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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and identified the following events that required disclosure.

Total return swaps: On April 15, 2022, the Company, through OppFi-LLC, entered into total return swaps (“TRS”) with affiliates of Midtown Madison Management (collectively, “Midtown”) pursuant to which OppFi-LLC agreed to provide credit protection related to a reference pool of consumer receivables financed by Midtown through a $75 million revolving credit agreement (“Credit Agreement”) with Midtown as lender and Gray Rock SPV V, LLC as borrower. Pursuant to the TRS, OppFi-LLC will receive payments received by the Midtown reference lenders under the Credit Agreement. OppFi-LLC also entered into a servicing agreement to service the consumer receivables financed through the Credit Agreement.

California Financing Law litigation: On April 8, 2022, the Defendant filed a cross-complaint against OppFi-LLC attempting to enforce the CFL against OppFi-LLC and, among other things, void loans that are originated by the Company’s federally-insured state-chartered bank partners through the Program in California and seek financial penalties against OppFi-LLC. The Company intends to aggressively prosecute the claims set forth in the Complaint and vigorously defend itself against the cross-complaint as the Company believes that the Defendant’s position is without merit as explained in the Company’s initial Complaint.