0001818502FALSE00018185022025-09-292025-09-290001818502us-gaap:CommonClassAMember2025-09-292025-09-290001818502us-gaap:WarrantMember2025-09-292025-09-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 29, 2025
OppFi Inc.
(Exact name of registrant as specified in its charter)
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| Delaware |
001-39550 |
85-1648122 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
130 E. Randolph Street, Suite 3400
Chicago, Illinois 60601
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (312) 212-8079
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
Trading
Symbol(s) |
Name of each exchange
on which registered |
Class A common stock, $0.0001 par
value per share |
OPFI |
The New York Stock Exchange |
| Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
OPFI WS |
The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On September 29, 2025, Opportunity Financial, LLC, a Delaware limited liability company (“OppFi-LLC”) and subsidiary of OppFi Inc., a Delaware corporation (the “Company”), Opportunity Funding SPE IX, LLC, a Delaware limited liability company and indirect wholly owned subsidiary of OppFi-LLC (the “Borrower”), OppWin, LLC and OppWin BPI, LLC, each a Delaware limited liability company and wholly owned subsidiary of OppFi-LLC, each as sellers, UMB Bank, N.A., as administrative agent and collateral agent, Randolph Receivables 2 LLC, as a lender and as Castlelake Representative, and the lenders party thereto entered into a senior secured Revolving Credit Agreement (the “Agreement”), by and among OppFi-LLC, the Borrower, OppWin, LLC, OppWin BPI, LLC, UMB Bank, N.A., Randolph Receivables 2 LLC, and the other lenders party thereto. The Agreement provides for maximum borrowings of $150.0 million at an interest rate equal to the Term Secured Overnight Financing Rate plus 6.00% and a maturity date of September 29, 2029.
The Agreement is subject to a borrowing base and various financial covenants, including minimum tangible net worth, liquidity and maximum consolidated debt to tangible net worth. Outstanding obligations under the Agreement may be prepaid beginning on September 29, 2026, subject to prepayment premiums. In addition, the Borrower is subject to certain mandatory prepayment requirements in the event borrowings under the Agreement exceed the borrowing base. The Agreement contains customary events of default and termination events for agreements of this nature, including, but not limited to, failure to make payments under the Agreement when due, cross default, breach of the Agreement, misrepresentation and bankruptcy.
The Company intends to use the proceeds of the Agreement to support its ongoing growth in finance receivables. In addition, a portion of the proceeds was used to repay the outstanding borrowings under, and terminate, that certain Revolving Credit Agreement, dated as of December 14, 2022 (as amended, the “Prior SPV IX Agreement”), by and among OppFi-LLC, the Borrower, the other credit parties and guarantors thereto, UMB Bank, N.A., as administrative agent and collateral agent, Randolph Receivables LLC, as Castlelake Representative, and the lenders party thereto.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which will be filed as an exhibit to the Company’s quarterly report on Form 10-Q for the quarterly period ending September 30, 2025.
Item 1.02 Termination of a Material Definitive Agreement.
Effective September 29, 2025, in connection with the closing of the Agreement, the Borrower terminated the Prior SPV IX Agreement and used a portion of the proceeds of the Agreement to repay the approximately $79.0 million in outstanding obligations under the Prior SPV IX Agreement. The Prior SPV IX Agreement provided for maximum borrowings of $150.0 million and was due to mature on December 14, 2026. The Borrower did not incur any early termination penalties in connection with the termination of the Prior SPV IX Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information regarding the Agreement set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information regarding the termination of Prior SPV IX Agreement set forth in Item 1.02 of this Current Report on Form 8-K is incorporated by reference in this Item 2.04.
Item 7.01 Regulation FD Disclosure.
On October 2, 2025, the Company issued a press release announcing the entrance into the Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
This information in this Item 7.01 and the information contained in Exhibit 99.1 attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing, regardless of any general incorporation language in the filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
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| Exhibit Number |
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Description |
| 99.1 |
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| 104 |
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Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| Date: October 2, 2025 |
OppFi Inc. |
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By: |
/s/ Pamela D. Johnson |
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Pamela D. Johnson |
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Chief Financial Officer |
EX-99.1
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oppfi-announcesxnewx150x.htm
EX-99.1
oppfi-announcesxnewx150x
NEWS RELEASE OppFi Announces New $150 Million Revolving Credit Facility 2025-10-02 CHICAGO, Oct. 2, 2025 /PRNewswire/ -- OppFi Inc. (NYSE:OPFI) ("OppFi" or the "Company"), a tech-enabled digital nance platform that partners with banks to oer nancial products and services to everyday Americans, today announced that it has closed a new $150 million revolving credit facility among one of its subsidiaries and funds managed by Castlelake L.P., replacing a prior facility. The new facility has a four-year term and represents a signicant improvement in nancing costs, with a reduction in the interest rate from SOFR + 7.5% to SOFR + 6.0%. "We believe this transaction is a testament to the strength and durability of our business model. We expect the facility to improve our nancing costs and support further growth," said Todd Schwartz, Chief Executive Ocer and Executive Chairman of OppFi. The credit facility is designed to support the Company's ongoing growth in receivables and further its mission of providing credit access to millions of Americans who mainstream nancial institutions do not traditionally serve. About OppFi OppFi (NYSE: OPFI) is a tech-enabled digital nance platform that partners with banks to oer nancial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes nancial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional nancing options in building improved nancial health. OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,200 reviews, positioning the Company among the top consumer-rated nancial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC ("Bitty"), a credit access company that 1
provides revenue-based nancing and other working capital solutions to small businesses. For additional information, please visit opp.com. Contacts: Investor Relations: Mike Gallentine Head of Investor Relations mgallentine@opp.com Media Relations: media@opp.com Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi's actual results may dier from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," and variations and similar words and expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, expectations regarding the impact of OppFi's new credit facility, the future performance of OppFi's platform and expectations for OppFi's growth and future nancial performance. These forward-looking statements are based on OppFi's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve signicant risks and uncertainties that could cause the actual results to dier materially from the expected results. Most of these factors are outside OppFi's control and are dicult to predict. Factors that may cause such dierences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, ination, interest rate changes, recessions, the impact of taris, and tightening of credit markets on OppFi's business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi's bank partners will continue to lend in California and whether OppFi's nancing sources will continue to nance the purchase of participation rights in loans originated by OppFi's bank partners in California; OppFi's ability to scale and grow the Bitty business; the impact that events involving nancial 2
institutions or the nancial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi's business; risks related to any material weakness in OppFi's internal controls over nancial reporting; the ability of OppFi to grow and manage growth protably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi's ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely aected by other economic, business, and/or competitive factors; risks related to management transitions; and other risks and uncertainties indicated from time to time in OppFi's lings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned "Risk Factors." OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. View original content to download multimedia:https://www.prnewswire.com/news-releases/opp-announces- new-150-million-revolving-credit-facility-302573079.html SOURCE OppFi 3
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