OPPFI INC., 10-K filed on 3/11/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Mar. 07, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 59,054,410
Documents Incorporated by Reference
Part III of this Annual Report on Form 10-K includes references to portions of the registrant’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders (“Definitive Proxy Statement”). The Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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   24,226,696  
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 $11.50 per share    
Entity Trading Symbol OPFI WS    
Security Exchange Name NYSE    
Class B Common Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
Class V Voting Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   62,178,190  
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name RSM US LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 49
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash [1] $ 61,344 $ 31,791
Restricted cash [1] 26,944 42,152
Total cash and restricted cash 88,288 73,943
Finance receivables at fair value [1] 473,696 463,320
Finance receivables at amortized cost, net of allowance for credit losses of $346 as of December 31, 2023 0 110
Settlement receivable [1] 2,036 1,904
Equity method investment 19,194 0
Debt issuance costs, net [1] 2,730 3,834
Property, equipment and software, net 13,676 10,292
Operating lease right-of-use assets 10,583 12,180
Deferred tax asset 21,340 25,777
Other assets [1] 9,628 10,183
Total assets 641,171 601,543
Liabilities:    
Accounts payable [1] 879 4,442
Accrued expenses [1] 32,411 22,006
Operating lease liabilities 13,294 15,061
Senior debt, net [1] 318,758 332,667
Note payable 0 1,449
Warrant liabilities 15,108 6,864
Tax receivable agreement liability 26,508 25,025
Total liabilities 406,958 407,514
Commitments and contingencies (Note 13)
Stockholders' equity:    
Preferred stock, $0.0001 par value (1,000,000 shares authorized with no shares issued and outstanding as of December 31, 2024 and 2023) 0 0
Additional paid-in capital 93,903 76,480
Accumulated deficit (55,127) (63,591)
Treasury stock, at cost (1,738,624 and 703,914 shares as of December 31, 2024 and 2023, respectively) (6,011) (2,460)
Total OppFi Inc.'s stockholders' equity 32,774 10,440
Noncontrolling interest 201,439 183,589
Total stockholders' equity 234,213 194,029
Total liabilities and stockholders' equity 641,171 601,543
Variable Interest Entity, Primary Beneficiary    
Assets    
Cash 235 368
Restricted cash 16,872 32,782
Total cash and restricted cash 17,107 33,150
Finance receivables at fair value 416,859 417,138
Settlement receivable 2,036 1,904
Debt issuance costs, net 2,730 3,834
Other assets 11 7
Total assets 438,743 456,033
Liabilities:    
Accounts payable 0 5
Accrued expenses 3,191 3,614
Senior debt, net 288,828 283,213
Total liabilities 292,019 286,832
Class A Common Stock    
Stockholders' equity:    
Common stock, value, issued 2 2
Class B Common Stock    
Stockholders' equity:    
Common stock, value, issued 0 0
Class V Voting Stock    
Stockholders' equity:    
Common stock, value, issued $ 7 $ 9
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowance for credit losses   $ 346
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 (in shares) 1,738,624 703,914
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) 23,774,639 19,554,774
Common stock, shares, outstanding (in shares) 22,036,015 18,850,860
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) 64,189,434 91,898,193
Common stock, shares, outstanding (in shares) 64,189,434 91,898,193
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Interest and loan related income $ 521,227 $ 505,430 $ 451,448
Other revenue 4,736 3,519 1,411
Interest and other income 525,963 508,949 452,859
Change in fair value of finance receivables (204,443) (231,419) (233,959)
Provision for credit losses on finance receivables (42) (4,348) (1,940)
Net revenue 321,478 273,182 216,960
Expenses:      
Salaries and employee benefits 60,475 60,680 59,976
Direct marketing costs 49,208 50,562 58,294
Interest expense and amortized debt issuance costs 44,708 46,750 35,162
Professional fees 21,574 18,027 12,940
Technology costs 12,171 12,543 13,054
Depreciation and amortization 9,621 12,735 13,581
Payment processing fees 7,119 10,439 10,418
Occupancy 4,030 4,431 4,441
Exit costs 2,983 0 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment 0 (2,983) 0
Impairment of assets held for sale 0 0 3,571
General, administrative and other 15,053 13,643 11,865
Total expenses 226,942 226,827 223,302
Income (loss) from operations 94,536 46,355 (6,342)
Other (expense) income:      
Change in fair value of warrant liabilities (8,244) (4,976) 9,352
Income from equity method investment 1,442 0 0
Other income 318 431 53
Income before income taxes 88,052 41,810 3,063
Income tax expense (benefit) 4,215 2,331 (277)
Net income 83,837 39,479 3,340
Net loss attributable to noncontrolling interest 76,579 40,484 (3,758)
Net income (loss) attributable to OppFi Inc. $ 7,258 $ (1,005) $ 7,098
Earnings (loss) per common share:      
Basic (in dollars per share) $ 0.36 $ (0.06) $ 0.51
Diluted (in dollars per share) $ 0.36 $ (0.06) $ 0.05
Weighted average common shares outstanding:      
Basic (in shares) 20,145,606 16,391,199 13,913,626
Diluted (in shares) 20,145,606 16,391,199 84,256,084
v3.25.0.1
Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Class A Common Stock
Common Stock
Class V Voting Stock
Additional Paid-in Capital
Accumulated Earnings (Deficit)
Treasury Stock
Noncontrolling Interest
Beginning balance, shares at Dec. 31, 2021   13,631,484 96,338,474        
Beginning balance at Dec. 31, 2021 $ 157,878 $ 1 $ 10 $ 61,672 $ (70,723) $ 0 $ 166,918
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Class V shares (in shares)   1,401,189 (1,401,189)        
Exchange of Class V shares 0 $ 1 $ (1) 2,128 79   (2,207)
Issuance of common stock under equity incentive plan (in shares)   387,180          
Issuance of common stock under equity incentive plan 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 3,354     3,354      
Purchase of treasury stock (in shares)   (703,914)          
Purchase of treasury stock (2,460)         (2,460)  
Member distributions (1,309)           (1,309)
Tax receivable agreement (1,778)     (1,778)      
Net income (loss) 3,340       7,098   (3,758)
Ending balance, shares at Dec. 31, 2022   14,760,566 94,937,285        
Ending balance at Dec. 31, 2022 159,150 $ 2 $ 9 65,501 (63,546) (2,460) 159,644
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Class V shares (in shares)   3,039,092 (3,039,092)        
Exchange of Class V shares 0     5,349 960   (6,309)
Issuance of common stock under equity incentive plan (in shares)   979,216          
Issuance of common stock under equity incentive plan 0            
Issuance of common stock under employee stock purchase plan (in shares)   189,622          
Issuance of common stock under employee stock purchase plan 328     328      
Exercise of stock options (in shares)   18,651          
Exercise of stock options 59     59      
Stock-based compensation 4,067     4,067      
Tax withholding on vesting of restricted stock units (in shares)   (136,287)          
Tax withholding on vesting of restricted stock units (280)     (280)      
Member distributions (10,230)           (10,230)
Tax receivable agreement 459     459      
Deferred tax asset 997            
Net income (loss) 39,479       (1,005)   40,484
Ending balance, shares at Dec. 31, 2023   18,850,860 91,898,193        
Ending balance at Dec. 31, 2023 194,029 $ 2 $ 9 76,480 (63,591) (2,460) 183,589
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Class V shares (in shares)   2,943,610 (2,943,610)        
Exchange of Class V shares 0     12,758 3,580   (16,338)
Issuance of common stock under equity incentive plan (in shares)   1,508,113          
Issuance of common stock under equity incentive plan 0            
Issuance of common stock under employee stock purchase plan (in shares)   127,043          
Issuance of common stock under employee stock purchase plan 294     294      
Issuance of Class V shares related to equity investment (in shares)     734,851        
Issuance of Class V shares related to equity investment 2,836     2,836      
Forfeiture of Class V shares related to forfeiture of earnout units (in shares)     (25,500,000)        
Forfeiture of Class V shares related to forfeiture of earnout units $ 0   $ (2) 2      
Exercise of stock options (in shares) 0            
Stock-based compensation $ 5,270     5,270      
Tax withholding on vesting of restricted stock units (in shares)   (358,901)          
Tax withholding on vesting of restricted stock units (1,335)     (1,335)      
Purchase of treasury stock (in shares)   (1,034,710)          
Purchase of treasury stock (3,551)         (3,551)  
Common stock dividend (2,374)       (2,374)    
Member distributions (42,391)           (42,391)
Tax receivable agreement (1,082)     (1,082)      
Deferred tax asset (1,320)            
Net income (loss) 83,837       7,258   76,579
Ending balance, shares at Dec. 31, 2024   22,036,015 64,189,434        
Ending balance at Dec. 31, 2024 $ 234,213 $ 2 $ 7 $ 93,903 $ (55,127) $ (6,011) $ 201,439
v3.25.0.1
Consolidated Statements of Stockholders’ Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2024
$ / shares
Statement of Stockholders' Equity [Abstract]  
Common stock, dividends (in dollars per share) $ 0.12
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 83,837 $ 39,479 $ 3,340
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of finance receivables 204,443 231,419 233,959
Provision for credit losses on finance receivables 42 4,348 1,940
Depreciation and amortization 9,621 12,735 13,581
Debt issuance cost amortization 2,409 2,428 2,372
Stock-based compensation expense 5,270 4,067 3,354
Loss on disposition of equipment 5 3 1
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment 0 (2,983) 0
Impairment of assets held for sale 0 0 3,571
Impairment of right of use asset 0 0 465
Tax receivable agreement liability adjustment 75 163 (36)
Deferred income taxes 3,442 1,667 (553)
Change in fair value of warrant liabilities 8,244 4,976 (9,352)
Gain on forgiveness of debt 0 (113) 0
Income from equity method investment (1,442) 0 0
Distribution received from equity method investment 1,050 0 0
Changes in assets and liabilities:      
Accrued interest and fees receivable (285) (2,258) (5,148)
Settlement receivable (132) 96 (2,000)
Operating lease, net (170) (90) (7)
Other assets 555 3,478 2,453
Accounts payable (3,563) (1,896) 238
Accrued expenses 10,405 (1,373) (4,881)
Net cash provided by operating activities 323,806 296,146 243,297
Cash flows from investing activities:      
Finance receivables originated and acquired (732,045) (721,287) (738,413)
Finance receivables repayments 517,579 485,986 434,419
Purchases of equipment and capitalized technology (13,010) (8,991) (13,250)
Acquisition of equity method investment (15,966) 0 0
Net cash used in investing activities (243,442) (244,292) (317,244)
Cash flows from financing activities:      
Member distributions (42,391) (10,230) (1,309)
Net payments of secured borrowing payable 0 (643) (21,687)
Net advances (payments) of senior debt - revolving lines of credit 5,615 (12,522) 92,734
Payments of senior debt - term loan (20,000) 0 0
Net payments of notes payable (1,449) (2,581) (1,627)
Payments for debt issuance costs (828) (1,712) (4,521)
Proceeds from employee stock purchase plan 294 328 125
Exercise of stock options 0 59 0
Payments of tax withholdings on vesting of restricted stock units (1,335) (280) 0
Purchase of treasury stock (3,551) 0 (2,460)
Dividend paid on common stock (2,374) 0 0
Net cash (used in) provided by financing activities (66,019) (27,581) 61,255
Net increase (decrease) in cash and restricted cash 14,345 24,273 (12,692)
Cash and restricted cash      
Beginning 73,943 49,670 62,362
Ending 88,288 73,943 49,670
Supplemental disclosure of cash flow information:      
Interest paid on borrowed funds 42,573 43,725 32,086
Income taxes paid 475 73 356
Supplemental disclosure of noncash activities:      
Adjustments to additional paid-in capital as a result of tax receivable agreement (1,082) 459 (1,778)
Adjustments to additional paid-in capital as a result of adjustment to deferred tax asset (1,320) 997 0
Issuance of Class V shares related to equity investment 2,836 0 0
Forfeitures of Class V shares related to forfeiture of earnout units 2 0 0
Operating lease right of use asset recognized 0 159 0
Operating lease liability recognized 0 159 0
Operating lease right of use asset recognized from adoption of ASU 2016-02 0 0 15,459
Operating lease liability recognized from adoption of ASU 2016-02 0 0 17,972
Reclassification of finance receivables held for sale to held for investment 0 2,637 0
Reclassification of finance receivables at amortized cost to assets held for sale 0 0 550
Prepaid insurance financed with promissory notes $ 0 $ 2,414 $ 3,243
v3.25.0.1
Description of Business and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of Business and Significant Accounting Policies Description of Business and Significant Accounting Policies
Organization and Nature of Operations: OppFi Inc. (“OppFi”), collectively with its subsidiaries ( the “Company”), is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. The Company’s primary product is its installment loan product, OppLoans.

OppFi is organized as a C corporation that owns an equity interest in Opportunity Financial, LLC (“OppFi-LLC”), a Delaware limited liability company, in what is commonly referred to as 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. OppFi’s only direct assets consist of Class A common units of OppFi-LLC (“OppFi Units”). As of December 31, 2024 and 2023, OppFi owned approximately 25.6% and 17.0% of the OppFi Units, respectively, 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 of OppFi-LLC (“Members”). OppFi Shares, LLC (“OFS”), a Delaware limited liability company, 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.

OppFi-LLC has entered into bank partnership arrangements with certain Utah-chartered banks (“Banks”) insured by the FDIC. Under the terms and conditions of the agreement, the Banks originate finance receivables based on criteria provided by OppFi-LLC. After an initial holding period, OppFi-LLC has committed to acquire the participation rights to the finance receivables originated by the Banks. To facilitate these relationships, OppFi-LLC formed wholly owned subsidiaries of OppFi-LLC to sell these rights to OppFi-LLC’s wholly owned, bankruptcy protected entities (“SPEs”), which in turn, pledges the participation rights to its lenders.

As part of OppFi-LLC’s overall funding strategy, OppFi-LLC entered into credit agreements with unrelated third parties. Under the terms of these credit agreements, the SPEs use the proceeds from the credit facility to acquire receivables from wholly owned subsidiaries of OppFi-LLC, and the lender receives first priority lien on all of the entity’s assets. OppFi-LLC continues to service the assets in accordance with the terms of the agreement but is required to maintain a backup servicing agreement. These transactions are accounted for as senior debt in which these variable interest entities (“VIEs”) hold all assets on their balance sheet, which collateralize their debt.

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. 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.

Basis of presentation and consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of OppFi Inc. and OppFi-LLC, its wholly owned subsidiaries and consolidated VIEs. All significant intercompany transactions and balances have been eliminated in consolidation.

The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity or voting interest model. All entities are first considered under the VIE model.

VIE Model

The Company consolidates a VIE if it is the primary beneficiary of the entity. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct activities of the VIE that most significantly impact the VIE’s performance (“primary beneficiary power”), and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE (“significant variable interest”). On an ongoing basis, the Company assesses whether it is considered to be the primary beneficiary of a VIE.

To assess whether the Company has the primary beneficiary power, it considers the activities that most significantly impact the VIE's economic performance and determine whether the Company or another party, if any, has the power to direct these activities of the VIE. The Company also considers the nature, purpose and activities of the VIE and the Company’s involvement, including exposure to loss, with the VIE.
As of December 31, 2024, the Company determined that all entities subject to the consolidations guidance are VIEs for which the Company is the primary beneficiary. While Gray Rock SPV LLC is not owned by OppFi-LLC, Gray Rock SPV LLC was determined to be a VIE. The Company directs the activities of Gray Rock SPV LLC that most significantly impact economic
performance. Additionally, the Company has the obligation to absorb losses of the Gray Rock SPV LLC that could potentially be significant. As the primary beneficiary of Gray Rock SPV LLC, the Company has consolidated the financial statements of Gray Rock SPV LLC.

Use of estimates: The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and operations and disclosure of contingent assets and liabilities at the date of the 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 include, but are not limited to, the determination of fair value of installment finance receivables and warrants, valuation allowance of deferred tax assets 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.

Revenue recognition: The Company recognizes interest income based on the interest method over the contractual life of the installment finance receivable. The Company discontinues and reverses the accrual of interest income on installment finance receivables at the earlier of 60 days past due based on a recency basis or 90 days past due based on a contractual basis. The accrual of income is not resumed until the account is current on a recency or contractual basis, at which time management considers collectability to be probable.

Cash: The Company classifies all cash accounts which are not subject to withdrawal restrictions or penalties as cash. All cash accounts are held in financially insured institutions, which may at times exceed federally insured limits. The Company has not experienced losses in such accounts. Management believes the Company’s exposure to credit risk is minimal for these accounts.

Restricted cash: Restricted cash consists of the following: (1) cash required to be held on reserve; (2) cash required to be held in blocked accounts held by the VIEs; and (3) cash required to be held on deposit in connection with the bank partnership arrangements. All cash accounts are held in financially insured institutions, which may at times exceed federally insured limits. The Company has not experienced losses in such accounts. Management believes the Company’s exposure to credit risk is minimal for these accounts.

Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain Banks insured by the FDIC. Under the terms and conditions of the bank partnership agreements, the Banks originate finance receivables based on criteria provided by OppFi-LLC. The issuing Bank earns interest during an initial hold period and owns the economic interest in the finance receivables. After the initial holding period, OppFi-LLC is committed to acquire participation rights in the economic interest in the finance receivables originated by the Banks, net of bank partnership retention, plus accrued interest (“Participation Rights”). OppFi-LLC also provides certain services for these receivables in its capacity of sub-servicer pursuant to the terms of the servicing agreement between the Bank and OppFi-LLC. To facilitate these relationships, OppFi-LLC formed wholly owned subsidiaries which acquire the Participation Rights and sell these rights to certain of the other OppFi subsidiaries, which in turn, pledge the Participation Rights to their respective lenders. The Company accounts for the Participation Rights as a finance receivable. 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 years ended December 31, 2024 and 2023, gross finance receivables originated through the bank partnership arrangements totaled 100% and 97%, respectively. As of December 31, 2024 and 2023, the unpaid principal balance of finance receivables outstanding for purchase was $7.1 million and $14.5 million, respectively.

Finance receivables: The Company’s installment finance receivables are carried at fair value in the consolidated balance sheets and the changes in fair value are included in change in fair value of finance receivables in the consolidated statements of operations. To derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses and prepayments over the estimated duration of the underlying assets. Loss and prepayment assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued interest and fees are included in finance receivables at fair value in the consolidated balance sheets. Interest income is included in interest and loan related income, net in the consolidated statements of operations. The Company’s charge-off policy was based on a review of delinquent finance receivables on a loan by loan basis. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when the Company receives notification of a customer bankruptcy, or is otherwise deemed uncollectible.

Delinquency: The Company determines the past due status on a recency basis, which is defined as the last time a qualifying payment is made on an account. Finance receivables are considered delinquent at 30 days or more past due.
Settlement receivable: In accordance with the Company’s credit agreement with UMB Bank, N.A., customer payments are collected by the Company and then deposited into a commercial bank account held by UMB Bank, N.A. on behalf of the Company until the Company settled with UMB Bank, N.A. The Company did not record an allowance for doubtful accounts against the settlement receivable as potential write-offs are deemed immaterial.

Equity method investment: The Company accounts for its equity method investments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 323, Investments - Equity Method and Joint Ventures, for equity investment in a company over which the Company has significant influence but does not own a controlling financial interest. Under the equity method of accounting, the initial investment, including transaction costs, is recorded at cost and the investment is subsequently adjusted for its proportionate share of the investee’s earnings or losses and amortization of basis differences. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the useful lives of the underlying assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment.

On July 31, 2024 (the “Acquisition Date”), the Company acquired a 35% equity interest in Bitty Holdings, LLC (“Bitty”) for (i) a cash payment of $15.2 million and (ii) 734,851 OppFi Units, valued at approximately $2.8 million as of the Acquisition Date. The Company also incurred transaction costs of approximately $0.7 million. The Company also holds call options issued by Bitty, which entitle it to purchase additional equity interests of 30% and 35% within a specific time period from the date that is three and six years from the Acquisition Date, respectively, at six times the trailing twelve months post-tax earnings. The Company determined that it does not have a controlling financial interest in Bitty but does exercise significant influence and therefore, the investment is accounted for under the equity method. The basis difference between the Company’s carrying value and proportionate share of Bitty’s book value is primarily attributable to identifiable intangible assets totaling $2.8 million and equity method goodwill totaling $13.9 million as of the Acquisition Date. The identifiable intangible assets will be amortized over four years. For the year ended December 31, 2024, amortization expense related to identifiable intangible assets of $0.3 million was included in income from equity method investment in the consolidated statements of operations.
Debt issuance costs: Debt issuance costs are capitalized and amortized based on the contractual terms of the related debt agreements using the interest method for fixed-term debt and the straight-line method for all other debt.

Property and equipment: Furniture, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation of furniture and equipment and amortization of leasehold improvements computed under both straight-line and accelerated methods for financial reporting and income tax purposes, respectively, based on the estimated useful lives of the assets generally as follows: furniture and fixtures - five years; office equipment - three years; and leasehold improvements are amortized over the shorter of the useful life of the assets or the term of the lease.

Capitalized technology: Software development costs related to internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage that meet the criteria for capitalization are capitalized, and amortized when the software is ready for its intended use, using the straight-line basis, over the estimated useful life of the software, which is generally two years. The Company capitalized software costs associated with application development totaling $12.1 million and $8.6 million during the years ended December 31, 2024 and 2023, respectively. The Company also capitalized interest associated with application development totaling $0.2 million during the year ended December 31, 2024. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $9.0 million, $12.0 million, and $12.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Leases: The Company determines if an arrangement is or contains a lease at its inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the incremental borrowing rate, as most of the leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments that do not depend on changes in index rates or payments based on usage, are not included in the ROU assets or lease liabilities and are expensed as incurred. The Company has elected to combine lease and non-lease components for the purpose of calculating ROU assets and lease liabilities, to the extent the non-lease components are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. Additionally, the Company has elected not to recognize ROU assets and lease liabilities that arise from short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets.

Transfer and servicing of financial assets: After a transfer of financial assets, an entity recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. The transfers of assets for debt purposes have been accounted for as secured and
senior borrowings and the related assets and borrowings are retained on the consolidated balance sheets and no gain or loss has been recognized in the consolidated statements of operations.

Warrants: The Company’s warrants do not meet the criteria for equity treatment due to a provision in the warrant agreement governing such warrants (“Warrant Agreement”) related to certain tender or exchange offer provisions; as such, each warrant must be recorded as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. Redeemable warrants exercisable for OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”) are valued at market price based on the observable traded price in an active market (“Public Warrants”). The Company utilizes a Black-Scholes-Merton (“Black-Scholes”) option-pricing model to value the outstanding private placement warrants (“Private Placement Warrants”) issued in connection with the Company’s initial public offering (“IPO”) at each reporting period.

Tax receivable agreement liability: Pursuant to the Business Combination Agreement (“Business Combination Agreement”), dated as of February 9, 2021, by and among FG New America Acquisition Corp. (“FGNA”), OppFi-LLC, OFS, and Todd Schwartz (“Members’ Representative”), in his capacity as the representative of the Members immediately prior to the closing (“Closing”), OppFi entered into the Tax Receivable Agreement (“TRA”) with the Members and the Members’ Representative. The TRA provides for payment to the Members of 90% of the U.S. federal, state and local income tax savings realized by the Company as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained OppFi Units for Class A Common Stock or cash. OppFi-LLC will have in effect an election under Section 754 of the Internal Revenue Code effective for each taxable year in which an exchange of Retained OppFi Units occurs. The remaining 10% cash tax savings resulting from the basis adjustments will be retained by the Company.

In general, cash tax savings result in a year when the tax liability of the Company for the year, computed without regard to the deductions attributable to the amortization or depreciation of the basis increase and other deductions that arise in connection with the payment of the cash consideration under the TRA or the exchange of Retained OppFi Units for Class A Common Stock, would be more than the tax liability for the year taking into account such deductions. Payments under the TRA will not be due until the Company is able to reduce an actual cash tax liability by the amortization of the basis increase on a filed tax return. The payments under the TRA are expected to begin in 2025.

The Company accounts for the effects of the basis increases as follows:

•the Company records an increase in deferred tax assets for the income tax effects of the increases in tax basis based on enacted federal and state income tax rates at the date of the exchange;

•the Company evaluates the ability to realize the full benefit represented by the deferred tax asset based on an analysis that will consider expectations of future earnings among other things. If the Company determines that the full benefit is not likely to be realized, a valuation allowance is established to reduce the amount of the deferred tax assets to an amount that is likely to be realized.

The Company records obligations under the TRA at the gross undiscounted amount of the expected future payments as an increase to liabilities and the realizable deferred tax asset with an offset to additional paid-in capital and/or tax benefit.

As of December 31, 2024, the Company’s liability related to its expected obligations under the TRA was $26.5 million with a corresponding deferred tax asset of $6.2 million; the remaining $20.3 million was recorded to additional paid-in capital. As of December 31, 2023, the Company’s liability related to its expected obligations under the TRA was $25.0 million with a corresponding deferred tax asset of $5.9 million; the remaining $19.0 million and $0.1 million were recorded to additional paid-in capital and tax benefit, respectively.

Loss contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the Company’s consolidated financial statements.

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 method. The Company did not reissue or retire treasury stock during the years ended December 31, 2024 and 2023.
Stock-based compensation: The Company established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of restricted stock unit awards, incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units awards, performance units, performance shares, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. The Company measures stock-based compensation expense based on the fair value of awards as determined on the date of the grant. The Company recognizes stock-based compensation expense over the requisite service period. The Company accounts for forfeitures when they occur. The Company uses a Black-Scholes option-pricing model to determine the estimated fair value of stock options. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of stock options. The fair value of restricted stock units and performance stock units is estimated using the market price of the Company’s Class A Common Stock on the date of grant.

Loan origination costs: Loan origination costs related to the origination of installment finance receivables recognized at fair value are expensed when incurred. Direct costs incurred for the origination of these finance receivables included underwriting fees, employee salaries and benefits directly related to the origination of the loan and program fees. Loan origination costs also included direct costs incurred for directly acquiring a customer.

Exit costs: Costs associated with exit activities include contract termination costs and other costs associated with exit activities. In January 2024, the Company completed the previously disclosed wind down and exited its OppFi Card product. In accordance with the provisions of FASB ASC 420, Exit or Disposal Cost Obligations, the Company recognized a liability for $2.9 million for costs related to contracts associated with its OppFi Card product that will continue to be incurred under these contracts for their remaining term without economic benefit to the Company. The Company recorded these costs in exit costs on the consolidated statements of operations. As of December 31, 2024, the Company’s remaining liability totaled $2.0 million, which is included in accrued expenses on the consolidated balance sheets.

Income taxes: OppFi-LLC is organized as a partnership for U.S. income tax purposes, and therefore is not subject to tax on its earnings, as the taxable income and deductions are passed to the Members who are responsible for income tax based upon their allocable share of OppFi-LLC's income. Following the Closing, the Company’s consolidated financial statements include the accounts of OppFi and OppFi-LLC. OppFi is subject to corporate income taxes in the United States based upon its activities and its allocable share of taxable income from OppFi-LLC at the federal and state level, therefore the amount of income taxes recorded prior to the Closing are not representative of the expenses expected in the future.

The computation of the effective tax rate and provision at each period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, and permanent differences between the Company’s GAAP earnings and taxable income. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future periods may vary.

The Company accounts for income taxes pursuant to the asset and liability method which requires the recognition of current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible.

The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable, and is included in general, administrative and other in the consolidated statements of operations.

Earnings (loss) per share: Basic earnings (loss) per share available to common stockholders is computed by dividing the net income (loss) 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 treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, and 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 OppFi Units into Class A Common Stock 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 are 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 attributable to OppFi, diluted loss per share available to common stockholders would be the same as basic loss 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 74.4% and 83.0% of the economic ownership percentage of OppFi-LLC as of December 31, 2024 and 2023, respectively. In accordance with the provisions of FASB 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 the Company and the noncontrolling ownership interests separately in the consolidated statements of operations.

Fair value disclosure: ASC 820, Fair Value Measurement, established a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability.

ASC 820 provides a framework for measuring fair value under generally accepted accounting principles. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the nature of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the NYSE. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 - Valuations for assets and liabilities traded in less-active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3 - Valuations for assets and liabilities that are derived from other valuation methodologies, including option-pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

Government regulation: The Company is subject to complex regulation, supervision and licensing under various federal, state, local statutes, ordinances, regulations, rules and guidance. The Company must comply with federal laws as well as regulations adopted to implement those laws. In July 2010, the U.S. Congress passed the Dodd-Frank Act, and Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”), which regulates U.S. consumer financial products and services, including consumer loans offered by the Company. The CFPB has regulatory, supervisory and enforcement powers over providers of consumer financial products and services, including explicit supervisory authority to examine and require registration of such providers.

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 November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of ASU 2023-07 is to provide guidance on new segment disclosures, including significant segment expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023 and interim periods within the annual reporting period beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 effective for the annual reporting period beginning January 1, 2024. See Note 12. Segment Reporting for additional information.
Accounting pronouncements issued and not yet adopted: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to provide guidance on the enhanced income tax disclosure requirements. The guidance requires an entity to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company’s disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The purpose of ASU 2024-03 is to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company’s disclosures.
v3.25.0.1
Finance Receivables at Fair Value
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Finance Receivables at Fair Value Finance Receivables at Fair Value
The components of installment finance receivables at fair value as of December 31, 2024 and 2023 were as follows (in thousands):

20242023
Unpaid principal balance of finance receivables - accrual$394,030 $384,587 
Unpaid principal balance of finance receivables - non-accrual31,210 31,876 
Unpaid principal balance of finance receivables$425,240 $416,463 
Finance receivables at fair value - accrual$452,438 $444,120 
Finance receivables at fair value - non-accrual2,906 1,135 
Finance receivables at fair value, excluding accrued interest and fees receivable455,344 445,255 
Accrued interest and fees receivable18,352 18,065 
Finance receivables at fair value$473,696 $463,320 
Difference between unpaid principal balance and fair value$30,104 $28,792 

The Company’s policy is to discontinue and reverse the accrual of interest income on installment finance receivables at the earlier of 60 days past due on a recency basis or 90 days past due on a contractual basis. As of December 31, 2024 and 2023, the aggregate unpaid principal balance of installment finance receivables 90 days or more past due was $14.4 million and $15.2 million, respectively. As of December 31, 2024 and 2023, the fair value of installment finance receivables 90 days or more past due on a contractual basis was $1.3 million and $0.5 million, respectively.
Changes in the fair value of installment finance receivables at fair value for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Balance at the beginning of the period$463,320 $457,296 $383,890 
Originations732,012 719,503 731,159 
Repayments(517,480)(484,325)(428,957)
Accrued interest and fees receivable287 2,265 5,163 
Charge-offs, net (1)
(205,755)(220,895)(232,266)
Net change in fair value (1)
1,312 (10,524)(1,693)
Balance at the end of the period$473,696 $463,320 $457,296 
(1) Included in “Change in fair value of finance receivables” in the Consolidated Statements of Operations.
v3.25.0.1
Property, Equipment and Software, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software as of December 31, 2024 and 2023 consisted of the following (in thousands):

20242023
Capitalized technology$67,515 $55,405 
Furniture, fixtures and equipment4,432 3,964 
Leasehold improvements979 979 
Total property, equipment and software72,926 60,348 
Less accumulated depreciation and amortization(59,250)(50,056)
Property, equipment and software, net$13,676 $10,292 
v3.25.0.1
Accrued Expenses
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses as of December 31, 2024 and 2023 consisted of the following (in thousands):

20242023
Accrual for services rendered and goods purchased $12,592 $6,899 
Accrued payroll and benefits10,141 8,900 
Amount due to bank partners3,070 1,076 
Accrued interest2,519 2,794 
Accrued exit costs2,017 — 
Other2,072 2,337 
Total$32,411 $22,006 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases its office facilities under a non-cancelable operating lease agreement with an unrelated party through September 2030. The lease agreement includes non-lease components, such as common area maintenance and reimbursements for real estate taxes, which are expensed as incurred as variable lease payments. The lease agreement also includes options to extend or terminate the lease agreement. The Company is not reasonably certain that it will extend or terminate the lease agreement; as such, lease payments do not take into account these options. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants. In connection with the lease agreement, the Company executed a letter of credit in the amount of $1.8 million. As of December 31, 2024 and 2023, there were no outstanding balances on the letter of credit.

On October 10, 2022, the Company entered into a sublease agreement with a third-party to sublease one of its office facilities through August 2025. The sublease agreement includes options for the sublessee to extend or terminate the lease agreement. The Company is not reasonably certain that the sublessee will extend or terminate the lease agreement; as such, lease payments do not take into account these options. The Company’s sublease agreement does not contain any material residual value guarantees or material restrictive covenants. Under the terms of the sublease agreement, the third-party provides the Company with an irrevocable letter of credit in the amount $0.1 million. The Company is entitled to draw on the letter of credit in the event of any default under the terms of the sublease agreement. The Company expects to receive $0.9 million over the term of the sublease agreement. The remaining balance of deferred lease revenue as of December 31, 2024 was $0.2 million which will be recognized over the remaining lease term of approximately eight months. The sublease agreement did not relieve the Company of its primary obligation under its lease agreement. The sublease income to be earned was determined to be less than the costs associated with the primary lease held by the Company. As a result, the Company recorded an impairment expense of $0.5 million on the lease commencement date to adjust its operating lease right-of-use asset, which was included in general, administrative and other in the consolidated statement of operations.

In April 2023, the Company entered into a lease agreement under a non-cancelable operating lease agreement with an unrelated party through May 31, 2024. The lease provided for monthly lease payments of $12 thousand. The lease agreement did not include options to extend or terminate the lease agreement. The Company was not reasonably certain that it would extend or terminate the lease agreement; as such, lease payments do not take into account these options. The Company’s lease agreement did not contain any material residual value guarantees or material restrictive covenants. The Company recognized a ROU asset of $0.2 million and lease liability of $0.2 million related to this lease agreement. Subsequent to May 31, 2024, the Company entered into a short-term lease agreement and did not recognize a ROU asset or lease liability.

The components of total lease cost for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Operating lease cost$2,300 $2,347 $2,043 
Variable lease expense1,604 1,983 2,271 
Short-term lease cost97 71 98 
Sublease income(318)(318)(53)
Total lease cost$3,683 $4,083 $4,359 

Supplemental cash flow information related to the leases for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,476 $2,647 $2,271 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$— $159 $465 
The aggregate weighted-average remaining lease term and weighted-average discount rate as of December 31, 2024, 2023 and 2022 were as follows:

202420232022
Weighted-average remaining lease term (in years)5.86.77.8
Weighted-average discount rate5 %5 %5 %

Future minimum operating leases as of December 31, 2024 were as follows (in thousands):

YearAmount
2025$2,482 
20262,557 
20272,633 
20282,712 
20292,794 
Thereafter2,144 
Total lease payments15,322 
Less: imputed interest(2,028)
Operating lease liabilities$13,294 
v3.25.0.1
Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following is a summary of the Company’s outstanding borrowings as of December 31, 2024 and 2023, including borrowing capacity as of December 31, 2024 (in thousands):

PurposeBorrower(s)Borrowing Capacity20242023
Interest Rate as of December 31, 2024
Maturity Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$125,000 $84,500 $103,400 SOFRplus6.75%June 2026
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)125,000 62,500 37,500 SOFRplus7.50%July 2027
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 85,871 93,871 SOFRplus7.50%December 2026
Revolving line of creditGray Rock SPV LLC75,000 55,957 48,442 SOFRplus7.45%October 2026
Total revolving lines of credit475,000 288,828 283,213 
Term loan, netOppFi-LLC50,000 29,930 49,454 SOFRplus0.11%plus10%September 2025
Total senior debt, net$525,000 $318,758 $332,667 
Note payable
Financed insurance premiumOppFi-LLC$— $— $1,449 9.70%June 2024(1)
(1) Maturity date as of 12/31/2023 and for the subsequent period until the borrowing was paid in full in June 2024.

Senior debt, net:

Revolving line of credit - Opportunity Funding SPE V, LLC

In April 2019, Opportunity Funding SPE V, LLC entered into a revolving line of credit agreement with Midtown Madison Management LLC (“OppFi-LLC Midtown Credit Agreement”). Interest is payable monthly. Borrowings are secured by the assets of Opportunity Funding SPE V, LLC. OppFi-LLC provides certain representations and warranties related to the debt. The line of credit agreement is subject to a borrowing base and various financial covenants, including maintaining a minimum tangible net worth and restrictions related to dividend payments.
On July 19, 2023, OppFi-LLC and Opportunity Funding SPE V, LLC entered into an Amended and Restated Revolving Credit Agreement (the “A&R Credit Agreement”), which amended and restated the OppFi-LLC Midtown Credit Agreement. The A&R Credit Agreement amended the revolving credit agreement to, among other things, increase the size of the facility from $200.0 million to $250.0 million. The $250.0 million of availability under the A&R Credit Agreement is comprised of $125.0 million under the existing Tranche B and $125.0 million under a new Tranche C. In addition, Opportunity Funding SPE V, LLC may request, at any time during the Tranche C commitment period, one (1) increase in the Tranche C committed amount in an amount equal to $25.0 million, resulting in an aggregate Tranche C commitment equal to $150.0 million.

Revolving line of credit - Opportunity Funding SPE IX, LLC

On December 14, 2022, Opportunity Funding SPE IX, LLC entered into a revolving line of credit agreement with UMB Bank N.A. that provides maximum borrowings of $150.0 million. Interest is payable monthly. Borrowings are secured by the assets of Opportunity Funding SPE IX, LLC. OppFi-LLC provides certain representations and warranties related to the debt. The line of credit agreement is subject to a borrowing base and various financial covenants, including maintaining a minimum tangible net worth and restrictions related to dividend payments.

On March 19, 2024, the Company entered into an amendment (the “First Amendment”). The First Amendment, among other things, removed a collateral performance trigger that the Company had previously been out of compliance with.

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 $75.0 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.

On April 12, 2024, Gray Rock SPV LLC entered into an amendment (the “Fourth Amendment”). The Fourth Amendment, among other things, extended the maturity date from April 15, 2025 to October 16, 2026 and increased the applicable margin rate from 7.25% to 7.45%.

Term loan, net

In November 2018, OppFi-LLC entered into a $25.0 million senior secured multi-draw term loan agreement with Midtown Madison Management LLC (“OppFi-LLC Midtown Term Loan Agreement”), which is secured by a senior secured claim on OppFi-LLC’s assets and a second lien interest in the receivables owned by select OppFi-LLC’s SPEs. Interest is payable monthly. The loan agreement is subject to various financial covenants. In April 2020, OppFi-LLC exercised an option to increase the facility commitment amount to $50.0 million. On March 30, 2021, OppFi-LLC drew the remaining $35.0 million available commitment.

On May 30, 2024, the Company entered into an amendment (the “Eleventh Amendment”). The Eleventh Amendment, among other things, replaced the use of the synthetic LIBOR rates due to the cessation of LIBOR on June 30, 2023 with Term Secured Overnight Financing Rate (“Term SOFR”) as the benchmark interest rate and amended the optional prepayments provision to allow the Company to voluntarily prepay in part, in minimum amounts of $10.0 million and increments of $10.0 million thereof.

On September 13, 2024, the Company entered into an amendment (the “Twelfth Amendment”). The Twelfth Amendment, among other things, extended the maturity date from March 30, 2025 to September 30, 2025 and amended the repayment provision to require OppFi-LLC to repay outstanding principal in installment amounts of $20.0 million on the last day of the fiscal quarter ending on March 31, 2025 and $10.0 million on the last day of each subsequent fiscal quarter.

During the year ended December 31, 2024, the Company repaid principal totaling $20.0 million, of which included a prepayment of $10.0 million, resulting in an outstanding principal as of December 31, 2024 of $30.0 million.

Certain of the Company’s foregoing credit facilities that consist of term loans and revolving loan facilities are subject to provisions that provide for a cross-default in the event certain covenants under the relevant agreements are breached.
Total interest expense related to the Company’s senior debt, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, was $42.2 million, $44.2 million and $31.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortized debt issuance costs associated with the Company’s senior debt, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, were $2.4 million, $2.4 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, unamortized debt issuance costs associated with the Company’s senior debt totaled $2.8 million and $4.3 million of which $2.7 million and $3.8 million related to the revolving line of credit, respectively, and $0.1 million and $0.5 million related to the term loan, respectively.

Note payable: In August 2023, OppFi entered into a financing agreement for the financing of insurance premiums totaling $2.4 million payable in ten monthly installments of $0.2 million through June 15, 2024. As of December 31, 2024, the borrowing under this note payable was paid in full.

Total interest expense related to notes payable, which is included in interest expense and amortized debt issuance costs in the consolidated statements of operations, was $0.1 million, $0.1 million and $44 thousand for the years ended December 31, 2024, 2023 and 2022 respectively.

As of December 31, 2024, required payments for all borrowings, excluding revolving lines of credit, for each of the next five years were as follows (in thousands):
YearAmount
2025$30,000 
2026— 
2027— 
2028— 
2029— 
Total$30,000 
v3.25.0.1
Warrants
 12 Months Ended
Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Warrants Warrants
Public Warrants: As of December 31, 2024 and 2023, there were 13,352,317 and 11,887,500 Public Warrants outstanding, respectively. The number of Public Warrants as of December 31, 2024 includes warrants that were initially issued as Private Placement Warrants that are no longer held by their initial holders or their permitted transferees. Each whole Public Warrant entitles the registered holder to purchase one whole share of Class A Common Stock at a price of $11.50 per share. Pursuant to the Warrant Agreement, a holder of Public Warrants may exercise its warrants only for a whole number of shares of Class A Common Stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. The Public Warrants will expire on July 20, 2026, five years after the Closing Date, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company may redeem the Public Warrants under the following conditions:

•In whole and not in part;
•At a price of $0.01 per warrant;
•Upon not less than 30 days’ prior written notice of redemption (“30-day redemption period”) to each warrant holder; and
•If, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders.

The last of the redemption criterion discussed above prevent a redemption call unless there is at the time of the call a significant premium to the exercise price of the Public Warrants. If the foregoing conditions are satisfied and the Company issues a notice of redemption of the Public Warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

Private Placement Warrants: As of December 31, 2024 and 2023, there were 1,987,120 and 3,451,937 Private Placement Warrants outstanding, respectively, all of which are non-redeemable and may be exercised on a cashless basis so long as they continue to be held by their initial holders or their permitted transferees. As of December 31, 2024 and 2023, the Private Placement Warrants comprised of 1,074,620 and 2,539,437 warrants, respectively, to purchase Class A Common Stock at
$11.50 per share (“$11.50 Exercise Price Warrants”) and 912,500 warrants to purchase Class A Common Stock at $15.00 per share (“$15 Exercise Price Warrants”). The $11.50 Exercise Price Warrants expire simultaneously with the Public Warrants, except for certain of the $11.50 Exercise Price Warrants held by underwriters in the IPO (“Underwriter Warrants”) that expire on September 29, 2025 so long as they continue to be held by their initial holders or their permitted transferees. The $15 Exercise Price Warrants expire on July 20, 2031, ten years after the Closing Date, at 5:00 p.m., New York City time, so long as they continue to be held by their initial holders or their permitted transferees, and otherwise expire simultaneously with the Public Warrants.

Warrant liabilities: The Company recorded warrant liabilities of $15.1 million and $6.9 million in the consolidated balance sheets as of December 31, 2024 and 2023, respectively. The fair value of the Public Warrants increased by $5.7 million and $3.5 million for the years ended December 31, 2024 and 2023, respectively, and decreased by $6.9 million, for the year ended December 31, 2022. The fair value of the Private Placement Warrants increased by $2.5 million and $1.5 million for the years ended December 31, 2024 and 2023, respectively, and decreased by $2.5 million for the year ended December 31, 2022.
v3.25.0.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Preferred stock: OppFi is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share. OppFi’s Board of Directors has the authority to issue shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time.

Class A Common Stock: OppFi is authorized to issue 379,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Holders of Class A Common Stock are entitled to one vote for each share. Additionally, Class A Common Stock is defined as “Economic Common Stock,” and holders are entitled to receive dividends and other distributions (payable in cash, property, or capital stock of the Company) when, as and if declared thereon by OppFi’s Board of Directors from time to time out of any assets or funds of the Company legally available therefor and share equally on a per share basis in such dividends and distributions.

Class B Common Stock: OppFi is authorized to issue 6,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. Holders of Class B Common Stock are entitled to one vote for each share. Class B Common Stock is defined as Economic Common Stock and holders are entitled to receive the same dividends and other distributions as Class A Common Stock. All shares of Class B Common Stock were converted into Class A Common Stock at the Closing.

Class V Voting Stock: OppFi is authorized to issue 115,000,000 shares of Class V Voting Stock with a par value of $0.0001 per share. Class V Voting Stock represents voting, non-economic interests in OppFi. Holders of Class V Voting Stock are entitled to one vote for each share.

In connection with the acquisition of the equity interest in Bitty, the Company also issued 734,851 shares of Class V Voting Stock to OFS, which number of shares of Class V Voting Stock was equal to the number of OppFi Units issued to Blaze Capital Funding 5, LLC, a Wyoming limited liability company, as the seller of the Bitty equity interests.

Share repurchase: On January 6, 2022, OppFi announced that its Board of Directors (“Board”) had authorized a program to repurchase (the “2022 Repurchase Program”) up to $20.0 million in the aggregate of shares of Class A Common Stock. Repurchases under the 2022 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 2022 Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and the 2022 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 2022 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 2022 Repurchase Program expired on December 31, 2023.

There were no repurchase activities during the year ended December 31, 2023. During the year ended December 31, 2022, OppFi repurchased 703,914 shares of Class A Common Stock for an aggregate purchase price of $2.5 million at an average purchase price of $3.47 per share. These shares were held as treasury stock as of December 31, 2024.

On April 9, 2024, the Company announced that its Board had authorized a program to repurchase (the “2024 Repurchase Program”) up to $20.0 million in the aggregate of shares of the Company’s Class A Common Stock. Repurchases under the 2024 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 Exchange Act and other applicable legal requirements, including restrictions in the Company’s existing credit facilities. Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule
10b5-1, which would permit Class A Common Stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of the repurchases will depend on market conditions and other requirements. The 2024 Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares and the 2024 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 2024 Repurchase Program, OppFi-LLC, the Company’s direct subsidiary, will redeem one Class A common unit of OppFi-LLC held by the Company, decreasing the percentage ownership of OppFi-LLC by the Company and relatively increasing the ownership by the other members. The 2024 Repurchase Program will expire in April 2027.

During the year ended December 31, 2024, OppFi repurchased 1,034,710 shares of Class A Common Stock, which were held as treasury stock as of December 31, 2024, for an aggregate purchase price of $3.6 million at an average purchase price per share of $3.41. As of December 31, 2024, $16.4 million of the repurchase authorization under the 2024 Repurchase Program remained available.

Dividend paid: On May 1, 2024, the Company paid a dividend of $0.12 per share ($2.4 million in the aggregate) to stockholders of record of the Company’s Class A Common Stock as of the close of business on April 19, 2024. The Company did not pay any dividends during the years ended December 31, 2023 and 2022.

Member Distributions: On May 1, 2024, OppFi-LLC paid a special distribution of $0.12 per share ($10.3 million in the aggregate), which is included in member distributions in the consolidated statements of stockholders’ equity, to holders of record of OppFi Units as of the close of business on April 19, 2024. OppFi-LLC did not pay any special distributions during the years ended December 31, 2023 and 2022.

Earnout Units: In connection with the transactions contemplated by the Business Combination Agreement (“Business Combination”), 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, were 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 were 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 had all other economic and voting rights of the other units of OppFi-LLC. With respect to transfers, the Earnout Units were 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 were earned in accordance with the Business Combination Agreement. With respect to distributions (other than tax distributions, which in respect of such Earnout Units were 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) were held back until the Earnout Units were earned. If an Earnout Unit was not earned, and therefore forfeited, related distributions were distributed to the other holders of units at such time. Earnout Units were to be 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 were classified as equity transactions at initial issuance and at settlement when earned. Until the shares were issued and earned, the Earnout Units were not included in shares outstanding. The Earnout Units were not considered stock-based compensation.

On July 21, 2024, the Company determined that the 25,500,000 Earnout Units of OppFi-LLC issued pursuant to the Business Combination Agreement, were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to the three (3) year anniversary of the closing date of the Business Combination. Accordingly, on such date the Earnout Units were forfeited, for no consideration, by the holders thereof to OppFi-LLC and the 25,500,000 shares of Class V Voting Stock associated with the Earnout Units were forfeited, for no consideration, by OFS to the Company.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
On July 20, 2021, the Company 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 December 31, 2024, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan was 22,794,973 shares. The maximum aggregate number of shares is subject to annual increases, which began on January 1, 2022, and continues on the first day of each subsequent fiscal year through and including the tenth anniversary of the commencement of the initial annual increase, equal to the lesser of two percent of the number of shares of Class A Common Stock outstanding at the conclusion of the Company’s immediately preceding fiscal year, or an amount determined by the Company’s Board of Directors. As of December 31, 2024, the Company had only granted awards in the form of options, restricted stock units, and performance stock units.

Stock options: Under the terms of the Plan, incentive stock options must have an exercise price at or above the fair market value of the stock on the date of the grant. Stock options granted have service-based vesting conditions only. Stock options generally vest over four years with 25% of stock options vesting on the first anniversary of the grant date and the remaining 75% vesting quarterly over the remaining 36 months. Option holders have a 10-year period to exercise the options before they expire. Stock options that are not vested and exercisable on the date of a participant’s termination generally expire on such date. Stock options that are vested and exercisable on the date of a participant’s termination are generally forfeited 90 days following the participant’s termination date. Forfeitures are recognized during the period in which they occur.

A summary of the Company’s stock option activity for the year ended December 31, 2024 is as follows:

(in thousands, except share and per share data)Stock OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
1,842,192$13.65 7.6$450 
   Granted—— —— 
   Exercised—— —— 
   Forfeited—— —— 
Outstanding as of December 31, 2024
1,842,192$13.65 6.6$1,065 
Vested and exercisable as of December 31, 2024
1,620,117$14.11 6.6$665 

Compensation expense is recorded on a straight-line basis over the vesting period, which is the requisite service period, beginning on the grant date. The compensation expense is based on the fair value of each option grant using the Black-Scholes option-pricing model and is recognized as salaries and employee benefits expense in the consolidated statements of operations and an increase to additional paid-in capital.

For the years ended December 31, 2024, 2023 and 2022, the Company recognized stock-based compensation of $0.5 million, $0.6 million and $0.1 million, respectively, related to stock options. As of December 31, 2024, the Company had unrecognized
stock-based compensation of $0.4 million related to unvested stock options that is expected to be recognized over an estimated weighted-average period of approximately 0.8 years.

The Company did not grant stock options during the years ended December 31, 2024 and 2023. The weighted-average grant date fair value of stock options granted during the year ended December 31, 2022 was $2.33. The fair value of each option grant during the year ended December 31, 2022 was estimated on the grant date using the Black-Scholes option-pricing model.

The range of assumptions was as follows:
2022
Volatility
60.00% - 65.00%
Risk-free rate
1.71% - 3.02%
Expected term
6.10 years
Dividend yield
0.00%

Volatility is the measure by which the Company’s stock price is expected to fluctuate during the expected life of the stock options. At the time of the grant, volatility was based on an estimate derived from a representative group of publicly traded companies due to the lack of company-specific market data.

Risk-free rate is based on U.S. Treasury Note yields.

Expected term represents the weighted-average period over which the granted stock options are expected to remain outstanding.

Dividend yield is based on the Company’s history and expectation of dividend payments.

There were no stock options exercised during the year ended December 31, 2024. Cash received from the exercise of stock options during the year ended December 31, 2023 was $59 thousand. The total intrinsic value of the stock options exercised was $13 thousand during the year ended December 31, 2023. There were no stock options exercised during the year ended December 31, 2022.

Restricted stock units: Under the terms of the Plan, the Company may grant awards to employees, officers and directors in the form of restricted stock units (“RSUs”), which collectively represent contingent rights to receive shares of Class A Common Stock. The RSUs granted to employees and officers generally vest over four years with 25% of the RSUs vesting on the first anniversary of the grant date and the remaining 75% vesting quarterly over the remaining 36 months, and the RSUs granted to directors vest on the earlier of the one-year anniversary of grant date or the date of the Company’s next annual meeting of stockholders.

A summary of the Company’s RSU activity for the year ended December 31, 2024 is as follows:
SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2023
1,768,811$3.45 
Granted2,110,9742.82 
Vested(1,547,352)3.00 
Forfeited(508,305)3.31 
Unvested as of December 31, 2024
1,824,128$3.15 

If the settlement date with respect to any Class A Common Stock shares issuable upon vesting of RSUs would otherwise occur on a day on which the sale of such shares would violate the provisions of the Company’s Trading Compliance Policy, then the settlement date shall be deferred until the next trading day on which the sale of such shares would not violate the Trading Compliance Policy. In any event, the settlement date shall be no later than the fifteenth day of the third calendar month following the year in which such RSUs vest.

The fair value of each RSU is based on the fair value of the Company’s Class A Common Stock on the date of grant. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, and forfeitures are recognized during the period in which they occur.

For the years ended December 31, 2024, 2023 and 2022, the Company recognized stock-based compensation of $4.5 million, $3.2 million and $2.8 million, respectively, related to RSUs. As of December 31, 2024, total unrecognized compensation
expense related to RSUs was $5.0 million which will be recognized over a weighted-average vesting period of approximately 2.5 years.

Performance stock units: Under the terms of the Plan, the Company may grant awards to employees, officers, and directors in the form of performance stock units (“PSUs”), which collectively represent the contingent rights to receive shares of Class A Common Stock based on the achievement of pre-established performance targets over the applicable performance period. PSUs generally vest over four years, provided the achievement of specified performance targets.

A summary of the Company’s PSU activity for year ended December 31, 2024 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2023
127,835$3.42 
Granted—— 
Vested(51,279)3.43 
Forfeited—— 
Unvested as of December 31, 2024
76,556$3.41 

The fair value of each PSU is based on the fair value of the Company’s Class A Common Stock on the date of grant. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards based on management’s determination of the probable achievement of the pre-established performance targets. If necessary, the Company adjusts the expense recognized to reflect the actual vested shares following the final determination of the achievement of the pre-established performance targets. PSU forfeitures are recognized during the period in which they occur.

For the years ended December 31, 2024, 2023 and 2022, the Company recognized stock-based compensation of $0.1 million, $0.2 million and $0.4 million, respectively, related to PSUs. As of December 31, 2024, total unrecognized compensation expense related to PSUs was $0.1 million which will be recognized over a weighted-average vesting period of approximately 1.3 years.

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 the Company’s 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 Company’s 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 December 31, 2024, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP was 1,672,427 and may consist 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 January 1, 2022 and on each subsequent 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 of Directors. As of December 31, 2024, there were 361,292 shares of Class A Common Stock purchased under the ESPP. As of December 31, 2023, 234,249 shares of the Company’s Class A Common Stock had been purchased under the ESPP.

As of December 31, 2024 and 2023, ESPP employee payroll contributions accrued of $0.1 million and $0.1 million, respectively, are included within accrued expenses on the consolidated balance sheets. Payroll contributions accrued as of December 31, 2024 will be used to purchase shares at the end of the ESPP offering period ending on December 31, 2024. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date.

For the years ended December 31, 2024, 2023 and 2022, the Company recognized ESPP compensation expense of $0.1 million, $0.1 million and $0.1 million, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is the sole managing member of OppFi-LLC and, as a result, consolidates the financial results of OppFi-LLC. OppFi-LLC is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, OppFi-LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by OppFi-LLC is passed through to and included in the taxable income or loss of its members, including OppFi, on a
pro rata basis. OppFi is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to its allocable share of any taxable income or loss of OppFi-LLC, as well as any stand-alone income or loss generated by OppFi.

For the year ended December 31, 2024, OppFi recorded an income tax expense of $4.2 million and reported consolidated income before taxes of $88.1 million, resulting in a 4.8% effective income tax rate. For the year ended December 31, 2023, OppFi recorded an income tax expense of $2.3 million and reported consolidated income before taxes of 41.8 million, resulting in a 5.6% effective income tax rate. For the year ended December 31, 2022, OppFi recorded an income tax benefit of $0.3 million and reported consolidated income before taxes of $3.1 million, resulting in a negative 9.0% effective income tax rate.

The following table summarizes income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 (in thousands):

202420232022
Federal income taxes:
Current$503 $27 $— 
Deferred3,118 1,058 (350)
State income taxes:
Current248 480 312 
Deferred346 766 (239)
Income tax expense (benefit)$4,215 $2,331 $(277)

The following table summarizes the differences between the effective income tax rate and the federal statutory income tax rate of 21% for the years ended December 31, 2024, 2023 and 2022, respectively (dollars in thousands):

202420232022
AmountPercentageAmountPercentageAmountPercentage
Federal income taxes at statutory rate$18,491 21.0 %$8,780 21.0 %$643 21.0 %
State tax expense, net of federal income tax benefit590 0.6 %1,239 3.0 %73 2.4 %
Fair market value adjustment of warrants1,731 2.0 %1,045 2.5 %(1,964)(64.1)%
Effect of flow-through entity(16,149)(18.3)%(8,831)(21.1)%981 32.0 %
Other(448)(0.5)%98 0.2 %(10)(0.3)%
Total$4,215 4.8 %$2,331 5.6 %$(277)(9.0)%

OppFi’s effective income tax rate for the years ended December 31, 2024, 2023 and 2022 differs from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, change in fair value of warrant liabilities, and state income taxes.

Deferred tax assets and liabilities are determined based on the difference between financial statement and tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The components of deferred tax asset as of December 31, 2024 and 2023 were as follows (in thousands):
20242023
Investment in partnership$14,076 $15,921 
Tax receivable agreement liability6,216 5,891 
Net operating loss366 3,275 
Intangibles479 523 
Stock compensation107 105 
Other96 62 
Deferred tax asset$21,340 $25,777 
As of December 31, 2024, OppFi had approximately $1.3 million of federal net operating loss carryovers and $1.9 million of state net operating loss carryovers. As of December 31, 2023, OppFi had approximately $13.7 million of federal net operating loss carryovers and $8.2 million of state net operating loss carryovers. The entirety of the federal net operating loss carryover has no expiration date and the state net operating loss carryovers will expire in varying amounts beginning in 2036.

At the time of the Business Combination, OppFi recorded a deferred tax asset of $18.9 million with an offset to additional paid-in capital for the difference between the book value and the tax basis of OppFi’s investment in OppFi-LLC. As of December 31, 2024, the related deferred tax asset was $14.1 million. The decrease was due to additional differences between the book and taxable income in 2024. Based on the Company’s cumulative earnings history and forecasted future sources of taxable income, the Company believes that it will be able to realize the deferred tax assets in the future. As the Company reassesses this position in the future, changes in cumulative earnings history, excluding non-recurring charges, or changes to forecasted taxable income may alter this expectation and may result in an increase in the valuation allowance and an increase in the effective tax rate.

In connection with the Business Combination, the Company entered into the TRA, which provides for payment to the Members of 90% of the U.S. federal, state and local income tax savings realized by the Company as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained OppFi Units for Class A Common Stock or cash. The Company has in effect an election under Section 754 of the Internal Revenue Code and will have such an election effective for each taxable year in which a redemption or exchange (including deemed exchange) of OppFi-LLC interests for shares of Class A Common Stock or cash occurs. The Company will retain the benefit of the remaining 10% of these cash savings. For the period from the Closing Date through December 31, 2024, the TRA liability increased by $1.5 million related to exchanges that occurred during that period. The increased expected benefit of the TRA payments resulted in an increase of the deferred tax asset of $0.3 million, with a net offsetting entry to additional paid-in capital.

As of December 31, 2024 and 2023, OppFi had unrecognized tax benefit of $103 thousand and $38 thousand, respectively, related to research and development credits allocated from OppFi-LLC. ASC 740, Income Taxes, prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2024 and 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The following table summarizes the change in unrecognized tax benefits as of December 31, 2024 and 2023 (in thousands):

20242023
Unrecognized tax benefits at beginning of the year$38 $20 
Additions based on tax positions related to the current year27 19 
Additions for tax positions of prior years38 — 
Reductions for tax positions of prior years— (1)
Settlements with taxing authorities— — 
Other, net— — 
Net change in unrecognized tax benefits65 18 
Unrecognized tax benefits at end of the year$103 $38 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value on a nonrecurring basis: As of December 31, 2024 and 2023, 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 December 31, 2024 and 2023 are as follows (in thousands):

Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$455,344 $— $— $455,344 
Financial liabilities:
Warrant liability - Public Warrants (2)
10,342 10,342 — — 
Warrant liability - Private Placement Warrants (3)
4,766 — — 4,766 
Fair Value Measurements
2023Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$445,255 $— $— $445,255 
Financial liabilities:
Warrant liability - Public Warrants (2)
4,636 4,636 — — 
Warrant liability - Private Placement Warrants (3)
2,228 — — 2,228 
(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 model’s inputs include, but not limited to discount rate, servicing cost, default rate and prepayment rate, 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 Black-Scholes option-pricing model; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3.
During the years ended December 31, 2024 and 2023, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements.
The following table presents the significant assumptions used for the Company’s Private Placement Warrants at December 31, 2024 and 2023:
20242023
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate4.17 %4.41 %4.07 %3.84 %
Expected term (years)1.6 years6.6 years2.6 years7.6 years
Expected volatility47.30 %47.30 %44.10 %44.10 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$0.91 $2.69 $0.41 $1.30 
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, 2022$279 $420 $699 
Change in fair value762 767 1,529 
Fair value as of December 31, 20231,041 1,187 2,228 
Change in fair value1,270 1,268 2,538 
Fair value as of December 31, 2024$2,311 $2,455 $4,766 

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 December 31, 2024 and 2023 (in thousands):

Fair Value Measurements
2024Level 1Level 2Level 3
Assets:
Cash$61,344 $61,344 $— $— 
Restricted cash26,944 26,944 — — 
Accrued interest and fees receivable18,352 18,352 — — 
Settlement receivable2,036 2,036 — — 
Liabilities:
Senior debt, net318,758 — — 318,758 
Fair Value Measurements
2023Level 1Level 2Level 3
Assets:
Cash$31,791 $31,791 $— $— 
Restricted cash42,152 42,152 — — 
Accrued interest and fees receivable18,065 18,065 — — 
Finance receivables at amortized cost, net110 — — 110 
Settlement receivable1,904 1,904 — — 
Liabilities:
Senior debt, net332,667 — — 332,667 
Notes payable1,449 — — 1,449 
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates as a single reportable segment and manages the business activities on a consolidated basis. The Company derives its revenue in the United States by offering its installment loan product.

The Company’s Chief Executive Officer is considered to be the chief operating decision maker (“CODM”). The CODM utilizes the net income in the consolidated statements of operations to assess financial performance, allocate resources and make strategic decisions. The measure of segment assets is total assets in the consolidated balance sheets.
The following table presents selected financial information for the years ended December 31, 2024, 2023 and 2022 (in thousands):

202420232022
Total revenue$525,963 $508,949 $452,859 
Charge-offs, net(205,755)(220,895)(232,266)
Net change in fair value1,312 (10,524)(1,693)
Change in fair value of finance receivables(204,443)(231,419)(233,959)
Provision for credit losses on finance receivables(42)(4,348)(1,940)
Net revenue321,478 273,182 216,960 
Expenses:
Salaries and employee benefits60,475 60,680 59,976 
Direct marketing costs49,208 50,562 58,294 
Interest expense and amortized debt issuance costs44,708 46,750 35,162 
Professional fees21,574 18,027 12,940 
Technology costs12,171 12,543 13,054 
Depreciation and amortization9,621 12,735 13,581 
Payment processing fees7,119 10,439 10,418 
Occupancy4,030 4,431 4,441 
Exit costs2,983 — — 
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment— (2,983)— 
Impairment of assets held for sale— — 3,571 
General, administrative and other15,053 13,643 11,865 
Total expenses226,942 226,827 223,302 
Income (loss) from operations94,536 46,355 (6,342)
Other (expense) income:
Change in fair value of warrant liabilities(8,244)(4,976)9,352 
Income from equity method investment1,442 — — 
Other income318 431 53 
Income before income taxes88,052 41,810 3,063 
Income tax expense (benefit)4,215 2,331 (277)
Net income83,837 39,479 3,340 
Less: net income (loss) attributable to noncontrolling interest76,579 40,484 (3,758)
Net income (loss) attributable to OppFi Inc.$7,258 $(1,005)$7,098 
v3.25.0.1
Commitments, Contingencies and Related Party Transactions
 12 Months Ended
Dec. 31, 2024
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 that 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 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 October 17, 2022, the Company filed a cross-complaint against the Defendant seeking declaratory relief for issuing an underground regulation to determine the “true lender” under the CFL without complying with California’s Administrative Procedures Act. On January 30, 2023, the Defendant filed a motion for a preliminary injunction seeking to enjoin the Company from providing services to FinWise in connection with loans made to California consumers to the extent that such loans are in excess of California’s interest rate caps. On September 26, 2023, the Court sustained the Defendant’s demurrer to the Company’s cross-complaint with leave to amend. On October 26, 2023, the Company filed its amended cross-complaint. On October 30, 2023, the Defendant’s motion for preliminary injunction was denied. On November 27, 2023, the Defendant filed her answer to the Company’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 Complaint.

On July 20, 2023, a stockholder filed a putative class action complaint in the Court of Chancery of the State of Delaware (Case No. 2023-0737) on behalf of a purported class of Company stockholders naming certain of FGNA’s former directors and officers and its controlling stockholder, FG New America Investors, LLC (the “Sponsor”), as defendants. The lawsuit alleges that the defendants breached their fiduciary duties to the stockholders of FGNA stemming from FGNA’s merger with OppFi-LLC and that the defendants were unjustly enriched. The lawsuit seeks, among other relief, unspecified damages, redemption rights, and attorneys’ fees. On February 7, 2025, the complaint was amended to name Todd Schwartz, the Company’s Executive Chairman and Chief Executive Officer, Theodore Schwartz, a director of the Company, Schwartz Capital Group, the Company’s former Chief Executive Officer and a former investment banker of the Company, alleging such parties aided and abetted the breaches of the previously named defendants. The Company is not a party to the lawsuit. The Company and OppFi-LLC are obligated to indemnify certain of the defendants in the action. The Company and OppFi-LLC have tendered defense of this action under their respective directors’ and officers' insurance policies. Due to the early stage of this case, neither the likelihood that a loss, if any, will be realized, nor an estimate of the possible loss or range of loss, if any, can be determined.

Related party transactions: In connection with the Business Combination, OppFi entered into the Tax Receivable Agreement with the Members and the Members’ Representative (the “Tax Receivable Agreement”). The Tax Receivable Agreement provides for payment to the Members of 90% of the U.S. federal, state and local income tax savings realized by the Company as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained OppFi Units for Class A Common Stock or cash.
Christopher McKay is one of our executive officers. Mr. McKay’s daughter was a former employee whose employment with the Company predates Mr. McKay’s designation as an executive officer in 2021. For the year ended December 31, 2024, Ms. McKay’s total compensation did not exceed $120 thousand. For the year ended December 31, 2023, Ms. McKay’s total compensation was approximately $133 thousand. For the year ended December 31, 2022, Ms. McKay’s total compensation did not exceed $120 thousand. These compensation arrangements were consistent with those made available to other employees of the Company with similar years of experience and positions. Ms. McKay also participated in the Company’s benefit plans available to all other employees in similar positions.
v3.25.0.1
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of finance receivables. As of December 31, 2024, consumers living primarily in Texas, Florida and Virginia made up approximately 14%, 11% and 11%, respectively, of the gross amount of the Company’s portfolio of finance receivables. As of December 31, 2024, 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, 2023, consumers living primarily in Texas, Florida and Virginia made up
approximately 16%, 12%, 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.
v3.25.0.1
Retirement Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plan Retirement Plan
The Company sponsors a 401(k) retirement plan (“401(k) Plan”) for its employees. Full time employees (except certain non-resident aliens) and others, as defined in the plan document, 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 $1.4 million, $1.5 million, and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share data):

202420232022
Numerator:
Net income (loss) attributable to OppFi Inc.$7,258 $(1,005)$7,098 
   Net income (loss) available to Class A common stockholders - Basic7,258 (1,005)7,098 
Net loss attributable to noncontrolling interest— — (3,758)
Income tax benefit— — 908 
   Net income (loss) available to Class A common stockholders - Diluted$7,258 $(1,005)$4,248 
Denominator:
Weighted-average Class A common stock outstanding - Basic20,145,60616,391,19913,913,626
Effect of dilutive securities:
   Stock options———
Restricted stock units——105,928
   Performance stock units——9,492
   Warrants———
Employee stock purchase plan——2,551
Retained OppFi Units, excluding Earnout Units——70,224,487
      Dilutive potential common shares——70,342,458
Weighted-average units outstanding - diluted20,145,60616,391,19984,256,084
Earnings (loss) per share:
Basic EPS$0.36 $(0.06)$0.51 
Diluted EPS$0.36 $(0.06)$0.05 

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 years ended December 31, 2024, 2023 and 2022:

202420232022
Public Warrants13,352,31711,887,50011,887,500
$11.50 Exercise Price Warrants1,074,6202,539,4372,539,437
$15 Exercise Price Warrants912,500912,500912,500
Stock Options1,842,1921,922,4732,128,503
Restricted stock units2,058,9922,006,5961,847,291
Performance stock units96,060183,526247,565
Employee stock purchase plan units9,857— — 
Noncontrolling interest - Earnout Units (1)
— 25,500,00025,500,000
Noncontrolling interest - OppFi Units65,619,35868,357,926—
Potential common stock84,965,896113,309,95845,062,796
(1) Earnout Units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the three (3) year anniversary of the closing date of the Company’s business combination. Accordingly, on such date the Earnout Units were forfeited.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
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 subsequent event that require disclosure.

Borrowings:

Revolving line of credit - Opportunity Funding SPE V, LLC

On February 13, 2025, OppFi-LLC and Opportunity Funding SPE V, LLC entered into a Second Amended and Restated Revolving Credit Agreement (the “Second A&R Credit Agreement”), which amended that certain A&R Credit Agreement. The Second A&R Credit Agreement amended the A&R Credit Agreement to, among other things, increase the size of the facility under the A&R Credit Agreement from $250 million to $300 million and extend the maturity date to February 13, 2029. The $300 million of availability under the Second A&R Credit Agreement is comprised of $62.5 million under the existing Tranche C and $237.5 million under a new Tranche D. Loans under Tranche C bear interest at the Term SOFR plus 7.75%, through December 31, 2025, and at Term SOFR plus 7.3% at January 1, 2026 and thereafter. Loans under Tranche D bear interest at the Term SOFR plus 7.3%. The commitment period under both tranches is until February 13, 2028. A portion of the proceeds of the Second A&R Credit Agreement were used to repay in full the outstanding Tranche B loans under the A&R Credit Agreement and the remainder of the proceeds are intended to be used to finance receivables growth.

Term loan, net

On March 4, 2025, OppFi-LLC repaid all outstanding obligations under the OppFi-LLC Midtown Term Loan Agreement and the OppFi-LLC Midtown Term Loan Agreement was terminated.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 7,258 $ (1,005) $ 7,098
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Jocelyn Moore [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 18, 2024, Ms. Jocelyn Moore, a member of the Company’s Board of Directors, adopted a trading arrangement for the sale of the Company’s Class A Common Stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 Trading Plan provides for the sale of up to 24,664 shares of Class A Common Stock pursuant to the terms of the Rule 10b5-1 Trading Plan beginning in June 2025 and ending in November 2025.
Name Ms. Jocelyn Moore  
Title Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 18, 2024  
Arrangement Duration 348 days  
Aggregate Available 24,664 24,664
Theodore Schwartz [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 10, 2024, Mr. Theodore Schwartz, a member of the Company’s Board of Directors, adopted a Rule 10b5-1 Trading Plan that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 Trading Plan provides for the sale of up to 3,000,000 shares of Class A Common Stock pursuant to the terms of the Rule 10b5-1 Trading Plan beginning in March 2025 and ending in March 2026.
Name Mr. Theodore Schwartz  
Title Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 10, 2024  
Arrangement Duration 446 days  
Aggregate Available 3,000,000 3,000,000
Chris McKay [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 10, 2024, Mr. Chris McKay, the Company’s Chief Risk and Analytics Officer, adopted a Rule 10b5-1 Trading Plan that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 Trading Plan provides for the sale of up to 83,645 shares of Class A Common Stock pursuant to the terms of the Rule 10b5-1 Trading Plan beginning in April 2025 and ending in December 2025.
Name Mr. Chris McKay  
Title Chief Risk and Analytics Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 10, 2024  
Arrangement Duration 356 days  
Aggregate Available 83,645 83,645
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We confront substantial cybersecurity risks driven by various factors. These risks are rooted in the wide range of systems we must safeguard against cyberattacks, further exacerbated by the complexity and technical sophistication of our products and systems. Additionally, our reliance on third-party products, services, and components adds complexity to our risk landscape.

In response, we have adopted a cybersecurity program to manage cybersecurity risks, prioritizing the protection of data entrusted to us by our customers and other stakeholders. We employ various mechanisms, controls, technologies, and processes aimed at assessing, identifying, and managing these risks.

Our cybersecurity program is rooted in industry best practices, drawing upon frameworks established by the National Institute of Standards and Technology (“NIST”), the International Organization for Standardization, and other relevant industry standards. This does not mean that we meet any particular technical standards, specifications, or requirements, but only that we use these standards as a guide to help us design and assess our program.

Our policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management program. Regular cybersecurity risk assessments are conducted, leveraging both internal and external sources of information to drive alignment on initiatives aimed at enhancing security controls. We maintain a cybersecurity incident response plan that identifies the activities and escalation processes to be implemented upon detection of a cybersecurity incident, and we regularly test and evaluate the effectiveness of such plan.

Technical safeguards undergo periodic assessment and enhancement designed to protect information systems from cybersecurity threats, utilizing vulnerability assessments, threat intelligence, and incident response experience. Our policies also mandate that our employees contribute to our security efforts. We regularly remind our employees of the importance of handling and protecting customer and employee data through quarterly security training and testing, aimed at enhancing employee awareness and improving their ability to detect and respond to cybersecurity threats.

Additionally, controls have been implemented that are designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Certain providers undergo security risk assessments upon onboarding and upon detection of an increase in their risk profile. Our risk assessments utilize various inputs, including information supplied by the providers and third parties. Furthermore, we mandate that our providers meet appropriate security requirements, controls, and responsibilities. We also investigate security incidents impacting our third-party providers as necessary.

Our cybersecurity policies, standards, processes and practices are regularly assessed by external consultants and auditors. These assessments include a variety of activities including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. For example, for the last three years, we conducted an independent cyber security risk assessment to assess our cybersecurity maturity against the NIST cybersecurity framework. The results of significant assessments are reported to management and our Audit Committee. Cybersecurity processes are adjusted based on the information provided from these assessments.

For more information on our cybersecurity risks that may materially affect us, please refer to the section titled “Risk Factors – Security breaches of borrowers’ confidential information that we store may harm our reputation, adversely affect our results of
operations and expose us to liability – and – If our risk management framework does not effectively identify and control our risks, we could suffer unexpected losses or be adversely affected, which could have a material adverse effect on our business.” While to date we have not identified any breaches from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, the sophistication of cybersecurity threats continues to increase, and the preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems and information may be insufficient. Accordingly, no matter how well our program is designed or implemented, we will not be able to anticipate all security breaches, and we may not be able to implement effective preventive measures against such security breaches in a timely manner, which could result in substantial expenses and reputational damage.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our policies, standards, processes, and practices for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management program. Regular cybersecurity risk assessments are conducted, leveraging both internal and external sources of information to drive alignment on initiatives aimed at enhancing security controls. We maintain a cybersecurity incident response plan that identifies the activities and escalation processes to be implemented upon detection of a cybersecurity incident, and we regularly test and evaluate the effectiveness of such plan.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors and management are actively involved in the oversight of our risk management program, with cybersecurity representing a critical component to ensure alignment with our strategic objectives. The Audit Committee directly oversee and regularly review our cybersecurity program, receiving periodic reports from our Chief Information Security Officer (“CISO”) on various matters including risk assessment results, progress of risk reduction initiatives, feedback from external auditors, control maturity assessments, and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors and management are actively involved in the oversight of our risk management program, with cybersecurity representing a critical component to ensure alignment with our strategic objectives. The Audit Committee directly oversee and regularly review our cybersecurity program, receiving periodic reports from our Chief Information Security Officer (“CISO”) on various matters including risk assessment results, progress of risk reduction initiatives, feedback from external auditors, control maturity assessments, and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee directly oversee and regularly review our cybersecurity program, receiving periodic reports from our Chief Information Security Officer (“CISO”) on various matters including risk assessment results, progress of risk reduction initiatives, feedback from external auditors, control maturity assessments, and relevant internal and industry cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block] While our Board of Directors has overall responsibility for the oversight of our enterprise-wide risk management, of which cybersecurity risk management is one component, our management team is responsible for day-to-day risk management, including the implementation of our cybersecurity program. We have established an information security council (the “Information Security Council”), with full participation from our senior management team, to serve as the steward of our information security program. Designed to meet quarterly or more frequently as needed, the council reviews security performance metrics, stays abreast of industry trends and regulatory changes, and evaluates progress on security initiatives. The council plays a crucial role in promoting a culture of security awareness and ensuring OppFi remains resilient against evolving cyber threats.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our corporate information security organization manages and continually enhances a robust enterprise security structure with the goal of averting cybersecurity incidents while increasing our system resilience to minimize the business impact should an incident occur. Led by our CISO, who reports to the Chief Technology Officer (“CTO”), our corporate information security organization is composed of seasoned professionals, some holding certifications such as Certified Information Systems Security Professional or Certified Information Security Manager.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CTO has served in various leadership roles in information technology for over 20 years, including a nine-year tenure as the Chief Technology Officer at a fintech company. He holds a bachelor's degree in computer engineering and a master's degree in information systems. Our CISO, with over 20 years of leadership experience in IT and security, was a CISO at a financial services company before joining OppFi. She has an MBA and a master's degree in Computer Information Systems and is a Certified Information Security Manager (CISM). Additionally, both the CISO and CTO are members of the Information Security Council, providing regular updates to our senior management team regarding our cybersecurity program, mitigation strategy, and progress.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Designed to meet quarterly or more frequently as needed, the council reviews security performance metrics, stays abreast of industry trends and regulatory changes, and evaluates progress on security initiatives. The council plays a crucial role in promoting a culture of security awareness and ensuring OppFi remains resilient against evolving cyber threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of presentation Basis of presentation and consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of OppFi Inc. and OppFi-LLC, its wholly owned subsidiaries and consolidated VIEs. All significant intercompany transactions and balances have been eliminated in consolidation.
Consolidation
The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity or voting interest model. All entities are first considered under the VIE model.

VIE Model

The Company consolidates a VIE if it is the primary beneficiary of the entity. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct activities of the VIE that most significantly impact the VIE’s performance (“primary beneficiary power”), and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE (“significant variable interest”). On an ongoing basis, the Company assesses whether it is considered to be the primary beneficiary of a VIE.

To assess whether the Company has the primary beneficiary power, it considers the activities that most significantly impact the VIE's economic performance and determine whether the Company or another party, if any, has the power to direct these activities of the VIE. The Company also considers the nature, purpose and activities of the VIE and the Company’s involvement, including exposure to loss, with the VIE.
As of December 31, 2024, the Company determined that all entities subject to the consolidations guidance are VIEs for which the Company is the primary beneficiary. While Gray Rock SPV LLC is not owned by OppFi-LLC, Gray Rock SPV LLC was determined to be a VIE. The Company directs the activities of Gray Rock SPV LLC that most significantly impact economic
performance. Additionally, the Company has the obligation to absorb losses of the Gray Rock SPV LLC that could potentially be significant. As the primary beneficiary of Gray Rock SPV LLC, the Company has consolidated the financial statements of Gray Rock SPV LLC.
Use of estimates
Use of estimates: The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and operations and disclosure of contingent assets and liabilities at the date of the 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 include, but are not limited to, the determination of fair value of installment finance receivables and warrants, valuation allowance of deferred tax assets 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.
Revenue recognition
Revenue recognition: The Company recognizes interest income based on the interest method over the contractual life of the installment finance receivable. The Company discontinues and reverses the accrual of interest income on installment finance receivables at the earlier of 60 days past due based on a recency basis or 90 days past due based on a contractual basis. The accrual of income is not resumed until the account is current on a recency or contractual basis, at which time management considers collectability to be probable.
Cash
Cash: The Company classifies all cash accounts which are not subject to withdrawal restrictions or penalties as cash. All cash accounts are held in financially insured institutions, which may at times exceed federally insured limits. The Company has not experienced losses in such accounts. Management believes the Company’s exposure to credit risk is minimal for these accounts.
Restricted cash
Restricted cash: Restricted cash consists of the following: (1) cash required to be held on reserve; (2) cash required to be held in blocked accounts held by the VIEs; and (3) cash required to be held on deposit in connection with the bank partnership arrangements. All cash accounts are held in financially insured institutions, which may at times exceed federally insured limits. The Company has not experienced losses in such accounts. Management believes the Company’s exposure to credit risk is minimal for these accounts.
Participation rights purchase obligation Participation rights purchase obligations: OppFi-LLC has entered into bank partnership arrangements with certain Banks insured by the FDIC. Under the terms and conditions of the bank partnership agreements, the Banks originate finance receivables based on criteria provided by OppFi-LLC. The issuing Bank earns interest during an initial hold period and owns the economic interest in the finance receivables. After the initial holding period, OppFi-LLC is committed to acquire participation rights in the economic interest in the finance receivables originated by the Banks, net of bank partnership retention, plus accrued interest (“Participation Rights”). OppFi-LLC also provides certain services for these receivables in its capacity of sub-servicer pursuant to the terms of the servicing agreement between the Bank and OppFi-LLC. To facilitate these relationships, OppFi-LLC formed wholly owned subsidiaries which acquire the Participation Rights and sell these rights to certain of the other OppFi subsidiaries, which in turn, pledge the Participation Rights to their respective lenders. The Company accounts for the Participation Rights as a finance receivable. 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 years ended December 31, 2024 and 2023, gross finance receivables originated through the bank partnership arrangements totaled 100% and 97%, respectively. As of December 31, 2024 and 2023, the unpaid principal balance of finance receivables outstanding for purchase was $7.1 million and $14.5 million, respectively.
Finance receivables Finance receivables: The Company’s installment finance receivables are carried at fair value in the consolidated balance sheets and the changes in fair value are included in change in fair value of finance receivables in the consolidated statements of operations. To derive the fair value, the Company generally utilizes discounted cash flow analyses that factor in estimated losses and prepayments over the estimated duration of the underlying assets. Loss and prepayment assumptions are determined using historical loss data and include appropriate consideration of recent trends and anticipated future performance. Future cash flows are discounted using a rate of return that the Company believes a market participant would require. Accrued interest and fees are included in finance receivables at fair value in the consolidated balance sheets. Interest income is included in interest and loan related income, net in the consolidated statements of operations.
Allowance for credit losses on finance receivables at amortized cost The Company’s charge-off policy was based on a review of delinquent finance receivables on a loan by loan basis. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when the Company receives notification of a customer bankruptcy, or is otherwise deemed uncollectible.
Delinquency Delinquency: The Company determines the past due status on a recency basis, which is defined as the last time a qualifying payment is made on an account. Finance receivables are considered delinquent at 30 days or more past due.
Settlement receivable Settlement receivable: In accordance with the Company’s credit agreement with UMB Bank, N.A., customer payments are collected by the Company and then deposited into a commercial bank account held by UMB Bank, N.A. on behalf of the Company until the Company settled with UMB Bank, N.A. The Company did not record an allowance for doubtful accounts against the settlement receivable as potential write-offs are deemed immaterial.
Equity method investment
Equity method investment: The Company accounts for its equity method investments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 323, Investments - Equity Method and Joint Ventures, for equity investment in a company over which the Company has significant influence but does not own a controlling financial interest. Under the equity method of accounting, the initial investment, including transaction costs, is recorded at cost and the investment is subsequently adjusted for its proportionate share of the investee’s earnings or losses and amortization of basis differences. Basis differences represent differences between the cost of the investment and the underlying equity in net assets of the investment and are amortized over the useful lives of the underlying assets that gave rise to them. Equity method goodwill is not amortized or tested for impairment; instead the equity method investment is tested for impairment.

On July 31, 2024 (the “Acquisition Date”), the Company acquired a 35% equity interest in Bitty Holdings, LLC (“Bitty”) for (i) a cash payment of $15.2 million and (ii) 734,851 OppFi Units, valued at approximately $2.8 million as of the Acquisition Date. The Company also incurred transaction costs of approximately $0.7 million. The Company also holds call options issued by Bitty, which entitle it to purchase additional equity interests of 30% and 35% within a specific time period from the date that is three and six years from the Acquisition Date, respectively, at six times the trailing twelve months post-tax earnings. The Company determined that it does not have a controlling financial interest in Bitty but does exercise significant influence and therefore, the investment is accounted for under the equity method. The basis difference between the Company’s carrying value and proportionate share of Bitty’s book value is primarily attributable to identifiable intangible assets totaling $2.8 million and equity method goodwill totaling $13.9 million as of the Acquisition Date. The identifiable intangible assets will be amortized over four years. For the year ended December 31, 2024, amortization expense related to identifiable intangible assets of $0.3 million was included in income from equity method investment in the consolidated statements of operations.
Debt issuance costs Debt issuance costs: Debt issuance costs are capitalized and amortized based on the contractual terms of the related debt agreements using the interest method for fixed-term debt and the straight-line method for all other debt.
Property and equipment Property and equipment: Furniture, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation of furniture and equipment and amortization of leasehold improvements computed under both straight-line and accelerated methods for financial reporting and income tax purposes, respectively, based on the estimated useful lives of the assets generally as follows: furniture and fixtures - five years; office equipment - three years; and leasehold improvements are amortized over the shorter of the useful life of the assets or the term of the lease.
Capitalized technology Capitalized technology: Software development costs related to internal use software are incurred in three stages of development: the preliminary project stage, the application development stage, and the post-implementation stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Costs incurred during the application development stage that meet the criteria for capitalization are capitalized, and amortized when the software is ready for its intended use, using the straight-line basis, over the estimated useful life of the software, which is generally two years. The Company capitalized software costs associated with application development totaling $12.1 million and $8.6 million during the years ended December 31, 2024 and 2023, respectively. The Company also capitalized interest associated with application development totaling $0.2 million during the year ended December 31, 2024. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $9.0 million, $12.0 million, and $12.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Leases
Leases: The Company determines if an arrangement is or contains a lease at its inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the incremental borrowing rate, as most of the leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments that do not depend on changes in index rates or payments based on usage, are not included in the ROU assets or lease liabilities and are expensed as incurred. The Company has elected to combine lease and non-lease components for the purpose of calculating ROU assets and lease liabilities, to the extent the non-lease components are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. Additionally, the Company has elected not to recognize ROU assets and lease liabilities that arise from short-term leases, defined as having an initial term of twelve months or less, from the consolidated balance sheets.
Transfer and servicing of financial assets
Transfer and servicing of financial assets: After a transfer of financial assets, an entity recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. The transfers of assets for debt purposes have been accounted for as secured and
senior borrowings and the related assets and borrowings are retained on the consolidated balance sheets and no gain or loss has been recognized in the consolidated statements of operations.
Warrants
Warrants: The Company’s warrants do not meet the criteria for equity treatment due to a provision in the warrant agreement governing such warrants (“Warrant Agreement”) related to certain tender or exchange offer provisions; as such, each warrant must be recorded as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. Redeemable warrants exercisable for OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”) are valued at market price based on the observable traded price in an active market (“Public Warrants”). The Company utilizes a Black-Scholes-Merton (“Black-Scholes”) option-pricing model to value the outstanding private placement warrants (“Private Placement Warrants”) issued in connection with the Company’s initial public offering (“IPO”) at each reporting period.
Tax receivable agreement liability
Tax receivable agreement liability: Pursuant to the Business Combination Agreement (“Business Combination Agreement”), dated as of February 9, 2021, by and among FG New America Acquisition Corp. (“FGNA”), OppFi-LLC, OFS, and Todd Schwartz (“Members’ Representative”), in his capacity as the representative of the Members immediately prior to the closing (“Closing”), OppFi entered into the Tax Receivable Agreement (“TRA”) with the Members and the Members’ Representative. The TRA provides for payment to the Members of 90% of the U.S. federal, state and local income tax savings realized by the Company as a result of the increases in tax basis and certain other tax benefits related to the transactions contemplated under the Business Combination Agreement and the exchange of Retained OppFi Units for Class A Common Stock or cash. OppFi-LLC will have in effect an election under Section 754 of the Internal Revenue Code effective for each taxable year in which an exchange of Retained OppFi Units occurs. The remaining 10% cash tax savings resulting from the basis adjustments will be retained by the Company.

In general, cash tax savings result in a year when the tax liability of the Company for the year, computed without regard to the deductions attributable to the amortization or depreciation of the basis increase and other deductions that arise in connection with the payment of the cash consideration under the TRA or the exchange of Retained OppFi Units for Class A Common Stock, would be more than the tax liability for the year taking into account such deductions. Payments under the TRA will not be due until the Company is able to reduce an actual cash tax liability by the amortization of the basis increase on a filed tax return. The payments under the TRA are expected to begin in 2025.

The Company accounts for the effects of the basis increases as follows:

•the Company records an increase in deferred tax assets for the income tax effects of the increases in tax basis based on enacted federal and state income tax rates at the date of the exchange;

•the Company evaluates the ability to realize the full benefit represented by the deferred tax asset based on an analysis that will consider expectations of future earnings among other things. If the Company determines that the full benefit is not likely to be realized, a valuation allowance is established to reduce the amount of the deferred tax assets to an amount that is likely to be realized.

The Company records obligations under the TRA at the gross undiscounted amount of the expected future payments as an increase to liabilities and the realizable deferred tax asset with an offset to additional paid-in capital and/or tax benefit.
Loss contingencies Loss contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the Company’s consolidated financial statements.
Treasury stock
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 method. The Company did not reissue or retire treasury stock during the years ended December 31, 2024 and 2023.
Stock-based compensation
Stock-based compensation: The Company established the OppFi Inc. 2021 Equity Incentive Plan (“Plan”), which provides for the grant of restricted stock unit awards, incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units awards, performance units, performance shares, cash-based awards, and other stock-based awards to employees, non-employee directors, officers, and consultants. The Company measures stock-based compensation expense based on the fair value of awards as determined on the date of the grant. The Company recognizes stock-based compensation expense over the requisite service period. The Company accounts for forfeitures when they occur. The Company uses a Black-Scholes option-pricing model to determine the estimated fair value of stock options. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of stock options. The fair value of restricted stock units and performance stock units is estimated using the market price of the Company’s Class A Common Stock on the date of grant.
Loan origination costs
Loan origination costs: Loan origination costs related to the origination of installment finance receivables recognized at fair value are expensed when incurred. Direct costs incurred for the origination of these finance receivables included underwriting fees, employee salaries and benefits directly related to the origination of the loan and program fees. Loan origination costs also included direct costs incurred for directly acquiring a customer.
Exit costs Exit costs: Costs associated with exit activities include contract termination costs and other costs associated with exit activities. In January 2024, the Company completed the previously disclosed wind down and exited its OppFi Card product. In accordance with the provisions of FASB ASC 420, Exit or Disposal Cost Obligations, the Company recognized a liability for $2.9 million for costs related to contracts associated with its OppFi Card product that will continue to be incurred under these contracts for their remaining term without economic benefit to the Company. The Company recorded these costs in exit costs on the consolidated statements of operations.
Income taxes
Income taxes: OppFi-LLC is organized as a partnership for U.S. income tax purposes, and therefore is not subject to tax on its earnings, as the taxable income and deductions are passed to the Members who are responsible for income tax based upon their allocable share of OppFi-LLC's income. Following the Closing, the Company’s consolidated financial statements include the accounts of OppFi and OppFi-LLC. OppFi is subject to corporate income taxes in the United States based upon its activities and its allocable share of taxable income from OppFi-LLC at the federal and state level, therefore the amount of income taxes recorded prior to the Closing are not representative of the expenses expected in the future.

The computation of the effective tax rate and provision at each period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, and permanent differences between the Company’s GAAP earnings and taxable income. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future periods may vary.

The Company accounts for income taxes pursuant to the asset and liability method which requires the recognition of current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible.

The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable, and is included in general, administrative and other in the consolidated statements of operations.
Earnings (loss) per share
Earnings (loss) per share: Basic earnings (loss) per share available to common stockholders is computed by dividing the net income (loss) 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 treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, and 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 OppFi Units into Class A Common Stock 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 are 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 attributable to OppFi, diluted loss per share available to common stockholders would be the same as basic loss 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 74.4% and 83.0% of the economic ownership percentage of OppFi-LLC as of December 31, 2024 and 2023, respectively. In accordance with the provisions of FASB 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 the Company and the noncontrolling ownership interests separately in the consolidated statements of operations.
Fair value disclosure
Fair value disclosure: ASC 820, Fair Value Measurement, established a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability.

ASC 820 provides a framework for measuring fair value under generally accepted accounting principles. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the nature of the inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the NYSE. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 - Valuations for assets and liabilities traded in less-active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3 - Valuations for assets and liabilities that are derived from other valuation methodologies, including option-pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.
Government regulation
Government regulation: The Company is subject to complex regulation, supervision and licensing under various federal, state, local statutes, ordinances, regulations, rules and guidance. The Company must comply with federal laws as well as regulations adopted to implement those laws. In July 2010, the U.S. Congress passed the Dodd-Frank Act, and Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”), which regulates U.S. consumer financial products and services, including consumer loans offered by the Company. The CFPB has regulatory, supervisory and enforcement powers over providers of consumer financial products and services, including explicit supervisory authority to examine and require registration of such providers.
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 November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (Topic 280): Improvements to Reportable Segment Disclosures. The purpose of ASU 2023-07 is to provide guidance on new segment disclosures, including significant segment expenses. The guidance is effective for annual reporting periods beginning after December 15, 2023 and interim periods within the annual reporting period beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 effective for the annual reporting period beginning January 1, 2024. See Note 12. Segment Reporting for additional information.
Accounting pronouncements issued and not yet adopted: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to provide guidance on the enhanced income tax disclosure requirements. The guidance requires an entity to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company’s disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The purpose of ASU 2024-03 is to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on the Company’s disclosures.
v3.25.0.1
Finance Receivables at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Installment Finance Receivables at Fair Value
The components of installment finance receivables at fair value as of December 31, 2024 and 2023 were as follows (in thousands):

20242023
Unpaid principal balance of finance receivables - accrual$394,030 $384,587 
Unpaid principal balance of finance receivables - non-accrual31,210 31,876 
Unpaid principal balance of finance receivables$425,240 $416,463 
Finance receivables at fair value - accrual$452,438 $444,120 
Finance receivables at fair value - non-accrual2,906 1,135 
Finance receivables at fair value, excluding accrued interest and fees receivable455,344 445,255 
Accrued interest and fees receivable18,352 18,065 
Finance receivables at fair value$473,696 $463,320 
Difference between unpaid principal balance and fair value$30,104 $28,792 
Schedule of Changes in Fair Value of Installment Finance Receivables
Changes in the fair value of installment finance receivables at fair value for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Balance at the beginning of the period$463,320 $457,296 $383,890 
Originations732,012 719,503 731,159 
Repayments(517,480)(484,325)(428,957)
Accrued interest and fees receivable287 2,265 5,163 
Charge-offs, net (1)
(205,755)(220,895)(232,266)
Net change in fair value (1)
1,312 (10,524)(1,693)
Balance at the end of the period$473,696 $463,320 $457,296 
(1) Included in “Change in fair value of finance receivables” in the Consolidated Statements of Operations.
v3.25.0.1
Property, Equipment and Software, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software
Property, equipment and software as of December 31, 2024 and 2023 consisted of the following (in thousands):

20242023
Capitalized technology$67,515 $55,405 
Furniture, fixtures and equipment4,432 3,964 
Leasehold improvements979 979 
Total property, equipment and software72,926 60,348 
Less accumulated depreciation and amortization(59,250)(50,056)
Property, equipment and software, net$13,676 $10,292 
v3.25.0.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses as of December 31, 2024 and 2023 consisted of the following (in thousands):

20242023
Accrual for services rendered and goods purchased $12,592 $6,899 
Accrued payroll and benefits10,141 8,900 
Amount due to bank partners3,070 1,076 
Accrued interest2,519 2,794 
Accrued exit costs2,017 — 
Other2,072 2,337 
Total$32,411 $22,006 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Costs/Weighted Average Remaining Lease Term and Discount Rate
The components of total lease cost for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Operating lease cost$2,300 $2,347 $2,043 
Variable lease expense1,604 1,983 2,271 
Short-term lease cost97 71 98 
Sublease income(318)(318)(53)
Total lease cost$3,683 $4,083 $4,359 

Supplemental cash flow information related to the leases for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,476 $2,647 $2,271 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$— $159 $465 
The aggregate weighted-average remaining lease term and weighted-average discount rate as of December 31, 2024, 2023 and 2022 were as follows:

202420232022
Weighted-average remaining lease term (in years)5.86.77.8
Weighted-average discount rate5 %5 %5 %
Schedule of Future Minimum Lease Payments
Future minimum operating leases as of December 31, 2024 were as follows (in thousands):

YearAmount
2025$2,482 
20262,557 
20272,633 
20282,712 
20292,794 
Thereafter2,144 
Total lease payments15,322 
Less: imputed interest(2,028)
Operating lease liabilities$13,294 
v3.25.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings
The following is a summary of the Company’s outstanding borrowings as of December 31, 2024 and 2023, including borrowing capacity as of December 31, 2024 (in thousands):

PurposeBorrower(s)Borrowing Capacity20242023
Interest Rate as of December 31, 2024
Maturity Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$125,000 $84,500 $103,400 SOFRplus6.75%June 2026
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)125,000 62,500 37,500 SOFRplus7.50%July 2027
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 85,871 93,871 SOFRplus7.50%December 2026
Revolving line of creditGray Rock SPV LLC75,000 55,957 48,442 SOFRplus7.45%October 2026
Total revolving lines of credit475,000 288,828 283,213 
Term loan, netOppFi-LLC50,000 29,930 49,454 SOFRplus0.11%plus10%September 2025
Total senior debt, net$525,000 $318,758 $332,667 
Note payable
Financed insurance premiumOppFi-LLC$— $— $1,449 9.70%June 2024(1)
(1) Maturity date as of 12/31/2023 and for the subsequent period until the borrowing was paid in full in June 2024.
Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit
As of December 31, 2024, required payments for all borrowings, excluding revolving lines of credit, for each of the next five years were as follows (in thousands):
YearAmount
2025$30,000 
2026— 
2027— 
2028— 
2029— 
Total$30,000 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Company's Stock Option, Activity
A summary of the Company’s stock option activity for the year ended December 31, 2024 is as follows:

(in thousands, except share and per share data)Stock OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
1,842,192$13.65 7.6$450 
   Granted—— —— 
   Exercised—— —— 
   Forfeited—— —— 
Outstanding as of December 31, 2024
1,842,192$13.65 6.6$1,065 
Vested and exercisable as of December 31, 2024
1,620,117$14.11 6.6$665 
Schedule of Valuation Assumptions, Options The fair value of each option grant during the year ended December 31, 2022 was estimated on the grant date using the Black-Scholes option-pricing model.
The range of assumptions was as follows:
2022
Volatility
60.00% - 65.00%
Risk-free rate
1.71% - 3.02%
Expected term
6.10 years
Dividend yield
0.00%
Summary of Restricted Stock Unit, Activity
A summary of the Company’s RSU activity for the year ended December 31, 2024 is as follows:
SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2023
1,768,811$3.45 
Granted2,110,9742.82 
Vested(1,547,352)3.00 
Forfeited(508,305)3.31 
Unvested as of December 31, 2024
1,824,128$3.15 
Summary of PSU Activity
A summary of the Company’s PSU activity for year ended December 31, 2024 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2023
127,835$3.42 
Granted—— 
Vested(51,279)3.43 
Forfeited—— 
Unvested as of December 31, 2024
76,556$3.41 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The following table summarizes income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 (in thousands):

202420232022
Federal income taxes:
Current$503 $27 $— 
Deferred3,118 1,058 (350)
State income taxes:
Current248 480 312 
Deferred346 766 (239)
Income tax expense (benefit)$4,215 $2,331 $(277)
Schedule of Effective Income Tax Rate Reconciliation
The following table summarizes the differences between the effective income tax rate and the federal statutory income tax rate of 21% for the years ended December 31, 2024, 2023 and 2022, respectively (dollars in thousands):

202420232022
AmountPercentageAmountPercentageAmountPercentage
Federal income taxes at statutory rate$18,491 21.0 %$8,780 21.0 %$643 21.0 %
State tax expense, net of federal income tax benefit590 0.6 %1,239 3.0 %73 2.4 %
Fair market value adjustment of warrants1,731 2.0 %1,045 2.5 %(1,964)(64.1)%
Effect of flow-through entity(16,149)(18.3)%(8,831)(21.1)%981 32.0 %
Other(448)(0.5)%98 0.2 %(10)(0.3)%
Total$4,215 4.8 %$2,331 5.6 %$(277)(9.0)%
Schedule of Deferred Taxes The components of deferred tax asset as of December 31, 2024 and 2023 were as follows (in thousands):
20242023
Investment in partnership$14,076 $15,921 
Tax receivable agreement liability6,216 5,891 
Net operating loss366 3,275 
Intangibles479 523 
Stock compensation107 105 
Other96 62 
Deferred tax asset$21,340 $25,777 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the change in unrecognized tax benefits as of December 31, 2024 and 2023 (in thousands):

20242023
Unrecognized tax benefits at beginning of the year$38 $20 
Additions based on tax positions related to the current year27 19 
Additions for tax positions of prior years38 — 
Reductions for tax positions of prior years— (1)
Settlements with taxing authorities— — 
Other, net— — 
Net change in unrecognized tax benefits65 18 
Unrecognized tax benefits at end of the year$103 $38 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and 2023 are as follows (in thousands):
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$455,344 $— $— $455,344 
Financial liabilities:
Warrant liability - Public Warrants (2)
10,342 10,342 — — 
Warrant liability - Private Placement Warrants (3)
4,766 — — 4,766 
Fair Value Measurements
2023Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest and fees receivable (1)
$445,255 $— $— $445,255 
Financial liabilities:
Warrant liability - Public Warrants (2)
4,636 4,636 — — 
Warrant liability - Private Placement Warrants (3)
2,228 — — 2,228 
(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 model’s inputs include, but not limited to discount rate, servicing cost, default rate and prepayment rate, 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 Black-Scholes option-pricing model; 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 the significant assumptions used for the Company’s Private Placement Warrants at December 31, 2024 and 2023:
20242023
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate4.17 %4.41 %4.07 %3.84 %
Expected term (years)1.6 years6.6 years2.6 years7.6 years
Expected volatility47.30 %47.30 %44.10 %44.10 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$0.91 $2.69 $0.41 $1.30 
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, 2022$279 $420 $699 
Change in fair value762 767 1,529 
Fair value as of December 31, 20231,041 1,187 2,228 
Change in fair value1,270 1,268 2,538 
Fair value as of December 31, 2024$2,311 $2,455 $4,766 
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 December 31, 2024 and 2023 (in thousands):
Fair Value Measurements
2024Level 1Level 2Level 3
Assets:
Cash$61,344 $61,344 $— $— 
Restricted cash26,944 26,944 — — 
Accrued interest and fees receivable18,352 18,352 — — 
Settlement receivable2,036 2,036 — — 
Liabilities:
Senior debt, net318,758 — — 318,758 
Fair Value Measurements
2023Level 1Level 2Level 3
Assets:
Cash$31,791 $31,791 $— $— 
Restricted cash42,152 42,152 — — 
Accrued interest and fees receivable18,065 18,065 — — 
Finance receivables at amortized cost, net110 — — 110 
Settlement receivable1,904 1,904 — — 
Liabilities:
Senior debt, net332,667 — — 332,667 
Notes payable1,449 — — 1,449 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table presents selected financial information for the years ended December 31, 2024, 2023 and 2022 (in thousands):

202420232022
Total revenue$525,963 $508,949 $452,859 
Charge-offs, net(205,755)(220,895)(232,266)
Net change in fair value1,312 (10,524)(1,693)
Change in fair value of finance receivables(204,443)(231,419)(233,959)
Provision for credit losses on finance receivables(42)(4,348)(1,940)
Net revenue321,478 273,182 216,960 
Expenses:
Salaries and employee benefits60,475 60,680 59,976 
Direct marketing costs49,208 50,562 58,294 
Interest expense and amortized debt issuance costs44,708 46,750 35,162 
Professional fees21,574 18,027 12,940 
Technology costs12,171 12,543 13,054 
Depreciation and amortization9,621 12,735 13,581 
Payment processing fees7,119 10,439 10,418 
Occupancy4,030 4,431 4,441 
Exit costs2,983 — — 
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment— (2,983)— 
Impairment of assets held for sale— — 3,571 
General, administrative and other15,053 13,643 11,865 
Total expenses226,942 226,827 223,302 
Income (loss) from operations94,536 46,355 (6,342)
Other (expense) income:
Change in fair value of warrant liabilities(8,244)(4,976)9,352 
Income from equity method investment1,442 — — 
Other income318 431 53 
Income before income taxes88,052 41,810 3,063 
Income tax expense (benefit)4,215 2,331 (277)
Net income83,837 39,479 3,340 
Less: net income (loss) attributable to noncontrolling interest76,579 40,484 (3,758)
Net income (loss) attributable to OppFi Inc.$7,258 $(1,005)$7,098 
v3.25.0.1
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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 earnings (loss) per share for the years ended December 31, 2024, 2023 and 2022 (in thousands, except share and per share data):

202420232022
Numerator:
Net income (loss) attributable to OppFi Inc.$7,258 $(1,005)$7,098 
   Net income (loss) available to Class A common stockholders - Basic7,258 (1,005)7,098 
Net loss attributable to noncontrolling interest— — (3,758)
Income tax benefit— — 908 
   Net income (loss) available to Class A common stockholders - Diluted$7,258 $(1,005)$4,248 
Denominator:
Weighted-average Class A common stock outstanding - Basic20,145,60616,391,19913,913,626
Effect of dilutive securities:
   Stock options———
Restricted stock units——105,928
   Performance stock units——9,492
   Warrants———
Employee stock purchase plan——2,551
Retained OppFi Units, excluding Earnout Units——70,224,487
      Dilutive potential common shares——70,342,458
Weighted-average units outstanding - diluted20,145,60616,391,19984,256,084
Earnings (loss) per share:
Basic EPS$0.36 $(0.06)$0.51 
Diluted EPS$0.36 $(0.06)$0.05 
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 years ended December 31, 2024, 2023 and 2022:

202420232022
Public Warrants13,352,31711,887,50011,887,500
$11.50 Exercise Price Warrants1,074,6202,539,4372,539,437
$15 Exercise Price Warrants912,500912,500912,500
Stock Options1,842,1921,922,4732,128,503
Restricted stock units2,058,9922,006,5961,847,291
Performance stock units96,060183,526247,565
Employee stock purchase plan units9,857— — 
Noncontrolling interest - Earnout Units (1)
— 25,500,00025,500,000
Noncontrolling interest - OppFi Units65,619,35868,357,926—
Potential common stock84,965,896113,309,95845,062,796
(1) Earnout Units were not earned pursuant to the earnout provisions of the Business Combination Agreement on or prior to July 21, 2024, the three (3) year anniversary of the closing date of the Company’s business combination. Accordingly, on such date the Earnout Units were forfeited.
v3.25.0.1
Description of Business and Significant Accounting Policies - Additional Information (Detail)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
shares
Jan. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
segment
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Jul. 20, 2021
Class of Stock [Line Items]            
Ownership interest held, percent     25.60% 17.00%    
Segment Reporting Information [Line Items]            
Number of reportable segments | segment     1      
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Finance receivables originated through the bank partnership arrangements, percentage     100.00% 97.00%    
Finance receivables originated through the bank partnership arrangements     $ 7,100 $ 14,500    
Schedule Of Reverse Recapitalization [Line Items]            
Acquisition of equity method investment     15,966 0 $ 0  
Property, Plant and Equipment [Line Items]            
Development and capitalized software costs     12,100 8,600    
Capitalized interest     200      
Capitalized software costs, amortization expense     9,000 12,000 12,700  
Class of Warrant or Right [Line Items]            
Percent of tax benefits with provided payment           0.90
Percent of tax benefits retained by company           0.10
Tax receivable agreement liability     26,508 25,025    
Deferred tax asset, tax receivable agreement liability     6,216 5,891    
Exit costs   $ 2,900 2,983 $ 0 $ 0  
Remaining liability     $ 2,000      
Furniture, fixtures and equipment            
Property, Plant and Equipment [Line Items]            
Useful life     5 years      
Office Equipment            
Property, Plant and Equipment [Line Items]            
Useful life     3 years      
Bitty Holdings, LLC | OppFi-LLC And Opportunity Financial SMB, LLC            
Schedule Of Reverse Recapitalization [Line Items]            
Ownership percentage 35.00%          
Acquisition of equity method investment $ 15,200          
Stock issued during period, acquisitions (in shares) | shares 734,851          
Stock issued during period, value, acquisitions $ 2,800          
Transaction costs 700          
Intangible assets 2,800          
Goodwill $ 13,900          
Amortization period 4 years          
Amortization expense     $ 300      
Bitty Holdings, LLC | OppFi-LLC And Opportunity Financial SMB, LLC | First Call Option            
Schedule Of Reverse Recapitalization [Line Items]            
Additional right to purchase, percentage 30.00%          
Period of additional purchase of equity securities 3 years          
Bitty Holdings, LLC | OppFi-LLC And Opportunity Financial SMB, LLC | Second Call Option            
Schedule Of Reverse Recapitalization [Line Items]            
Additional right to purchase, percentage 35.00%          
Period of additional purchase of equity securities 6 years          
Purchase price calculation, multiplier for trailing twelve month post-tax earnings 6,000          
Computer Software, Intangible Asset            
Property, Plant and Equipment [Line Items]            
Capitalized technology, useful life     2 years      
Recency delinquency            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrual period for financing receivables     60 days      
Contractual delinquency            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrual period for financing receivables     90 days 90 days    
Additional Paid-in Capital            
Segment Reporting Information [Line Items]            
Amount recorded to additional paid-in capital     $ 20,300 $ 19,000    
Tax Benefit            
Segment Reporting Information [Line Items]            
Amount recorded to additional paid-in capital       $ 100    
Existing Equity Holders            
Schedule Of Reverse Recapitalization [Line Items]            
Ownership interest retained     74.40% 83.00%    
$11.50 Exercise Price Warrants            
Class of Warrant or Right [Line Items]            
Exercise price of warrants or rights (in dollars per share) | $ / shares     $ 11.50 $ 11.50    
$15 Exercise Price Warrants            
Class of Warrant or Right [Line Items]            
Exercise price of warrants or rights (in dollars per share) | $ / shares     15.00 15.00    
Class V Voting Stock            
Class of Stock [Line Items]            
Common stock, par or stated value per share (in dollars per share) | $ / shares     0.0001 0.0001    
Class A Common Stock            
Class of Stock [Line Items]            
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001    
v3.25.0.1
Finance Receivables at Fair Value - Schedule of Components of Installment Finance Receivables At Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Receivables [Abstract]    
Unpaid principal balance of finance receivables - accrual $ 394,030 $ 384,587
Unpaid principal balance of finance receivables - non-accrual 31,210 31,876
Unpaid principal balance of finance receivables 425,240 416,463
Finance receivables at fair value - accrual 452,438 444,120
Finance receivables at fair value - non-accrual 2,906 1,135
Finance receivables at fair value, excluding accrued interest and fees receivable 455,344 445,255
Financing Receivables, Accrued Interest And Fees, After Allowance For Credit Loss 18,352 18,065
Finance receivables at fair value [1] 473,696 463,320
Difference between unpaid principal balance and fair value $ 30,104 $ 28,792
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Finance Receivables at Fair Value - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair value of finance receivables $ 425,240 $ 416,463
Aggregate balance of finance receivables [1] $ 473,696 $ 463,320
Recency delinquency    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrual period for financing receivables 60 days  
Contractual delinquency    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrual period for financing receivables 90 days 90 days
90 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair value of finance receivables $ 14,400 $ 15,200
Aggregate balance of finance receivables $ 1,300 $ 500
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Finance Receivables at Fair Value - Changes in Fair Value of Finance Installment Receivables (Details) - Financing Receivable - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at the beginning of the period $ 463,320 $ 457,296 $ 383,890
Originations 732,012 719,503 731,159
Repayments (517,480) (484,325) (428,957)
Accrued interest and fees receivable 287 2,265 5,163
Charge-offs, net (205,755) (220,895) (232,266)
Net change in fair value 1,312 (10,524) (1,693)
Balance at the end of the period $ 473,696 $ 463,320 $ 457,296
v3.25.0.1
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 72,926 $ 60,348
Less accumulated depreciation and amortization (59,250) (50,056)
Property, equipment and software, net 13,676 10,292
Capitalized technology    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 67,515 55,405
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 4,432 3,964
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 979 $ 979
v3.25.0.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accrual for services rendered and goods purchased $ 12,592 $ 6,899
Accrued payroll and benefits 10,141 8,900
Amount due to bank partners 3,070 1,076
Accrued interest 2,519 2,794
Accrued exit costs 2,017 0
Other 2,072 2,337
Total [1] $ 32,411 $ 22,006
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Leases - Additional Information (Details)
 12 Months Ended
Oct. 10, 2022
USD ($)
office_facility
Jun. 29, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Apr. 30, 2023
USD ($)
Lessee, Lease, Description [Line Items]            
Letters of credit outstanding, amount     $ 0 $ 0    
Number of office facility | office_facility 1          
Lessor, operating lease, payments to be received $ 900,000          
Lessor, operating lease, payments to be received, remaining lease period     $ 200,000      
Lessor, operating lease, remaining lease term     8 months      
Impairment of right of use asset (less than) 500,000   $ 0 0 $ 465,000  
Operating lease, liability to be paid     15,322,000     $ 12,000
Operating lease right-of-use assets     10,583,000 12,180,000   200,000
Operating lease liabilities     $ 13,294,000 $ 15,061,000   $ 200,000
Letter of Credit            
Lessee, Lease, Description [Line Items]            
Extinguishment of debt, amount   $ 1,800,000        
Borrowing Capacity $ 100,000          
v3.25.0.1
Leases - Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]      
Operating lease cost $ 2,300 $ 2,347 $ 2,043
Variable lease expense 1,604 1,983 2,271
Short-term lease cost 97 71 98
Sublease income (318) (318) (53)
Total lease cost 3,683 4,083 4,359
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 2,476 2,647 2,271
Right-of-use assets obtained in exchange for new lease liabilities      
Operating leases $ 0 $ 159 $ 465
Weighted-average remaining lease term (in years) 5 years 9 months 18 days 6 years 8 months 12 days 7 years 9 months 18 days
Weighted-average discount rate 5.00% 5.00% 5.00%
v3.25.0.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2023
Leases [Abstract]      
2025 $ 2,482    
2026 2,557    
2027 2,633    
2028 2,712    
2029 2,794    
Thereafter 2,144    
Total lease payments 15,322   $ 12
Less: imputed interest (2,028)    
Operating lease liabilities $ 13,294 $ 15,061 $ 200
v3.25.0.1
Borrowings - Schedule of Borrowings (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Term loan, net    
Debt Instrument [Line Items]    
Total $ 30,000  
Senior debt, net    
Debt Instrument [Line Items]    
Borrowing Capacity 525,000  
Total 318,758 $ 332,667
Senior debt, net | Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing Capacity 475,000  
Total $ 288,828 283,213
Senior debt, net | Revolving Line Of Credit, Tranche B, Maturing June 2026, Opportunity Funding SPE V, LLC    
Debt Instrument [Line Items]    
Borrower(s) Opportunity Funding SPE V, LLC (Tranche B)  
Borrowing Capacity $ 125,000  
Total $ 84,500 103,400
Basis spread on variable rate 6.75%  
Date June 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Senior debt, net | Revolving Line Of Credit, Tranche C, Maturing July 2027, Opportunity Funding SPE V, LLC    
Debt Instrument [Line Items]    
Borrower(s) Opportunity Funding SPE V, LLC (Tranche C)  
Borrowing Capacity $ 125,000  
Total $ 62,500 37,500
Basis spread on variable rate 7.50%  
Date July 2027  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Senior debt, net | Revolving Line Of Credit, Maturing December 2026, Opportunity Funding SPE IX, LLC    
Debt Instrument [Line Items]    
Borrower(s) Opportunity Funding SPE IX, LLC  
Borrowing Capacity $ 150,000  
Total $ 85,871 93,871
Basis spread on variable rate 7.50%  
Date December 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Senior debt, net | Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC    
Debt Instrument [Line Items]    
Borrower(s) Gray Rock SPV LLC  
Borrowing Capacity $ 75,000  
Total $ 55,957 48,442
Basis spread on variable rate 7.45%  
Date October 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Senior debt, net | Term loan, net    
Debt Instrument [Line Items]    
Borrower(s) OppFi-LLC  
Borrowing Capacity $ 50,000  
Total $ 29,930 49,454
Date September 2025  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Senior debt, net | Term loan, net | Variable Component One    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.11%  
Senior debt, net | Term loan, net | Variable Component Two    
Debt Instrument [Line Items]    
Basis spread on variable rate 10.00%  
Note payable | Financed Insurance Premium, OppFi-LLC, June 2024    
Debt Instrument [Line Items]    
Borrower(s) OppFi-LLC  
Borrowing Capacity $ 0  
Total $ 0 $ 1,449
Interest rate 9.70%  
Date June 2024  
v3.25.0.1
Borrowings - Additional Information (Detail)
 12 Months Ended
Sep. 13, 2024
USD ($)
May 30, 2024
USD ($)
Apr. 12, 2024
Apr. 11, 2024
Jul. 19, 2023
USD ($)
Mar. 30, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Aug. 31, 2023
USD ($)
installment
Dec. 14, 2022
USD ($)
Jun. 14, 2022
USD ($)
Apr. 15, 2022
USD ($)
Apr. 30, 2020
USD ($)
Nov. 30, 2018
USD ($)
Short-term Debt [Line Items]                              
Debt issuance costs, net [1]             $ 2,730,000 $ 3,834,000              
Senior Notes                              
Short-term Debt [Line Items]                              
Debt issuance costs, net             2,800,000 4,300,000              
Note payable                              
Short-term Debt [Line Items]                              
Interest expense, debt             100,000 100,000 $ 44,000            
Face amount                   $ 2,400,000          
Number of installments | installment                   10          
Installment costs                   $ 200,000          
Revolving Line Of Credit, Maturing October 2023, Opportunity Funding SPE V, LLC; Opportunity Funding SPE VII, LLC | Senior Notes                              
Short-term Debt [Line Items]                              
Borrowing Capacity                       $ 200,000,000.0      
A&R Credit Agreement | Line of Credit                              
Short-term Debt [Line Items]                              
Borrowing Capacity         $ 250,000,000.0                    
A And R Credit Agreement , Tranche B, Maturing July 2027 | Line of Credit                              
Short-term Debt [Line Items]                              
Borrowing Capacity         125,000,000.0                    
A And R Credit Agreement, Tranche C | Line of Credit                              
Short-term Debt [Line Items]                              
Borrowing Capacity         125,000,000.0                    
Line of credit facility, accordion feature, increase limit         25,000,000.0                    
Line of credit facility, accordion feature, maximum borrowing capacity         $ 150,000,000.0                    
Revolving Line Of Credit, Maturing April 2025, Gray Rock SPV, LLC | Senior Notes                              
Short-term Debt [Line Items]                              
Borrowing Capacity                         $ 75,000,000.0    
Basis spread on variable rate     7.45% 7.25%                      
Revolving Line Of Credit, Maturing December 2026, Opportunity Funding SPE IX, LLC | Senior Notes                              
Short-term Debt [Line Items]                              
Borrowing Capacity                     $ 150,000,000.0        
Revolving Credit Facility | Senior Notes                              
Short-term Debt [Line Items]                              
Debt issuance costs, net             2,700,000 3,800,000              
Term loan, net | Senior Notes                              
Short-term Debt [Line Items]                              
Borrowing Capacity                           $ 50,000,000.0 $ 25,000,000.0
Proceeds from draw down of available commitment           $ 35,000,000.0                  
Interest expense, debt             42,200,000 44,200,000 31,400,000            
Amortization of debt issuance costs             2,400,000 2,400,000 $ 2,400,000            
Debt issuance costs, net             100,000 $ 500,000              
Term loan, net | Secured Debt                              
Short-term Debt [Line Items]                              
Debt prepayments amount             10,000,000                
Term loan, net | Secured Debt | Debt Instrument, Redemption, Period One                              
Short-term Debt [Line Items]                              
Debt prepayments amount             10,000,000                
Debt instrument, periodic payment $ 20,000,000                            
Repayments of debt             20,000,000                
Principal amount of debt             $ 30,000,000                
Term loan, net | Secured Debt | Debt Instrument, Redemption, Period Two                              
Short-term Debt [Line Items]                              
Debt instrument, periodic payment $ 10,000,000                            
Term loan, net | Secured Debt | Minimum                              
Short-term Debt [Line Items]                              
Debt prepayments amount   $ 10,000,000                          
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Borrowings - Summary of Required Payments for Borrowings, Excluding Secured Borrowing and Revolving Lines of Credit (Detail) - Term loan, net
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 30,000
2026 0
2027 0
2028 0
2029 0
Total $ 30,000
v3.25.0.1
Warrants (Detail)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
day
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Class of Warrant or Right [Line Items]      
Warrant liabilities | $ $ 15,108 $ 6,864  
Change in fair value of warrant liabilities | $ $ 8,244 $ 4,976 $ (9,352)
Public Warrants      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 13,352,317 11,887,500  
Exercise price of warrants or rights (in dollars per share) | $ / shares $ 11.50 $ 11.50  
Expiration period 5 years 5 years  
Redemption price (in dollars per share) | $ / shares $ 0.01    
Redemption period 30 days    
Warrant, number of trading days of sale price of common stock for redemption | day 20    
Warrant, number of consecutive trading days | day 30    
Number of business days before notice of redemption | day 3    
Change in fair value of warrant liabilities | $ $ 5,700 $ 3,500 (6,900)
Public Warrants | Class A Common Stock      
Class of Warrant or Right [Line Items]      
Number of shares entitled to holders of each whole warrant (in shares) | shares 1 1  
Redemption trigger price (in dollars per share) | $ / shares $ 18.00    
Private Placement Warrants      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 1,987,120 3,451,937  
Change in fair value of warrant liabilities | $ $ 2,500 $ 1,500 $ (2,500)
$11.50 Exercise Price Warrants      
Class of Warrant or Right [Line Items]      
Exercise price of warrants or rights (in dollars per share) | $ / shares $ 11.50 $ 11.50  
$11.50 Exercise Price Warrants | Class A Common Stock      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 1,074,620 2,539,437  
$15 Exercise Price Warrants      
Class of Warrant or Right [Line Items]      
Exercise price of warrants or rights (in dollars per share) | $ / shares $ 15.00 $ 15.00  
Expiration period 10 years 10 years  
$15 Exercise Price Warrants | Class A Common Stock      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 912,500 912,500  
v3.25.0.1
Stockholders’ Equity - Additional information (Details)
 12 Months Ended
Jul. 31, 2024
shares
May 01, 2024
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Jul. 21, 2024
shares
Apr. 09, 2024
USD ($)
Jan. 06, 2022
USD ($)
Jul. 20, 2021
day
$ / shares
shares
Class of Stock [Line Items]                  
Preferred stock, shares authorized (in shares) | shares     1,000,000 1,000,000          
Preferred stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001          
Class A Common Stock                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares) | shares     379,000,000 379,000,000          
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001          
Common stocks, number of votes per share | vote     1            
Stock repurchase program, authorized amount | $             $ 20,000,000 $ 20,000,000  
Stock repurchased during period (in shares) | shares     1,034,710   703,914        
Stock repurchased during period, value | $     $ 3,600,000   $ 2,500,000        
Average purchase price (in dollars per share) | $ / shares     $ 3.41   $ 3.47        
Stock repurchase program, remaining authorized repurchase amount | $     $ 16,400,000            
Dividends payable, amount per share (in dollars per share) | $ / shares   $ 0.12              
Dividends, cash | $   $ 2,400,000   $ 0 $ 0        
Member distributions paid | $   $ 10,300,000   $ 0 $ 0        
Stock subject to restrictions (in shares) | shares           25,500,000      
Class B Common Stock                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares) | shares     6,000,000 6,000,000          
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001          
Common stocks, number of votes per share | vote     1            
Class V Voting Stock                  
Class of Stock [Line Items]                  
Common stock, shares authorized (in shares) | shares     115,000,000 115,000,000          
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001          
Common stocks, number of votes per share | vote     1            
Stock subject to restrictions (in shares) | shares           25,500,000     25,500,000
Class V Voting Stock | Bitty Holdings, LLC                  
Class of Stock [Line Items]                  
Stock issued during period, acquisitions (in shares) | shares 734,851                
Earnout Units                  
Class of Stock [Line Items]                  
Stock subject to restrictions (in shares) | shares                 25,500,000
Earnout Units | Earnout Units, Option One                  
Class of Stock [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                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Two                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option One | Earnout Units, Tranche Three                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Two                  
Class of Stock [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                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Two                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Two | Earnout Units, Tranche Three                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Three                  
Class of Stock [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                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Two                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
Earnout Units | Earnout Units, Option Three | Earnout Units, Tranche Three                  
Class of Stock [Line Items]                  
Percentage of earnout voting shares                 33.30%
v3.25.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
 12 Months Ended
Jul. 20, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation not yet recognized related to unvested options   $ 400,000    
Weighted-average grant date fair value of stock options (in dollars per share)       $ 2.33
Cash received exercise of stock option   0 $ 59,000 $ 0
Intrinsic value of stock option exercised   13,000    
Accrued employee benefits   100,000 100,000  
Employee benefits and share-based compensation   100,000 100,000 100,000
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 500,000 600,000 100,000
Unvested award, cost not yet recognized, period for recognition   9 months 18 days    
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   2 years 6 months    
Stock-based compensation expense   $ 4,500,000 3,200,000 2,800,000
Unrecognized compensation expense   $ 5,000,000.0    
Restricted stock units | Employees and Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   4 years    
Restricted stock units | Director | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   1 year    
Restricted stock units | Share-based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   1 year    
Restricted stock units | Share-based Payment Arrangement, Tranche One | Employees and Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting percentage   25.00%    
Restricted stock units | Share-based Payment Arrangement, Tranche Two | Employees and Officers        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   36 months    
Award vesting percentage   75.00%    
Performance stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   4 years    
Stock-based compensation expense   $ 100,000 $ 200,000 $ 400,000
Unvested award, cost not yet recognized, period for recognition   1 year 3 months 18 days    
Unrecognized compensation expense   $ 100,000    
Employee stock purchase plan        
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%      
Equity Incentive Plan 2021        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Period subject to annual increases   10 years    
Percentage of outstanding stock maximum   2.00%    
Equity Incentive Plan 2021 | Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   4 years    
Award expiration period   10 years    
Award forfeited period   90 days    
Equity Incentive Plan 2021 | Stock Options | Share-based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   1 year    
Award vesting percentage   25.00%    
Equity Incentive Plan 2021 | Stock Options | Share-based Payment Arrangement, Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   36 months    
Award vesting percentage   75.00%    
Class A Common Stock | Employee stock purchase plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance (in shares)   1,672,427    
Percentage of outstanding stock maximum   1.00%    
Outstanding stock maximum (in shares)   2,400,000    
Shares purchased under the ESPP (in shares)   361,292 234,249  
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)   22,794,973    
v3.25.0.1
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Stock Options    
Outstanding beginning balance (in shares) 1,842,192  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited (in shares) 0  
Outstanding ending balance (in shares) 1,842,192 1,842,192
Vested and exercisable (in shares) 1,620,117  
Weighted-Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 13.65  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 0  
Forfeited (in dollars per share) 0  
Outstanding ending balance (in dollars per share) 13.65 $ 13.65
Vested and exercisable (in dollars per share) $ 14.11  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted-Average Remaining Contractual Life (Years) 6 years 7 months 6 days 7 years 7 months 6 days
Vested and exercisable, Weighted-Average Remaining Contractual Life (Years) 6 years 7 months 6 days  
Aggregate Intrinsic Value $ 1,065 $ 450
Vested and exercisable, Aggregate Intrinsic Value $ 665  
v3.25.0.1
Stock-Based Compensation - Schedule of Valuation Assumptions, Options (Details) - Stock Options
 12 Months Ended
Dec. 31, 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 3.02%
Expected term 6 years 1 month 6 days
Dividend yield 0.00%
v3.25.0.1
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted stock units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Outstanding beginning balance (in shares) | shares 1,768,811
Granted (in shares) | shares 2,110,974
Vested (in shares) | shares (1,547,352)
Forfeited (in shares) | shares (508,305)
Outstanding ending balance (in shares) | shares 1,824,128
Weighted-Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 3.45
Granted (in dollars per share) | $ / shares 2.82
Vested (in dollars per share) | $ / shares 3.00
Forfeited (in dollars per share) | $ / shares 3.31
Outstanding ending balance (in dollars per share) | $ / shares $ 3.15
v3.25.0.1
Stock-Based Compensation - Summary of PSU Activity (Details) - Performance stock units
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Outstanding beginning balance (in shares) | shares 127,835
Granted (in shares) | shares 0
Vested (in shares) | shares (51,279)
Forfeited (in shares) | shares 0
Outstanding ending balance (in shares) | shares 76,556
Weighted-Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 3.42
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 3.43
Forfeited (in dollars per share) | $ / shares 0
Outstanding ending balance (in dollars per share) | $ / shares $ 3.41
v3.25.0.1
Income Taxes - Additional Information (Details)
 12 Months Ended 29 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Jul. 20, 2021
USD ($)
Income Tax Examination [Line Items]          
Income tax expense (benefit) $ 4,215,000 $ 2,331,000 $ (277,000)    
Income before income taxes $ 88,052,000 $ 41,810,000 $ 3,063,000    
Effective income tax rate, percent 4.80% 5.60% (9.00%)    
Statutory income tax rate, percent 21.00% 21.00% 21.00%    
Investment in partnership $ 14,076,000 $ 15,921,000   $ 15,921,000 $ 18,900,000
Percent of tax benefits with provided payment         0.90
Percent of tax benefits retained by company         0.10
Tax receivable agreement liability       1,500,000  
Valuation allowance, deferred tax asset, increase (decrease), amount 300,000        
Unrecognized tax benefits 103,000 38,000 $ 20,000 38,000  
Income tax examination, penalties and interest accrued 0 0   0  
Domestic Tax Jurisdiction          
Income Tax Examination [Line Items]          
Net operating loss carryovers 1,300,000 13,700,000   13,700,000  
State and Local Jurisdiction          
Income Tax Examination [Line Items]          
Net operating loss carryovers $ 1,900,000 $ 8,200,000   $ 8,200,000  
v3.25.0.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 503 $ 27 $ 0
State 248 480 312
Deferred:      
Federal 3,118 1,058 (350)
State 346 766 (239)
Income tax expense (benefit) $ 4,215 $ 2,331 $ (277)
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount      
Federal income taxes at statutory rate $ 18,491 $ 8,780 $ 643
State tax expense, net of federal income tax benefit 590 1,239 73
Fair market value adjustment of warrants 1,731 1,045 (1,964)
Effect of flow-through entity (16,149) (8,831) 981
Other (448) 98 (10)
Income tax expense (benefit) $ 4,215 $ 2,331 $ (277)
Percentage      
Federal income taxes at statutory rate 21.00% 21.00% 21.00%
State tax expense, net of federal income tax benefit 0.60% 3.00% 2.40%
Fair market value adjustment of warrants 2.00% 2.50% (64.10%)
Effect of flow-through entity (18.30%) (21.10%) 32.00%
Other (0.50%) 0.20% (0.30%)
Total 4.80% 5.60% (9.00%)
v3.25.0.1
Income Taxes - Schedule of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jul. 20, 2021
Income Tax Disclosure [Abstract]      
Investment in partnership $ 14,076 $ 15,921 $ 18,900
Tax receivable agreement liability 6,216 5,891  
Net operating loss 366 3,275  
Intangibles 479 523  
Stock compensation 107 105  
Other 96 62  
Deferred tax asset $ 21,340 $ 25,777  
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Unrecognized tax benefits at beginning of the year $ 38 $ 20
Additions based on tax positions related to the current year 27 19
Additions for tax positions of prior years 38 0
Reductions for tax positions of prior years 0 (1)
Settlements with taxing authorities 0 0
Other, net 0 0
Net change in unrecognized tax benefits 65 18
Unrecognized tax benefits at end of the year $ 103 $ 38
v3.25.0.1
Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable $ 455,344 $ 445,255
Financial liabilities:    
Warrant liabilities 15,108 6,864
Fair Value, Recurring | Reported Value Measurement    
Financial assets:    
Finance receivables at fair value, excluding accrued interest and fees receivable 455,344 445,255
Fair Value, Recurring | Reported Value Measurement | Public Warrants    
Financial liabilities:    
Warrant liabilities 10,342 4,636
Fair Value, Recurring | Reported Value Measurement | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 4,766 2,228
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 10,342 4,636
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 455,344 445,255
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 $ 4,766 $ 2,228
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value Measurement Input and Valuation Techniques of Private Placement Warrants (Detail) - Level 3 - Warrants
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
$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 0.0417 0.0407
$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 1,600 2,600
$11.50 Exercise Price Warrants | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.4730 0.4410
$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 0.91 0.41
$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 0.0441 0.0384
$15 Exercise Price Warrants | Expected term (years)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 6,600 7,600
$15 Exercise Price Warrants | Expected volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 0.4730 0.4410
$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
$15 Exercise Price Warrants | Fair value of warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrants, fair value measurement 2.69 1.30
v3.25.0.1
Fair Value Measurements - Schedule of Changes in Fair Value of Private Placement Warrants (Detail) - Level 3 - Warrants - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Private Placement Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance $ 2,228 $ 699
Change in fair value 2,538 1,529
Ending Balance 4,766 2,228
$11.50 Exercise Price Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 1,041 279
Change in fair value 1,270 762
Ending Balance 2,311 1,041
$15 Exercise Price Warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 1,187 420
Change in fair value 1,268 767
Ending Balance $ 2,455 $ 1,187
v3.25.0.1
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash [1] $ 61,344 $ 31,791
Restricted cash 26,944 42,152
Financing Receivables, Accrued Interest And Fees, After Allowance For Credit Loss 18,352 18,065
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 0 110
Settlement receivable [1] 2,036 1,904
Liabilities:    
Senior debt, net [1] 318,758 332,667
Note payable   1,449
Level 1    
Assets    
Cash 61,344 31,791
Restricted cash 26,944 42,152
Financing Receivables, Accrued Interest And Fees, After Allowance For Credit Loss 18,352 18,065
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss   0
Settlement receivable 2,036 1,904
Liabilities:    
Senior debt, net 0 0
Note payable   0
Level 2    
Assets    
Cash 0 0
Restricted cash 0 0
Financing Receivables, Accrued Interest And Fees, After Allowance For Credit Loss 0 0
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss   0
Settlement receivable 0 0
Liabilities:    
Senior debt, net 0 0
Note payable   0
Level 3    
Assets    
Cash 0 0
Restricted cash 0 0
Financing Receivables, Accrued Interest And Fees, After Allowance For Credit Loss 0 0
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss   110
Settlement receivable 0 0
Liabilities:    
Senior debt, net $ 318,758 332,667
Note payable   $ 1,449
[1] (1) Includes amounts in consolidated variable interest entities ("VIEs") presented separately in the table below.
v3.25.0.1
Segment Reporting (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment   1    
Total revenue   $ 525,963 $ 508,949 $ 452,859
Change in fair value of finance receivables   (204,443) (231,419) (233,959)
Provision for credit losses on finance receivables   (42) (4,348) (1,940)
Net revenue   321,478 273,182 216,960
Expenses:        
Salaries and employee benefits   60,475 60,680 59,976
Direct marketing costs   49,208 50,562 58,294
Interest expense and amortized debt issuance costs   44,708 46,750 35,162
Professional fees   21,574 18,027 12,940
Technology costs   12,171 12,543 13,054
Depreciation and amortization   9,621 12,735 13,581
Payment processing fees   7,119 10,439 10,418
Occupancy   4,030 4,431 4,441
Exit costs $ 2,900 2,983 0 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment   0 (2,983) 0
Impairment of assets held for sale   0 0 3,571
General, administrative and other   15,053 13,643 11,865
Total expenses   226,942 226,827 223,302
Income (loss) from operations   94,536 46,355 (6,342)
Other (expense) income:        
Change in fair value of warrant liabilities   (8,244) (4,976) 9,352
Income from equity method investment   1,442 0 0
Income before income taxes   88,052 41,810 3,063
Income tax expense (benefit)   4,215 2,331 (277)
Net income   83,837 39,479 3,340
Net loss attributable to noncontrolling interest   76,579 40,484 (3,758)
Net income (loss) attributable to OppFi Inc.   7,258 (1,005) 7,098
Reportable Segment        
Segment Reporting Information [Line Items]        
Total revenue   525,963 508,949 452,859
Charge-offs, net   (205,755) (220,895) (232,266)
Net change in fair value   1,312 (10,524) (1,693)
Change in fair value of finance receivables   (204,443) (231,419) (233,959)
Provision for credit losses on finance receivables   (42) (4,348) (1,940)
Net revenue   321,478 273,182 216,960
Expenses:        
Salaries and employee benefits   60,475 60,680 59,976
Direct marketing costs   49,208 50,562 58,294
Interest expense and amortized debt issuance costs   44,708 46,750 35,162
Professional fees   21,574 18,027 12,940
Technology costs   12,171 12,543 13,054
Depreciation and amortization   9,621 12,735 13,581
Payment processing fees   7,119 10,439 10,418
Occupancy   4,030 4,431 4,441
Exit costs   2,983 0 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment   0 (2,983) 0
Impairment of assets held for sale   0 0 3,571
General, administrative and other   15,053 13,643 11,865
Total expenses   226,942 226,827 223,302
Income (loss) from operations   94,536 46,355 (6,342)
Other (expense) income:        
Change in fair value of warrant liabilities   (8,244) (4,976) 9,352
Income from equity method investment   1,442 0 0
Other income   318 431 53
Income before income taxes   88,052 41,810 3,063
Income tax expense (benefit)   4,215 2,331 (277)
Net income   83,837 39,479 3,340
Net loss attributable to noncontrolling interest   76,579 40,484 (3,758)
Net income (loss) attributable to OppFi Inc.   $ 7,258 $ (1,005) $ 7,098
v3.25.0.1
Commitments, Contingencies and Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 20, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]        
Tax receivable agreement, percentage of members payment 90.00%      
Employee benefits and share-based compensation   $ 100 $ 100 $ 100
Elexus Mckay        
Loss Contingencies [Line Items]        
Employee benefits and share-based compensation   $ 133 $ 120 $ 120
v3.25.0.1
Concentration of Credit Risk (Detail) - Financing Receivable - Geographic Concentration Risk
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Texas    
Concentration Risk [Line Items]    
Concentration risk, percentage 14.00% 16.00%
Florida    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.00% 12.00%
Virginia    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.00% 11.00%
v3.25.0.1
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Employer matching contribution, percent of match 4.00%    
Salaries and employee benefits $ 1.4 $ 1.5 $ 1.5
v3.25.0.1
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income (loss) attributable to OppFi Inc. $ 7,258 $ (1,005) $ 7,098
Net income (loss) available to Class A common stockholders - Basic 7,258 (1,005) 7,098
Net loss attributable to noncontrolling interest 76,579 40,484 (3,758)
Income tax benefit 0 0 908
Net income (loss) available to Class A common stockholders - Diluted $ 7,258 $ (1,005) $ 4,248
Denominator:      
Weighted average Class A common stock outstanding - Basic (in shares) 20,145,606 16,391,199 13,913,626
Effect of dilutive securities:      
Warrants (in shares) 0 0 0
Dilutive common unit equivalents (in shares) 0 0 70,342,458
Weighted average units outstanding - diluted (in shares) 20,145,606 16,391,199 84,256,084
Basic EPS (in dollars per share) $ 0.36 $ (0.06) $ 0.51
Diluted EPS (in dollars per share) $ 0.36 $ (0.06) $ 0.05
Previously Reported      
Numerator:      
Net loss attributable to noncontrolling interest $ 0 $ 0 $ (3,758)
Stock Options      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 0
Restricted stock units      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 105,928
Performance stock units      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 9,492
Employee stock purchase plan      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 2,551
Retained OppFi Units, excluding Earnout Units      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 70,224,487
v3.25.0.1
Earnings (Loss) Per Share - Schedule of Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 84,965,896 113,309,958 45,062,796
Warrants | Public Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 13,352,317 11,887,500 11,887,500
Warrants | $11.50 Exercise Price Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 1,074,620 2,539,437 2,539,437
Warrants | $15 Exercise Price Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 912,500 912,500 912,500
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 1,842,192 1,922,473 2,128,503
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 2,058,992 2,006,596 1,847,291
Performance stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 96,060 183,526 247,565
Employee stock purchase plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 9,857 0 0
Noncontrolling Interest - Earnout Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 0 25,500,000 25,500,000
Noncontrolling interest - OppFi Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 65,619,358 68,357,926 0
v3.25.0.1
Subsequent Events (Details) - Line of Credit - USD ($)
Jan. 01, 2026
Feb. 13, 2025
Feb. 12, 2025
Jul. 19, 2023
A&R Credit Agreement        
Subsequent Event [Line Items]        
Borrowing Capacity       $ 250,000,000.0
A&R Credit Agreement | Subsequent Event        
Subsequent Event [Line Items]        
Borrowing Capacity   $ 300,000,000 $ 250,000,000  
A And R Credit Agreement, Tranche C        
Subsequent Event [Line Items]        
Borrowing Capacity       $ 125,000,000.0
A And R Credit Agreement, Tranche C | Subsequent Event        
Subsequent Event [Line Items]        
Borrowing Capacity   $ 62,500,000    
Basis spread on variable rate 7.30% 7.75%    
A And R Credit Agreement, Tranche D | Subsequent Event        
Subsequent Event [Line Items]        
Borrowing Capacity   $ 237,500,000    
Basis spread on variable rate   7.30%