v3.26.3
Senior Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Senior Debt Senior Debt
The Company’s senior debt as of September 30, 2026 and December 31, 2025, including borrowing capacity as of September 30, 2026, were as follows (in thousands):

BorrowerBorrowing Capacity20262025
Interest Rate as of September 30, 2026
Maturity Date
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)$62,500 $46,875 $46,875 SOFRplus
7.30%
February 2029
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche D)237,500 150,578 132,125 SOFRplus7.30%February 2029
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 79,000 79,000 SOFRplus
6.00%
September 2029
Revolving line of creditGray Rock SPV LLC— — 63,353 SOFRplus
7.45%
October 2026(1)
450,000 276,453 321,353 
Term loanOpportunity Funding SPE Residual, LLC100,000 75,000 — 12.50%September 2030
Total$550,000 351,453 321,353 
Less: unamortized original issue discount and debt issuance costs(1,814)— 
Total senior debt$349,639 $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.

Term loan - Opportunity Funding SPE Residual, LLC

On August 10, 2026 (the “Closing Date”), SPE Residual, as borrower, OppFi-LLC, as guarantor, UMB Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto entered into a Senior Secured Multi-Draw Term Loan Agreement (the “Term Loan Agreement”), which provides for maximum borrowings of $100.0 million at a fixed interest rate of 12.50% per annum prior to the consummation of the Transaction and 13.50% per annum thereafter, with each funded loan subject to a 1.25% original issue discount retained by the lenders at the time of each draw. The Term Loan Agreement has a maturity date of the four year anniversary date of the initial draw, which the borrower may request be extended for additional one-year periods at the lenders’ discretion, and is subject to semi-annual amortization payments of 10% of the aggregate principal amount of loans funded by the lenders. Loans under the Term Loan Agreement may be drawn during a draw period ending on the six month anniversary of the Closing Date in an initial principal amount of $75.0 million and subsequently in a minimum principal amount of the lesser of $5.0 million or the remaining undrawn commitment thereunder and, once repaid, may not be reborrowed. The borrower’s ability to draw loans under the Term Loan Agreement is subject to the satisfaction of customary closing conditions and the lenders’ receipt of customary closing deliverables. In connection with the Term Loan Agreement, OppFi-LLC entered into a guaranty in favor of the administrative agent and collateral agent, and OppFi-LLC and the borrower each granted a security interest in all of their assets, which, for the borrower, consist primarily of its equity interests in two of OppFi-LLC’s special purpose vehicles that hold consumer loan receivables. The value of such equity interests represents the residual cash flows from those vehicles after payment of their respective senior secured obligations. The Term Loan Agreement is subject to a borrowing base and various financial covenants, including, prior to the consummation of the Transaction, minimum tangible net worth, liquidity and maximum consolidated debt to tangible net worth and, subsequent to the consummation of the Transaction, capital and leverage ratios. Outstanding obligations under the Term Loan Agreement may be voluntarily prepaid in whole or in part at any time, subject to payment of additional interest to the extent aggregate prepayments during any twelve-month period exceed a specified threshold, and the borrower is subject to certain mandatory prepayment requirements in the event borrowings under the Term Loan Agreement exceed the borrowing base. The Term Loan Agreement contains customary events of default. Immediately prior to, but conditioned upon, the closing of the Transaction, and subject to the receipt by the lenders of customary closing deliverables and the satisfaction of limited conditions, the borrower’s obligations under the Term Loan Agreement will be automatically assumed by a new special purpose vehicle borrower owned by OppFi-LLC and OppFi-LLC’s guaranty will be released.

On September 15, 2026, SPE Residual borrowed $75.0 million in aggregate principal amount (the “Initial Borrowing”) under the Term Loan Agreement. Following the Initial Borrowing, $25.0 million remains available to be drawn through February 10, 2027. The Initial Borrowing occurred following the satisfaction of the applicable closing conditions and the lenders’ receipt of the required closing deliverables.

Certain of the Company’s foregoing credit facilities that consist of revolving lines of credit and term loan are subject to provisions that provide for a cross-default in the event certain covenants under the relevant agreements are breached.

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 $8.0 million and $9.2 million for the three months ended September 30, 2026 and 2025, respectively, and $23.3 million and $27.4 million for the nine months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, the aggregate maturities of long-term borrowing, which excludes the revolving lines of credit, for the next five years were as follows (in thousands):
YearAmount
Remaining of 2026$— 
202715,000 
202815,000 
202915,000 
203030,000 
2031 and thereafter— 
Total$75,000