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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

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