Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The following events occurred subsequent to June 30, 2023 through the issuance date of these Unaudited Condensed Consolidated Financial Statements. Events subsequent to that date have not been considered in these financial statements.

Strategic Alternatives

As previously discussed, at the same time that Sunlight continues to engage in discussions with Sunlight’s Bank Partner, under the supervision and oversight of its Board of Directors, Sunlight (with the assistance of a financial advisory firm) continues to explore all available strategic alternatives and other available options for the Company, and Sunlight’s Board is considering all available options, including selling the Company or a restructuring of the Company through a privately negotiated transaction or a court process.

Indirect Channel Loan Sale

On August 4, 2023, Sunlight arranged for the sale of Indirect Channel Loans totaling $192.3 million, reducing the quantity of Backbook Loans held by Sunlight’s Bank Partner. The sale resulted in negative platform fees of $5.6 million and additional borrowings of $6.6 million under the Secured Term Loan.