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SEC filingOppFi Inc. subsidiary terminated Gray Rock TRS, acquired $46.5M Gray Rock Receivables, and amended revolving credit agreement to incorporate them as collateral without changing consolidated receivables balance.
The Third Amendment on April 10, 2026, expands the revolving credit facility's scope by including additional states for receivable origination and adjusting criteria to accommodate Gray Rock Receivables, enabling seamless integration post-TRS termination. On April 15, 2026, termination of the 2022 TRS with Midtown affiliates followed full repayment of the $75M Gray Rock Credit Agreement, allowing OppFi-LLC to directly acquire the receivables without penalties. The $46.5M borrowing under the amended facility funded this purchase, with receivables pledged as collateral. This on-balance sheet shift via TRS structure preserves consolidated receivables balance, potentially improving control over assets and servicing while maintaining financing access through Midtown as agent.