OppFi Inc. 8-K

What Happened
OppFi Inc. (through its subsidiary Opportunity Financial, LLC) filed an 8-K reporting a Third Amendment to its Second Amended and Restated Revolving Credit Agreement on April 10, 2026, and the related termination of a total return swap (TRS) arrangement on April 15, 2026. On the Gray Rock Termination Date (April 15, 2026) the borrower under the amended facility borrowed approximately $46.5 million and used those proceeds to purchase the Gray Rock receivables; those receivables were then pledged as collateral under the Amended Credit Agreement. The TRS (originally entered April 15, 2022) terminated due to full repayment of the underlying loans; OppFi-LLC did not incur termination penalties.

Key Details

• Third Amendment executed April 10, 2026: adds Approved Bank Partner Originator States and modifies Eligibility Criteria, Excess Concentration Limits and Tier 1 Collateral Performance Triggers to permit inclusion of the Gray Rock receivables.
• Gray Rock Termination Date: April 15, 2026 — Borrower borrowed ≈ $46.5 million under the Amended Credit Agreement to buy the Gray Rock Receivables.
• The Gray Rock arrangement stemmed from a $75 million Gray Rock Credit Agreement previously financed by Midtown; OppFi purchased the receivables and the Gray Rock borrower repaid that facility in full.
• OppFi reports no termination penalties for ending the TRS; the acquisition did not change OppFi’s consolidated receivables balance due to the TRS/structuring mechanics.

Why It Matters
This filing signals a financing and asset-structure change: OppFi amended its revolver to accept receivables acquired from the terminated Gray Rock arrangement and used the facility to finance that purchase. For investors, key takeaways are the ~$46.5M receivable acquisition (now pledged as collateral), changes to the credit facility eligibility rules to allow these assets, and that the company avoided TRS termination costs. These actions affect OppFi’s funding mix, collateral composition and lender relationships—items material to liquidity and credit risk profile disclosed in the 8-K.