OPPFI INC., 10-Q filed on 11/9/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Nov. 07, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-39550  
Entity Registrant Name OppFi Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-1648122  
Entity Address, Address Line One 130 E. Randolph Street  
Entity Address, Address Line Two Suite 3400  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60601  
City Area Code 312  
Local Phone Number 212-8079  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   109,584,874
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001818502  
Class A Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Class A common stock, par value $0.0001 per share  
Entity Trading Symbol OPFI  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   14,505,774
Warrants    
Entity Information [Line Items]    
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share  
Entity Trading Symbol OPFI WS  
Security Exchange Name NYSE  
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
Class V Voting Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   95,079,100
v3.22.2.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Cash [1] $ 14,011 $ 25,064
Restricted cash [1] 36,458 37,298
Total cash and restricted cash 50,469 62,362
Finance receivables at fair value [1] 458,065 383,890
Finance receivables at amortized cost, net of allowance for credit losses of $931 and $803 as of June 30, 2022 and December 31, 2021, respectively, and unearned income of $232 and $286 as of June 30, 2022 and December 31, 2021, respectively [1] 3,858 4,220
Debt issuance costs, net [1] 2,331 1,525
Property, equipment and software, net 14,735 14,643
Operating lease right of use asset 14,409 0
Deferred tax asset 24,118 25,593
Other assets [1] 11,985 9,873
Total assets 579,970 502,106
Liabilities:    
Accounts payable [1] 6,680 6,100
Accrued expenses [1] 20,162 29,595
Operating lease liability 16,930 0
Notes payable 2,508 0
Secured borrowing payable [1] 1,758 22,443
Senior debt, net [1] 338,369 251,578
Warrant liabilities 4,216 11,240
Tax receivable agreement liability 23,897 23,272
Total liabilities 414,520 344,228
Commitments and contingencies (Note 14)
Stockholders' equity:    
Preferred stock, $0.0001 par value (1,000,000 shares authorized with no shares issued and outstanding as of September 30, 2022 and December 31, 2021) 0 0
Additional paid-in capital 65,886 61,672
Accumulated deficit (66,681) (70,723)
Treasury stock at cost, 703,914 shares as of September 30, 2022 (2,460) 0
Total OppFi Inc.'s stockholders' deficit (3,244) (9,040)
Noncontrolling interest 168,694 166,918
Total stockholders' equity 165,450 157,878
Total liabilities and stockholders' equity 579,970 502,106
Variable Interest Entity, Primary Beneficiary    
Assets    
Cash 84 46
Restricted cash 27,616 25,780
Total cash and restricted cash 27,700 25,826
Finance receivables at fair value 443,296 379,512
Debt issuance costs, net 2,331 1,525
Other assets 60 34
Total assets 473,387 406,897
Liabilities:    
Accounts payable 47 25
Accrued expenses 2,912 2,008
Secured borrowing payable 1,758 22,443
Senior debt, net 289,464 203,000
Total liabilities 294,181 227,476
Class A Common Stock    
Stockholders' equity:    
Common stock, value, issued 1 1
Class B Common Stock    
Stockholders' equity:    
Common stock, value, issued 0 0
Class V Voting Stock    
Stockholders' equity:    
Common stock, value, issued $ 10 $ 10
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Allowance for credit losses $ 1,232 $ 803
Unearned annual fee income $ (81) $ (286)
Preferred stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 703,914  
Class A Common Stock    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 379,000,000 379,000,000
Common stock, shares, issued (in shares) 14,945,336 13,631,484
Common stock, shares, outstanding (in shares) 14,241,422 13,631,484
Class B Common Stock    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 6,000,000 6,000,000
Common stock, shares, issued (in shares) 0 0
Common stock, shares, outstanding (in shares) 0 0
Class V Voting Stock    
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 115,000,000 115,000,000
Common stock, shares, issued (in shares) 95,159,100 96,338,474
Common stock, shares, outstanding (in shares) 95,159,100 96,338,474
v3.22.2.2
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Interest and loan related income $ 123,605 $ 91,448 $ 331,814 $ 253,581
Other income 639 529 1,015 1,029
Interest and other income 124,244 91,977 332,829 254,610
Change in fair value of finance receivables (70,601) (18,940) (162,280) (52,635)
Provision for credit losses on finance receivables (1,017) (143) (2,043) (181)
Net revenue 52,626 72,894 168,506 201,794
Expenses:        
Salaries and employee benefits 14,600 17,326 46,747 46,292
Direct marketing costs 12,861 15,580 45,828 34,502
Interest expense and amortized debt issuance costs 9,095 6,414 24,421 17,270
Interest expense - related party 0 0 0 137
Depreciation and amortization 3,452 2,712 10,056 7,289
Technology costs 3,301 2,696 9,723 7,265
Professional fees 3,443 9,511 8,957 15,391
Payment processing fees 2,772 2,001 7,738 5,313
Occupancy 1,091 1,006 3,231 2,765
Management fees - related party 0 0 0 350
General, administrative and other 2,980 4,136 8,533 11,337
Total expenses 53,595 61,382 165,234 147,911
(Loss) income from operations (969) 11,512 3,272 53,883
Other income:        
Gain on forgiveness of Paycheck Protection Program loan 0 6,444 0 6,444
Change in fair value of warrant liabilities 1,323 13,139 7,024 13,139
Income before income taxes 354 31,095 10,296 73,466
Provision for income taxes 1,015 703 1,757 703
Net (loss) income (661) 30,392 8,539 72,763
Net (loss) income attributable to noncontrolling interest (90) 16,267 4,576 58,638
Net (loss) income attributable to OppFi Inc. $ (571) $ 14,125 $ 3,963 $ 14,125
Earnings Per Share [Abstract]        
Basic (in dollars per share) $ (0.04) $ 1.06 $ 0.29 $ 1.08
Diluted (in dollars per share) $ (0.04) $ 0.29 $ 0.09 $ 0.29
Weighted average common shares outstanding:        
Basic (in dollars per share) 13,972,971 13,363,996 13,694,733 13,107,874
Diluted (in dollars per share) 13,972,971 84,464,783 84,277,277 84,464,783
v3.22.2.2
Consolidated Statements of Stockholders’ Equity / Members’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
Previously Reported
Preferred Units
Common Stock
Class A Common Stock
Common Stock
Class V Voting Stock
Additional Paid-in Capital
Accumulated (Deficit) Earnings
Accumulated (Deficit) Earnings
Previously Reported
Treasury Stock
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020     41,102,500 0 0          
Beginning balance at Dec. 31, 2020 $ 99,332   $ 6,660 $ 0 $ 0 $ 352 $ 92,320   $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation 673         673        
Member distributions (51,008)           (50,241)     (767)
Tax receivable agreement 0                  
Net (loss) income 72,763                  
Net income before transaction   $ 44,970           $ 44,970    
Member contribution 229         229        
Warrant units exercised (in shares)     486,852              
Warrant units exercised 5,517         5,517        
Reverse recapitalization (in shares)     (41,589,352) 12,977,690 96,987,093          
Reverse capitalization (58,728)   $ (6,860) $ 1 $ 10 52,219 (252,791)   0 (149,693)
Unit conversion (in shares)       486,852 (486,852)          
Unit conversion 0                  
Net income after transaction 27,793           14,125     13,668
Effects of adopting fair value option 69,435           69,435      
Ending balance (in shares) at Sep. 30, 2021     0 13,464,542 96,500,241          
Ending balance at Sep. 30, 2021 138,413   $ 0 $ 1 $ 10 58,990 (82,182)   0 161,594
Beginning balance (in shares) at Jun. 30, 2021     41,102,500 0 0          
Beginning balance at Jun. 30, 2021 177,339   $ 6,660 $ 0 $ 0 581 170,098   0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Stock-based compensation 673         673        
Member distributions (16,980)           (16,213)     (767)
Net (loss) income 30,392                  
Net income before transaction   $ 2,599           $ 2,599    
Member contribution 200   $ 200              
Warrant units exercised (in shares)     486,852              
Warrant units exercised 5,517         5,517        
Reverse recapitalization (in shares)     (41,589,352) 12,977,690 96,987,093          
Reverse capitalization (58,728)   $ (6,860) $ 1 $ 10 52,219 (252,791)     148,693
Unit conversion (in shares)       486,852 (486,852)          
Unit conversion 0                  
Net income after transaction 27,793           14,125     13,668
Ending balance (in shares) at Sep. 30, 2021     0 13,464,542 96,500,241          
Ending balance at Sep. 30, 2021 138,413   $ 0 $ 1 $ 10 58,990 (82,182)   0 161,594
Beginning balance (in shares) at Dec. 31, 2021     0 13,631,484 96,338,474          
Beginning balance at Dec. 31, 2021 157,878   $ 0 $ 1 $ 10 61,672 (70,723)   0 166,918
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of Class V shares (in shares)       1,179,374 (1,179,374)          
Exchange of Class V shares 0         1,406 79     (1,485)
Vesting of restricted stock units (in shares)       89,851            
Vesting of restricted stock units 0                  
Issuance of common stock under employee stock purchase plan (in shares)       44,627            
Issuance of common stock under employee stock purchase plan 125         125        
Stock-based compensation 2,391         2,391        
Purchase of treasury stock (in shares)       (703,914)            
Purchase of treasury stock (2,460)               (2,460)  
Member distributions (1,315)                 (1,315)
Tax receivable agreement 292         292        
Net (loss) income 8,539           3,963     4,576
Ending balance (in shares) at Sep. 30, 2022     0 14,241,422 95,159,100          
Ending balance at Sep. 30, 2022 165,450   $ 0 $ 1 $ 10 65,886 (66,681)   (2,460) 168,694
Beginning balance (in shares) at Jun. 30, 2022     0 13,632,260 95,729,696          
Beginning balance at Jun. 30, 2022 165,498   $ 0 $ 1 $ 10 64,330 (66,164)   (2,153) 169,474
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Exchange of Class V shares (in shares)       570,596 (570,596)          
Exchange of Class V shares 0         484 54     (538)
Vesting of restricted stock units (in shares)       82,201            
Vesting of restricted stock units 0                  
Issuance of common stock under employee stock purchase plan (in shares)       44,627            
Issuance of common stock under employee stock purchase plan 125         125        
Stock-based compensation 762         762        
Purchase of treasury stock (in shares)       (88,262)            
Purchase of treasury stock (307)               (307)  
Member distributions (152)                 (152)
Tax receivable agreement 185         185        
Net (loss) income (661)           (571)     (90)
Ending balance (in shares) at Sep. 30, 2022     0 14,241,422 95,159,100          
Ending balance at Sep. 30, 2022 $ 165,450   $ 0 $ 1 $ 10 $ 65,886 $ (66,681)   $ (2,460) $ 168,694
v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ 8,539 $ 72,763
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of finance receivables 162,280 52,635
Provisions for credit losses on finance receivables 2,043 181
Depreciation and amortization 10,056 7,289
Debt issuance cost amortization 1,626 1,735
Profit interest and stock-based compensation expense 2,391 1,172
Amortization of operating lease, net 8 0
Loss on disposition of equipment 2 5
Deferred income taxes 1,475 445
Change in tax receivable agreement liability 625 7
Change in fair value of warrant units 0 4,208
Change in fair value of warrant liabilities (7,024) (13,139)
Gain on forgiveness of Paycheck Protection Program loan 0 (6,444)
Changes in assets and liabilities:    
Accrued interest and fees receivable (4,637) (1,346)
Other assets 1,131 (4,230)
Accounts payable 580 954
Accrued expenses (6,832) 3,855
Net cash provided by operating activities 172,263 120,090
Cash flows from investing activities:    
Finance receivables originated and acquired (556,441) (402,835)
Finance receivables repayments and recoveries 323,146 303,419
Purchases of equipment and capitalized technology (10,150) (10,563)
Net cash used in investing activities (243,445) (109,979)
Cash flows from financing activities:    
Member distributions (1,315) (51,008)
Member contributions 0 200
Payments to Opportunity Financial, LLC unit holders 0 (91,646)
Cash received in reverse capitalization 0 91,857
Payment of capitalized transaction costs 0 (21,591)
Net (payments) advances of secured borrowing payable (20,685) 3,767
Net advances of senior debt 86,464 75,443
Payment of note payable (735) 0
Payment of subordinated debt - related party 0 (4,000)
Payment for debt issuance costs (2,105) (1,988)
Proceeds from employee stock purchase plan 125 0
Repurchases of common stock (2,460) 0
Net cash provided by financing activities 59,289 1,034
Net (decrease) increase in cash and restricted cash (11,893) 11,145
Cash and restricted cash    
Beginning 62,362 45,657
Ending 50,469 56,802
Supplemental disclosure of cash flow information:    
Interest paid on borrowed funds 22,296 16,046
Income taxes paid 337 0
Supplemental disclosure of non-cash activities:    
Non-cash change from adopting the fair value option on finance receivables 0 69,435
Increase in additional paid-in capital as a result of tax receivable agreement 292 0
Operating lease right of use asset recognized from adoption of ASU 2016-02 15,459 0
Operating lease liability recognized from adoption of ASU 2016-02 17,972 0
Non-cash investing and financing activities:    
Prepaid insurance financed with promissory notes 3,243 0
Warrant liabilities recognized in the reverse recapitalization 0 37,645
Additional paid-in capital recognized in the reverse capitalization 0 78,468
Conversion of warrant unit liability to additional paid-in capital 0 5,517
Forgiveness of Paycheck Protection Program loan $ 0 $ 6,444
v3.22.2.2
Organization and Nature of Operations
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of Operations Organization and Nature of Operations
OppFi Inc. (“OppFi”), formerly FG New America Acquisition Corp. (“FGNA”), collectively with its consolidated subsidiaries (“Company”), is a leading mission-driven financial technology platform that powers banks to offer accessible lending products to everyday consumers through its proprietary technology and artificial intelligence and a top-rated experience. OppFi’s platform facilitates credit access products primarily through its installment loan product, OppLoans. OppFi’s credit access products also include its payroll deduction secured installment loan product, SalaryTap, and credit card product, OppFi Card.

On July 20, 2021 (“Closing Date”), the Company completed a business combination pursuant to the Business Combination Agreement (“Business Combination Agreement”), dated as of February 9, 2021, by and among Opportunity Financial, LLC (“OppFi-LLC”), a Delaware limited liability company, OppFi Shares, LLC (“OFS”), a Delaware limited liability company, and Todd Schwartz (“Members’ Representative”), in his capacity as the representative of the members of OppFi-LLC (“Members”) immediately prior to the closing (“Closing”). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.” At the Closing, FGNA changed its name to “OppFi Inc.” OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”) and redeemable warrants exercisable for Class A Common Stock (“Public Warrants”) are listed on the New York Stock Exchange (“NYSE”) under the symbols “OPFI” and “OPFI WS,” respectively.

Following the Closing, the Company is organized in an “Up-C” structure in which substantially all of the assets and the business of the Company are held by OppFi-LLC and its subsidiaries, and OppFi’s only direct assets consist of Class A common units of OppFi-LLC (“OppFi Units”). As of September 30, 2022, OppFi owned approximately 13.0% of the OppFi Units and controls OppFi-LLC as the sole manager of OppFi-LLC in accordance with the terms of the Third Amended and Restated Limited Liability Company Agreement of OppFi-LLC (“OppFi A&R LLCA”). All remaining OppFi Units (“Retained OppFi Units”) are beneficially owned by the Members. OFS holds a controlling voting interest in OppFi through its ownership of shares of Class V common stock, par value $0.0001 per share, of OppFi (“Class V Voting Stock”) in an amount equal to the number of Retained OppFi Units and therefore has the ability to control OppFi-LLC.
v3.22.2.2
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations.

These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2021 included in the Company's Annual Report on Form 10-K ("Annual Report"), as amended, for the year ended December 31, 2021, filed with the SEC on March 11, 2022. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2022.

The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its wholly-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when it has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. All intercompany transactions and balances have been eliminated in consolidation.

On April 15, 2022, OppFi-LLC entered into agreements with Midtown Madison Management LLC, an unrelated third party, and Gray Rock SPV LLC, an entity formed by third-party investors for the purpose of purchasing participation interests in receivables from Gray Rock Finance LLC. Under the terms of the agreements, OppFi-LLC serves as the servicer of these financial assets. As the servicer, OppFi-LLC is subject to various financial covenants, such as minimum tangible net worth, liquidity and debt-to-equity ratio. OppFi-LLC also entered into a total return swap transaction with Midtown Madison Management LLC, providing credit protection related to a reference pool of consumer receivables financed by Midtown Madison Management LLC. While Gray Rock SPV LLC is not owned by OppFi-LLC, Gray Rock SPV LLC was determined to be a VIE and OppFi-LLC is considered the primary beneficiary based on its power to direct activities through its role as a servicer and its obligations to absorb losses and right to receive benefits.

Segments: Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing
performance. OppFi’s Chief Executive Officer is considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.

Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, including those impacted by COVID-19, that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

The judgements, assumptions, and estimates used by management are based on historical experience, management’s experience and qualitative factors. The areas subject to significant estimation techniques are the determination of fair value of installment finance receivables and warrants, the adequacy of the allowance for credit losses on finance receivables, operating lease right of use asset, operating lease liability, valuation allowance of deferred tax assets, stock-based compensation expense and income tax provision. For the aforementioned estimates, it is reasonably possible the recorded amounts or related disclosures could significantly change in the near future as new information is available.

Accounting Policies: There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncement subsequently adopted as noted below and the accounting for earnings per share as noted below and in Note 17.

Reclassifications: Certain reclassification of prior period amounts have been made to conform to the current period presentations. These reclassifications had no effect on the reported results of operations.

Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain banks insured by the FDIC. As part of these bank partnership arrangements, the banks have the ability to retain a percentage of the finance receivables they have originated, and OppFi-LLC’s participation rights are reduced by the percentage of the finance receivables retained by the banks. For the nine months ended September 30, 2022 and 2021, finance receivables originated through the bank partnership arrangements totaled 94% and 88%, respectively. As of September 30, 2022 and December 31, 2021, the unpaid principal balance of finance receivables outstanding for purchase was $9.7 million and $9.5 million, respectively.

Troubled debt restructurings: As the terms of the receivables are typically not renegotiated and settlement offers are not typically made until after a receivable stops accruing interest income (up to 60 days delinquent), the only receivables considered to be impaired, or troubled debt restructurings, are: 1) those receivables where a settlement offer is made after receivables cease accruing interest, which may result in a modification of contractual terms, 2) the Company has received notification that a borrower is working with a third party to settle debt on his/her behalf and 3) customers who have entered into the Company’s short-term or long-term hardship programs. As of September 30, 2022 and December 31, 2021, management determined the balance of troubled debt restructuring receivables to be immaterial to the consolidated financial statements as a whole. As such, substantially all disclosures relating to impaired finance receivables, and troubled debt restructuring, have been omitted from these consolidated financial statements.

Capitalized technology: The Company capitalized software costs associated with application development totaling $3.1 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.9 million and $9.9 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense, which is included in depreciation and amortization on the consolidated statements of operations, totaled $3.3 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $9.4 million and $6.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Treasury stock: The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity on the consolidated balance sheets. The Company accounts for the reissuance of treasury stock on the first-in, first out (“FIFO”) method.

Earnout Units: In connection with the Closing, 25,500,000 Retained OppFi Units (“Earnout Units”) held by the Members, and an equal number of shares of Class V Voting Stock distributed to OFS in connection with the Business Combination, are subject to certain restrictions and potential forfeiture pending the achievement (if any) of certain earnout targets pursuant to the terms of the Business Combination Agreement. But for restrictions related to a lock-up (transfer restrictions) and forfeiture (earnout criteria), as such restrictions are more specifically set forth in the Investor Rights Agreement entered into at the Closing, by and among the Company, certain founder holders of FGNA, the Members, the Members’ Representative and certain other parties thereto and/or the OppFi A&R LLCA, as applicable, the Earnout Units have all other economic and voting rights of the other units of OppFi-LLC. With respect to transfers, the Earnout Units are subject to a lock-up until the later of the end of the lock-up period applicable to other OppFi Units or until such Earnout Units are earned in accordance with the Business Combination Agreement. With respect to distributions (other than tax distributions, which in respect of such Earnout Units are treated the same as any other OppFi Unit in accordance with the OppFi A&R LLCA) in relation to the Earnout Units,
such distributions (other than tax distributions) are held back until the Earnout Units are earned. If an Earnout Unit is not earned, and therefore forfeited, related distributions are distributed to the other holders of units at such time. Earnout Units are earned as follows:

1) if, on or any time prior to the third (3rd) anniversary of the Closing Date, the volume weighted average price (“VWAP”) equals or exceeds twelve dollars ($12.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event;

2) if, on or any time prior to the third (3rd) year anniversary of the Closing Date, the VWAP equals or exceeds thirteen dollars ($13.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event;

3) if, on or any time prior to the third (3rd) anniversary of the Closing Date, the VWAP equals or exceeds fourteen dollars ($14.00) per share for twenty (20) trading days of any thirty (30) consecutive trading day period following the Closing, thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event; and

4) if a definitive agreement with respect to a change of control as defined in the Business Combination Agreement (“Change of Control”) is entered into on or prior to the third (3rd) anniversary of the Closing Date, then, effective as of immediately prior to closing of such Change of Control, (A) thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds twelve dollars ($12.00), (B) an additional thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds thirteen dollars ($13.00), and (C) an additional thirty three and one third percent (33.3%) of each of the earnout voting shares and the Earnout Units shall be earned and no longer subject to each such event if the price per share payable to the holders of Class A common stock in connection with such Change of Control is equal to or exceeds fourteen dollars ($14.00).

Earnout Units are classified as equity transactions at initial issuance and at settlement when earned. Until the shares are issued and earned, the Earnout Units are not included in shares outstanding. The Earnout Units are not considered stock-based compensation.

Earnings per share: Basic earnings per share available to common stockholders is calculated by dividing the net income attributable to OppFi by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share available to common stockholders is computed using the more dilutive of a) the treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, or b) the if-converted method, which gives effect to both the potentially dilutive common stock equivalents outstanding during the period as well as an assumed full exchange of Units of OppFi-LLC into Class A common shares of OppFi as of the beginning of the period. The if-converted method would also give effect to conversion of the Earnout Units in periods they would be deemed to vest. For the if-converted method, earnings is also adjusted to reflect all income of OppFi-LLC inuring to the benefit of OppFi and taxed accordingly. In periods in which the Company reports a net loss available attributable to OppFi, diluted earnings per share available to common stockholders would be the same as basic earnings per share available to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 87.0% and 87.6% of the economic ownership percentage of OppFi-LLC as of September 30, 2022 and December 31, 2021, respectively. In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to OppFi and the noncontrolling ownership interests separately in the consolidated statements of operations.

Emerging growth company: The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). The Company is permitted to delay the adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements apply to private companies. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Accounting pronouncements issued and adopted: In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) and issued certain transitional guidance and subsequent amendments between January 2018 and February 2020 (collectively, “Topic 842”). Under Topic 842, lessees are required to recognize lease assets and lease liabilities on the consolidated balance sheets for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. Per ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, issued June 2020, Topic 842, as amended, is effective for private companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As permitted for emerging growth companies, the Company adopted Topic 842 under the private company transition guidance, which was effective for the Company beginning on January 1, 2022. The Company utilized the effective date method, whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company has elected the package of practical expedients permitted under the transition guidance which, among other things, permits companies to not reassess prior conclusions on lease identification, lease classification, and initial direct costs. The Company also elected the practical expedient which permits the Company to combine lease and non-lease components and to exclude short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets. The adoption of Topic 842, as amended, resulted in the Company recording a right-of-use asset and lease liability related to the Company’s operating lease of its corporate headquarters totaling approximately $15.5 million and $18.0 million, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. A decrease to deferred rent totaling approximately $2.5 million, which was previously included in accrued expenses on the consolidated balance sheet, was reclassified as an offset to the right-of-use asset upon adoption of Topic 842. The adoption of the standard did not materially affect the Company's consolidated statements of operations or cash flows.

Accounting pronouncements issued and not yet adopted: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU No. 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The purpose of ASU No. 2021-01 is to expand guidance on contract modifications and hedge accounting. The amendments and expedients in these updates are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The Company is currently evaluating the impact of ASU No. 2020-04 and 2021-01 on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of ASU No. 2022-02 is to provide guidance on troubled debt restructuring accounting model for creditors that have adopted Topic 326. Additionally, the guidance expands on vintage disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within the annual reporting period. The Company is currently evaluating the impact of ASU No. 2022-02 on the Company’s consolidated financial statements.
v3.22.2.2
Finance Receivables
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Finance Receivables Finance Receivables
Finance receivables at fair value: The components of installment finance receivables at fair value as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

September 30, 2022December 31, 2021
Unpaid principal balance of finance receivables - accrual$368,775 $307,059 
Unpaid principal balance of finance receivables - non-accrual33,796 25,185 
Unpaid principal balance of finance receivables$402,571 $332,244 
Finance receivables at fair value - accrual$437,573 $369,576 
Finance receivables at fair value - non-accrual5,206 3,677 
Finance receivables at fair value, excluding accrued interest and fees receivable442,779 373,253 
Accrued interest and fees receivable15,286 10,637 
Finance receivables at fair value$458,065 $383,890 
Difference between unpaid principal balance and fair value$40,208 $41,009 

The Company’s policy is to discontinue and reverse the accrual of interest income on installment finances receivables at the earlier of 60 days past due on a recency basis or 90 days past due on a contractual basis. As of September 30, 2022, the
aggregate unpaid principal balance and fair value of installment finance receivables 90 days or more past due was $14.0 million and $2.2 million, respectively. As of December 31, 2021, the aggregate unpaid principal balance and fair value of installment finance receivables 90 days or more past due was $10.5 million and $1.5 million, respectively.

Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Balance at the beginning of the period$450,703 $296,381 $383,890 $289,166 
Originations of principal185,092 155,055 550,483 401,373 
Repayments of principal and recoveries(109,519)(98,202)(318,677)(303,305)
Accrued interest and fees receivable2,390 (180)4,649 1,332 
Charge-offs, net (1)(67,709)(24,891)(161,479)(62,046)
Adjustment to fair value— — — (1,817)
Net change in fair value (1)(2,892)5,951 (801)9,411 
Balance at the end of the period$458,065 $334,114 $458,065 $334,114 
(1) Included in "Change in fair value of finance receivables" in the consolidated statements of operations.

Finance receivables at amortized cost, net: The components of finance receivables carried at amortized cost as of September 30, 2022 and December 31, 2021 were as follows (in thousands):

September 30, 2022December 31, 2021
Finance receivables$5,159 $5,285 
Accrued interest and fees12 24 
Unearned annual fee income(81)(286)
Allowance for credit losses(1,232)(803)
Finance receivables at amortized cost, net$3,858 $4,220 

Changes in the allowance for credit losses on finance receivables for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning balance $1,045 $11 $803 $55,031 
Effects of adopting fair value option— — — (55,031)
Provisions for credit losses on finance receivables1,017 143 2,043 181 
Finance receivables charged off(831)(8)(1,615)(35)
Recoveries of charge-offs1 — 1 — 
Ending balance$1,232 $146 $1,232 $146 
The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency and contractual delinquency of the finance receivable portfolio as of September 30, 2022 and December 31, 2021 (in thousands):

September 30, 2022December 31, 2021
Recency delinquencyContractual delinquencyRecency delinquencyContractual delinquency
Current$3,518 $3,399 $5,016 $4,993 
Delinquency
30-59 days290 302 152 171 
60-89 days227 285 102 104 
90+ days1,124 1,173 15 17 
Total delinquency1,641 1,760 269 292 
Finance receivables$5,159 $5,159 $5,285 $5,285 
In accordance with the Company’s income recognition policy, finance receivables in non-accrual status as of September 30, 2022 and December 31, 2021 were $1.4 million and $0.1 million, respectively.
v3.22.2.2
Property, Equipment and Software, Net
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software consisted of the following (in thousands):
September 30, 2022December 31, 2021
Capitalized technology$44,460 $34,586 
Furniture, fixtures and equipment4,062 3,792 
Leasehold improvements979 979 
Total property, equipment and software49,501 39,357 
Less accumulated depreciation and amortization(34,766)(24,714)
Property, equipment and software, net$14,735 $14,643 
Depreciation and amortization expense for the three months ended September 30, 2022 and 2021 was $3.5 million and $2.7 million, respectively, and for the nine months ended September 30, 2022 and 2021 was $10.1 million and $7.3 million, respectively.
v3.22.2.2
Accrued Expenses
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following (in thousands):
September 30, 2022December 31, 2021
Accrued payroll and benefits$8,080 $11,779 
Accrual for services rendered and goods purchased7,285 10,631 
Deferred rent— 2,513 
Other4,797 4,672 
Total$20,162 $29,595 
v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
The Company leases its office facilities under a non-cancelable operating lease agreement with an unrelated party through September 2030. Operating leases are included in "Operating lease right of use asset" and "Operating lease liability" in the consolidated balance sheets.

Operating lease cost, which is included in occupancy expense in the consolidated statements of operations, totaled $1.1 million and $3.2 million, of which $0.5 million and $1.5 million was related to variable lease payments, for the three and nine months ended September 30, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities totaled $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively.
Future minimum lease payments as of September 30, 2022 are as follows (in thousands):

Year Amount
Remainder of 2022$579 
20232,339 
20242,410 
20252,482 
20262,557 
20272,633 
Thereafter7,650 
Total lease payments20,650 
Less: imputed interest(3,720)
Operating lease liability$16,930 

The weighted average remaining lease term and discount rate as of September 30, 2022 are as follows:

Weighted average remaining lease term (in years)8.0
Weighted average discount rate5 %

Supplemental cash flow information related to the lease for the three and nine months ended September 30, 2022 are as follows (in thousands):

Three Months Ended
September 30, 2022		Nine Months Ended
September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$568 $1,692 

Disclosures under ASC 840, Leases

Rent expense, which is included in occupancy expense in the consolidated statements of operations, totaled $1.0 million and $2.7 million for the three and nine months ended September 30, 2021, respectively.

Future minimum lease payments as of December 31, 2021 were as follows (in thousands):

Year Amount
2022$2,271 
20232,339 
20242,410 
20252,482 
20262,557 
Thereafter10,283 
Total$22,342 
v3.22.2.2
Borrowings
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following is a summary of the Company’s outstanding borrowings as of September 30, 2022 and December 31, 2021, including borrowing capacity as of September 30, 2022 (in thousands):
PurposeBorrowerBorrowing CapacitySeptember 30, 2022December 31, 2021
Interest Rate as of September 30, 2022
Maturity Date
Secured borrowing payableOpportunity Funding SPE II, LLC$1,758 $1,758 $22,443 15.00%—(1)
Senior debt
Revolving line of creditOpportunity Funding SPE III, LLC$175,000 $127,159 $119,000 
LIBOR plus 6.00%
January 2024
Revolving line of creditOpportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A)75,000 37,500 45,900 
SOFR plus 7.36%
June 2025
Revolving line of creditOpportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B)125,000 84,750 — 
SOFR plus 6.75%
June 2025
Revolving line of creditOpportunity Funding SPE VI, LLC— — 30,600 
LIBOR plus 7.25%
April 2023
Revolving line of creditOpportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC45,000 — 7,500 
SOFR plus 0.11% plus 3.85%
February 2024
Revolving line of creditGray Rock SPV LLC75,000 40,055 — 
SOFR plus 7.25%
April 2025
Total revolving lines of credit495,000 289,464 203,000 
Term loan, netOppFi-LLC50,000 48,905 48,578 
LIBOR plus 10.00%
March 2025
Total senior debt$545,000 $338,369 $251,578 
Financed insurance premiumOppFi-LLC$84 $84 $— 4.59%December 2022
Financed insurance premiumOppFi-LLC2,424 2,424 — 7.07%July 2023
Notes payable$2,508 $2,508 $— 
(1)Maturity date extended indefinitely until borrowing capacity is depleted

Secured borrowing payable: As of September 30, 2022 and December 31, 2021, $165.0 million and $148.9 million, respectively, of finance receivables have been purchased with an active secured borrowing balance of $1.8 million and $22.4 million, respectively.

Interest expense related to secured borrowings was $0.1 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $0.2 million in debt issuance costs related to secured borrowings. There were no amortized debt issuance costs related to secured borrowings for the three and nine months ended September 30, 2022. Amortized debt issuance costs related to secured borrowings were $4 thousand and $29 thousand, respectively, for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, there were no unamortized debt issuance costs related to secured borrowings.

Senior debt:

Corporate credit agreement

On March 23, 2021, the borrowings under this revolving credit agreement were paid in full. Subsequent to repayment, OppFi-LLC terminated the revolving credit agreement. Interest expense related to the revolving credit agreement totaled $35 thousand for the nine months ended September 30, 2021. Additionally, the Company has capitalized $0.3 million in debt issuance costs
in connection with this facility. For the nine months ended September 30, 2021, amortized debt issuance costs were $21 thousand.

Revolving line of credit - Opportunity Funding SPE III, LLC

Interest expense related to this facility was $2.8 million and $1.9 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $5.1 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $2.1 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.5 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with the facility was $0.2 million and $0.8 million, respectively.

Revolving line of credit - Opportunity Funding SPE V, LLC and Opportunity Funding SPE VII, LLC

On June 14, 2022, this revolving credit agreement was amended to, among other things, increase the size of the facility from $75 million to $200 million and extend the revolving period for an additional three years to June 14, 2025. Under the amendment, this revolving credit agreement was bifurcated into two tranches: Tranche A, in amount of $75 million, and Tranche B, in an amount of $125 million. The amendment also replaced the use of Adjusted LIBOR Rate with Term Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate for Tranche B.

Interest expense related to this facility was $2.9 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $5.5 million and $2.5 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $1.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $1.4 million and $0.4 million, respectively.

Revolving line of credit - Opportunity Funding SPE VI, LLC

On June 22, 2022, the borrowings under this revolving line of credit agreement were paid in full. Subsequent to repayment, OppFi-LLC terminated the revolving credit agreement.

Interest expense related to this facility was $0.6 million for the three months ended September 30, 2021. Interest expense related to this facility were $1.6 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $0.9 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million for the three months ended September 30, 2021. Amortized debt issuance costs associated with this facility were $0.1 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was no unamortized debt issuance costs associated with this facility. As of December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $0.1 million.

Revolving line of credit - Opportunity Funding SPE IV, LLC and SalaryTap Funding SPE, LLC

On March 31, 2022, this revolving credit agreement was amended to bear interest in accordance with the SOFR at a per annum rate equal to the applicable SOFR rate plus a credit spread adjustment of 0.11% plus 3.85%.

Interest expense related to this facility was $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.3 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $1.1 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.2 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, the remaining balance of unamortized debt issuance costs associated with this facility was $0.3 million and $0.3 million, respectively.

Revolving line of credit - Gray Rock SPV LLC

On April 15, 2022, Gray Rock SPV LLC entered into a revolving line of credit agreement that provides maximum borrowings of $75 million. Interest is payable monthly. Borrowings are secured by the assets of Gray Rock SPV LLC. The revolving line of credit agreement contains a financial covenant restricting dividend payments.
For the three and nine months ended September 30, 2022, interest expense related to this facility totaled $1.0 million and $1.5 million, respectively. Additionally, the Company has capitalized $0.5 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.1 million and $0.1 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, the remaining balance of unamortized debt issuance costs associated with this facility was $0.4 million.

Term loan, net

As of September 30, 2022 and December 31, 2021, the outstanding balance of $50.0 million was net of unamortized debt issuance costs of $1.1 million and $1.4 million, respectively.

Interest expense related to this facility was $1.6 million and $1.5 million for the three months ended September 30, 2022 and 2021, respectively, and $4.6 million and $3.7 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, the Company has capitalized $2.3 million in debt issuance costs in connection with this facility. Amortized debt issuance costs associated with this facility were $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.4 million and $0.3 million for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022, required payments for the term loan for each of the next five years are as follows (in thousands):

YearAmount
Remainder of 2022$— 
2023— 
2024— 
202550,000 
2026— 
Total$50,000 

Notes payable: In March 2022, OppFi entered into a financing agreement for the financing of insurance premiums totaling $0.3 million payable in ten monthly installments of $28 thousand through December 23, 2022. Interest expense related to this note payable was $2 thousand and $4 thousand for the three and nine months ended September 30, 2022, respectively.

In August 2022, OppFi entered into a financing agreement for the financing of insurance premiums totaling $2.9 million payable in eleven monthly installments of $0.3 million through July 15, 2023. Interest expense related to this note payable was $13 thousand for the three and nine months ended September 30, 2022.

Subordinated debt - related party: On March 30, 2021, the borrowings under this unsecured line of credit agreement were paid in full. Interest expense related to this related party transaction was $0.1 million for the nine months ended September 30, 2021.
v3.22.2.2
Warrant Liabilities
 9 Months Ended
Sep. 30, 2022
Warrants and Rights Note Disclosure [Abstract]  
Warrant Liabilities Warrant LiabilitiesAs of September 30, 2022, there were 11,887,500 Public Warrants and 3,451,937 Private Placement Warrants outstanding. As of September 30, 2022 and December 31, 2021, the Company recorded warrant liabilities of $4.2 million and $11.2 million, respectively, in the consolidated balance sheets. The change in fair value of the Public Warrants and Private Placement Warrants was $0.9 million and $0.4 million, respectively, for the three months ended September 30, 2022 and was $5.2 million and $1.8 million, respectively, for the nine months ended September 30, 2022. The change in fair value of the Public Warrants and Private Placement Warrants was $9.0 million and $4.1 million, respectively, for the three and nine months ended September 30, 2021.
v3.22.2.2
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders’ Equity Stockholders’ EquityShare repurchase: On January 6, 2022, OppFi announced that its Board of Directors (“Board”) had authorized a program to repurchase (“Repurchase Program”) up to $20.0 million in the aggregate of shares of Class A Common Stock. Repurchases under the Repurchase Program may be made from time to time, on the open market, in privately negotiated transactions, or by other methods, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. The timing and amount of the repurchases will depend on market conditions and other requirements. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and the Repurchase Program may be extended,
modified, suspended, or discontinued at any time. For each share of Class A Common Stock that the Company repurchases under the Repurchase Program, OppFi-LLC will redeem one Class A common unit of OppFi-LLC held by OppFi, decreasing the percentage ownership of OppFi-LLC by OppFi and relatively increasing the ownership by the Members. The Repurchase Program will expire in December 2023.

During the three months ended September 30, 2022, OppFi repurchased 88,262 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2022, at an average purchase price of $3.46 per share for an aggregate purchase price of $0.3 million. During the nine months ended September 30, 2022, OppFi repurchased 703,914 shares of Class A Common Stock, which were held as treasury stock as of September 30, 2022, at an average purchase price of $3.47 per share for an aggregate purchase price of $2.4 million. As of September 30, 2022, $17.6 million of the repurchase authorization under the Repurchase Program remained available.
v3.22.2.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
On July 20, 2021, OppFi established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. As of September 30, 2022, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan (including from outstanding awards) was 11,772,630 shares. As of September 30, 2022, OppFi had only granted awards in the form of options, restricted stock units, and performance stock units.

Stock options:

A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is as follows:

Number of Common Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2021
3,375,000$15.23 —$— 
   Granted553,7943.94 —— 
   Exercised—— —— 
   Forfeited(1,949,822)14.29 —— 
Outstanding as of September 30, 2022
1,978,972$12.99 8.8$— 
Exercisable as of September 30, 2022
1,075,000$15.23 8.8$— 

For the three and nine months ended September 30, 2022, the Company recognized negative stock-based compensation expense of $0.1 million and $0.1 million, respectively, due to forfeitures. As of September 30, 2022 and December 31, 2021, the Company had unrecognized stock-based compensation related to unvested stock options of $1.9 million and $6.1 million, respectively, that is expected to be recognized over an estimated weighted average period of approximately 3.0 years and 3.5 years, respectively. The weighted average grant date fair value of stock options granted during the nine months ended September 30, 2022 was $1.96.

The fair value of each option grant during the nine months ended September 30, 2022 was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:

Volatility60.00 %-65.00 %
Risk-free rate
1.71%
-
3.02%
Expected term (years)
6.1 years
Dividend yield0.00 %
Restricted stock units:

A summary of the Company’s restricted stock unit (“RSU”) activity for the nine months ended September 30, 2022 is as follows:

SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period1,818,530$7.58 
Granted1,913,0433.40 
Vested(410,962)6.83 
Forfeited(1,197,275)5.24 
Unvested - end of period2,123,336$4.55 

For the three and nine months ended September 30, 2022, the Company recognized stock-based compensation of $0.3 million and $1.4 million related to RSUs, respectively. As of September 30, 2022 and December 31, 2021, total unrecognized compensation expense related to RSUs was $9.0 million and $12.2 million, respectively, which will be recognized over a weighted average vesting period of approximately 3.3 years and 3.6 years, respectively.

Performance stock units:

A summary of the Company’s performance stock unit (“PSU”) activity for the nine months ended September 30, 2022 is as follows:

SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period78,907$7.69 
Granted425,2643.81 
Vested—— 
Forfeited(55,451)7.69 
Unvested - end of period448,720$4.01 

For the three and nine months ended September 30, 2022, the Company recognized stock-based compensation of $0.3 million and $0.4 million related to PSUs, respectively. As of September 30, 2022 and December 31, 2021, total unrecognized compensation expense related to PSUs was $1.4 million and $0.5 million, respectively, which will be recognized over a weighted average vesting period of approximately 3.6 years and 3.8 years, respectively.

Employee Stock Purchase Plan: On July 20, 2021, the Company established the OppFi Inc. 2021 Employee Stock Purchase Plan (“ESPP”). The ESPP permits eligible employees to contribute up to 10% of their compensation, not to exceed the IRS allowable limit, to purchase shares of Class A Common Stock during six month offerings. Eligible employees will purchase the shares at a price per share equal to the lesser of 85% of the fair market value of the Class A Common Stock on the first trading day of the offering period or the last trading day of the offering period. The offering periods begin each January 1 and July 1, with the initial offering period beginning on January 1, 2022. As of September 30, 2022, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP was 1,200,000 and consists of authorized but unissued or reacquired shares of Class A Common Stock. The maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP shall be cumulatively increased on each January 1, through and including January 1, 2030, by a number of shares equal to the smallest of (a) one percent of the number of shares of Class A Common Stock issued and outstanding on the immediately preceding December 31, (b) 2,400,000 shares, or (c) an amount determined by the Board. As of September 30, 2022, there were 44,627 shares of Class A Common Stock purchased under the ESPP. As of December 31, 2021, no shares of Class A Common Stock had been purchased under the ESPP.

ESPP employee payroll contributions accrued as of September 30, 2022 were $0.1 million and are included within accrued expenses on the consolidated balance sheets. Payroll contributions accrued as of September 30, 2022 will be used to purchase shares at the end of the ESPP offering period ending on December 31, 2022. Payroll contributions ultimately used to purchase
shares are reclassified to stockholders’ equity on the purchase date. During the three and nine months ended September 30, 2022, the Company recognized ESPP compensation expense of $30 thousand and $63 thousand, respectively.

Profit unit interests: Prior to the Business Combination, OppFi-LLC issued profit unit interests, which were recapitalized as OppFi Units in connection with the adoption by the Members in accordance with the terms of the OppFi A&R LLCA immediately prior to the Closing.

Total profit interest compensation expense for the three and nine months ended September 30, 2021 was $0.2 million and $0.2 million, respectively.

The compensation expense accounted for all vested units based on the following assumptions:

Expected term3 years
Volatility68.0 %
Discount for lack of marketability45.0 %
Risk free rate0.2 %

A summary of the Company’s profit unit interests activity for the nine months ended September 30, 2021 is as follows:

Avg Fair Value
Unitsat Grant Date
Outstanding at December 31, 202012,202,135$0.08 
Granted—— 
Forfeited(54,800)0.08 
Outstanding at March 31, 202112,147,3350.08 
Granted—— 
Forfeited—— 
Outstanding at June 30, 202112,147,3350.08 
Granted—— 
Forfeited(536,278)0.10 
Exchange in reverse recapitalization(11,611,057)0.08 
Outstanding at September 30, 2021—$— 

A summary of the Company’s non-vested units activity for the nine months ended September 30, 2021 is as follows:

Avg Fair Value
Unitsat Grant Date
Non-vested units at December 31, 20204,738,333$0.12 
Granted—— 
Vested(325,835)0.15 
Forfeited(54,800)0.08 
Non-vested units at March 31, 20214,357,6980.12 
Granted—— 
Vested(2,522,476)0.07 
Forfeited—— 
Non-vested units at June 30, 20211,835,2220.20 
Granted—— 
Vested(84,990)0.20 
Forfeited(536,278)0.10 
Exchange in reverse recapitalization(1,213,954)0.22 
Non-vested units at September 30, 2021—$— 
Subsequent to the Business Combination, there was no unrecognized compensation expense related to profit unit interests.
v3.22.2.2
Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended September 30, 2022, OppFi recorded an income tax expense of $1.0 million and reported consolidated income before income taxes of $0.4 million, resulting in a 286% effective income tax rate. For the nine months ended September 30, 2022, OppFi recorded an income tax expense of $1.8 million and reported consolidated income before income taxes of $10.3 million, resulting in a 17.1% effective income tax rate. As OppFi-LLC was classified as a partnership for federal income tax purposes, OppFi-LLC did not record a federal income tax expense for the three and nine months ended September 30, 2021. Because no income tax was recorded prior to the Closing Date, for the three and nine months ended September 30, 2021, OppFi recorded an income tax expense of $0.7 million and reported consolidated income before taxes of $31.1 million and $73.5 million, resulting in an effective tax rate of 2.3% and 1.0%, respectively.

OppFi’s effective income tax rates for the three and nine months ended September 30, 2022 and for the pro forma 2021 differ from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, nondeductible expenses, state income taxes, and discrete tax items. For the three months ended September 30, 2022, Gray Rock SPV LLC’s income was included in the noncontrolling interest adjustment, because its activity was included in income before income taxes, but excluded from taxation at the Company as Gray Rock SPV LLC is not owned by the Company or OppFi-LLC. For the nine months ended September 30, 2022, there were two discrete items recorded, which consist of a $0.5 million adjustment related to a prior period stock compensation during the three months ended March 31, 2022 and a $0.1 million adjustment related to the vesting of RSUs and the calculated tax shortfall during the three months ended September 30, 2022. For the nine months ended September 30, 2022, the impact of these two discrete items increased the effective tax rate by 5.8%. Excluding the aforementioned discrete items, the effective tax rate for the nine months ended September 30, 2022 would have been 11.3%.

OppFi is subject to a 21% federal income tax rate on its activities and its distributive share of income from OppFi-LLC, as well as various state and local income taxes. As of September 30, 2022, OppFi owned 13.0% of the outstanding units of OppFi-LLC and considers appropriate tax accounting only on this portion of OppFi-LLC’s activity. The Company does not have an ownership interest in Gray Rock SPV LLC; as such, there is no tax accounting with regards to this VIE. Additionally, OppFi’s income tax rate varies from the 21% statutory federal income tax rate primarily due to a permanent difference related to the adjustment of the warrant liabilities recorded by OppFi. This fair value adjustment of the warrant liabilities represents a large portion of OppFi’s pre-tax book income or loss and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate.

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States to provide emergency assistance to individuals and businesses affected by the COVID-19 pandemic. For the three and nine months ended September 30, 2022, the impact of the CARES Act was immaterial to the Company’s tax provision. However, under the CARES Act, the Company is deferring the employer portion of payroll tax payments through December 31, 2022.

There were no unrecognized tax benefits as of September 30, 2022 or December 31, 2021, and there were also no amounts accrued for the payment of interest and penalties as of September 30, 2022 or December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
v3.22.2.2
Interest Expense and Amortized Debt Issuance Costs
 9 Months Ended
Sep. 30, 2022
Interest Expense And Amortized Debt Issuance Costs [Abstract]  
Interest Expense and Amortized Debt Issuance Costs Interest Expense and Amortized Debt Issuance Costs
The following table summarizes interest expense and amortized debt issuance costs for the three and nine months ended September 30, 2022 and 2021 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest expense$8,513 $5,842 $22,795 $15,535 
Amortized debt issuance costs582 572 1,626 1,735 
Interest expense and amortized debt issuance costs$9,095 $6,414 $24,421 $17,270 
v3.22.2.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value MeasurementsFair value on a nonrecurring basis: The Company has no assets or liabilities measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.
Fair value measurement on a recurring basis: The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are as follows (in thousands):

Carrying ValueFair Value Measurements
September 30, 2022Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$442,779 $— $— $442,779 
Financial liabilities:
Warrant liability - Public Warrants (2)
2,853 2,853 — — 
Warrant liability - Private Placement Warrants (3)
1,363 — — 1,363 
Carrying ValueFair Value Measurements
December 31, 2021Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$373,253 $— $— $373,253 
Financial liabilities:
Warrant liability - Public Warrants (2)
8,083 8,083 — — 
Warrant liability - Private Placement Warrants (3)
3,157 — — 3,157 
During the three and nine months ended September 30, 2022 and 2021, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements.
(1) The Company primarily estimates the fair value of its installment finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value.
The following table presents quantitative information about the significant unobservable inputs used for the Company’s installment finance receivables fair value measurements as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
Interest rate on finance receivables150.80 %147.60 %
Discount rate25.90 %21.80 %
Servicing cost*5.00 %5.00 %
Remaining life0.59 years0.62 years
Default rate*19.57 %17.70 %
Accrued interest*3.80 %3.20 %
Prepayment rate*21.20 %21.00 %
*Stated as a percentage of finance receivables
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS.
(3) The fair value of the Private Placement Warrants is measured using a Monte Carlo simulation; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3.
The following table presents the significant assumptions used in the simulation at September 30, 2022 and December 31, 2021, the Closing Date:
September 30, 2022December 31, 2021
Input$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate2.98 %2.98 %1.19 %1.50 %
Expected term (years)5.010.04.69.6
Expected volatility60.60 %60.60 %48.40 %48.40 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$0.26 $0.77 $0.74 $1.40 
The following table presents the changes in the fair value of the warrant liability - Private Placement Warrants (in thousands):
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		Total
Fair value as of December 31, 2021$1,879 $1,278 $3,157 
Change in fair value (356)(146)(502)
Fair value as of March 31, 20221,523 1,132 2,655 
Change in fair value(609)(311)(920)
Fair value as of June 30, 2022914 821 1,735 
Change in fair value(254)(118)(372)
Fair value as of September 30, 2022$660 $703 $1,363 

Financial assets and liabilities not measured at fair value: The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands):
Carrying ValueFair Value Measurements
September 30, 2022Level 1Level 2Level 3
Assets:
Cash$14,011 $14,011 $— $— 
Restricted cash36,458 36,458 — — 
Accrued interest and fees receivable15,286 15,286 — — 
Finance receivables at amortized cost, net3,858 — — 3,858 
Liabilities:
Secured borrowing payable1,758 — — 1,758 
Senior debt, net338,369 — — 338,369 
Carrying ValueFair Value Measurements
December 31, 2021Level 1Level 2Level 3
Assets:
Cash$25,064 $25,064 $— $— 
Restricted cash37,298 37,298 — — 
Accrued interest and fees receivable10,637 10,637 — — 
Finance receivables at amortized cost, net4,220 — — 4,220 
Liabilities:
Secured borrowing payable22,443 — — 22,443 
Senior debt, net251,578 — — 251,578 
v3.22.2.2
Commitments, Contingencies and Related Party Transactions
 9 Months Ended
Sep. 30, 2022
Commitments Contingencies And Related Party Transactions [Abstract]  
Commitments, Contingencies and Related Party Transactions Commitments, Contingencies and Related Party Transactions
Legal contingencies: Due to the nature of its business activities, the Company is subject to extensive regulations and legal actions and is currently involved in certain legal proceedings, including class action allegations, and regulatory matters, which arise in the normal course of business. In accordance with applicable accounting guidance, the Company establishes an accrued liability for legal proceedings and regulatory matters when those matters present loss contingencies which are both probable and reasonably estimable.

The Company has received inquiries from certain agencies and states on its lending compliance, the validity of the bank partnership model, and its ability to facilitate the servicing of bank originated loans. Management is confident that its lending practices and the bank partnership structure, in addition to the Company’s technologies, services, and overall relationship with its bank partners, complies with state and federal laws. However, the inquiries are still in process and the outcome is unknown at this time.
The Company is vigorously defending all legal proceedings and regulatory matters. Except as described below, management does not believe that the resolution of any currently pending legal proceedings and regulatory matters will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

On November 18, 2021, the Company entered into a Consent Judgement and Order (“Settlement”) with the Attorney General of the District of Columbia (“District”) to resolve all matters in a dispute related to the action previously filed against the Company by the District (“Action”). The Company denies the allegations in the Action and denies that it has violated any law or engaged in any deceptive or unfair practices. The Action was resolved to avoid the expense of protracted litigation. As part of the Settlement, the Company agreed to, among other things, refrain from certain business activities in the District of Columbia, pay $0.3 million to the District of Columbia and provide refunds totaling $1.5 million to certain District of Columbia consumers. As of December 31, 2021, unpaid refunds due to certain District of Columbia consumers totaled $1.5 million, which is included in accrued expenses on the consolidated balance sheet as of such date. During the nine months ended September 30, 2022, the Company distributed refunds totaling $1.5 million to the District of Columbia consumers and there were no unpaid refunds due as of September 30, 2022.

On March 7, 2022, the Company filed a complaint for declaratory and injunctive relief (“Complaint”) against the Commissioner (in her official capacity) of the Department of Financial Protection and Innovation of the State of California (“Defendant”) in the Superior Court of the State of California, County of Los Angeles, Central Division (“Court”). The Complaint seeks a declaration that the interest rate caps set forth in the California Financing Law, as amended by the Fair Access to Credit Act, a/k/a AB 539 (“CFL”), do not apply to loans that are originated by the Company’s federally-insured state-chartered bank partners and serviced through the Company’s technology and service platform pursuant to a contractual arrangement with each such bank (“Program”). The Complaint further seeks injunctive relief against the Defendant, preventing the Defendant from enforcing interest rate caps under the CFL against the Company based on activities related to the Program. On April 8, 2022, the Defendant filed a cross-complaint against the Company attempting to enforce the CFL against the Company and, among other things, void loans that are originated by the Company’s federally-insured state-chartered bank partners through the Program in California and seek financial penalties against the Company. On May 10, 2022, the Company filed a Demurrer to the cross-complaint of the Defendant. On July 7, 2022, the Defendant filed its opposition to the Company’s Demurrer to the cross-complaint of the Defendant. On September 30, 2022, the Court overruled the Company’s Demurrer to the Defendant’s cross-complaint. The Company intends to continue to aggressively prosecute the claims set forth in the Complaint and vigorously defend itself and its position as the matter proceeds through the court process. The Company believes that the Defendant’s position is without merit as explained in the Company’s initial Complaint.

Related party transactions: OppFi-LLC previously had an unsecured line of credit agreement with Schwartz Capital Group (“SCG”) with a maximum available amount of $4.0 million, which was paid in full on March 30, 2021. Interest expense related to this related party transaction was $0.1 million for the nine months ended September 30, 2021.

In August 2020, OppFi-LLC entered into a Management Fee Agreement (“Management Fee Agreement”) with SCG. Pursuant to the terms of the Management Fee Agreement, SCG provided board and advisory services. Effective upon the Closing, OppFi-LLC terminated the Management Fee Agreement. For the nine months ended September 30, 2021, management fees under the Management Fee Agreement totaled $0.4 million.

Severance agreements: The Company entered into Severance Agreements and General Releases (“Severance Agreements”) with the Company’s former Chief Executive Officer and other key employees. In connection with these Severance Agreements, the Company agreed to, among other things, pay certain severance benefits for one year. Severance expense, which is included in salaries and employee benefits in the consolidated statements of operations, totaled negative $6 thousand due to a true-up adjustment and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $2.0 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.
v3.22.2.2
Concentration of Credit Risk
 9 Months Ended
Sep. 30, 2022
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit RiskFinancial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of finance receivables. As of September 30, 2022, consumers living primarily in Texas and Florida made up approximately 14% and 14%, respectively, of the gross amount of the Company’s portfolio of finance receivables. As of September 30, 2022, there were no other states that made up more than 10% or more of the gross amount of the Company’s portfolio of finance receivables. As of December 31, 2021, consumers living primarily in Florida, Texas and California made up approximately 14%, 14% and 11%, respectively, of the gross amount of the Company’s portfolio of finance receivables. Furthermore, such consumers’ ability to honor their installment contracts may be affected by economic conditions in these areas. The Company is also exposed to a concentration of credit risk inherent in providing alternate financing programs to borrowers who cannot obtain traditional bank financing.
v3.22.2.2
Retirement Plan
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Retirement Plan Retirement PlanThe Company sponsors a 401(k) retirement plan (“401(k) Plan”) for its employees. Full time employees (except certain non-resident aliens) who are age 21 and older are eligible to participate in the 401(k) Plan. The 401(k) Plan participants may elect to contribute a portion of their eligible compensation to the 401(k) Plan. The Company has elected a matching contribution up to 4% on eligible employee compensation. The Company’s contribution, which is included in salaries and employee benefits in the consolidated statements of operations, totaled $0.4 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and $1.2 million and $1.1 million for the nine months ended September 30, 2022 and 2021, respectively.
v3.22.2.2
(Loss) Earnings Per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
(Loss) Earnings Per Share (Loss) Earnings Per Share
Prior to the reverse recapitalization in connection with the Closing (“Reverse Recapitalization”), all net income was attributable to the noncontrolling interest. For the periods prior to July 20, 2021, earnings per share was not calculated because net income prior to the Business Combination was attributable entirely to OppFi-LLC.

The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Numerator:
Net (loss) income attributable to OppFi Inc.$(571)$14,125 $3,963 $14,125 
   Net (loss) income available to Class A common stockholders - Basic(571)14,125 3,963 14,125 
Dilutive effect of warrants on net income to Class A common stockholders— — — — 
Net income attributable to noncontrolling interest— 13,668 4,576 13,668 
Income tax provision— (3,308)(1,105)(3,308)
   Net (loss) income available to Class A common stockholders - Diluted$(571)$24,485 $7,434 $24,485 
Denominator:
Weighted average Class A common stock outstanding - Basic13,972,97113,363,99613,694,73313,107,874
Effect of dilutive securities:
   Stock options————
   Restricted stock units——123,722—
   Performance stock units——11,986—
   Warrants————
   Employee stock purchase plan————
   Units, excluding Earnout Units—71,100,78770,446,83671,356,909
      Dilutive potential common shares—71,100,78770,582,54471,356,909
Weighted average units outstanding - diluted13,972,97184,464,78384,277,27784,464,783
(Loss) earnings per share:
Basic$(0.04)$1.06 $0.29 $1.08 
Diluted$(0.04)$0.29 $0.09 $0.29 
The following table presents securities that have been excluded from the calculation of diluted earnings per share as
their effect would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Public Warrants11,887,500 11,887,500 11,887,500 11,887,500 
Private Unit Warrants231,250 231,250 231,250 231,250 
$11.50 Exercise Price Warrants2,248,750 2,248,750 2,248,750 2,248,750 
$15 Exercise Price Warrants912,500 912,500 912,500 912,500 
Underwriter Warrants59,437 59,437 59,437 59,437 
Stock Options1,978,972 5,600,000 2,178,347 5,600,000 
Restricted stock units2,545,635 — 1,718,129 — 
Performance stock units448,720 — 217,730 — 
Noncontrolling interest - Earnout Units25,500,000 25,500,000 25,500,000 25,500,000 
Noncontrolling interest - OppFi Units69,659,100 — — — 
Potential common stock115,471,864 46,439,437 44,953,643 46,439,437 

Prior Period Financial Statement Revision: The Company has identified adjustments required to correct its previous calculations of diluted earnings per share for the three and nine months ended September 30, 2021. The Company determined that it misapplied the guidance prescribed by FASB ASC 260-10-55-20(b). The misapplication resulted in an overstatement of $0.77 in diluted earnings per share and $0.79 in diluted earnings per share for the three and nine months ended September 30, 2021, respectively.
As a result, the Company assessed the materiality of the revision related to the calculation of diluted earnings per share to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 99, Materiality (“SAB 99”), and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), codified in FASB ASC 250, Accounting Changes and Error Corrections. The Company determined that the impact of the diluted earnings per share errors was not material to the previously issued annual and interim unaudited consolidated financial statements using the guidance of SAB 99 and 108. Accordingly, the revisions to diluted earnings per share have been reflected in the prior comparative amounts presented in the September 30, 2022 interim financial statements. The revisions had no impact on the Company’s net income or stockholders' equity.
v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and identified the following event that required disclosure.

Leases: On October 10, 2022, the Company entered into a sublease of approximately 10,481 square feet of its office space in Chicago, Illinois. The sublease will expire on August 31, 2025, the date on which the underlying lease agreement will terminate. The Company will receive approximately $0.9 million of base rent payments over the sublease term.
v3.22.2.2
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations.
Consolidation
These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2021 included in the Company's Annual Report on Form 10-K ("Annual Report"), as amended, for the year ended December 31, 2021, filed with the SEC on March 11, 2022. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2022.

The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its wholly-owned subsidiaries and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. The Company is considered to be the primary beneficiary of a VIE when it has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. All intercompany transactions and balances have been eliminated in consolidation.
Segments Segments: Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. OppFi’s Chief Executive Officer is considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.
Use of estimates
Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, including those impacted by COVID-19, that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

The judgements, assumptions, and estimates used by management are based on historical experience, management’s experience and qualitative factors. The areas subject to significant estimation techniques are the determination of fair value of installment finance receivables and warrants, the adequacy of the allowance for credit losses on finance receivables, operating lease right of use asset, operating lease liability, valuation allowance of deferred tax assets, stock-based compensation expense and income tax provision. For the aforementioned estimates, it is reasonably possible the recorded amounts or related disclosures could significantly change in the near future as new information is available.
Reclassifications Reclassifications: Certain reclassification of prior period amounts have been made to conform to the current period presentations. These reclassifications had no effect on the reported results of operations.
Participation rights purchase obligation Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain banks insured by the FDIC. As part of these bank partnership arrangements, the banks have the ability to retain a percentage of the finance receivables they have originated, and OppFi-LLC’s participation rights are reduced by the percentage of the finance receivables retained by the banks. For the nine months ended September 30, 2022 and 2021, finance receivables originated through the bank partnership arrangements totaled 94% and 88%, respectively. As of September 30, 2022 and December 31, 2021, the unpaid principal balance of finance receivables outstanding for purchase was $9.7 million and $9.5 million, respectively.
Troubled debt restructurings Troubled debt restructurings: As the terms of the receivables are typically not renegotiated and settlement offers are not typically made until after a receivable stops accruing interest income (up to 60 days delinquent), the only receivables considered to be impaired, or troubled debt restructurings, are: 1) those receivables where a settlement offer is made after receivables cease accruing interest, which may result in a modification of contractual terms, 2) the Company has received notification that a borrower is working with a third party to settle debt on his/her behalf and 3) customers who have entered into the Company’s short-term or long-term hardship programs. As of September 30, 2022 and December 31, 2021, management determined the balance of troubled debt restructuring receivables to be immaterial to the consolidated financial statements as a whole. As such, substantially all disclosures relating to impaired finance receivables, and troubled debt restructuring, have been omitted from these consolidated financial statements.
Capitalized technology Capitalized technology: The Company capitalized software costs associated with application development totaling $3.1 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.9 million and $9.9 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense, which is included in depreciation and amortization on the consolidated statements of operations, totaled $3.3 million and $2.5 million for the three months ended September 30, 2022 and 2021, respectively, and $9.4 million and $6.6 million for the nine months ended September 30, 2022 and 2021, respectively.
Earnings per share Earnings per share: Basic earnings per share available to common stockholders is calculated by dividing the net income attributable to OppFi by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share available to common stockholders is computed using the more dilutive of a) the treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, or b) the if-converted method, which gives effect to both the potentially dilutive common stock equivalents outstanding during the period as well as an assumed full exchange of Units of OppFi-LLC into Class A common shares of OppFi as of the beginning of the period. The if-converted method would also give effect to conversion of the Earnout Units in periods they would be deemed to vest. For the if-converted method, earnings is also adjusted to reflect all income of OppFi-LLC inuring to the benefit of OppFi and taxed accordingly. In periods in which the Company reports a net loss available attributable to OppFi, diluted earnings per share available to common stockholders would be the same as basic earnings per share available to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Noncontrolling interests Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 87.0% and 87.6% of the economic ownership percentage of OppFi-LLC as of September 30, 2022 and December 31, 2021, respectively. In accordance with the provisions of Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to OppFi and the noncontrolling ownership interests separately in the consolidated statements of operations.
Emerging growth company Emerging growth company: The Company is an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). The Company is permitted to delay the adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements apply to private companies. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Accounting pronouncements issued and adopted and Accounting pronouncements issued and not yet adopted
Accounting pronouncements issued and adopted: In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases (Topic 842) and issued certain transitional guidance and subsequent amendments between January 2018 and February 2020 (collectively, “Topic 842”). Under Topic 842, lessees are required to recognize lease assets and lease liabilities on the consolidated balance sheets for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. Per ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, issued June 2020, Topic 842, as amended, is effective for private companies for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As permitted for emerging growth companies, the Company adopted Topic 842 under the private company transition guidance, which was effective for the Company beginning on January 1, 2022. The Company utilized the effective date method, whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company has elected the package of practical expedients permitted under the transition guidance which, among other things, permits companies to not reassess prior conclusions on lease identification, lease classification, and initial direct costs. The Company also elected the practical expedient which permits the Company to combine lease and non-lease components and to exclude short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets. The adoption of Topic 842, as amended, resulted in the Company recording a right-of-use asset and lease liability related to the Company’s operating lease of its corporate headquarters totaling approximately $15.5 million and $18.0 million, respectively, on the Company’s consolidated balance sheet as of January 1, 2022. A decrease to deferred rent totaling approximately $2.5 million, which was previously included in accrued expenses on the consolidated balance sheet, was reclassified as an offset to the right-of-use asset upon adoption of Topic 842. The adoption of the standard did not materially affect the Company's consolidated statements of operations or cash flows.

Accounting pronouncements issued and not yet adopted: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The purpose of ASU No. 2020-04 is to provide optional guidance for a period of time related to accounting for reference rate reform on financial reporting. It is intended to reduce the potential burden of reviewing contract modifications related to discontinued rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The purpose of ASU No. 2021-01 is to expand guidance on contract modifications and hedge accounting. The amendments and expedients in these updates are effective as of March 12, 2020 through December 31, 2022 and may be elected by topic. The Company is currently evaluating the impact of ASU No. 2020-04 and 2021-01 on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The purpose of ASU No. 2022-02 is to provide guidance on troubled debt restructuring accounting model for creditors that have adopted Topic 326. Additionally, the guidance expands on vintage disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within the annual reporting period. The Company is currently evaluating the impact of ASU No. 2022-02 on the Company’s consolidated financial statements.
v3.22.2.2
Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Schedule of Installment Finance Receivables at Fair Value The components of installment finance receivables at fair value as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
September 30, 2022December 31, 2021
Unpaid principal balance of finance receivables - accrual$368,775 $307,059 
Unpaid principal balance of finance receivables - non-accrual33,796 25,185 
Unpaid principal balance of finance receivables$402,571 $332,244 
Finance receivables at fair value - accrual$437,573 $369,576 
Finance receivables at fair value - non-accrual5,206 3,677 
Finance receivables at fair value, excluding accrued interest and fees receivable442,779 373,253 
Accrued interest and fees receivable15,286 10,637 
Finance receivables at fair value$458,065 $383,890 
Difference between unpaid principal balance and fair value$40,208 $41,009 
Schedule of Changes in Fair Value of Installment Finance Receivables
Changes in the fair value of installment finance receivables at fair value for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Balance at the beginning of the period$450,703 $296,381 $383,890 $289,166 
Originations of principal185,092 155,055 550,483 401,373 
Repayments of principal and recoveries(109,519)(98,202)(318,677)(303,305)
Accrued interest and fees receivable2,390 (180)4,649 1,332 
Charge-offs, net (1)(67,709)(24,891)(161,479)(62,046)
Adjustment to fair value— — — (1,817)
Net change in fair value (1)(2,892)5,951 (801)9,411 
Balance at the end of the period$458,065 $334,114 $458,065 $334,114 
(1) Included in "Change in fair value of finance receivables" in the consolidated statements of operations.
Schedule of Finance Receivables The components of finance receivables carried at amortized cost as of September 30, 2022 and December 31, 2021 were as follows (in thousands):
September 30, 2022December 31, 2021
Finance receivables$5,159 $5,285 
Accrued interest and fees12 24 
Unearned annual fee income(81)(286)
Allowance for credit losses(1,232)(803)
Finance receivables at amortized cost, net$3,858 $4,220 
Summary of Changes in Allowance for Credit Losses on Finance Receivables
Changes in the allowance for credit losses on finance receivables for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Beginning balance $1,045 $11 $803 $55,031 
Effects of adopting fair value option— — — (55,031)
Provisions for credit losses on finance receivables1,017 143 2,043 181 
Finance receivables charged off(831)(8)(1,615)(35)
Recoveries of charge-offs1 — 1 — 
Ending balance$1,232 $146 $1,232 $146 
Summary of Credit Quality Finance Receivable Portfolio
The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency and contractual delinquency of the finance receivable portfolio as of September 30, 2022 and December 31, 2021 (in thousands):

September 30, 2022December 31, 2021
Recency delinquencyContractual delinquencyRecency delinquencyContractual delinquency
Current$3,518 $3,399 $5,016 $4,993 
Delinquency
30-59 days290 302 152 171 
60-89 days227 285 102 104 
90+ days1,124 1,173 15 17 
Total delinquency1,641 1,760 269 292 
Finance receivables$5,159 $5,159 $5,285 $5,285 
v3.22.2.2
Property, Equipment and Software, Net (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software
Property, equipment and software consisted of the following (in thousands):
September 30, 2022December 31, 2021
Capitalized technology$44,460 $34,586 
Furniture, fixtures and equipment4,062 3,792 
Leasehold improvements979 979 
Total property, equipment and software49,501 39,357 
Less accumulated depreciation and amortization(34,766)(24,714)
Property, equipment and software, net$14,735 $14,643 
v3.22.2.2
Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2022
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses consisted of the following (in thousands):
September 30, 2022December 31, 2021
Accrued payroll and benefits$8,080 $11,779 
Accrual for services rendered and goods purchased7,285 10,631 
Deferred rent— 2,513 
Other4,797 4,672 
Total$20,162 $29,595 
v3.22.2.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments as of September 30, 2022 are as follows (in thousands):

Year Amount
Remainder of 2022$579 
20232,339 
20242,410 
20252,482 
20262,557 
20272,633 
Thereafter7,650 
Total lease payments20,650 
Less: imputed interest(3,720)
Operating lease liability$16,930 
Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases
The weighted average remaining lease term and discount rate as of September 30, 2022 are as follows:

Weighted average remaining lease term (in years)8.0
Weighted average discount rate5 %

Supplemental cash flow information related to the lease for the three and nine months ended September 30, 2022 are as follows (in thousands):

Three Months Ended
September 30, 2022		Nine Months Ended
September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases included in operating activities$568 $1,692 
Schedule of Future Minimum Lease Payments
Future minimum lease payments as of December 31, 2021 were as follows (in thousands):

Year Amount
2022$2,271 
20232,339 
20242,410 
20252,482 
20262,557 
Thereafter10,283 
Total$22,342 
v3.22.2.2
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Borrowings
The following is a summary of the Company’s outstanding borrowings as of September 30, 2022 and December 31, 2021, including borrowing capacity as of September 30, 2022 (in thousands):
PurposeBorrowerBorrowing CapacitySeptember 30, 2022December 31, 2021
Interest Rate as of September 30, 2022
Maturity Date
Secured borrowing payableOpportunity Funding SPE II, LLC$1,758 $1,758 $22,443 15.00%—(1)
Senior debt
Revolving line of creditOpportunity Funding SPE III, LLC$175,000 $127,159 $119,000 
LIBOR plus 6.00%
January 2024
Revolving line of creditOpportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A)75,000 37,500 45,900 
SOFR plus 7.36%
June 2025
Revolving line of creditOpportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B)125,000 84,750 — 
SOFR plus 6.75%
June 2025
Revolving line of creditOpportunity Funding SPE VI, LLC— — 30,600 
LIBOR plus 7.25%
April 2023
Revolving line of creditOpportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC45,000 — 7,500 
SOFR plus 0.11% plus 3.85%
February 2024
Revolving line of creditGray Rock SPV LLC75,000 40,055 — 
SOFR plus 7.25%
April 2025
Total revolving lines of credit495,000 289,464 203,000 
Term loan, netOppFi-LLC50,000 48,905 48,578 
LIBOR plus 10.00%
March 2025
Total senior debt$545,000 $338,369 $251,578 
Financed insurance premiumOppFi-LLC$84 $84 $— 4.59%December 2022
Financed insurance premiumOppFi-LLC2,424 2,424 — 7.07%July 2023
Notes payable$2,508 $2,508 $— 
(1)Maturity date extended indefinitely until borrowing capacity is depleted
Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit
As of September 30, 2022, required payments for the term loan for each of the next five years are as follows (in thousands):

YearAmount
Remainder of 2022$— 
2023— 
2024— 
202550,000 
2026— 
Total$50,000 
v3.22.2.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Company's Stock Option, Activity
A summary of the Company’s stock option activity for the nine months ended September 30, 2022 is as follows:

Number of Common Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2021
3,375,000$15.23 —$— 
   Granted553,7943.94 —— 
   Exercised—— —— 
   Forfeited(1,949,822)14.29 —— 
Outstanding as of September 30, 2022
1,978,972$12.99 8.8$— 
Exercisable as of September 30, 2022
1,075,000$15.23 8.8$— 
Schedule of Valuation Assumptions, Options
The fair value of each option grant during the nine months ended September 30, 2022 was estimated on the grant date using the Black-Scholes option pricing model based on the following assumptions:

Volatility60.00 %-65.00 %
Risk-free rate
1.71%
-
3.02%
Expected term (years)
6.1 years
Dividend yield0.00 %
Summary of Restricted Stock Unit, Activity
A summary of the Company’s restricted stock unit (“RSU”) activity for the nine months ended September 30, 2022 is as follows:

SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period1,818,530$7.58 
Granted1,913,0433.40 
Vested(410,962)6.83 
Forfeited(1,197,275)5.24 
Unvested - end of period2,123,336$4.55 
Summary of PSU Activity
A summary of the Company’s performance stock unit (“PSU”) activity for the nine months ended September 30, 2022 is as follows:

SharesWeighted Average Grant Date Fair Value
Unvested - beginning of period78,907$7.69 
Granted425,2643.81 
Vested—— 
Forfeited(55,451)7.69 
Unvested - end of period448,720$4.01 
Schedule of Valuation Assumptions, Profit Unit Interests
The compensation expense accounted for all vested units based on the following assumptions:

Expected term3 years
Volatility68.0 %
Discount for lack of marketability45.0 %
Risk free rate0.2 %
Schedule of Profit Unit Interest
A summary of the Company’s profit unit interests activity for the nine months ended September 30, 2021 is as follows:

Avg Fair Value
Unitsat Grant Date
Outstanding at December 31, 202012,202,135$0.08 
Granted—— 
Forfeited(54,800)0.08 
Outstanding at March 31, 202112,147,3350.08 
Granted—— 
Forfeited—— 
Outstanding at June 30, 202112,147,3350.08 
Granted—— 
Forfeited(536,278)0.10 
Exchange in reverse recapitalization(11,611,057)0.08 
Outstanding at September 30, 2021—$— 
Schedule of Non-vested Units
A summary of the Company’s non-vested units activity for the nine months ended September 30, 2021 is as follows:

Avg Fair Value
Unitsat Grant Date
Non-vested units at December 31, 20204,738,333$0.12 
Granted—— 
Vested(325,835)0.15 
Forfeited(54,800)0.08 
Non-vested units at March 31, 20214,357,6980.12 
Granted—— 
Vested(2,522,476)0.07 
Forfeited—— 
Non-vested units at June 30, 20211,835,2220.20 
Granted—— 
Vested(84,990)0.20 
Forfeited(536,278)0.10 
Exchange in reverse recapitalization(1,213,954)0.22 
Non-vested units at September 30, 2021—$— 
v3.22.2.2
Interest Expense and Amortized Debt Issuance Costs (Tables)
 9 Months Ended
Sep. 30, 2022
Interest Expense And Amortized Debt Issuance Costs [Abstract]  
Summary of Interest Expense and Amortized Debt Issuance Costs
The following table summarizes interest expense and amortized debt issuance costs for the three and nine months ended September 30, 2022 and 2021 (in thousands):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest expense$8,513 $5,842 $22,795 $15,535 
Amortized debt issuance costs582 572 1,626 1,735 
Interest expense and amortized debt issuance costs$9,095 $6,414 $24,421 $17,270 
v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
Carrying ValueFair Value Measurements
September 30, 2022Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$442,779 $— $— $442,779 
Financial liabilities:
Warrant liability - Public Warrants (2)
2,853 2,853 — — 
Warrant liability - Private Placement Warrants (3)
1,363 — — 1,363 
Carrying ValueFair Value Measurements
December 31, 2021Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$373,253 $— $— $373,253 
Financial liabilities:
Warrant liability - Public Warrants (2)
8,083 8,083 — — 
Warrant liability - Private Placement Warrants (3)
3,157 — — 3,157 
During the three and nine months ended September 30, 2022 and 2021, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements.
(1) The Company primarily estimates the fair value of its installment finance receivables portfolio using discounted cash flow models that have been internally developed. The models use inputs that are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value.
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS.
(3) The fair value of the Private Placement Warrants is measured using a Monte Carlo simulation; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3.
Schedule of Fair Value Measurement Input and Valuation Techniques
The following table presents quantitative information about the significant unobservable inputs used for the Company’s installment finance receivables fair value measurements as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
Interest rate on finance receivables150.80 %147.60 %
Discount rate25.90 %21.80 %
Servicing cost*5.00 %5.00 %
Remaining life0.59 years0.62 years
Default rate*19.57 %17.70 %
Accrued interest*3.80 %3.20 %
Prepayment rate*21.20 %21.00 %
*Stated as a percentage of finance receivables
The following table presents the significant assumptions used in the simulation at September 30, 2022 and December 31, 2021, the Closing Date:
September 30, 2022December 31, 2021
Input$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate2.98 %2.98 %1.19 %1.50 %
Expected term (years)5.010.04.69.6
Expected volatility60.60 %60.60 %48.40 %48.40 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$0.26 $0.77 $0.74 $1.40 
Schedule of Changes in Fair Value of Liabilities
The following table presents the changes in the fair value of the warrant liability - Private Placement Warrants (in thousands):
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		Total
Fair value as of December 31, 2021$1,879 $1,278 $3,157 
Change in fair value (356)(146)(502)
Fair value as of March 31, 20221,523 1,132 2,655 
Change in fair value(609)(311)(920)
Fair value as of June 30, 2022914 821 1,735 
Change in fair value(254)(118)(372)
Fair value as of September 30, 2022$660 $703 $1,363 
Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands):
Carrying ValueFair Value Measurements
September 30, 2022Level 1Level 2Level 3
Assets:
Cash$14,011 $14,011 $— $— 
Restricted cash36,458 36,458 — — 
Accrued interest and fees receivable15,286 15,286 — — 
Finance receivables at amortized cost, net3,858 — — 3,858 
Liabilities:
Secured borrowing payable1,758 — — 1,758 
Senior debt, net338,369 — — 338,369 
Carrying ValueFair Value Measurements
December 31, 2021Level 1Level 2Level 3
Assets:
Cash$25,064 $25,064 $— $— 
Restricted cash37,298 37,298 — — 
Accrued interest and fees receivable10,637 10,637 — — 
Finance receivables at amortized cost, net4,220 — — 4,220 
Liabilities:
Secured borrowing payable22,443 — — 22,443 
Senior debt, net251,578 — — 251,578 
v3.22.2.2
(Loss) Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted (loss) earnings per share for the three and nine months ended September 30, 2022 and 2021 (in thousands, except share and per share data):

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Numerator:
Net (loss) income attributable to OppFi Inc.$(571)$14,125 $3,963 $14,125 
   Net (loss) income available to Class A common stockholders - Basic(571)14,125 3,963 14,125 
Dilutive effect of warrants on net income to Class A common stockholders— — — — 
Net income attributable to noncontrolling interest— 13,668 4,576 13,668 
Income tax provision— (3,308)(1,105)(3,308)
   Net (loss) income available to Class A common stockholders - Diluted$(571)$24,485 $7,434 $24,485 
Denominator:
Weighted average Class A common stock outstanding - Basic13,972,97113,363,99613,694,73313,107,874
Effect of dilutive securities:
   Stock options————
   Restricted stock units——123,722—
   Performance stock units——11,986—
   Warrants————
   Employee stock purchase plan————
   Units, excluding Earnout Units—71,100,78770,446,83671,356,909
      Dilutive potential common shares—71,100,78770,582,54471,356,909
Weighted average units outstanding - diluted13,972,97184,464,78384,277,27784,464,783
(Loss) earnings per share:
Basic$(0.04)$1.06 $0.29 $1.08 
Diluted$(0.04)$0.29 $0.09 $0.29 
Schedule of Antidilutive Securities Excluded from Calculation of Earnings Per Share
The following table presents securities that have been excluded from the calculation of diluted earnings per share as
their effect would have been anti-dilutive for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Public Warrants11,887,500 11,887,500 11,887,500 11,887,500 
Private Unit Warrants231,250 231,250 231,250 231,250 
$11.50 Exercise Price Warrants2,248,750 2,248,750 2,248,750 2,248,750 
$15 Exercise Price Warrants912,500 912,500 912,500 912,500 
Underwriter Warrants59,437 59,437 59,437 59,437 
Stock Options1,978,972 5,600,000 2,178,347 5,600,000 
Restricted stock units2,545,635 — 1,718,129 — 
Performance stock units448,720 — 217,730 — 
Noncontrolling interest - Earnout Units25,500,000 25,500,000 25,500,000 25,500,000 
Noncontrolling interest - OppFi Units69,659,100 — — — 
Potential common stock115,471,864 46,439,437 44,953,643 46,439,437 

Prior Period Financial Statement Revision: The Company has identified adjustments required to correct its previous calculations of diluted earnings per share for the three and nine months ended September 30, 2021. The Company determined that it misapplied the guidance prescribed by FASB ASC 260-10-55-20(b). The misapplication resulted in an overstatement of $0.77 in diluted earnings per share and $0.79 in diluted earnings per share for the three and nine months ended September 30, 2021, respectively.
As a result, the Company assessed the materiality of the revision related to the calculation of diluted earnings per share to prior periods’ financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 99, Materiality (“SAB 99”), and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), codified in FASB ASC 250, Accounting Changes and Error Corrections. The Company determined that the impact of the diluted earnings per share errors was not material to the previously issued annual and interim unaudited consolidated financial statements using the guidance of SAB 99 and 108. Accordingly, the revisions to diluted earnings per share have been reflected in the prior comparative amounts presented in the September 30, 2022 interim financial statements. The revisions had no impact on the Company’s net income or stockholders' equity.
v3.22.2.2
Organization and Nature of Operations (Details) - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Jul. 20, 2021
Class of Stock [Line Items]      
Ownership interest held, percent 13.00%    
Class A Common Stock      
Class of Stock [Line Items]      
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001 $ 0.0001
Class V Voting Stock      
Class of Stock [Line Items]      
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001  
v3.22.2.2
Significant Accounting Policies - Additional Information (Detail)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
segment
Sep. 30, 2021
USD ($)
Jan. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jul. 20, 2021
day
$ / shares
shares
Accounting Policies [Abstract]              
Number of reportable segments | segment     1        
Finance receivables originated through the bank partnership arrangements, percentage     94.00% 88.00%      
Finance receivables originated through the bank partnership arrangements $ 9,700   $ 9,700     $ 9,500  
Accrual period for financing receivables     60 days        
Development and capitalized software costs 3,100 $ 3,800 $ 9,900 $ 9,900      
Capitalized software costs, amortization expense 3,300 $ 2,500 9,400 $ 6,600      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Operating lease right of use asset 14,409   14,409     0  
Operating lease liability 16,930   16,930     0  
Decrease in deferred rent $ (4,797)   $ (4,797)     $ (4,672)  
Class V Voting Stock              
Schedule Of Reverse Recapitalization [Line Items]              
Stock subject to restrictions (in shares) | shares             25,500,000
Earnout Units              
Schedule Of Reverse Recapitalization [Line Items]              
Stock subject to restrictions (in shares) | shares             25,500,000
Earnout Units | Earnout Units, Option One              
Schedule Of Reverse Recapitalization [Line Items]              
Earnout unit, volume weighted average price (in dollars per share) | $ / shares             $ 12.00
Earnout unit, threshold trading days | day             20
Earnout unit, threshold consecutive trading days | day             30
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche One              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Two              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Three              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Two              
Schedule Of Reverse Recapitalization [Line Items]              
Earnout unit, volume weighted average price (in dollars per share) | $ / shares             $ 13.00
Earnout unit, threshold trading days | day             20
Earnout unit, threshold consecutive trading days | day             30
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche One              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Two              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Three              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Three              
Schedule Of Reverse Recapitalization [Line Items]              
Earnout unit, volume weighted average price (in dollars per share) | $ / shares             $ 14.00
Earnout unit, threshold trading days | day             20
Earnout unit, threshold consecutive trading days | day             30
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche One              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Two              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Three              
Schedule Of Reverse Recapitalization [Line Items]              
Percentage of earnout voting shares             33.30%
Pro Forma              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Operating lease right of use asset         $ 15,500    
Operating lease liability         18,000    
Pro Forma | Cumulative Effect, Period of Adoption, Adjustment              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Decrease in deferred rent         $ 2,500    
Existing Equity Holders              
Schedule Of Reverse Recapitalization [Line Items]              
Ownership interest retained 87.00%   87.00%     87.60%  
v3.22.2.2
Finance Receivables - Schedule of Components of Installment Finance Receivables At Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Receivables [Abstract]    
Unpaid principal balance of finance receivables - accrual $ 368,775 $ 307,059
Unpaid principal balance of finance receivables - non-accrual 33,796 25,185
Unpaid principal balance of finance receivables 402,571 332,244
Finance receivables at fair value - accrual 437,573 369,576
Finance receivables at fair value - non-accrual 5,206 3,677
Finance receivables at fair value, excluding accrued interest and fees receivable 442,779 373,253
Accrued interest and fees receivable 15,286 10,637
Finance receivables at fair value [1] 458,065 383,890
Difference between unpaid principal balance and fair value $ 40,208 $ 41,009
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Finance Receivables - Additional Information (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Accrual period for financing receivables 60 days  
Aggregate unpaid principal balance $ 402,571 $ 332,244
Fair value of receivables [1] 458,065 383,890
Finance receivables in non-accrual status $ 1,400 100
Recency delinquency    
Accrual period for financing receivables 60 days  
Contractual delinquency    
Accrual period for financing receivables 90 days  
90+ days    
Aggregate unpaid principal balance $ 14,000 10,500
Fair value of receivables $ 2,200 $ 1,500
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Finance Receivables - Changes in Fair Value of Finance Installment Receivables (Details) - Financing Receivable - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance at the beginning of the period $ 450,703 $ 296,381 $ 383,890 $ 289,166
Originations of principal 185,092 155,055 550,483 401,373
Repayments of principal and recoveries (109,519) (98,202) (318,677) (303,305)
Accrued interest and fees receivable 2,390 (180) 4,649 1,332
Charge-offs, net (67,709) (24,891) (161,479) (62,046)
Adjustment to fair value 0 0 0 (1,817)
Net change in fair value (2,892) 5,951 (801) 9,411
Balance at the end of the period $ 458,065 $ 334,114 $ 458,065 $ 334,114
v3.22.2.2
Finance Receivables - Schedule of Finance Receivables (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]            
Finance receivables $ 5,159   $ 5,285      
Accrued interest and fees 12   24      
Unearned annual fee income (81)   (286)      
Allowance for credit losses (1,232) $ (1,045) (803) $ (146) $ (11) $ (55,031)
Finance receivables at amortized cost, net [1] $ 3,858   $ 4,220      
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Finance Receivables - Summary of Changes in Allowance for Credit Losses on Finance Receivables (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 1,045 $ 11 $ 803 $ 55,031
Effects of adopting fair value option 0 0 0 (55,031)
Provisions for credit losses on finance receivables 1,017 143 2,043 181
Finance receivables charged off (831) (8) (1,615) (35)
Recoveries of charge-offs     1 0
Ending balance $ 1,232 $ 146 $ 1,232 $ 146
v3.22.2.2
Finance Receivables - Summary of Credit Quality Finance Receivable Portfolio (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Recency delinquency    
Financing Receivable, Past Due [Line Items]    
Finance receivables $ 5,159 $ 5,285
Recency delinquency | Current    
Financing Receivable, Past Due [Line Items]    
Finance receivables 3,518 5,016
Recency delinquency | Total delinquency    
Financing Receivable, Past Due [Line Items]    
Finance receivables 1,641 269
Recency delinquency | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Finance receivables 290 152
Recency delinquency | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Finance receivables 227 102
Recency delinquency | 90+ days    
Financing Receivable, Past Due [Line Items]    
Finance receivables 1,124 15
Contractual delinquency    
Financing Receivable, Past Due [Line Items]    
Finance receivables 5,159 5,285
Contractual delinquency | Current    
Financing Receivable, Past Due [Line Items]    
Finance receivables 3,399 4,993
Contractual delinquency | Total delinquency    
Financing Receivable, Past Due [Line Items]    
Finance receivables 1,760 292
Contractual delinquency | 30-59 days    
Financing Receivable, Past Due [Line Items]    
Finance receivables 302 171
Contractual delinquency | 60-89 days    
Financing Receivable, Past Due [Line Items]    
Finance receivables 285 104
Contractual delinquency | 90+ days    
Financing Receivable, Past Due [Line Items]    
Finance receivables $ 1,173 $ 17
v3.22.2.2
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 49,501 $ 39,357
Less accumulated depreciation and amortization (34,766) (24,714)
Property, equipment and software, net 14,735 14,643
Capitalized technology    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 44,460 34,586
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 4,062 3,792
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 979 $ 979
v3.22.2.2
Property, Equipment and Software, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Property, Plant and Equipment [Abstract]        
Depreciation and amortization expense $ 3.5 $ 2.7 $ 10.1 $ 7.3
v3.22.2.2
Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]    
Accrued payroll and benefits $ 8,080 $ 11,779
Accrual for services rendered and goods purchased 7,285 10,631
Deferred rent 0 2,513
Other 4,797 4,672
Total [1] $ 20,162 $ 29,595
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Leases [Abstract]        
Operating lease cost $ 1,100   $ 3,200  
Variable lease payment 500   1,500  
Operating cash flows for operating leases included in operating activities $ 568   $ 1,692  
Rent expense   $ 1,000   $ 2,700
v3.22.2.2
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Leases [Abstract]    
Remainder of 2022 $ 579  
2023 2,339  
2024 2,410  
2025 2,482  
2026 2,557  
2027 2,633  
Thereafter 7,650  
Total lease payments 20,650  
Less: imputed interest (3,720)  
Operating lease liability $ 16,930 $ 0
v3.22.2.2
Leases - Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2022
USD ($)
Leases [Abstract]    
Weighted average remaining lease term (in years) 8 years 8 years
Weighted average discount rate 5.00% 5.00%
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases included in operating activities $ 568 $ 1,692
v3.22.2.2
Leases - Schedule of Future Minimum Lease Payments (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 2,271
2023 2,339
2024 2,410
2025 2,482
2026 2,557
Thereafter 10,283
Total $ 22,342
v3.22.2.2
Borrowings - Schedule of Borrowings (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2022
Sep. 30, 2022
Jun. 14, 2022
Apr. 15, 2022
Dec. 31, 2021
Term loan, net          
Debt Instrument [Line Items]          
Total   $ 50,000      
Secured borrowing payable          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE II, LLC      
Borrowing Capacity   $ 1,758      
Total   $ 1,758     $ 22,443
Interest rate   15.00%      
Senior debt          
Debt Instrument [Line Items]          
Borrowing Capacity   $ 545,000      
Total   338,369     251,578
Senior debt | Revolving Credit Facility          
Debt Instrument [Line Items]          
Borrowing Capacity   495,000      
Total   $ 289,464     203,000
Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE III, LLC      
Borrowing Capacity   $ 175,000      
Total   $ 127,159     119,000
Maturity Date   January 2024      
Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche A)      
Borrowing Capacity   $ 75,000 $ 75,000    
Total   $ 37,500     45,900
Maturity Date   June 2025      
Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC (Tranche B)      
Borrowing Capacity   $ 125,000 $ 125,000    
Total   $ 84,750     0
Maturity Date   June 2025      
Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE VI, LLC      
Borrowing Capacity   $ 0      
Total   $ 0     30,600
Maturity Date   April 2023      
Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC          
Debt Instrument [Line Items]          
Borrower   Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC      
Borrowing Capacity   $ 45,000      
Total   $ 0     7,500
Maturity Date   February 2024      
Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC          
Debt Instrument [Line Items]          
Borrower   Gray Rock SPV LLC      
Borrowing Capacity   $ 75,000   $ 75,000  
Total   $ 40,055     0
Maturity Date   April 2025      
Senior debt | Term loan, net          
Debt Instrument [Line Items]          
Borrower   OppFi-LLC      
Borrowing Capacity   $ 50,000      
Total   $ 48,905     48,578
Maturity Date   March 2025      
Notes payable          
Debt Instrument [Line Items]          
Borrowing Capacity   $ 2,508      
Total   $ 2,508     0
Notes payable | Financed Insurance Premium, Maturing December 2022, OppFi-LLC          
Debt Instrument [Line Items]          
Borrower   OppFi-LLC      
Borrowing Capacity   $ 84      
Total   $ 84     0
Interest rate   4.59%      
Maturity Date   December 2022      
Notes payable | Financed Insurance Premium, Maturing July 2023, OppFi-LLC          
Debt Instrument [Line Items]          
Borrower   OppFi-LLC      
Borrowing Capacity   $ 2,424      
Total   $ 2,424     $ 0
Interest rate   7.07%      
Maturity Date   July 2023      
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate   6.00%      
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate   7.25%      
London Interbank Offered Rate (LIBOR) | Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate 3.85% 3.85%      
London Interbank Offered Rate (LIBOR) | Senior debt | Term loan, net          
Debt Instrument [Line Items]          
Basis spread on variable rate   10.00%      
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate   7.36%      
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate   6.75%      
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate 0.11%        
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC          
Debt Instrument [Line Items]          
Basis spread on variable rate   7.25%      
v3.22.2.2
Borrowings - Additional Information (Detail)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 14, 2022
USD ($)
Mar. 31, 2022
installment
Aug. 31, 2022
USD ($)
installment
Mar. 31, 2022
USD ($)
installment
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Jun. 13, 2022
USD ($)
Apr. 15, 2022
USD ($)
Dec. 31, 2021
USD ($)
Mar. 29, 2021
USD ($)
Short-term Debt [Line Items]                        
Secured debt [1]         $ 1,758,000   $ 1,758,000       $ 22,443,000  
Interest expense         8,513,000 $ 5,842,000 22,795,000 $ 15,535,000        
Amortized debt issuance costs         582,000 572,000 1,626,000 1,735,000        
Debt issuance costs, net [1]         2,331,000   2,331,000       1,525,000  
Interest expense paid             22,296,000 16,046,000        
Interest expense paid to related party         0 0 0 137,000        
Secured borrowing payable                        
Short-term Debt [Line Items]                        
Finance receivable purchased         165,000,000   165,000,000       148,900,000  
Secured debt         1,800,000   1,800,000       22,400,000  
Interest expense         100,000 700,000 1,300,000 2,000,000        
Capitalized issuance costs             200,000          
Amortized debt issuance costs         0 4,000 0 29,000        
Debt issuance costs, net         0   0       0  
Borrowing Capacity         1,758,000   1,758,000          
Senior debt                        
Short-term Debt [Line Items]                        
Borrowing Capacity         545,000,000   545,000,000          
Senior debt | Revolving Line Of Credit, Maturing February 2022, OppFi-LLC                        
Short-term Debt [Line Items]                        
Capitalized issuance costs               300,000        
Amortized debt issuance costs               21,000        
Interest expense paid               35,000        
Senior debt | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC                        
Short-term Debt [Line Items]                        
Interest expense         2,800,000 1,900,000 8,000,000 5,100,000        
Capitalized issuance costs             2,100,000          
Amortized debt issuance costs         100,000 200,000 500,000 500,000        
Debt issuance costs, net         200,000   200,000       800,000  
Borrowing Capacity         175,000,000   175,000,000          
Senior debt | Revolving Line Of Credit, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC                        
Short-term Debt [Line Items]                        
Interest expense         2,900,000 1,000,000 5,500,000 2,500,000        
Capitalized issuance costs             1,500,000          
Amortized debt issuance costs         100,000 100,000 400,000 300,000        
Debt issuance costs, net         1,400,000   1,400,000       400,000  
Borrowing Capacity $ 200,000,000               $ 75,000,000      
Term of extension 3 years                      
Senior debt | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC                        
Short-term Debt [Line Items]                        
Borrowing Capacity $ 75,000,000       75,000,000   75,000,000          
Senior debt | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC                        
Short-term Debt [Line Items]                        
Borrowing Capacity $ 125,000,000       125,000,000   125,000,000          
Senior debt | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC                        
Short-term Debt [Line Items]                        
Interest expense           600,000 1,600,000 1,700,000        
Capitalized issuance costs             900,000          
Amortized debt issuance costs           100,000 100,000 200,000        
Debt issuance costs, net         0   0       100,000  
Borrowing Capacity         0   0          
Senior debt | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC                        
Short-term Debt [Line Items]                        
Interest expense         100,000 100,000 300,000 300,000        
Capitalized issuance costs             1,100,000          
Amortized debt issuance costs         100,000 100,000 200,000 300,000        
Debt issuance costs, net         300,000   300,000       300,000  
Borrowing Capacity         45,000,000   45,000,000          
Senior debt | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC                        
Short-term Debt [Line Items]                        
Interest expense         1,000,000   1,500,000          
Capitalized issuance costs             500,000          
Amortized debt issuance costs         100,000   100,000          
Debt issuance costs, net         400,000   400,000          
Borrowing Capacity         75,000,000   75,000,000     $ 75,000,000    
Senior debt | Term loan, net                        
Short-term Debt [Line Items]                        
Interest expense         1,600,000 1,500,000 4,600,000 3,700,000        
Capitalized issuance costs             2,300,000          
Amortized debt issuance costs         200,000 $ 100,000 400,000 300,000        
Debt issuance costs, net         1,100,000   1,100,000       $ 1,400,000  
Borrowing Capacity         50,000,000   50,000,000          
Principal amount of debt         50,000,000   $ 50,000,000          
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Tranche A, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             7.36%          
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Tranche B, Maturing June 2025, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             6.75%          
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate   0.11%                    
Senior debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             7.25%          
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing January 2024, Opportunity Funding SPE III, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             6.00%          
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing April 2023, Opportunity Funding SPE VI, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             7.25%          
Senior debt | London Interbank Offered Rate (LIBOR) | Revolving Line Of Credit, Maturing February 2024, Opportunity Funding SPE IV, LLC; SalaryTap Funding SPE, LLC                        
Short-term Debt [Line Items]                        
Basis spread on variable rate   3.85%         3.85%          
Senior debt | London Interbank Offered Rate (LIBOR) | Term loan, net                        
Short-term Debt [Line Items]                        
Basis spread on variable rate             10.00%          
Notes payable                        
Short-term Debt [Line Items]                        
Borrowing Capacity         2,508,000   $ 2,508,000          
Notes payable | Financed Insurance Premium, Maturing December 2022, OppFi-LLC                        
Short-term Debt [Line Items]                        
Interest expense         2,000   4,000          
Borrowing Capacity         84,000   84,000          
Financing of insurance premiums       $ 300,000                
Number of monthly installment payments | installment   10   10                
Monthly installments       $ 28,000                
Notes payable | Financed Insurance Premium, Maturing July 2023, OppFi-LLC                        
Short-term Debt [Line Items]                        
Interest expense         13,000   13,000          
Borrowing Capacity         $ 2,424,000   $ 2,424,000          
Financing of insurance premiums     $ 2,900,000                  
Number of monthly installment payments | installment     11                  
Monthly installments     $ 300,000                  
Subordinated debt                        
Short-term Debt [Line Items]                        
Borrowing Capacity                       $ 4,000,000.0
Interest expense paid to related party               $ 100,000        
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Borrowings - Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit (Detail) - Term loan, net
$ in Thousands
Sep. 30, 2022
USD ($)
Debt Instrument [Line Items]  
Remainder of 2022 $ 0
2023 0
2024 0
2025 50,000
2026 0
Total $ 50,000
v3.22.2.2
Warrant Liabilities - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Class of Warrant or Right [Line Items]          
Warrant liabilities $ 4,216   $ 4,216   $ 11,240
Change in fair value of warrant liabilities $ (1,323) $ (13,139) $ (7,024) $ (13,139)  
Public Warrants          
Class of Warrant or Right [Line Items]          
Warrants outstanding (in shares) 11,887,500   11,887,500    
Change in fair value of warrant liabilities $ 900 (9,000) $ 5,200 (9,000)  
Private Unit Warrants          
Class of Warrant or Right [Line Items]          
Warrants outstanding (in shares) 3,451,937   3,451,937    
Change in fair value of warrant liabilities $ 400 $ (4,100) $ 1,800 $ (4,100)  
v3.22.2.2
Stockholders’ Equity - Additional information (Details) - Class A Common Stock - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Jan. 06, 2022
Class of Stock [Line Items]      
Stock repurchase program, authorized amount     $ 20,000,000.0
Repurchase and retirement of common stock (in shares) 88,262 703,914  
Average purchase price (in dollars per share) $ 3.46 $ 3.47  
Stock repurchased during period, value $ 300,000 $ 2,400,000  
Remaining authorized repurchase amount $ 17,600,000 $ 17,600,000  
v3.22.2.2
Stock-Based Compensation - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Jul. 20, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock-based compensation not yet recognized related to unvested options $ 1,900,000 $ 6,100,000   $ 1,900,000   $ 1,900,000   $ 6,100,000
Weighted-average grant date fair value of stock options (in dollars per share)           $ 1.96    
ESPP employee payroll contributions 100,000     100,000   $ 100,000    
ESPP compensation expense       30,000   63,000    
Stock Options                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share based compensation expenses       (100,000)   $ (100,000)    
Unvested award, cost not yet recognized, period for recognition           3 years   3 years 6 months
Restricted stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share based compensation expenses       300,000   $ 1,400,000    
Unrecognized compensation expense 9,000,000 12,200,000   9,000,000   $ 9,000,000   $ 12,200,000
Award vesting period           3 years 3 months 18 days   3 years 7 months 6 days
Performance stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share based compensation expenses       300,000   $ 400,000    
Unvested award, cost not yet recognized, period for recognition           3 years 7 months 6 days   3 years 9 months 18 days
Unrecognized compensation expense 1,400,000 500,000   1,400,000   $ 1,400,000   $ 500,000
Employee Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Maximum eligible employee compensation contribution percentage     10.00%          
Offering period     6 months          
Fair market value share purchase percentage     85.00%          
Profit Unit Interest                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Share based compensation expenses         $ 200,000   $ 200,000  
Unrecognized compensation expense $ 0 $ 0   $ 0   $ 0   $ 0
Class A Common Stock | Employee Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of shares authorized for issuance (in shares) 1,200,000     1,200,000   1,200,000    
Percentage of outstanding stock maximum           1.00%    
Outstanding stock maximum (in shares)           2,400,000    
Shares purchased under the ESPP (in shares) 44,627 0            
Class A Common Stock | Equity Incentive Plan 2021                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of shares authorized for issuance (in shares) 11,772,630     11,772,630   11,772,630    
v3.22.2.2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Number of Common Stock Options    
Outstanding beginning balance (in shares) 3,375,000  
Granted (in shares) 553,794  
Exercised (in shares) 0  
Forfeited (in shares) (1,949,822)  
Outstanding ending balance (in shares) 1,978,972  
Vested and exercisable (in shares) 1,075,000  
Weighted Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 15.23  
Granted (in dollars per share) 3.94  
Exercised (in dollars per share) 0  
Forfeited (in dollars per share) 14.29  
Outstanding ending balance (in dollars per share) 12.99  
Vested and exercisable (in dollars per share) $ 15.23  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted Average Remaining Contractual Life (Years) 8 years 9 months 18 days  
Vested and exercisable, Weighted-Average Remaining Contractual Life (Years) 8 years 9 months 18 days  
Aggregate Intrinsic Value $ 0 $ 0
Vested and exercisable, Aggregate Intrinsic Value $ 0  
v3.22.2.2
Stock-Based Compensation - Schedule of Valuation Assumptions, Options (Details)
 9 Months Ended
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Volatility, minimum 60.00%
Volatility, maximum 65.00%
Risk-free rate, minimum 1.71%
Risk-free rate, maximum 302.00%
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (years) 6 years 1 month 6 days
Dividend yield 0.00%
v3.22.2.2
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted stock units
 9 Months Ended
Sep. 30, 2022
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 1,818,530
Granted (in shares) | shares 1,913,043
Vested (in shares) | shares (410,962)
Forfeited (in shares) | shares (1,197,275)
Outstanding ending balance (in shares) | shares 2,123,336
Weighted Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 7.58
Granted (in dollars per share) | $ / shares 3.40
Vested (in dollars per share) | $ / shares 6.83
Forfeited (in dollars per share) | $ / shares 5.24
Outstanding ending balance (in dollars per share) | $ / shares $ 4.55
v3.22.2.2
Stock-Based Compensation - Summary of PSU Activity (Details) - Performance stock units
 9 Months Ended
Sep. 30, 2022
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 78,907
Granted (in shares) | shares 425,264
Vested (in shares) | shares 0
Forfeited (in shares) | shares (55,451)
Outstanding ending balance (in shares) | shares 448,720
Weighted Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 7.69
Granted (in dollars per share) | $ / shares 3.81
Vested (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 7.69
Outstanding ending balance (in dollars per share) | $ / shares $ 4.01
v3.22.2.2
Stock-Based Compensation - Schedule of Valuation Assumptions, Profit Unit Interests (Detail) - Profit Unit Interest
 9 Months Ended
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected term (years) 3 years
Volatility 68.00%
Discount for lack of marketability 45.00%
Risk-free rate 0.20%
v3.22.2.2
Stock-Based Compensation - Schedule of Profit Unit Interest (Detail) - Profit Unit Interest - $ / shares
 3 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Units      
Outstanding beginning balance (in shares) 12,147,335 12,147,335 12,202,135
Granted (in shares) 0 0 0
Forfeited (in shares) (536,278) 0 (54,800)
Exchange in reverse recapitalization (in shares) (11,611,057)    
Outstanding ending balance (in shares) 0 12,147,335 12,147,335
Avg Fair Value at Grant Date      
Outstanding beginning balance (in dollars per share) $ 0.08 $ 0.08 $ 0.08
Granted (in dollars per share) 0 0 0
Forfeited (in dollars per share) 0.10 0 0.08
Exchange in reverse recapitalization (in dollars per share) 0.08    
Outstanding ending balance (in dollars per share) $ 0 $ 0.08 $ 0.08
v3.22.2.2
Stock-Based Compensation - Schedule of Non-vested Units (Detail) - Non-vested Units - $ / shares
 3 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Units      
Outstanding beginning balance (in shares) 1,835,222 4,357,698 4,738,333
Granted (in shares) 0 0 0
Vested (in shares) (84,990) (2,522,476) (325,835)
Forfeited (in shares) (536,278) 0 (54,800)
Exchange in reverse recapitalization (in shares) (1,213,954)    
Outstanding ending balance (in shares) 0 1,835,222 4,357,698
Avg Fair Value at Grant Date      
Outstanding beginning balance (in dollars per share) $ 0.20 $ 0.12 $ 0.12
Granted (in dollars per share) 0 0 0
Vested (in dollars per share) 0.20 0.07 0.15
Forfeited (in dollars per share) 0.10 0 0.08
Exchange in reverse recapitalization (in dollars per share) 0.22    
Outstanding ending balance (in dollars per share) $ 0 $ 0.20 $ 0.12
v3.22.2.2
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Income Tax Examination [Line Items]            
Provision for income taxes $ 1,015,000   $ 703,000 $ 1,757,000 $ 703,000  
Income before income taxes $ 354,000   $ 31,095,000 $ 10,296,000 $ 73,466,000  
Effective income tax rate, percent 286.00%   2.30% 17.10% 1.00%  
Statutory income tax rate, percent       21.00%    
Effective income tax rate, stock compensation adjustment, amount $ 100,000 $ 500,000        
Effective income tax rate, stock compensation adjustment, percent       5.80%    
Effective income tax rate, excluding tax expense, stock compensation adjustment, percent       11.30%    
Ownership interest held, percent 13.00%     13.00%    
Unrecognized tax benefits $ 0     $ 0   $ 0
Income tax examination, penalties and interest accrued $ 0     $ 0   $ 0
Pro Forma            
Income Tax Examination [Line Items]            
Provision for income taxes     $ 700,000   $ 700,000  
v3.22.2.2
Interest Expense and Amortized Debt Issuance Costs - Summary of Interest Expense And Amortized Debt Issuance Costs (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Expense And Amortized Debt Issuance Costs [Abstract]        
Interest expense $ 8,513 $ 5,842 $ 22,795 $ 15,535
Amortized debt issuance costs 582 572 1,626 1,735
Interest expense and amortized debt issuance costs $ 9,095 $ 6,414 $ 24,421 $ 17,270
v3.22.2.2
Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable $ 442,779 $ 373,253
Financial liabilities:    
Warrant liabilities 4,216 11,240
Fair Value, Recurring | Carrying Value    
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable 442,779 373,253
Fair Value, Recurring | Carrying Value | Public Warrants    
Financial liabilities:    
Warrant liabilities 2,853 8,083
Fair Value, Recurring | Carrying Value | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 1,363 3,157
Fair Value, Recurring | Fair Value Measurements | Level 1    
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable 0 0
Fair Value, Recurring | Fair Value Measurements | Level 1 | Public Warrants    
Financial liabilities:    
Warrant liabilities 2,853 8,083
Fair Value, Recurring | Fair Value Measurements | Level 1 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value, Recurring | Fair Value Measurements | Level 2    
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable 0 0
Fair Value, Recurring | Fair Value Measurements | Level 2 | Public Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value, Recurring | Fair Value Measurements | Level 2 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value, Recurring | Fair Value Measurements | Level 3    
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable 442,779 373,253
Fair Value, Recurring | Fair Value Measurements | Level 3 | Public Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value, Recurring | Fair Value Measurements | Level 3 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities $ 1,363 $ 3,157
v3.22.2.2
Fair Value Measurements - Schedule of Fair Value Measurement Input and Valuation Techniques of Installment Financing Receivables (Detail)
Sep. 30, 2022
Dec. 31, 2021
Interest rate on finance receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 1.5080 1.4760
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.2590 0.2180
Servicing cost    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.0500 0.0500
Remaining life    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.59 0.62
Default rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.1957 0.1770
Accrued interest    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.0380 0.0320
Prepayment rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Installment financing receivables, fair value measurement 0.2120 0.2100
v3.22.2.2
Fair Value Measurements - Schedule of Fair Value Measurement Input and Valuation Techniques of Private Placement Warrants (Detail) - Level 3 - Warrants
Sep. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
$11.50 Exercise Price Warrants | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.0298 0.0119
$11.50 Exercise Price Warrants | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 5,000.0 4,600
$11.50 Exercise Price Warrants | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.6060 0.4840
$11.50 Exercise Price Warrants | Exercise price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 11.50 11.50
$11.50 Exercise Price Warrants | Fair value of warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.26 0.74
$15 Exercise Price Warrants | Risk-free interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.0298 0.0150
$15 Exercise Price Warrants | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 10,000.0 9,600
$15 Exercise Price Warrants | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.6060 0.4840
$15 Exercise Price Warrants | Exercise price    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 15.00 15.00
$15 Exercise Price Warrants | Fair value of warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.77 1.40
v3.22.2.2
Fair Value Measurements - Schedule of Changes in Fair Value of Private Placement Warrants (Detail) - Level 3 - Warrants - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Private Placement Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance $ 1,735 $ 2,655 $ 3,157
Change in fair value (372) (920) (502)
Ending Balance 1,363 1,735 2,655
$11.50 Exercise Price Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance 914 1,523 1,879
Change in fair value (254) (609) (356)
Ending Balance 660 914 1,523
$15 Exercise Price Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance 821 1,132 1,278
Change in fair value (118) (311) (146)
Ending Balance $ 703 $ 821 $ 1,132
v3.22.2.2
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Cash [1] $ 14,011 $ 25,064
Restricted cash [1] 36,458 37,298
Accrued interest and fees receivable 15,286 10,637
Finance receivables at amortized cost, net [1] 3,858 4,220
Liabilities:    
Secured debt [1] 1,758 22,443
Senior debt, net [1] 338,369 251,578
Level 1    
Assets    
Cash 14,011 25,064
Restricted cash 36,458 37,298
Accrued interest and fees receivable 15,286 10,637
Finance receivables at amortized cost, net 0 0
Liabilities:    
Secured debt 0 0
Senior debt, net 0 0
Level 2    
Assets    
Cash 0 0
Restricted cash 0 0
Accrued interest and fees receivable 0 0
Finance receivables at amortized cost, net 0 0
Liabilities:    
Secured debt 0 0
Senior debt, net 0 0
Level 3    
Assets    
Cash 0 0
Restricted cash 0 0
Accrued interest and fees receivable 0 0
Finance receivables at amortized cost, net 3,858 4,220
Liabilities:    
Secured debt 1,758 22,443
Senior debt, net $ 338,369 $ 251,578
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.22.2.2
Commitments, Contingencies and Related Party Transactions - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Nov. 18, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Mar. 29, 2021
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded to other party $ 300,000            
Unpaid settlement funds $ 1,500,000         $ 1,500,000  
Damages paid, value       $ 1,500,000      
Interest expense - related party   $ 0 $ 0 0 $ 137,000    
Management fees   0 0 0 350,000    
Severance costs   $ (6,000) $ 200,000 $ 2,000,000 600,000    
Subordinated debt              
Loss Contingencies [Line Items]              
Debt agreement, maximum available amount             $ 4,000,000.0
Interest expense - related party         $ 100,000    
v3.22.2.2
Concentration of Credit Risk - Additional Information (Detail) - Financing Receivable - Geographic Concentration Risk
Sep. 30, 2022
Dec. 31, 2021
Texas    
Concentration Risk [Line Items]    
Concentration risk, Percentage 14.00% 14.00%
Florida    
Concentration Risk [Line Items]    
Concentration risk, Percentage 14.00% 14.00%
California    
Concentration Risk [Line Items]    
Concentration risk, Percentage   11.00%
v3.22.2.2
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Retirement Benefits [Abstract]        
Employer matching contribution, percent of match     4.00%  
Salaries and employee benefits $ 0.4 $ 0.4 $ 1.2 $ 1.1
v3.22.2.2
(Loss) Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Numerator:        
Net (loss) income attributable to OppFi Inc. $ (571) $ 14,125 $ 3,963 $ 14,125
Net (loss) income available to Class A common stockholders - Basic (571) 14,125 3,963 14,125
Dilutive effect of warrants on net income to Class A common stockholders 0 0 0 0
Net (loss) income attributable to noncontrolling interest (90) 16,267 4,576 58,638
Provision for income taxes 0 (3,308) (1,105) (3,308)
Net (loss) income available to Class A common stockholders - Diluted $ (571) $ 24,485 $ 7,434 $ 24,485
Denominator:        
Weighted average Class A common stock outstanding - Basic (in shares) 13,972,971 13,363,996 13,694,733 13,107,874
Effect of dilutive securities:        
Dilutive common unit equivalents (in shares) 0 71,100,787 70,582,544 71,356,909
Weighted average units outstanding - diluted (in shares) 13,972,971 84,464,783 84,277,277 84,464,783
Basic EPS (in dollars per share) $ (0.04) $ 1.06 $ 0.29 $ 1.08
Diluted EPS (in dollars per share) $ (0.04) $ 0.29 $ 0.09 $ 0.29
Previously Reported        
Numerator:        
Net (loss) income attributable to noncontrolling interest $ 0 $ 13,668 $ 4,576 $ 13,668
Stock Options        
Effect of dilutive securities:        
Dilutive securities (in shares) 0 0 0 0
Restricted stock units        
Effect of dilutive securities:        
Dilutive securities (in shares) 0 0 123,722 0
Performance stock units        
Effect of dilutive securities:        
Dilutive securities (in shares) 0 0 11,986 0
Warrants        
Effect of dilutive securities:        
Warrants (in shares) 0 0 0 0
Employee Stock        
Effect of dilutive securities:        
Dilutive securities (in shares) 0 0 0 0
Units, Excluding Earnout Units        
Effect of dilutive securities:        
Dilutive securities (in shares) 0 71,100,787 70,446,836 71,356,909
v3.22.2.2
(Loss) Earnings Per Share - Schedule of Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 115,471,864 46,439,437 44,953,643 46,439,437
Warrants | Public Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 11,887,500 11,887,500 11,887,500 11,887,500
Warrants | Private Unit Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 231,250 231,250 231,250 231,250
Warrants | $11.50 Exercise Price Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 2,248,750 2,248,750 2,248,750 2,248,750
Warrants | $15 Exercise Price Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 912,500 912,500 912,500 912,500
Warrants | Underwriter Warrants        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 59,437 59,437 59,437 59,437
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 1,978,972 5,600,000 2,178,347 5,600,000
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 2,545,635 0 1,718,129 0
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 448,720 0 217,730 0
Noncontrolling interest - Earnout Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 25,500,000 25,500,000 25,500,000 25,500,000
Noncontrolling interest - OppFi Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potential common stock (in shares) 69,659,100 0 0 0
v3.22.2.2
(Loss) Earnings Per Share - Additional Information (Detail) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Diluted (in dollars per share) $ (0.04) $ 0.29 $ 0.09 $ 0.29
Revision of Prior Period, Error Correction, Adjustment        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Diluted (in dollars per share)   $ 0.77   $ 0.79
v3.22.2.2
Subsequent Events - Additional Information (Detail) - Subsequent Event
$ in Millions
Oct. 10, 2022
USD ($)
ft²
Subsequent Event [Line Items]  
Area of real estate property | ft² 10,481
Operating lease, payments to be received | $ $ 0.9