XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.23.3

Borrowings (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Borrowings | The following is a summary of the Company’s outstanding borrowings as of September 30, 2023 and December 31, 2022, including borrowing capacity as of September 30, 2023 (in thousands):
Purpose |  | Borrower |  | Borrowing Capacity |  | September 30, 2023 |  | December 31, 2022 |  | Interest Rate as of September 30, 2023 |  | Maturity Date
Secured borrowing payable |  | Opportunity Funding SPE II, LLC |  | $ | — |  |  | $ | — |  |  | $ | 756 |  |  | 15.00% |  | — |
Senior debt, net |  |  |  |  |  |  |  |  |  |  |  |  |
Revolving line of credit |  | Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A) |  | $ | — |  |  | $ | — |  |  | $ | 37,500 |  |  | SOFR plus 7.36% |  | April 2024 | (1)
Revolving line of credit |  | Opportunity Funding SPE V, LLC (Tranche B) |  | 125,000 |  |  | 109,300 |  |  | 121,647 |  |  | SOFR plus 6.75% |  | June 2026 | (2)
Revolving line of credit |  | Opportunity Funding SPE V, LLC (Tranche C) |  | 125,000 |  |  | 37,500 |  |  | — |  |  | SOFR plus 7.50% |  | July 2027 |
Revolving line of credit |  | Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC |  | — |  |  | — |  |  | — |  |  | SOFR plus 0.11% plus 3.85% |  | February 2024 | (3)
Revolving line of credit |  | Opportunity Funding SPE IX, LLC |  | 150,000 |  |  | 93,871 |  |  | 91,871 |  |  | SOFR plus 7.50% |  | December 2026 |
Revolving line of credit |  | Gray Rock SPV LLC |  | 75,000 |  |  | 52,156 |  |  | 44,716 |  |  | SOFR plus 7.25% |  | April 2025 |
Total revolving lines of credit |  | 475,000 |  |  | 292,827 |  |  | 295,734 |  |  |  |  |  |
Term loan, net |  | OppFi-LLC |  | 50,000 |  |  | 49,345 |  |  | 48,954 |  |  | LIBOR plus 10.00% |  | March 2025 |
Total senior debt, net |  |  |  | $ | 525,000 |  |  | $ | 342,172 |  |  | $ | 344,688 |  |  |  |  |  |
Notes payable |  |  |  |  |  |  |  |  |  |  |  |  |
Financed insurance premium |  | OppFi-LLC |  | $ | — |  |  | $ | — |  |  | $ | 1,616 |  |  | 7.07% |  | July 2023 |
Financed insurance premium |  | OppFi-LLC |  | 2,173 |  |  | 2,173 |  |  | — |  |  | 9.70% |  | June 2024 |
Total notes payable |  |  |  | $ | 2,173 |  |  | $ | 2,173 |  |  | $ | 1,616 |  |  |  |  |  |
(1) Maturity date as of December 31, 2022 and for the subsequent period until Tranche A of this revolving line of credit was terminated in July 2023. (2) Borrower included Opportunity Funding SPE VII, LLC until the revolving line of credit was amended in July 2023. (3) Maturity date as of December 31, 2022 and for the subsequent period until the revolving line of credit was terminated in February 2023.
Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit | As of September 30, 2023, required payments for all borrowings, excluding revolving lines of credit, for each of the next five years are as follows (in thousands):
Year |  | Amount
Remainder of 2023 |  | $ | 724 |
2024 |  | 1,449 |
2025 |  | 50,000 |
2026 |  | — |
2027 |  | — |
2028 |  | — |
Total |  | $ | 52,173 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration