XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.23.3

Borrowings | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Borrowings | 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. Secured borrowing payable: On February 16, 2023, the borrowings under this secured borrowing payable were paid in full, of which borrowings totaling $0.1 million were forgiven. Subsequent to repayment, OppFi-LLC terminated the preferred return agreement. As of December 31, 2022, $165.0 million of finance receivables had been purchased with an active secured borrowing balance of $0.8 million. No interest expense was recognized related to secured borrowings for the three months ended September 30, 2023 as the secured borrowing payable was paid in full and subsequently terminated in February 2023. Interest expense related to this facility was $0.1 million for the three months ended September 30, 2022. Interest expense related to this facility was $10 thousand and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively. Additionally, the Company has capitalized $0.2 million in debt issuance costs related to secured borrowings. There were no amortized debt issuance costs related to secured borrowings for the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, there were no unamortized debt issuance costs related to secured borrowings. Senior debt: Revolving line of credit - Opportunity Funding SPE III, LLC This facility was paid in full in December 2022. There was no interest expense associated with this facility for the three and nine months ended September 30, 2023. Interest expense related to this facility was $2.8 million and $8.0 million for the three and nine months ended September 30, 2022, respectively. Additionally, the Company previously capitalized $2.2 million in debt issuance costs in connection with this facility. There were no amortized debt issuance costs associated with this facility for the three and nine months ended September 30, 2023. Amortized debt issuance costs associated with this facility were $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, there were no unamortized debt issuance costs associated with this facility. Revolving line of credit - Opportunity Funding SPE V LLC On July 19, 2023, OppFi-LLC and Opportunity Funding SPE V, LLC, a Delaware limited liability company and wholly owned subsidiary of OppFi-LLC (“OF V Borrower”) entered into an Amended and Restated Revolving Credit Agreement (the “A&R Credit Agreement”), which amended and restated that certain Revolving Credit Agreement, dated as of April 15, 2019 (as previously amended, supplemented or otherwise modified, the “Prior Credit Agreement”), by and among OppFi-LLC, OF V Borrower, Opportunity Funding SPE VII, LLC, the other credit parties and guarantors thereto, Midtown Madison Management LLC as administrative agent and collateral agent, and the lenders party thereto. The A&R Credit Agreement amended the Prior Credit Agreement to, among other things, increase the size of the facility under the Prior Credit Agreement from $200 million to $250 million, remove Opportunity Funding SPE VII, LLC, a Delaware limited liability company and indirect wholly owned subsidiary of OppFi-LLC, as a borrower and remove the concept of pledging OppFi Card receivables under the A&R Credit Agreement, including removing OppWin Card, LLC as a seller. The $250 million of availability under the A&R Credit Agreement is comprised of $125 million under the existing Tranche B and $125 million under a new Tranche C. In addition, OF V Borrower may request, at any time during the Tranche C commitment period, one (1) increase in the Tranche C committed amount in an amount equal to $25 million, resulting in an aggregate Tranche C commitment equal to $150 million. Loans under Tranche C bear interest at the Term Secured Overnight Financing Rate plus 7.5% with a commitment period until July 19, 2026 and a maturity date of July 19, 2027. A portion of the proceeds of the A&R Credit Agreement were used to repay in full the outstanding Tranche A loans under the Prior Credit Agreement. Interest expense related to this facility was $4.7 million and $2.9 million for the three months ended September 30, 2023 and 2022, respectively, and $13.6 million and $5.5 million for the nine months ended September 30, 2023 and 2022, respectively. Additionally, the Company previously capitalized $4.1 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, the remaining balance of unamortized debt issuance costs associated with this facility was $2.2 million and $1.3 million, respectively. Revolving line of credit - Opportunity Funding SPE VI, LLC This facility was paid in full in June 2022. There were no interest expense associated with this facility for the three and nine months ended September 30, 2023. Interest expense related to this facility was $1.6 million for the nine months ended September 30, 2022. Additionally, the Company previously capitalized $0.9 million in debt issuance costs in connection with this facility. There were no amortized debt issuance costs associated with this facility for the three and nine months ended September 30, 2023. Amortized debt issuance costs associated with this facility were $0.1 million for the nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, there was no unamortized debt issuance costs associated with this facility. Revolving line of credit - Opportunity Funding SPE IV, LLC and SalaryTap Funding SPE, LLC On February 15, 2023, the Company terminated the revolving line of credit agreement upon the end of the revolving commitment period. There was no interest expense related to this facility for the three months ended September 30, 2023. Interest expense related to this facility was $0.1 million for the three months ended September 30, 2022. Interest expense related to this facility was $6 thousand and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively. Additionally, the Company previously capitalized $1.1 million in debt issuance costs in connection with this facility. There were $9 thousand and $0.1 million amortized debt issuance costs associated with this facility for three months ended September 30, 2023 and 2022, respectively. Amortized debt issuance costs associated with this facility were $0.2 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was no unamortized debt issuance costs associated with this facility. As of December 31, 2022, unamortized debt issuance costs associated with this facility were $0.2 million. Revolving line of credit - Opportunity Funding SPE IX, LLC Interest expense related to this facility was $3.1 million and $8.9 million for the three and nine months ended September 30, 2023, respectively. Additionally, the Company previously capitalized $2.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.2 million and $0.6 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2023 and December 31, 2022, the remaining balance of unamortized debt issuance costs associated with this facility was $1.8 million and $2.2 million, respectively. Revolving line of credit - Gray Rock SPV LLC Interest expense related to this facility was $1.7 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $4.4 million and $1.5 million for the nine months ended September 30, 2023 and 2022, respectively. Additionally, the Company previously capitalized $0.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $39 thousand and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022, the remaining balance of unamortized debt issuance costs associated with this facility was $0.2 million and $0.4 million, respectively. Term loan, net As of September 30, 2023 and December 31, 2022, the outstanding balance of $50.0 million was net of unamortized debt issuance costs of $0.7 million and $1.0 million, respectively. On June 30, 2023, LIBOR was phased out. As such, the senior secured multi-draw term loan agreement is subject to the synthetic LIBOR rates until the senior secured multi-draw term loan agreement is amended. Interest expense related to this facility was $2.0 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and $5.7 million and $4.6 million for the nine months ended September 30, 2023 and 2022, respectively. Additionally, the Company previously capitalized $2.4 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.2 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $0.4 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively. Notes payable: In August 2023, OppFi entered into a financing agreement for the financing of new insurance premiums totaling $2.4 million payable in ten monthly installments of $0.2 million through June 15, 2024. Interest expense related to these notes payable was $26 thousand and $2 thousand for the three months ended September 30, 2023 and 2022, respectively, and $77 thousand and $4 thousand for the nine months ended September 30, 2023 and 2022, respectively. 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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration