v3.26.1
Senior Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Senior Debt Senior Debt
The Company’s senior debt, which is comprised of revolving lines of credit, as of June 30, 2026 and December 31, 2025, including borrowing capacity as of June 30, 2026, were as follows (in thousands):

BorrowerBorrowing Capacity20262025
Interest Rate as of June 30, 2026
Maturity Date
Opportunity Funding SPE V, LLC (Tranche C)$62,500 $46,875 $46,875 SOFRplus
7.30%
February 2029
Opportunity Funding SPE V, LLC (Tranche D)237,500 150,578 132,125 SOFRplus7.30%February 2029
Opportunity Funding SPE IX, LLC150,000 79,000 79,000 SOFRplus
6.00%
September 2029
Gray Rock SPV LLC— — 63,353 SOFRplus
7.45%
October 2026(1)
Total revolving lines of credit$450,000 $276,453 $321,353 
(1) Maturity date and interest rate as of December 31, 2025 and for subsequent period until the borrowing was paid in full in April 2026.
Revolving line of credit - Opportunity Funding SPE V, LLC

On February 13, 2025, OppFi-LLC and Opportunity Funding SPE V, LLC as borrower, a direct wholly owned subsidiary of OppFi-LLC, OppWin, LLC and OppWin BPI, LLC, each as sellers (the “Sellers”), Midtown, as administrative and collateral agent, and the lenders party thereto entered into a Second Amended and Restated Revolving Credit Agreement (as amended, the “Second A&R Credit Agreement”), which amended that certain Amended and Restated Revolving Credit Agreement (the “A&R Credit Agreement”). The Second A&R Credit Agreement amended the A&R Credit Agreement to, among other things, amend borrowings under Tranche C to bear interest at Term Secured Overnight Financing Rate plus 7.30% on January 1, 2026 and thereafter.

On April 10, 2026, OppFi-LLC, Opportunity Funding SPE V, LLC, the Sellers, Midtown and the lenders party thereto entered into a Third Amendment to the Second Amended and Restated Revolving Credit Agreement (the “Third Amendment”), which amended the Second A&R Credit Agreement to, among other things, modify the Eligibility Criteria, Excess Concentration Limits and Collateral Performance Triggers, each as defined in the Third Amendment, in each case to permit the Sellers to sell into the facility certain receivables that were acquired from Gray Rock in connection with the termination of the Gray Rock Credit Agreement (as defined below).

On the Gray Rock Termination Date, Opportunity Funding SPE V, LLC borrowed $46.5 million under the Third Amendment and used such borrowing to purchase from the Gray Rock all interests owned by Gray Rock in the consumer receivables financed with the loans made under the Gray Rock Credit Agreement (as defined below) (the “Gray Rock Receivables”) from Gray Rock via OppFi-LLC and the Sellers, which Gray Rock Receivables were then pledged as collateral under the Third Amendment.

Revolving line of credit - Gray Rock SPV, LLC

On the Gray Rock Termination Date, Gray Rock used the purchase price for the Gray Rock Receivables to repay its obligations under the $75 million revolving credit agreement (the “Gray Rock Credit Agreement”) in full, and Midtown caused the reference lenders under the Gray Rock Credit Agreement to assign their right, title and interest under the Gray Rock Credit Agreement to OppFi-LLC, providing OppFi-LLC with any residuals under the Gray Rock Credit Agreement.

On the Gray Rock Termination Date, the TRS terminated due to the repayment in full of the loans made under the Gray Rock Credit Agreement in connection with the revolving commitment termination date under the Gray Rock Credit Agreement. OppFi-LLC did not incur any termination penalties in connection with the termination of the TRS.
Total interest expense related to the Company’s senior debt, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, was $7.4 million and $9.0 million for the three months ended June 30, 2026 and 2025, respectively, and $15.3 million and $18.2 million for the six months ended June 30, 2026 and 2025, respectively.