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Get filing alertsOppFi secures $100M term loan at 12.5%-13.5% as Q2 results show 36% profit gain offset by credit deterioration
Filed August 10, 2026 · Period ending August 10, 2026 · ~2 min read
Key Changes
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Entered $100M senior secured term loan at 12.50% (rising to 13.50% post-BNCCORP acquisition), with 1.25% OID and semi-annual 10% amortization, to fund receivables growth.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Q2 net income rose 36% YoY to $15.6M on record Q2 revenue of $145.2M (+1.9% YoY), but net charge-offs climbed to 39.5% of revenue (from 31.9%) and 52.3% of average receivables annualized (from 43.5%).
Exhibit 99.1 view on EDGAR → -
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Cut full-year 2026 guidance: revenue to $600M-$625M (from $650M-$675M), adjusted net income to $115M-$130M (from $153M-$160M), and adjusted EPS to $1.34-$1.51 (from $1.76-$1.84), citing deliberate credit tightening.
Exhibit 99.2 view on EDGAR → -
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Repurchased $11.2M of Class A common stock at $9.46/share in H1 2026 under new $40M Board authorization (May 6, 2026).
Exhibit 99.1 view on EDGAR → -
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Terminated GrayRock funding facility on April 15, 2026, reducing total funding capacity and undrawn debt by $75M.
Exhibit 99.2 view on EDGAR →
Summary
OppFi disclosed a $100 million senior secured term loan facility on August 10, 2026, carrying a 12.50% fixed rate that steps up to 13.50% after the pending BNCCORP acquisition closes. The facility includes a 1.25% original issue discount and semi-annual amortization of 10% of principal, with proceeds earmarked for finance receivables growth and working capital.
The borrower pledged equity interests in two special purpose vehicles holding consumer loan receivables as collateral; upon the bank acquisition's close, the debt transfers to a new SPV and the parent guaranty is released.
The financing arrives as OppFi reported mixed Q2 2026 results: net income jumped 36% year-over-year to $15.6 million on record second-quarter revenue of $145.2 million, but credit quality deteriorated sharply. Net charge-offs rose to 39.5% of revenue (from 31.9%) and 52.3% of average receivables annualized (from 43.5%), prompting management to cut full-year guidance across revenue, adjusted net income, and EPS by roughly 8%, 20%, and 19% at the midpoints, respectively. The company attributed the reduction to deliberate credit tightening and moderated originations to position the portfolio for stronger long-term returns. OppFi also initiated share repurchases under a $40 million authorization, buying $11.2 million of stock at $9.46 per share in the first half, and terminated a $75 million funding facility in April. Investors should monitor whether the new debt's high cost and the credit tightening stabilize charge-offs without further pressuring profitability, and whether the pending bank acquisition delivers the diversification management projects.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
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.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Net charge-offs as % of total revenue(c) 39.5 % 31.9 % 23.7 % Net charge-offs as % of average receivables, annualized(c) 52.3 % 43.5 % 20.4 %
Net charge-offs as a percentage of total revenue increased to 39.5% in Q2 2026 from 31.9% in Q2 2025, a 23.7% increase. On an annualized basis, net charge-offs as a percentage of average receivables rose to 52.3% from 43.5%, a 20.4% increase. This deterioration in credit quality indicates higher loan losses relative to both revenue and the loan portfolio.
Added in current filing · view on EDGAR →
Total revenue between $600 million and $625 million Adjusted net income1 between $115 million and $130 million; and Adjusted EPS1 between $1.34 and $1.51, based on approximate weighted average diluted share count of 86 million shares
OppFi updated its full-year 2026 guidance, projecting total revenue of $600 million to $625 million, adjusted net income of $115 million to $130 million, and adjusted EPS of $1.34 to $1.51 based on approximately 86 million diluted shares. This guidance provides investors with management's expectations for the remainder of the year.
Added in current filing · view on EDGAR → · paraphrased
As we advance our pending acquisition of BNCCORP, Inc. and BNC National Bank, prepare the launch of our new line of credit product, and further expand our product roadmap, we are building a more diversified, technology-enabled financial platform.
CEO Todd Schwartz highlighted the company's ongoing acquisition of BNCCORP, Inc. and BNC National Bank as part of a strategic transformation. The acquisition, combined with a new line of credit product launch and expanded product roadmap, aims to diversify OppFi's platform and strengthen its long-term earnings power through national bank capabilities.
Event · Exhibit 99.2
OppFi reported Q2 2026 earnings with record second-quarter revenue of $145.2M, net income of $15.6M, and initiated share repurchases under a $40M authorization.
Added in current filing · view on EDGAR →
Total Revenue of $145.2 million, an increase of 1.9% year over year, a Company record for any second quarter ... Net Income of $15.6 million, an increase of 36% year over year, and Net Income margin of 10.8%, up from 8.1%
OppFi disclosed Q2 2026 total revenue of $145.2 million (up 1.9% year over year, a record for any second quarter) and net income of $15.6 million (up 36% year over year). Net income margin improved to 10.8% from 8.1% in the prior-year quarter. The revenue increase was driven by higher receivables balances over the period.
Added in current filing · view on EDGAR →
Net charge-off rate as percentage of total revenue increased to 40% from 32% year over year, and the annualized net charge off rate as a percentage of average receivables increased to 52% from 43% year over year, as a result of elevated charge-offs offsetting higher recoveries of previously charged off loans
Net charge-offs as a percentage of total revenue rose to 40% from 32% year over year, while the annualized net charge-off rate as a percentage of average receivables climbed to 52% from 43%. The increase was driven by elevated charge-offs, which more than offset higher recoveries of previously charged-off loans. This deterioration in credit performance is a key driver of the guidance reduction.
Added in current filing · view on EDGAR →
On April 15, OppFi terminated the GrayRock funding facility, which reduces each of the Total Funding Capacity and Undrawn Debt by $75M.
On April 15, 2026, OppFi terminated the GrayRock funding facility, reducing both total funding capacity and undrawn debt by $75 million. The termination reduced total funding capacity to $541.8 million as of June 30, 2026. The company ended the quarter with $91.8 million in cash, cash equivalents, and restricted cash.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On August 10, 2026 (the “Closing Date”), Opportunity Funding SPE Residual, LLC, a Delaware limited liability company (the “Borrower”) and direct wholly owned subsidiary of Opportunity Financial, LLC, a Delaware limited liability company (“OppFi-LLC”) and subsidiary of OppFi Inc., a Delaware corporation (“OppFi” or the “Company”), OppFi-LLC, as guarantor, UMB Bank, N.A., as administrative agent and collateral agent, Sertoma Park LLC, as a lender, and the lenders party thereto entered into a Senior Secured Multi-Draw Term Loan Agreement (the “Agreement”). The Agreement provides for maximum borrowings of $100.0 million at a fixed interest rate equal to 12.50% per annum prior to the consummation of OppFi Inc.’s pending acquisition of BNCCORP, Inc. and its subsidiary BNC Bank (the “Bank Acquisition”) 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.
OppFi's subsidiary entered into a $100 million senior secured term loan facility with UMB Bank as agent and Sertoma Park as a lender. The facility carries a fixed interest rate of 12.50% per annum before the pending BNCCORP acquisition closes and 13.50% per annum thereafter, with a 1.25% original issue discount on each draw. No loans were drawn at closing; the borrower can draw during a six-month period starting with an initial $75 million and subsequent draws of at least $5 million.
Added in current filing · verify on EDGAR →
The Agreement has a maturity date of the four year anniversary of the 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 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 facility has a four-year maturity from the initial draw date, extendable for one-year periods at lender discretion, with semi-annual amortization payments of 10% of the aggregate principal. The borrower has a six-month draw period and cannot reborrow repaid amounts. The structure provides committed capital for growth while requiring regular principal reduction.
Added in current filing · verify on EDGAR →
In connection with the 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 Company 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.
OppFi-LLC guaranteed the facility and both OppFi-LLC and the borrower granted security interests in all their assets. The borrower's assets consist primarily of equity interests in two special purpose vehicles holding consumer loan receivables, representing residual cash flows after senior obligations are paid. This structure pledges the company's residual interests in its securitization vehicles as collateral.
Added in current filing · verify on EDGAR →
Immediately prior to, but conditioned upon, the closing of the Bank Acquisition and subject to the receipt by the lenders of customary closing deliverables and the satisfaction of limited conditions, the Borrower’s obligations under the Agreement will be automatically assumed by a new special purpose vehicle borrower owned by OppFi-LLC pursuant to a Senior Secured Multi-Draw Term Loan Agreement that is attached as an appendix to the Agreement and OppFi-LLC’s guaranty will be released and the all assets lien granted by OppFi-LLC will be released.
Upon closing the pending BNCCORP acquisition, the loan obligations will automatically transfer to a new special purpose vehicle borrower, and OppFi-LLC's guaranty and all-assets lien will be released. This restructuring appears designed to isolate the debt at a subsidiary level after the bank acquisition closes, removing the parent-level guaranty and security interest.
Added in current filing · verify on EDGAR →
The Company intends to use the proceeds of the Agreement to support its ongoing growth in finance receivables and for working capital and general corporate purposes.
The company will use loan proceeds to support growth in finance receivables and for working capital and general corporate purposes. This indicates the facility is intended to fund the company's core lending business expansion.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify