC						$	84					$	84					$	—					4.59%						December 2022
Financed insurance premium						OppFi-LLC						2,424						2,424						—						7.07%						July 2023
Notes payable												$	2,508					$	2,508					$	—
(1)						Maturity date extended indefinitely until borrowing capacity is depleted

Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit

As of September 30, 2022, required payments for the term loan for each of the next five years are as follows (in thousands):

Year						Amount
Remainder of 2022						$	—
2023						—
2024						—
2025						50,000
2026						—
Total						$	50,000

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