OPPFI INC., 10-K filed on 3/12/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Mar. 10, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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 Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 366,512,860
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 2026 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, 2025.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
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   26,436,610  
Warrant      
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 $11.50 per share    
Entity Trading Symbol OPFI WS    
Security Exchange Name NYSE    
Class B Common Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
Class V Voting Stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   58,688,241  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name RSM US LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 49
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash [1] $ 49,451 $ 61,344
Restricted cash [1] 43,812 26,944
Total cash and restricted cash 93,263 88,288
Finance receivables at fair value [1] 546,236 473,696
Settlement receivable [1] 0 2,036
Equity method investment 19,076 19,194
Debt issuance costs, net [1] 5,034 2,730
Property, equipment and software, net 27,628 13,676
Operating lease right-of-use assets 8,834 10,583
Deferred tax asset 32,647 21,340
Other assets [1] 21,372 9,628
Total assets 754,090 641,171
Liabilities:    
Accounts payable [1] 2,773 879
Accrued expenses [1] 43,398 32,411
Operating lease liabilities 11,424 13,294
Senior debt, net [1] 321,353 318,758
Warrant liabilities 26,455 15,108
Tax receivable agreement liability 39,811 26,508
Total liabilities 445,214 406,958
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, 2025 and 2024) 0 0
Additional paid-in capital 113,508 93,903
Accumulated deficit (33,505) (55,127)
Treasury stock, at cost (3,280,573 and 1,738,624 shares as of December 31, 2025 and 2024, respectively) (21,528) (6,011)
Total OppFi Inc.’s stockholders’ equity 58,484 32,774
Noncontrolling interest 250,392 201,439
Total stockholders’ equity 308,876 234,213
Total liabilities and stockholders’ equity 754,090 641,171
Variable Interest Entity, Primary Beneficiary    
Assets    
Cash 242 235
Restricted cash 30,097 16,872
Total cash and restricted cash 30,339 17,107
Finance receivables at fair value 462,656 416,859
Settlement receivable 0 2,036
Debt issuance costs, net 5,034 2,730
Other assets 61 11
Total assets 498,090 438,743
Liabilities:    
Accrued expenses 3,373 3,191
Senior debt, net 321,353 288,828
Total liabilities 324,726 292,019
Class A Common Stock    
Stockholders’ equity:    
Common stock, value, issued 3 2
Class B Common Stock    
Stockholders’ equity:    
Common stock, value, issued 0 0
Class V Voting Stock    
Stockholders’ equity:    
Common stock, value, issued $ 6 $ 7
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
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) 3,280,573 1,738,624
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) 30,552,601 23,774,639
Common stock, shares, outstanding (in shares) 27,272,028 22,036,015
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) 58,698,241 64,189,434
Common stock, shares, outstanding (in shares) 58,698,241 64,189,434
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Interest on finance receivables $ 591,769 $ 521,227 $ 505,430
Other revenue 5,281 4,736 3,519
Interest and other income 597,050 525,963 508,949
Change in fair value of finance receivables (215,868) (204,443) (231,419)
Provision for credit losses on finance receivables 0 (42) (4,348)
Net revenue 381,182 321,478 273,182
Expenses:      
Salaries and employee benefits 60,695 60,475 60,680
Direct marketing costs 50,890 49,208 50,562
Interest expense and amortized debt issuance costs 39,367 44,708 46,750
Professional fees 20,103 21,574 18,027
Technology costs 12,433 12,171 12,543
Payment processing fees 6,589 7,119 10,439
Depreciation and amortization 5,159 9,621 12,735
Occupancy 4,127 4,030 4,431
Exit costs, net (1,449) 2,983 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment 0 0 (2,983)
General, administrative and other 16,590 15,053 13,643
Total expenses 214,504 226,942 226,827
Income from operations 166,678 94,536 46,355
Other (expense) income:      
Change in fair value of warrant liabilities (11,347) (8,244) (4,976)
Income from equity method investment 4,974 1,442 0
Other (expense) income, net (4,173) 318 431
Income before income taxes 156,132 88,052 41,810
Income tax expense 9,885 4,215 2,331
Net income 146,247 83,837 39,479
Less: net income attributable to noncontrolling interest 119,918 76,579 40,484
Net income (loss) attributable to OppFi Inc. $ 26,329 $ 7,258 $ (1,005)
Earnings (loss) per common share:      
Basic (in dollars per share) $ 0.99 $ 0.36 $ (0.06)
Diluted (in dollars per share) $ 0.99 $ 0.36 $ (0.06)
Weighted average common shares outstanding:      
Basic (in shares) 26,506,458 20,145,606 16,391,199
Diluted (in shares) 26,506,458 20,145,606 16,391,199
v3.25.4
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, 2022   14,760,566 94,937,285        
Beginning 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     997      
Net (loss) income 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      
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)     (1,320)      
Net (loss) income 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Class V shares (in shares)   5,491,193 (5,491,193)        
Exchange of Class V shares 0 $ 1 $ (1) 10,758 1,707   (12,465)
Issuance of common stock under equity incentive plan (in shares)   1,648,205          
Issuance of common stock under equity incentive plan 0            
Issuance of common stock under employee stock purchase plan (in shares)   78,665          
Issuance of common stock under employee stock purchase plan 423     423      
Exercise of warrants (in shares)   375          
Exercise of warrants $ 5     5      
Exercise of stock options (in shares) 400 400          
Exercise of stock options $ 1     1      
Stock-based compensation 9,988     9,988      
Tax withholding on vesting of restricted stock units (in shares)   (440,876)          
Tax withholding on vesting of restricted stock units (4,601)     (4,601)      
Purchase of treasury stock (in shares)   (1,541,949)          
Purchase of treasury stock (15,517)         (15,517)  
Common stock dividend (6,414)       (6,414)    
Member distributions (58,500)           (58,500)
Tax receivable agreement (9,845)     (9,845)      
Deferred tax asset 12,876     12,876      
Net (loss) income 146,247       26,329   119,918
Ending balance, shares at Dec. 31, 2025   27,272,028 58,698,241        
Ending balance at Dec. 31, 2025 $ 308,876 $ 3 $ 6 $ 113,508 $ (33,505) $ (21,528) $ 250,392
v3.25.4
Consolidated Statements of Stockholders’ Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Common stock, dividends (in dollars per share) $ 0.25 $ 0.12
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 146,247 $ 83,837 $ 39,479
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of finance receivables 215,868 204,443 231,419
Provision for credit losses on finance receivables 0 42 4,348
Depreciation and amortization 5,159 9,621 12,735
Debt issuance cost amortization 3,173 2,409 2,428
Stock-based compensation expense 9,988 5,270 4,067
Loss on disposition of equipment 2 5 3
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment 0 0 (2,983)
Impairment of right of use asset 155 0 0
Tax receivable agreement liability adjustment 1,166 75 163
Deferred income taxes 4,902 3,442 1,667
Change in fair value of warrant liabilities 11,347 8,244 4,976
Gain on forgiveness of debt 0 0 (113)
Income from equity method investment (4,974) (1,442) 0
Distributions received from equity method investment 5,092 1,050 0
Noncash litigation expense 4,500 0 0
Changes in assets and liabilities:      
Accrued interest receivable 283 (285) (2,258)
Settlement receivable 2,036 (132) 96
Operating lease, net (276) (170) (90)
Other assets (3,244) 555 3,478
Accounts payable 1,894 (3,563) (1,896)
Accrued expenses (2,013) 10,405 (1,373)
Net cash provided by operating activities 401,305 323,806 296,146
Cash flows from investing activities:      
Finance receivables acquired and originated (1,277,945) (1,226,071) (1,221,333)
Finance receivables repayments 989,254 1,011,605 986,032
Purchases of equipment and capitalized technology (19,113) (13,010) (8,991)
Acquisition of equity method investment 0 (15,966) 0
Net cash used in investing activities (307,804) (243,442) (244,292)
Cash flows from financing activities:      
Member distributions (58,500) (42,391) (10,230)
Payments of secured borrowing payable 0 0 (643)
Borrowings of senior debt - revolving lines of credit 253,274 217,049 186,730
Payments of senior debt - revolving lines of credit (220,749) (211,434) (199,252)
Payments of senior debt - term loan (30,000) (20,000) 0
Payments of notes payable 0 (1,449) (2,581)
Payments for debt issuance costs (5,407) (828) (1,712)
Proceeds from employee stock purchase plan 423 294 328
Exercise of warrants 5 0 0
Exercise of stock options 1 0 59
Payments of tax withholdings on vesting of restricted stock units (4,601) (1,335) (280)
Payments on tax receivable agreement liability (1,041) 0 0
Purchase of treasury stock (15,517) (3,551) 0
Dividend paid on common stock (6,414) (2,374) 0
Net cash used in financing activities (88,526) (66,019) (27,581)
Net increase in cash and restricted cash 4,975 14,345 24,273
Cash and restricted cash      
Beginning 88,288 73,943 49,670
Ending 93,263 88,288 73,943
Supplemental disclosure of cash flow information:      
Interest paid on borrowed funds 36,112 42,573 43,725
Income taxes paid 6,093 475 73
Supplemental disclosure of noncash activities:      
Adjustments to additional paid-in capital as a result of tax receivable agreement (9,845) (1,082) 459
Adjustments to additional paid-in capital as a result of adjustment to deferred tax asset 12,876 (1,320) 997
Issuance of Class V shares related to equity investment 0 2,836 0
Forfeitures of Class V shares related to forfeiture of earnout units 0 2 0
Operating lease right of use asset recognized 0 0 159
Operating lease liability recognized 0 0 159
Reclassification of finance receivables held for sale to held for investment 0 0 2,637
Prepaid insurance financed with promissory notes $ 0 $ 0 $ 2,414
v3.25.4
Description of Business and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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 digital finance platform that partners with banks to offer financial products and services 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 umbrella partnership C corporation (“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, 2025 and 2024, OppFi owned approximately 31.7% and 25.6% of the OppFi Units, respectively, and controlled 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 direct and indirect 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 with its direct and indirect 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, 2025, 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 judgments, 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.

Reclassifications: Certain line items in the consolidated statements of cash flows for the years end December 31, 2024 and 2023, have been reclassified to conform to the comparative period presentation for the year end December 31, 2025, specifically the presentation on the finance receivables acquired and originated and repayments and the borrowings and payments of the Company’s senior debt - revolving lines of credit.

Finance receivables acquired and originated and repayments were previously presented on a net basis that excluded transferred balance on refinanced loans and are now presented on a gross basis to include transferred balance on refinanced loans. These reclassifications have no effect on net cash used in investing activities or on total cash flows for the periods presented.

Borrowings and payments of the Company’s senior debt - revolving lines of credit were previously presented on a net basis as net advance (payments) of senior debt - revolving lines of credit and are now presented on a gross basis as borrowings of senior debt - revolving lines of credit and payments of senior debt - revolving lines of credit. These reclassifications have no effect on net cash used in financing activities or on total cash flows for the periods presented.

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 direct and indirect 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, 2025 and 2024, all finance receivables were originated through the bank partnership arrangements. As of December 31, 2025 and 2024, the unpaid principal balance of finance receivables outstanding for purchase was $9.0 million and $7.1 million, respectively.
Finance receivables at fair value: 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 are included in finance receivables at fair value in the consolidated balance sheets. Interest income is included in interest and loan related income 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. As of December 31, 2024, the Company did not record an allowance for doubtful accounts against the settlement receivable as potential write-offs were deemed immaterial. In connection with the Company’s termination of its Revolving Credit Agreement, dated as of December 14, 2022 (as amended, the “Prior SPV IX Agreement”) effective on September 29, 2025, customer payments are no longer collected by the Company and then deposited into a commercial bank account held by UMB Bank, N.A.

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 years ended December 31, 2025 and 2024, amortization expense related to identifiable intangible assets of $0.7 million and $0.3 million, respectively, 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 straight-line method. Amortization of debt issuance costs is included in interest expense and amortized debt issuance costs in the consolidated statements of operations.

Property and equipment: Furniture, fixtures, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation of furniture, fixtures 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 $17.1 million and $12.1 million during the years ended December 31, 2025 and 2024, respectively. The Company also capitalized interest associated with
application development totaling $1.8 million and $0.2 million during the years ended December 31, 2025 and 2024. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $4.7 million, $9.0 million, and $12.0 million for the years ended December 31, 2025, 2024 and 2023, 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 reported in the change in fair value of warrant liabilities in the consolidated statements 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 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. OppFi began to make payments to the Members pursuant to the TRA 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, 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.

Treasury stock: The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity in 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, 2025, 2024 and 2023.

Stock-based compensation: 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 on a straight-line basis over the vesting period, which is the requisite service period, beginning on the grant date. The Company accounts for forfeitures when they occur. The fair value of stock options is based on the Black-Scholes option-pricing model. 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, net: 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 and changes in the amount of estimate cash flow in exit costs, net in the consolidated statements of operations.

In March 2025, the Company entered into an agreement with one of its bank partners that discharged the Company’s responsibility to settle a previously recognized liability for costs related to a contract associated with its OppFi Card product, which resulted in the reversal of previously recognized expenses of $1.5 million.

In May 2025, the Company entered into an agreement with one of its vendors to terminate its remaining contract associated with its OppFi Card product. The agreement required the Company to pay contractual liability totaling $0.4 million. The agreement also discharged the Company’s remaining contractual liability of $0.1 million, which resulted in the reversal of previously recognized expenses of $0.1 million.

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 common share: Basic earnings (loss) per common 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 shares 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. 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 common share available to common stockholders would be the same as basic loss per common 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 68.3% and 74.4% of the economic ownership percentage of OppFi-LLC as of December 31, 2025 and 2024, 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: FASB 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.

FASB 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.
Accounting pronouncements issued and adopted: In December 2023, the FASB issued Accounting Standards Update (“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 (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). 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 Company adopted ASU 2023-09 for the annual reporting period beginning January 1, 2025, with retrospective application to all prior periods presented. See Note 10. Income Taxes for additional information.

Accounting pronouncements issued and not yet adopted: 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). In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The purpose of ASU 2025-01 is to clarify the effective date of ASU 2024-03. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The purpose of ASU 2025-06 is to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The purpose of ASU 2025-11 is to clarify interim disclosure requirements and the applicability of Topic 270. ASU 2025-11 also requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for 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 guidance on the Company’s consolidated financial statements.
v3.25.4
Finance Receivables at Fair Value
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 were as follows (in thousands):

20252024
Unpaid principal balance of finance receivables - accrual$454,542 $394,030 
Unpaid principal balance of finance receivables - non-accrual38,576 31,210 
Unpaid principal balance of finance receivables$493,118 $425,240 
Finance receivables at fair value - accrual$524,577 $452,438 
Finance receivables at fair value - non-accrual3,590 2,906 
Finance receivables at fair value, excluding accrued interest receivable528,167 455,344 
Accrued interest receivable18,069 18,352 
Finance receivables at fair value$546,236 $473,696 
Difference between unpaid principal balance and fair value$35,049 $30,104 

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, 2025 and 2024, the aggregate unpaid principal balance of installment finance receivables 90 days or more past due on a contractual basis was $16.4 million and $14.4 million, respectively. As of December 31, 2025 and 2024, the fair value of installment finance receivables 90 days or more past due on a contractual basis was $1.5 million and $1.3 million, respectively.

Changes in the fair value of installment finance receivables at fair value for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Balance at the beginning of the period$473,696 $463,320 $457,296 
Acquired and originated1,277,945 1,226,056 1,219,516 
Repayments(989,254)(1,011,524)(984,338)
Accrued interest receivable(283)287 2,265 
Charge-offs, net (1)
(220,813)(205,755)(220,895)
Net change in fair value (1)
4,945 1,312 (10,524)
Balance at the end of the period$546,236 $473,696 $463,320 
(1) Included in change in fair value of finance receivables in the consolidated statements of operations.

The estimated amount of losses included in earnings attributable to changes in instrument-specific credit risk was $36.6 million for the year ended December 31, 2025. The credit risk component was driven by the expected default rate assumption applied in the discounted cash flow model. The expected default rate assumption was developed based on historical data of the installment loan portfolio and also included adjustments to reflect management’s judgment of current economic trends and future credit performance.
v3.25.4
Property, Equipment and Software, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software as of December 31, 2025 and 2024 consisted of the following (in thousands):

20252024
Capitalized technology$86,411 $67,515 
Furniture, fixtures and equipment4,639 4,432 
Leasehold improvements979 979 
Total property, equipment and software92,029 72,926 
Less accumulated depreciation and amortization(64,401)(59,250)
Property, equipment and software, net$27,628 $13,676 
v3.25.4
Accrued Expenses
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses as of December 31, 2025 and 2024 consisted of the following (in thousands):

20252024
Accrued legal expense$13,000 $— 
Accrued payroll and benefits9,839 10,141 
Accrual for services rendered and goods purchased 9,129 12,592 
Amount due to bank partners6,513 3,070 
Accrued interest payable2,601 2,519 
Accrued exit costs180 2,017 
Other2,136 2,072 
Total$43,398 $32,411 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024, 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. On January 30, 2025, the Company entered into a new sublease agreement with the third-party sublessee to extend the sublease from August 2025 through August 2030. The new sublease agreement includes an option for the third-party sublessee to terminate the lease agreement. The Company is not reasonably certain that the third-party sublessee will terminate the lease agreement; as such, lease payments do not take into account this option. The Company’s new sublease agreement does not contain any material residual value guarantees or material restrictive covenants. Under the terms of the new sublease agreement, the third-party sublessee provides the Company with an irrevocable letter of credit in the amount of $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 new sublease agreement. The new 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 additional impairment expense of $0.2 million on the new sublease 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.

The components of total lease cost for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Operating lease cost$2,206 $2,300 $2,347 
Variable lease expense1,725 1,604 1,983 
Short-term lease cost160 97 71 
Sublease income(327)(318)(318)
Total lease cost$3,764 $3,683 $4,083 

Supplemental cash flow information related to the leases for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,277 $2,476 $2,647 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$— $— $159 

The aggregate weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025, 2024 and 2023 were as follows:

202520242023
Weighted-average remaining lease term (in years)4.85.86.7
Weighted-average discount rate5 %5 %5 %
Future minimum operating leases as of December 31, 2025 were as follows (in thousands):

YearAmount
2026$2,557 
20272,633 
20282,712 
20292,794 
20302,144 
Total lease payments12,840 
Less: imputed interest(1,416)
Operating lease liabilities$11,424 
v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company’s outstanding borrowings as of December 31, 2025 and 2024, including borrowing capacity as of December 31, 2025, were as follows (in thousands):

BorrowerBorrowing Capacity20252024
Interest Rate as of December 31, 2025
Maturity Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$— $— $84,500 SOFRplus6.75%June 2026(1)
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)62,500 46,875 62,500 SOFRplus7.75%February 2029
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche D)237,500 132,125 — SOFRplus7.30%February 2029
Revolving line of creditOpportunity Funding SPE IX, LLC— — 85,871 SOFRplus7.50%December 2026(2)
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 79,000 — SOFRplus6.00%September 2029
Revolving line of creditGray Rock SPV LLC75,000 63,353 55,957 SOFRplus7.45%October 2026
Total revolving lines of credit525,000 321,353 288,828 
Term loan, netOppFi-LLC— — 29,930 SOFRplus0.11%plus10%September 2025(3)
Total senior debt, net$525,000 $321,353 $318,758 
(1) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in February 2025.
(2) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in September 2025.
(3) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in March 2025.

Revolving line of credit - Opportunity Funding SPE V, LLC

In April 2019, Opportunity Funding SPE V, LLC, a direct wholly owned subsidiary of OppFi 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, 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 was 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 had the ability to 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.
On February 13, 2025, Opportunity Funding SPE V, LLC entered into a Second Amended and Restated Revolving Credit Agreement (the “Second A&R Credit Agreement”), which amended the A&R Credit Agreement to, among other things, increase the size of the facility under the A&R Credit Agreement from $250.0 million to $300.0 million and extend the maturity date to February 13, 2029. The $300.0 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. Borrowings under Tranche C bear interest at Term Secured Overnight Financing Rate (“SOFR”) plus 7.75% through December 31, 2025 and at Term SOFR plus 7.30% at January 1, 2026 and thereafter. Borrowings under Tranche D bear interest at Term SOFR plus 7.30%. 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.

Revolving line of credit - Opportunity Funding SPE IX, LLC

On December 14, 2022, Opportunity Funding SPE IX, LLC entered into the Prior SPV IX Agreement with UMB Bank N.A. that provided maximum borrowings of $150.0 million. Interest was payable monthly. Borrowings were 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 was 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.

On September 29, 2025, Opportunity Funding SPE IX, LLC entered into a senior secured Revolving Credit Agreement (the “SPE IX Agreement”) with UMB Bank N.A., as administrative agent and collateral agent, Randolph Receivables 2 LLC, as a lender and as Castlelake Representative, and the lenders party thereto. The SPE IX Agreement provides for maximum borrowings of $150.0 million and a commitment period expiring on September 29, 2028. Borrowings bear interest at Term SOFR plus 6.00%. Interest is payable monthly. The maturity date is September 29, 2029. Borrowings are secured by the assets of Opportunity Funding SPE IX, LLC. The SPE IX Agreement is subject to a borrowing base and various financial covenants, including minimum tangible net worth, liquidity and maximum consolidated debt to tangible net worth.

On September 29, 2025, Opportunity Funding SPE IX, LLC used a portion of the proceeds of the SPE IX Agreement to repay the approximately $79.0 million in outstanding obligations under the Prior SPV IX Agreement. Subsequent to the repayment, Opportunity Funding SPE IX, LLC terminated the Prior SPV IX Agreement. Opportunity Funding SPE IX LLC did not incur any early termination penalties in connection with the termination of the Prior SPV IX Agreement.

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, which, among other things, extended the revolving commitment termination and maturity dates to April 15, 2026 and October 16, 2026, respectively, 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 was 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 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 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.
On March 4, 2025, OppFi-LLC paid in full the outstanding obligations under the OppFi-LLC Midtown Term Loan Agreement. Subsequent to the repayments, OppFi-LLC terminated the OppFi-LLC Midtown Term Loan Agreement.

Certain of the Company’s foregoing credit facilities that consist of revolving lines of credit 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 $36.2 million, $42.2 million and $44.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

For the year ended December 31, 2025, there was no interest expense related to notes payable. 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 and $0.1 million for the years ended December 31, 2024 and 2023, respectively.
v3.25.4
Warrants
 12 Months Ended
Dec. 31, 2025
Warrants and Rights Note Disclosure [Abstract]  
Warrants Warrants
Public Warrants: As of December 31, 2025 and 2024, there were 14,024,758 and 13,352,317 Public Warrants outstanding, respectively. During the year ended December 31, 2025, 375 Public Warrants were exercised. Also, the number of Public Warrants as of December 31, 2025 and 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 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, 2025 and 2024, there were 1,314,304 and 1,987,120 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, 2025 and 2024, the Private Placement Warrants comprised of 401,804 and 1,074,620 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. The $15 Exercise Price Warrants expire on July 20, 2031 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.
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
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, the Company’s Board of Directors (“Board”) 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.

On April 9, 2024, the Board 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. On August 26, 2025, the Board authorized an increase to the 2024 Repurchase Program to repurchase an additional $20.0 million of the Company’s Class A Common Stock bringing the total authorization to $40.0 million. The 2024 Repurchase Program will expire in April 2027. During the years ended December 31, 2025 and 2024, OppFi repurchased 1,541,949 and 1,034,710 shares, respectively, of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of $15.5 million and $3.6 million, respectively, at an average purchase price per share of $10.04 and $3.41, respectively. As of December 31, 2025, $20.9 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.

On April 18, 2025, the Company paid a dividend of $0.25 per share ($6.4 million in the aggregate) to stockholders of record of the Company’s Class A common stock as of the close of business on April 8, 2025.

The Company did not pay any dividends during the year ended December 31, 2023.

Member distributions: On May 1, 2024, OppFi-LLC paid a special distribution of $0.12 per unit ($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.
On April 18, 2025, OppFi-LLC paid a special distribution of $0.25 per unit ($21.7 million in the aggregate, which is included in the member distributions in the consolidated statements of stockholder’s equity, to holders of record of OppFi Units as of the close of business on April 8, 2025.

OppFi-LLC did not pay any special distributions during the year ended December 31, 2023.

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.
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.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
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, 2025, the maximum aggregate number of shares of Class A Common Stock that may be issued under the Plan was 27,106,245 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, 2025, 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, 2025 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, 2024
1,842,192$13.65 6.6$1,065 
   Granted—— —— 
   Exercised(400)3.17 —— 
   Forfeited—— —— 
Outstanding as of December 31, 2025
1,841,792$13.65 5.6$1,748 
Vested and exercisable as of December 31, 2025
1,811,516$13.83 5.6$1,530 

For the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation of $0.4 million, $0.5 million and $0.6 million, respectively, related to stock options. As of December 31, 2025, the Company had unrecognized stock-based compensation of $41 thousand related to unvested stock options that is expected to be recognized over an estimated weighted-average period of approximately 0.3 years.

The Company did not grant stock options during the years ended December 31, 2025, 2024 and 2023.
Cash received from the exercise of a stock option during the year ended December 31, 2025 was $1 thousand. The total intrinsic value of the stock option exercised during the year ended December 31, 2025 was $2 thousand. There were no stock options exercised during the year ended December 31, 2024. Cash received from the exercise of a stock option during the year ended December 31, 2023 was $59 thousand. The total intrinsic value of the stock option exercised during the year ended December 31, 2023 was $13 thousand.

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. Beginning on June 9, 2025, each RSU granted will include a dividend equivalent feature that accrue dividends until the applicable vesting date. If the award is forfeited, the employee will not be entitled to the accrued dividends on those awards. Also, beginning on June 9, 2025, directors will have the opportunity to elect deferral of all or a portion of their RSUs that will be granted during such participation year.

A summary of the Company’s RSU activity for the year ended December 31, 2025 is as follows:
SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2024
1,824,128$3.15 
Granted1,563,2759.65 
Vested(1,629,475)5.59 
Forfeited(128,744)3.97 
Unvested as of December 31, 2025
1,629,184$6.88 

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.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation of $9.4 million, $4.5 million and $3.2 million, respectively, related to RSUs. As of December 31, 2025, total unrecognized compensation expense related to RSUs was $10.2 million which will be recognized over a weighted-average vesting period of approximately 2.1 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, 2025 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2024
76,556$3.41 
Granted—— 
Vested(57,280)3.46 
Forfeited—— 
Unvested as of December 31, 2025
19,276$3.26 

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.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation of $47 thousand, $0.1 million and $0.2 million, respectively, related to PSUs. As of December 31, 2025, total unrecognized compensation expense related to PSUs was $4 thousand which will be recognized over a weighted-average vesting period of approximately 0.3 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. As of December 31, 2025, the maximum aggregate number of shares of Class A Common Stock that may be issued under the ESPP was 1,892,787 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 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, 2025 and 2024, ESPP employee payroll contributions accrued of $0.3 million and $0.1 million, respectively, are included within accrued expenses in the consolidated balance sheets. Payroll contributions accrued as of December 31, 2025 will be used to purchase shares at the end of the ESPP offering period ended on December 31, 2025. Payroll contributions ultimately used to purchase shares are reclassified to stockholders’ equity on the purchase date.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized ESPP compensation expense of $0.2 million, $0.1 million and $0.1 million, respectively.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
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.

The following table summarizes income tax expense for the years ended December 31, 2025, 2024 and 2023 (in thousands):

202520242023
Current income tax expense:
Federal$4,008 $503 $27 
State1,118 248 480 
Total current income tax expense5,126 751 507 
Deferred income tax expense:
Federal4,612 3,118 1,058 
State147 346 766 
Total deferred income tax expense4,759 3,464 1,824 
Total income tax expense$9,885 $4,215 $2,331 
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, 2025, 2024 and 2023 (dollars in thousands):

202520242023
AmountPercentageAmountPercentageAmountPercentage
U.S. federal statutory tax rate$32,788 21.0 %$18,491 21.0 %$8,780 21.0 %
State and local income tax, net of federal income tax effect (1)
1,094 0.7 590 0.6 1,239 3.0 
Foreign tax effects— — — — — — 
Effect of changes in tax laws or rates enacted in the current period— — — — — — 
Effect of cross-border tax laws— — — — — — 
Tax credits(241)(0.1)(104)(0.1)(72)(0.2)
Changes in valuation allowances— — — — — — 
Nontaxable or nondeductible items
Issuance of warrants2,383 1.5 1,731 2.0 1,045 2.5 
Others(278)(0.2)(279)(0.3)122 0.3 
Changes in unrecognized tax benefits60 — 26 — 18 — 
Effect of flow-through entity(25,919)(16.6)(16,149)(18.3)(8,831)(21.1)
Other adjustments(2)— (91)(0.1)30 0.1 
Effective tax rate$9,885 6.3 %$4,215 4.8 %$2,331 5.6 %
(1) For the year ended December 31, 2025, state income taxes in California, Florida, Illinois, Michigan, Minnesota, New Jersey, and Texas made up greater than 50% of the tax effect in this category. For the year ended December 31, 2024, state income taxes in Florida, Texas, and Virginia made up greater than 50% of the tax effect in this category. For the year ended December 31, 2023, state income taxes in California, Florida, Michigan, Tennessee, Texas, and Virginia made up greater than 50% of the tax effect in this category.

The following table summarizes the income taxes paid for the years ended December 31, 2025, 2024, and 2023 (in thousands):

202520242023
Federal$5,389 $41 $54 
State
Texas*232 *
North Carolina*110 *
Oregon**14 
Other states704 92 5 
Total income taxes paid$6,093 $475 $73 
* The amount of income taxes paid during the year did not meet the 5% disaggregation threshold.
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, 2025 and 2024 were as follows (in thousands):

20252024
Investment in partnership$21,727 $14,076 
Tax receivable agreement liability9,5496,216 
Accrued legal expense540— 
Intangibles447479 
Stock compensation192107 
Net operating loss—366 
Other19296 
Deferred tax asset$32,647 $21,340 

As of December 31, 2025, OppFi had utilized all federal and state net operating loss carryovers from prior years. 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.

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, 2025, the related deferred tax asset was $21.7 million. The increase was due to subsequent exchanges and differences between book and taxable income. 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 of the Company’s business combination through December 31, 2025, the TRA liability increased by $13.3 million (net of a $1.0 million payment) 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 $3.3 million, with a net offsetting entry to additional paid-in capital and current period expense.

As of December 31, 2025 and 2024, OppFi had unrecognized tax benefit of $0.2 million and $0.1 million, respectively, related to research and development credits allocated from OppFi-LLC. FASB 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, 2025 and 2024. 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, 2025 and 2024 (in thousands):

20252024
Unrecognized tax benefits at beginning of the year$103 $38 
Additions based on tax positions related to the current year76 27 
Additions for tax positions of prior years49 38 
Reductions for tax positions of prior years— — 
Settlements with taxing authorities— — 
Other, net— — 
Net change in unrecognized tax benefits125 65 
Unrecognized tax benefits at end of the year$228 $103 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA did not have a material impact on the Company’s income tax expense for the year ended December 31, 2025.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value on a nonrecurring basis: As of December 31, 2025 and 2024, 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, 2025 and 2024 are as follows (in thousands):

Fair Value Measurements
2025Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest receivable (1)
$528,167 $— $— $528,167 
Financial liabilities:
Warrant liability - Public Warrants (2)
20,429 20,429 — — 
Warrant liability - Private Placement Warrants (3)
6,026 — — 6,026 
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest 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 
(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 default rate that is 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, 2025 and 2024, 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, 2025 and 2024:
20252024
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate3.55 %3.75 %4.17 %4.41 %
Expected term (years)0.6 years5.6 years1.6 years6.6 years
Expected volatility60.30 %56.80 %47.30 %47.30 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$1.54 $4.79 $0.91 $2.69 

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, 20242,311 2,455 4,766 
Change in fair value(656)1,916 1,260 
Fair value as of December 31, 2025$1,655 $4,371 $6,026 

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, 2025 and 2024 (in thousands):

Fair Value Measurements
2025Level 1Level 2Level 3
Financial assets:
Cash$49,451 $49,451 $— $— 
Restricted cash43,812 43,812 — — 
Accrued interest receivable (1)
18,069 18,069 — — 
Financial liabilities:
Accrued interest payable (2)
2,601 2,601 — — 
Senior debt, net321,353 — — 321,353 
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Cash$61,344 $61,344 $— $— 
Restricted cash26,944 26,944 — — 
Accrued interest receivable (1)
18,352 18,352 — — 
Settlement receivable2,036 2,036 — — 
Financial liabilities:
Accrued interest payable (2)
2,519 2,519 — — 
Senior debt, net318,758 — — 318,758 
(1) Included in finance receivables at fair value in the consolidated balance sheets.
(2) Included in accrued expenses in the consolidated balance sheets.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023 (in thousands):

202520242023
Total revenue$597,050 $525,963 $508,949 
Charge-offs, net(220,813)(205,755)(220,895)
Net change in fair value4,945 1,312 (10,524)
Change in fair value of finance receivables(215,868)(204,443)(231,419)
Provision for credit losses on finance receivables— (42)(4,348)
Net revenue381,182 321,478 273,182 
Expenses:
Salaries and employee benefits60,695 60,475 60,680 
Direct marketing costs50,890 49,208 50,562 
Interest expense and amortized debt issuance costs39,367 44,708 46,750 
Professional fees20,103 21,574 18,027 
Technology costs12,433 12,171 12,543 
Payment processing fees6,589 7,119 10,439 
Depreciation and amortization5,159 9,621 12,735 
Occupancy4,127 4,030 4,431 
Exit costs, net(1,449)2,983 — 
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment— — (2,983)
General, administrative and other16,590 15,053 13,643 
Total expenses214,504 226,942 226,827 
Income from operations166,678 94,536 46,355 
Other (expense) income:
Change in fair value of warrant liabilities(11,347)(8,244)(4,976)
Income from equity method investment4,974 1,442 — 
Other (expense) income, net(4,173)318 431 
Income before income taxes156,132 88,052 41,810 
Income tax expense9,885 4,215 2,331 
Net income146,247 83,837 39,479 
Less: net income attributable to noncontrolling interest119,918 76,579 40,484 
Net income (loss) attributable to OppFi Inc.$26,329 $7,258 $(1,005)
v3.25.4
Commitments, Contingencies and Related Party Transactions
 12 Months Ended
Dec. 31, 2025
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 FASB ASC 450, Contingencies, 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. On January 22, 2024, the Company’s Motion to Compel Further Discovery Responses from the DFPI was granted, and both the DFPI and the Company actively participated in discovery. On September 29, 2025, the Company filed a Motion for Summary Judgment against the DFPI. On February 24, 2026, the Court issued a Tentative Statement of Decision, which grants the Company’s summary judgment motion, dismissing the DFPI’s cross-claims alleging violations of the CFL. The Court concluded that the DFPI failed to raise a triable issue of material fact that the Company was the “true lender” or that FinWise was a sham or “dummy” lender, and further found no evidence that the loans at issue were usurious at inception. Accordingly, the Court entered judgment in the Company’s favor on all claims. The Tentative Statement of Decision orders the Company to prepare a proposed final statement of decision and present a proposed judgment by March 26, 2026. The Tentative Statement of Decision authorizes the Company to “expand on this tentative decision with additional evidence and law consistent with the decision.” The DFPI will then have an opportunity to object to the proposed final Statement of Decision with 15 days following March 26, 2026. The Court has set a non-appearance status conference for the end of April. The DFPI retains the right to appeal the decision, and any appeal could result in reversal, remand for further proceedings or continued uncertainty regarding the applicability of the CFL and other California lending laws to our bank partnership model.

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. On February 9, 2026, the parties to the lawsuit informed the court that they had reached an agreement in principle to resolve the matter and are working to submit settlement approval paperwork for the court’s consideration and approval.

As of December 31, 2025, the Company had $13.0 million in estimated legal contingent liabilities and $8.5 million in related insurance recoveries. Both amounts are recognized within other (expense) income, net in the consolidated statements of operations.

Related party transactions: OppFi made payments to the Members pursuant to the TRA totaling $1.0 million during the year ended December 31, 2025. There were no payments to the Members pursuant to the TRA during the years ended December 31, 2024 and 2023.

Christopher McKay is one of our executive officers. Mr. McKay’s daughter was a former employee whose employment with the Company predated Mr. McKay’s designation as an executive officer in 2021 and concluded in 2024. 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. 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.
v3.25.4
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2025
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, 2025, consumers living primarily in Texas, Virginia and Florida made up approximately 12%, 11% and 10%, respectively, of the gross amount of the Company’s portfolio of finance receivables. As of December 31, 2025, 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, 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. 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.
v3.25.4
Retirement Plan
 12 Months Ended
Dec. 31, 2025
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, $1.4 million, and $1.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Earnings (Loss) Per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):

202520242023
Numerator:
Net income (loss) attributable to OppFi Inc.$26,329 $7,258 $(1,005)
   Net income (loss) available to Class A common stockholders - Basic26,329 7,258 (1,005)
Net income attributable to noncontrolling interest— — — 
Income tax expense— — — 
   Net income (loss) available to Class A common stockholders - Diluted$26,329 $7,258 $(1,005)
Denominator:
Weighted-average Class A common stock outstanding - Basic26,506,45820,145,60616,391,199
Effect of dilutive securities:
Stock options———
Restricted stock units———
Performance stock units———
Warrants———
Employee stock purchase plan———
Retained OppFi Units, excluding Earnout Units (1)
———
      Dilutive potential common shares———
Weighted-average units outstanding - diluted26,506,45820,145,60616,391,199
Earnings (loss) per common share:
Basic EPS$0.99 $0.36 $(0.06)
Diluted EPS$0.99 $0.36 $(0.06)
(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.

The following table presents securities that have been excluded from the calculation of diluted earnings per common share as their effect would have been anti-dilutive for the years ended December 31, 2025, 2024 and 2023:

202520242023
Public Warrants13,520,24613,352,31711,887,500
$11.50 Exercise Price Warrants906,4161,074,6202,539,437
$15 Exercise Price Warrants912,500912,500912,500
Stock Options1,841,8921,842,1921,922,473
Restricted stock units1,962,1572,058,9922,006,596
Performance stock units34,82896,060183,526
Employee stock purchase plan units7,8389,857— 
Noncontrolling interest - Earnout Units (1)
— — 25,500,000
Noncontrolling interest - Retained OppFi Units60,114,66565,619,35868,357,926
Potential common stock79,300,54284,965,896113,309,958
(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.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
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 did not identified any subsequent events that require disclosure.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
David A. Vennettilli [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On December 9, 2025, Mr. David A. Vennettilli, a member of the Board, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “10b5-1 Plan”). The 10b5-1 Plan provides for the sale of up to 45,000 shares of Class A common stock pursuant to prior restricted stock unit awards. Any sales are subject to certain price limitations set forth in the 10b5-1 Plan such that the actual number of shares sold could vary if certain minimum stock prices are not met. The 10b5-1 Plan begins on December 9, 2025 and will terminate on August 31, 2026, subject to earlier termination in accordance with its terms.
Name David A. Vennettilli
Title member of the Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 9, 2025
Expiration Date August 31, 2026
Arrangement Duration 265 days
Aggregate Available 45,000
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 range of systems we work to safeguard against cyberattacks, and the 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. 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 oversees and regularly reviews 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 oversees and regularly reviews 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 oversees and regularly reviews 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. 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] 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
v3.25.4
Description of Business and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
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 with its direct and indirect 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, 2025, 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 and Reclassifications
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 judgments, 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.

Reclassifications: Certain line items in the consolidated statements of cash flows for the years end December 31, 2024 and 2023, have been reclassified to conform to the comparative period presentation for the year end December 31, 2025, specifically the presentation on the finance receivables acquired and originated and repayments and the borrowings and payments of the Company’s senior debt - revolving lines of credit.

Finance receivables acquired and originated and repayments were previously presented on a net basis that excluded transferred balance on refinanced loans and are now presented on a gross basis to include transferred balance on refinanced loans. These reclassifications have no effect on net cash used in investing activities or on total cash flows for the periods presented.

Borrowings and payments of the Company’s senior debt - revolving lines of credit were previously presented on a net basis as net advance (payments) of senior debt - revolving lines of credit and are now presented on a gross basis as borrowings of senior debt - revolving lines of credit and payments of senior debt - revolving lines of credit. These reclassifications have no effect on net cash used in financing activities or on total cash flows for the periods presented.
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 direct and indirect 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, 2025 and 2024, all finance receivables were originated through the bank partnership arrangements. As of December 31, 2025 and 2024, the unpaid principal balance of finance receivables outstanding for purchase was $9.0 million and $7.1 million, respectively.
Finance receivables at fair value Finance receivables at fair value: 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 are included in finance receivables at fair value in the consolidated balance sheets. Interest income is included in interest and loan related income 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. As of December 31, 2024, the Company did not record an allowance for doubtful accounts against the settlement receivable as potential write-offs were deemed immaterial. In connection with the Company’s termination of its Revolving Credit Agreement, dated as of December 14, 2022 (as amended, the “Prior SPV IX Agreement”) effective on September 29, 2025, customer payments are no longer collected by the Company and then deposited into a commercial bank account held by UMB Bank, N.A.
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 years ended December 31, 2025 and 2024, amortization expense related to identifiable intangible assets of $0.7 million and $0.3 million, respectively, 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 straight-line method. Amortization of debt issuance costs is included in interest expense and amortized debt issuance costs in the consolidated statements of operations.
Property and equipment
Property and equipment: Furniture, fixtures, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation of furniture, fixtures 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 $17.1 million and $12.1 million during the years ended December 31, 2025 and 2024, respectively. The Company also capitalized interest associated with
application development totaling $1.8 million and $0.2 million during the years ended December 31, 2025 and 2024. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $4.7 million, $9.0 million, and $12.0 million for the years ended December 31, 2025, 2024 and 2023, 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 reported in the change in fair value of warrant liabilities in the consolidated statements 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 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. OppFi began to make payments to the Members pursuant to the TRA 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.
Treasury stock
Treasury stock: The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity in 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, 2025, 2024 and 2023.
Stock-based compensation
Stock-based compensation: 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 on a straight-line basis over the vesting period, which is the requisite service period, beginning on the grant date. The Company accounts for forfeitures when they occur. The fair value of stock options is based on the Black-Scholes option-pricing model. 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, net: 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 and changes in the amount of estimate cash flow in exit costs, net in the consolidated statements of operations.

In March 2025, the Company entered into an agreement with one of its bank partners that discharged the Company’s responsibility to settle a previously recognized liability for costs related to a contract associated with its OppFi Card product, which resulted in the reversal of previously recognized expenses of $1.5 million.

In May 2025, the Company entered into an agreement with one of its vendors to terminate its remaining contract associated with its OppFi Card product. The agreement required the Company to pay contractual liability totaling $0.4 million. The agreement also discharged the Company’s remaining contractual liability of $0.1 million, which resulted in the reversal of previously recognized expenses of $0.1 million.
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 common share
Earnings (loss) per common share: Basic earnings (loss) per common 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 shares 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. 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 common share available to common stockholders would be the same as basic loss per common 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 68.3% and 74.4% of the economic ownership percentage of OppFi-LLC as of December 31, 2025 and 2024, 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: FASB 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.

FASB 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.
Accounting pronouncements issued and adopted and Accounting pronouncements issued and not yet adopted
Accounting pronouncements issued and adopted: In December 2023, the FASB issued Accounting Standards Update (“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 (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). 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 Company adopted ASU 2023-09 for the annual reporting period beginning January 1, 2025, with retrospective application to all prior periods presented. See Note 10. Income Taxes for additional information.

Accounting pronouncements issued and not yet adopted: 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). In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The purpose of ASU 2025-01 is to clarify the effective date of ASU 2024-03. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The purpose of ASU 2025-06 is to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The purpose of ASU 2025-11 is to clarify interim disclosure requirements and the applicability of Topic 270. ASU 2025-11 also requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for 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 guidance on the Company’s consolidated financial statements.
v3.25.4
Finance Receivables at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Installment Finance Receivables at Fair Value
The components of installment finance receivables at fair value as of December 31, 2025 and 2024 were as follows (in thousands):

20252024
Unpaid principal balance of finance receivables - accrual$454,542 $394,030 
Unpaid principal balance of finance receivables - non-accrual38,576 31,210 
Unpaid principal balance of finance receivables$493,118 $425,240 
Finance receivables at fair value - accrual$524,577 $452,438 
Finance receivables at fair value - non-accrual3,590 2,906 
Finance receivables at fair value, excluding accrued interest receivable528,167 455,344 
Accrued interest receivable18,069 18,352 
Finance receivables at fair value$546,236 $473,696 
Difference between unpaid principal balance and fair value$35,049 $30,104 
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, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Balance at the beginning of the period$473,696 $463,320 $457,296 
Acquired and originated1,277,945 1,226,056 1,219,516 
Repayments(989,254)(1,011,524)(984,338)
Accrued interest receivable(283)287 2,265 
Charge-offs, net (1)
(220,813)(205,755)(220,895)
Net change in fair value (1)
4,945 1,312 (10,524)
Balance at the end of the period$546,236 $473,696 $463,320 
(1) Included in change in fair value of finance receivables in the consolidated statements of operations.
v3.25.4
Property, Equipment and Software, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software
Property, equipment and software as of December 31, 2025 and 2024 consisted of the following (in thousands):

20252024
Capitalized technology$86,411 $67,515 
Furniture, fixtures and equipment4,639 4,432 
Leasehold improvements979 979 
Total property, equipment and software92,029 72,926 
Less accumulated depreciation and amortization(64,401)(59,250)
Property, equipment and software, net$27,628 $13,676 
v3.25.4
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses as of December 31, 2025 and 2024 consisted of the following (in thousands):

20252024
Accrued legal expense$13,000 $— 
Accrued payroll and benefits9,839 10,141 
Accrual for services rendered and goods purchased 9,129 12,592 
Amount due to bank partners6,513 3,070 
Accrued interest payable2,601 2,519 
Accrued exit costs180 2,017 
Other2,136 2,072 
Total$43,398 $32,411 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Weighted Average Lease Term/Discount and Supplemental Cash Flow Information Related to Leases
The components of total lease cost for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Operating lease cost$2,206 $2,300 $2,347 
Variable lease expense1,725 1,604 1,983 
Short-term lease cost160 97 71 
Sublease income(327)(318)(318)
Total lease cost$3,764 $3,683 $4,083 

Supplemental cash flow information related to the leases for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,277 $2,476 $2,647 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$— $— $159 

The aggregate weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025, 2024 and 2023 were as follows:

202520242023
Weighted-average remaining lease term (in years)4.85.86.7
Weighted-average discount rate5 %5 %5 %
Schedule of Future Minimum Lease Payments
Future minimum operating leases as of December 31, 2025 were as follows (in thousands):

YearAmount
2026$2,557 
20272,633 
20282,712 
20292,794 
20302,144 
Total lease payments12,840 
Less: imputed interest(1,416)
Operating lease liabilities$11,424 
v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
The Company’s outstanding borrowings as of December 31, 2025 and 2024, including borrowing capacity as of December 31, 2025, were as follows (in thousands):

BorrowerBorrowing Capacity20252024
Interest Rate as of December 31, 2025
Maturity Date
Senior debt, net
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche B)$— $— $84,500 SOFRplus6.75%June 2026(1)
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche C)62,500 46,875 62,500 SOFRplus7.75%February 2029
Revolving line of creditOpportunity Funding SPE V, LLC (Tranche D)237,500 132,125 — SOFRplus7.30%February 2029
Revolving line of creditOpportunity Funding SPE IX, LLC— — 85,871 SOFRplus7.50%December 2026(2)
Revolving line of creditOpportunity Funding SPE IX, LLC150,000 79,000 — SOFRplus6.00%September 2029
Revolving line of creditGray Rock SPV LLC75,000 63,353 55,957 SOFRplus7.45%October 2026
Total revolving lines of credit525,000 321,353 288,828 
Term loan, netOppFi-LLC— — 29,930 SOFRplus0.11%plus10%September 2025(3)
Total senior debt, net$525,000 $321,353 $318,758 
(1) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in February 2025.
(2) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in September 2025.
(3) Maturity date and interest rate as of December 31, 2024 and for subsequent period until the borrowing was paid in full in March 2025.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option, Activity
A summary of the Company’s stock option activity for the year ended December 31, 2025 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, 2024
1,842,192$13.65 6.6$1,065 
   Granted—— —— 
   Exercised(400)3.17 —— 
   Forfeited—— —— 
Outstanding as of December 31, 2025
1,841,792$13.65 5.6$1,748 
Vested and exercisable as of December 31, 2025
1,811,516$13.83 5.6$1,530 
Schedule of Restricted Stock Unit, Activity
A summary of the Company’s RSU activity for the year ended December 31, 2025 is as follows:
SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2024
1,824,128$3.15 
Granted1,563,2759.65 
Vested(1,629,475)5.59 
Forfeited(128,744)3.97 
Unvested as of December 31, 2025
1,629,184$6.88 
Schedule of PSU Activity
A summary of the Company’s PSU activity for year ended December 31, 2025 is as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2024
76,556$3.41 
Granted—— 
Vested(57,280)3.46 
Forfeited—— 
Unvested as of December 31, 2025
19,276$3.26 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The following table summarizes income tax expense for the years ended December 31, 2025, 2024 and 2023 (in thousands):

202520242023
Current income tax expense:
Federal$4,008 $503 $27 
State1,118 248 480 
Total current income tax expense5,126 751 507 
Deferred income tax expense:
Federal4,612 3,118 1,058 
State147 346 766 
Total deferred income tax expense4,759 3,464 1,824 
Total income tax expense$9,885 $4,215 $2,331 
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, 2025, 2024 and 2023 (dollars in thousands):

202520242023
AmountPercentageAmountPercentageAmountPercentage
U.S. federal statutory tax rate$32,788 21.0 %$18,491 21.0 %$8,780 21.0 %
State and local income tax, net of federal income tax effect (1)
1,094 0.7 590 0.6 1,239 3.0 
Foreign tax effects— — — — — — 
Effect of changes in tax laws or rates enacted in the current period— — — — — — 
Effect of cross-border tax laws— — — — — — 
Tax credits(241)(0.1)(104)(0.1)(72)(0.2)
Changes in valuation allowances— — — — — — 
Nontaxable or nondeductible items
Issuance of warrants2,383 1.5 1,731 2.0 1,045 2.5 
Others(278)(0.2)(279)(0.3)122 0.3 
Changes in unrecognized tax benefits60 — 26 — 18 — 
Effect of flow-through entity(25,919)(16.6)(16,149)(18.3)(8,831)(21.1)
Other adjustments(2)— (91)(0.1)30 0.1 
Effective tax rate$9,885 6.3 %$4,215 4.8 %$2,331 5.6 %
(1) For the year ended December 31, 2025, state income taxes in California, Florida, Illinois, Michigan, Minnesota, New Jersey, and Texas made up greater than 50% of the tax effect in this category. For the year ended December 31, 2024, state income taxes in Florida, Texas, and Virginia made up greater than 50% of the tax effect in this category. For the year ended December 31, 2023, state income taxes in California, Florida, Michigan, Tennessee, Texas, and Virginia made up greater than 50% of the tax effect in this category.
Schedule of Income Tax Paid
The following table summarizes the income taxes paid for the years ended December 31, 2025, 2024, and 2023 (in thousands):

202520242023
Federal$5,389 $41 $54 
State
Texas*232 *
North Carolina*110 *
Oregon**14 
Other states704 92 5 
Total income taxes paid$6,093 $475 $73 
* The amount of income taxes paid during the year did not meet the 5% disaggregation threshold.
Schedule of Deferred Taxes The components of deferred tax asset as of December 31, 2025 and 2024 were as follows (in thousands):
20252024
Investment in partnership$21,727 $14,076 
Tax receivable agreement liability9,5496,216 
Accrued legal expense540— 
Intangibles447479 
Stock compensation192107 
Net operating loss—366 
Other19296 
Deferred tax asset$32,647 $21,340 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the change in unrecognized tax benefits as of December 31, 2025 and 2024 (in thousands):

20252024
Unrecognized tax benefits at beginning of the year$103 $38 
Additions based on tax positions related to the current year76 27 
Additions for tax positions of prior years49 38 
Reductions for tax positions of prior years— — 
Settlements with taxing authorities— — 
Other, net— — 
Net change in unrecognized tax benefits125 65 
Unrecognized tax benefits at end of the year$228 $103 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 are as follows (in thousands):
Fair Value Measurements
2025Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest receivable (1)
$528,167 $— $— $528,167 
Financial liabilities:
Warrant liability - Public Warrants (2)
20,429 20,429 — — 
Warrant liability - Private Placement Warrants (3)
6,026 — — 6,026 
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest 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 
(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 default rate that is 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 Changes in Fair Value of Private Placement Warrants
The following table presents the significant assumptions used for the Company’s Private Placement Warrants at December 31, 2025 and 2024:
20252024
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate3.55 %3.75 %4.17 %4.41 %
Expected term (years)0.6 years5.6 years1.6 years6.6 years
Expected volatility60.30 %56.80 %47.30 %47.30 %
Exercise price$11.50 $15.00 $11.50 $15.00 
Fair value of warrants$1.54 $4.79 $0.91 $2.69 
Schedule of Changes in Fair Value of Warrant Units
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, 20242,311 2,455 4,766 
Change in fair value(656)1,916 1,260 
Fair value as of December 31, 2025$1,655 $4,371 $6,026 
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, 2025 and 2024 (in thousands):
Fair Value Measurements
2025Level 1Level 2Level 3
Financial assets:
Cash$49,451 $49,451 $— $— 
Restricted cash43,812 43,812 — — 
Accrued interest receivable (1)
18,069 18,069 — — 
Financial liabilities:
Accrued interest payable (2)
2,601 2,601 — — 
Senior debt, net321,353 — — 321,353 
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Cash$61,344 $61,344 $— $— 
Restricted cash26,944 26,944 — — 
Accrued interest receivable (1)
18,352 18,352 — — 
Settlement receivable2,036 2,036 — — 
Financial liabilities:
Accrued interest payable (2)
2,519 2,519 — — 
Senior debt, net318,758 — — 318,758 
(1) Included in finance receivables at fair value in the consolidated balance sheets.
(2) Included in accrued expenses in the consolidated balance sheets.
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table presents selected financial information for the years ended December 31, 2025, 2024 and 2023 (in thousands):

202520242023
Total revenue$597,050 $525,963 $508,949 
Charge-offs, net(220,813)(205,755)(220,895)
Net change in fair value4,945 1,312 (10,524)
Change in fair value of finance receivables(215,868)(204,443)(231,419)
Provision for credit losses on finance receivables— (42)(4,348)
Net revenue381,182 321,478 273,182 
Expenses:
Salaries and employee benefits60,695 60,475 60,680 
Direct marketing costs50,890 49,208 50,562 
Interest expense and amortized debt issuance costs39,367 44,708 46,750 
Professional fees20,103 21,574 18,027 
Technology costs12,433 12,171 12,543 
Payment processing fees6,589 7,119 10,439 
Depreciation and amortization5,159 9,621 12,735 
Occupancy4,127 4,030 4,431 
Exit costs, net(1,449)2,983 — 
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment— — (2,983)
General, administrative and other16,590 15,053 13,643 
Total expenses214,504 226,942 226,827 
Income from operations166,678 94,536 46,355 
Other (expense) income:
Change in fair value of warrant liabilities(11,347)(8,244)(4,976)
Income from equity method investment4,974 1,442 — 
Other (expense) income, net(4,173)318 431 
Income before income taxes156,132 88,052 41,810 
Income tax expense9,885 4,215 2,331 
Net income146,247 83,837 39,479 
Less: net income attributable to noncontrolling interest119,918 76,579 40,484 
Net income (loss) attributable to OppFi Inc.$26,329 $7,258 $(1,005)
v3.25.4
Earnings (Loss) Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
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 common share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share data):

202520242023
Numerator:
Net income (loss) attributable to OppFi Inc.$26,329 $7,258 $(1,005)
   Net income (loss) available to Class A common stockholders - Basic26,329 7,258 (1,005)
Net income attributable to noncontrolling interest— — — 
Income tax expense— — — 
   Net income (loss) available to Class A common stockholders - Diluted$26,329 $7,258 $(1,005)
Denominator:
Weighted-average Class A common stock outstanding - Basic26,506,45820,145,60616,391,199
Effect of dilutive securities:
Stock options———
Restricted stock units———
Performance stock units———
Warrants———
Employee stock purchase plan———
Retained OppFi Units, excluding Earnout Units (1)
———
      Dilutive potential common shares———
Weighted-average units outstanding - diluted26,506,45820,145,60616,391,199
Earnings (loss) per common share:
Basic EPS$0.99 $0.36 $(0.06)
Diluted EPS$0.99 $0.36 $(0.06)
(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.
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 common share as their effect would have been anti-dilutive for the years ended December 31, 2025, 2024 and 2023:

202520242023
Public Warrants13,520,24613,352,31711,887,500
$11.50 Exercise Price Warrants906,4161,074,6202,539,437
$15 Exercise Price Warrants912,500912,500912,500
Stock Options1,841,8921,842,1921,922,473
Restricted stock units1,962,1572,058,9922,006,596
Performance stock units34,82896,060183,526
Employee stock purchase plan units7,8389,857— 
Noncontrolling interest - Earnout Units (1)
— — 25,500,000
Noncontrolling interest - Retained OppFi Units60,114,66565,619,35868,357,926
Potential common stock79,300,54284,965,896113,309,958
(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.
v3.25.4
Description of Business and Significant Accounting Policies - Additional Information (Detail)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
May 01, 2025
USD ($)
Jul. 31, 2024
USD ($)
shares
May 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Jul. 20, 2021
Class of Stock [Line Items]                  
Ownership interest held (in percent)           31.70% 25.60%    
Finance receivables originated through the bank partnership arrangements           $ 9,000 $ 7,100    
Schedule Of Reverse Recapitalization [Line Items]                  
Acquisition of equity method investment           0 15,966 $ 0  
Development and capitalized software costs           17,100 12,100    
Capitalized interest           1,800 200    
Capitalized software costs, amortization expense           4,700 9,000 12,000  
Percent of tax benefits with provided payment (in percent)                 0.90
Percent of tax benefits retained by company (in percent)                 0.10
Tax receivable agreement liability           39,811 26,508    
Tax receivable agreement liability           9,549 6,216    
Exit costs, net $ 400   $ 100 $ 1,500 $ 2,900 $ (1,449) $ 2,983 $ 0  
Remaining liability $ 100                
Existing Equity Holders                  
Schedule Of Reverse Recapitalization [Line Items]                  
Ownership interest retained (in percent)           68.30% 74.40%    
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    
Schedule Of Reverse Recapitalization [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    
Schedule Of Reverse Recapitalization [Line Items]                  
Common stock, par or stated value per share (in dollars per share) | $ / shares           $ 0.0001 $ 0.0001    
Computer Software, Intangible Asset                  
Schedule Of Reverse Recapitalization [Line Items]                  
Capitalized technology, useful life (in years)           2 years      
Furniture, fixtures and equipment                  
Schedule Of Reverse Recapitalization [Line Items]                  
Useful life (in years)           5 years      
Office Equipment                  
Schedule Of Reverse Recapitalization [Line Items]                  
Useful life (in years)           3 years      
Recency delinquency                  
Class of Stock [Line Items]                  
Accrual period for financing receivables (in days)           60 days      
Contractual delinquency                  
Class of Stock [Line Items]                  
Accrual period for financing receivables (in days)           90 days 90 days    
Bitty Holdings, LLC | OppFi-LLC And Opportunity Financial SMB, LLC                  
Schedule Of Reverse Recapitalization [Line Items]                  
Ownership (in percent)   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 (in years)   4 years              
Amortization expense           $ 700 $ 300    
Bitty Holdings, LLC | OppFi-LLC And Opportunity Financial SMB, LLC | First Call Option                  
Schedule Of Reverse Recapitalization [Line Items]                  
Additional right to purchase (in percent)   30.00%              
Period of additional purchase of equity securities (in years)   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 (in percent)   35.00%              
Period of additional purchase of equity securities (in years)   6 years              
Purchase price calculation, multiplier for trailing twelve month post-tax earnings   6,000              
v3.25.4
Finance Receivables at Fair Value - Schedule of Installment Finance Receivables at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Receivables [Abstract]    
Unpaid principal balance of finance receivables - accrual $ 454,542 $ 394,030
Unpaid principal balance of finance receivables - non-accrual 38,576 31,210
Unpaid principal balance of finance receivables 493,118 425,240
Finance receivables at fair value - accrual 524,577 452,438
Finance receivables at fair value - non-accrual 3,590 2,906
Finance receivables at fair value, excluding accrued interest receivable 528,167 455,344
Accrued interest receivable 18,069 18,352
Finance receivables at fair value [1] 546,236 473,696
Difference between unpaid principal balance and fair value $ 35,049 $ 30,104
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.25.4
Finance Receivables at Fair Value - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair value of finance receivables $ 493,118 $ 425,240
Aggregate balance of finance receivables [1] 546,236 $ 473,696
Fair value, option, credit risk, gains (losses) on assets $ (36,600)  
Recency delinquency    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrual period for financing receivables (in days) 60 days  
Contractual delinquency    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accrual period for financing receivables (in days) 90 days 90 days
90 Days Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Fair value of finance receivables $ 16,400 $ 14,400
Aggregate balance of finance receivables $ 1,500 $ 1,300
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.25.4
Finance Receivables at Fair Value - Schedule of Changes in Fair Value of Installment Finance Receivables (Details) - Financing Receivable - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at the beginning of the period $ 473,696 $ 463,320 $ 457,296
Acquired and originated 1,277,945 1,226,056 1,219,516
Repayments (989,254) (1,011,524) (984,338)
Accrued interest receivable (283) 287 2,265
Charge-offs, net (220,813) (205,755) (220,895)
Net change in fair value 4,945 1,312 (10,524)
Balance at the end of the period $ 546,236 $ 473,696 $ 463,320
v3.25.4
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 92,029 $ 72,926
Less accumulated depreciation and amortization (64,401) (59,250)
Property, equipment and software, net 27,628 13,676
Capitalized technology    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 86,411 67,515
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 4,639 4,432
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 979 $ 979
v3.25.4
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued legal expense $ 13,000 $ 0
Accrued payroll and benefits 9,839 10,141
Accrual for services rendered and goods purchased 9,129 12,592
Amount due to bank partners 6,513 3,070
Accrued interest payable 2,601 2,519
Accrued exit costs 180 2,017
Other 2,136 2,072
Total [1] $ 43,398 $ 32,411
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.25.4
Leases - Additional Information (Details)
 12 Months Ended
Jan. 30, 2025
USD ($)
Jun. 29, 2021
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 10, 2022
office_facility
Lessee, Lease, Description [Line Items]            
Letters of credit outstanding, amount     $ 0 $ 0    
Number of office facility | office_facility           1
Impairment of right of use asset $ 200,000   $ 155,000 $ 0 $ 0  
Letter of Credit            
Lessee, Lease, Description [Line Items]            
Extinguishment of debt, amount   $ 1,800,000        
Borrowing capacity $ 100,000          
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease cost $ 2,206 $ 2,300 $ 2,347
Variable lease expense 1,725 1,604 1,983
Short-term lease cost 160 97 71
Sublease income (327) (318) (318)
Total lease cost 3,764 3,683 4,083
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases 2,277 2,476 2,647
Right-of-use assets obtained in exchange for new lease liabilities      
Operating leases $ 0 $ 0 $ 159
Weighted-average remaining lease term (in years) 4 years 9 months 18 days 5 years 9 months 18 days 6 years 8 months 12 days
Weighted-average discount rate 5.00% 5.00% 5.00%
v3.25.4
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 2,557  
2027 2,633  
2028 2,712  
2029 2,794  
2030 2,144  
Total lease payments 12,840  
Less: imputed interest (1,416)  
Operating lease liabilities $ 11,424 $ 13,294
v3.25.4
Borrowings - Schedule of Borrowings (Detail) - Senior debt, net - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Borrowing Capacity $ 525,000  
Long-term debt 321,353 $ 318,758
Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing Capacity 525,000  
Long-term debt $ 321,353 288,828
Revolving Line Of Credit, Tranche B, Maturing June 2026, Opportunity Funding SPE V, LLC    
Debt Instrument [Line Items]    
Borrower Opportunity Funding SPE V, LLC (Tranche B)  
Borrowing Capacity $ 0  
Long-term debt $ 0 84,500
Basis spread on variable rate (in percent) 6.75%  
Date June 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Revolving Line Of Credit, Tranche C, Maturing February 2029, Opportunity Funding SPE V, LLC    
Debt Instrument [Line Items]    
Borrower Opportunity Funding SPE V, LLC (Tranche C)  
Borrowing Capacity $ 62,500  
Long-term debt $ 46,875 62,500
Basis spread on variable rate (in percent) 7.75%  
Date February 2029  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Revolving Line Of Credit, Tranche D, Maturing February 2029, Opportunity Funding SPE V, LLC    
Debt Instrument [Line Items]    
Borrower Opportunity Funding SPE V, LLC (Tranche D)  
Borrowing Capacity $ 237,500  
Long-term debt $ 132,125 0
Basis spread on variable rate (in percent) 7.30%  
Date February 2029  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Revolving Line Of Credit, Maturing December 2026, Opportunity Funding SPE IX, LLC    
Debt Instrument [Line Items]    
Borrower Opportunity Funding SPE IX, LLC  
Borrowing Capacity $ 0  
Long-term debt $ 0 85,871
Basis spread on variable rate (in percent) 7.50%  
Date December 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Revolving Line Of Credit, Maturing September 2029, Opportunity Funding SPE IX, LLC    
Debt Instrument [Line Items]    
Borrower Opportunity Funding SPE IX, LLC  
Borrowing Capacity $ 150,000  
Long-term debt $ 79,000 0
Basis spread on variable rate (in percent) 6.00%  
Date September 2029  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Revolving Line Of Credit, Maturing October 2026, Gray Rock SPV LLC    
Debt Instrument [Line Items]    
Borrower Gray Rock SPV LLC  
Borrowing Capacity $ 75,000  
Long-term debt $ 63,353 55,957
Basis spread on variable rate (in percent) 7.45%  
Date October 2026  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Term loan, net    
Debt Instrument [Line Items]    
Borrower OppFi-LLC  
Borrowing Capacity $ 0  
Long-term debt $ 0 $ 29,930
Date September 2025  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Term loan, net | Variable Component One    
Debt Instrument [Line Items]    
Basis spread on variable rate (in percent) 0.11%  
Term loan, net | Variable Component Two    
Debt Instrument [Line Items]    
Basis spread on variable rate (in percent) 10.00%  
v3.25.4
Borrowings - Additional Information (Detail) - USD ($)
 12 Months Ended
Jan. 01, 2026
Sep. 29, 2025
Feb. 13, 2025
Sep. 13, 2024
May 30, 2024
Apr. 12, 2024
Apr. 11, 2024
Jul. 19, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 12, 2025
Dec. 14, 2022
Jun. 14, 2022
Apr. 15, 2022
Apr. 30, 2020
Nov. 30, 2018
Note payable                                  
Short-term Debt [Line Items]                                  
Interest expense, debt                 $ 0 $ 100,000 $ 100,000            
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     $ 300,000,000.0         $ 250,000,000.0       $ 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     $ 62,500,000         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                  
Basis spread on variable rate (in percent)     7.75%                            
A And R Credit Agreement, Tranche C | Line of Credit | Forecast                                  
Short-term Debt [Line Items]                                  
Basis spread on variable rate (in percent) 7.30%                                
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 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 (in percent)           7.45% 7.25%                    
Term loan, net | Senior Notes                                  
Short-term Debt [Line Items]                                  
Borrowing Capacity                               $ 50,000,000.0 $ 25,000,000.0
Interest expense, debt                 $ 36,200,000 $ 42,200,000 $ 44,200,000            
Term loan, net | Secured Debt                                  
Short-term Debt [Line Items]                                  
Debt prepayments amount         $ 10,000,000.0                        
Term loan, net | Secured Debt | Debt Instrument, Redemption, Period One                                  
Short-term Debt [Line Items]                                  
Debt instrument, periodic payment       $ 20,000,000.0                          
Term loan, net | Secured Debt | Debt Instrument, Redemption, Period Two                                  
Short-term Debt [Line Items]                                  
Debt instrument, periodic payment       $ 10,000,000.0                          
Term loan, net | Secured Debt | Minimum                                  
Short-term Debt [Line Items]                                  
Debt prepayments amount         $ 10,000,000.0                        
A And R Credit Agreement, Tranche D | Line of Credit                                  
Short-term Debt [Line Items]                                  
Borrowing Capacity     $ 237,500,000                            
Basis spread on variable rate (in percent)     7.30%                            
SPE IX Agreement | Line of Credit                                  
Short-term Debt [Line Items]                                  
Borrowing Capacity   $ 150,000,000.0                              
Basis spread on variable rate (in percent)   6.00%                              
Repayments of debt   $ 79,000,000.0                              
v3.25.4
Warrants (Detail)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
day
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Class of Warrant or Right [Line Items]      
Warrant liabilities | $ $ 26,455 $ 15,108  
Change in fair value of warrant liabilities | $ $ 11,347 $ 8,244 $ 4,976
Public Warrants      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 14,024,758 13,352,317  
Exercise price of warrants or rights (in dollars per share) | $ / shares $ 11.50 $ 11.50  
Redemption price (in dollars per share) | $ / shares $ 0.01    
Redemption period (in days) 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    
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 1,314,304 1,987,120  
$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 401,804 1,074,620  
$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  
$15 Exercise Price Warrants | Class A Common Stock      
Class of Warrant or Right [Line Items]      
Warrants outstanding (in shares) | shares 912,500 912,500  
v3.25.4
Stockholders’ Equity (Details)
 12 Months Ended
Apr. 18, 2025
USD ($)
$ / shares
Jul. 31, 2024
shares
Jul. 21, 2024
shares
May 01, 2024
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Aug. 26, 2025
USD ($)
Apr. 09, 2024
USD ($)
Jan. 06, 2022
USD ($)
Jul. 20, 2021
shares
Class of Stock [Line Items]                    
Preferred stock, shares authorized (in shares)         1,000,000 1,000,000        
Preferred stock, par or stated value per share (in dollars per share) | $ / shares         $ 0.0001 $ 0.0001        
Dividends payable, amount per share (in dollars per share) | $ / shares $ 0.25                  
Period post closing date     3 years              
Class A Common Stock                    
Class of Stock [Line Items]                    
Common stock, shares authorized (in 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 | $             $ 40,000,000.0 $ 20,000,000.0 $ 20,000,000.0  
Stock repurchase program, additional authorized amount | $             $ 20,000,000.0      
Stock repurchased during period (in shares)         1,541,949 1,034,710        
Stock repurchased during period, value | $         $ 15,500,000 $ 3,600,000        
Average purchase price (in dollars per share) | $ / shares         $ 10.04 $ 3.41        
Stock repurchase program, remaining authorized repurchase amount | $         $ 20,900,000          
Dividends payable, amount per share (in dollars per share) | $ / shares $ 0.25     $ 0.12            
Dividends, cash | $ $ 6,400,000     $ 2,400,000            
Member distributions paid | $ $ 21,700,000     $ 10,300,000            
Class B Common Stock                    
Class of Stock [Line Items]                    
Common stock, shares authorized (in 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)         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)     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)   734,851                
Earnout Units                    
Class of Stock [Line Items]                    
Stock subject to restrictions (in shares)     25,500,000             25,500,000
v3.25.4
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 20, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation not yet recognized related to unvested options   $ 41    
Cash received exercise of stock option   1   $ 59
Intrinsic value of stock option exercised   2   13
Accrued employee benefits   300 $ 100  
Employee benefits and share-based compensation   200 100 100
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense   $ 400 500 600
Unvested award, cost not yet recognized, period for recognition (in years)   3 months 18 days    
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   2 years 1 month 6 days    
Stock-based compensation expense   $ 9,400 4,500 3,200
Unrecognized compensation expense   $ 10,200    
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 (in percent)   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 (in percent)   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   $ 47 $ 100 $ 200
Unvested award, cost not yet recognized, period for recognition (in years)   3 months 18 days    
Unrecognized compensation expense   $ 4    
Employee stock purchase plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum eligible employee compensation contribution (in percent) 10.00%      
Offering period (in months) 6 months      
Fair market value share purchase (in percent) 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 (in years)   10 years    
Award forfeited period (in days)   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 (in percent)   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 (in percent)   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)   1,892,787    
Percentage of outstanding stock maximum   1.00%    
Outstanding stock maximum (in shares)   2,400,000    
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)   27,106,245    
v3.25.4
Stock-Based Compensation - Schedule of Stock Option, Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Stock Options    
Outstanding beginning balance (in shares) 1,842,192  
Granted (in shares) 0  
Exercised (in shares) (400)  
Forfeited (in shares) 0  
Outstanding ending balance (in shares) 1,841,792 1,842,192
Vested and exercisable (in shares) 1,811,516  
Weighted-Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 13.65  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 3.17  
Forfeited (in dollars per share) 0  
Outstanding ending balance (in dollars per share) 13.65 $ 13.65
Vested and exercisable (in dollars per share) $ 13.83  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted-Average Remaining Contractual Life (Years) 5 years 7 months 6 days 6 years 7 months 6 days
Vested and exercisable, Weighted-Average Remaining Contractual Life (Years) 5 years 7 months 6 days  
Aggregate Intrinsic Value $ 1,748 $ 1,065
Vested and exercisable, Aggregate Intrinsic Value $ 1,530  
v3.25.4
Stock-Based Compensation - Schedule of Restricted Stock Unit, Activity (Details) - Restricted stock units
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 1,824,128
Granted (in shares) | shares 1,563,275
Vested (in shares) | shares (1,629,475)
Forfeited (in shares) | shares (128,744)
Outstanding ending balance (in shares) | shares 1,629,184
Weighted-Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 3.15
Granted (in dollars per share) | $ / shares 9.65
Vested (in dollars per share) | $ / shares 5.59
Forfeited (in dollars per share) | $ / shares 3.97
Outstanding ending balance (in dollars per share) | $ / shares $ 6.88
v3.25.4
Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance stock units
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 76,556
Granted (in shares) | shares 0
Vested (in shares) | shares (57,280)
Forfeited (in shares) | shares 0
Outstanding ending balance (in shares) | shares 19,276
Weighted-Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 3.41
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 3.46
Forfeited (in dollars per share) | $ / shares 0
Outstanding ending balance (in dollars per share) | $ / shares $ 3.26
v3.25.4
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax expense:      
Federal $ 4,008 $ 503 $ 27
State 1,118 248 480
Total current income tax expense 5,126 751 507
Deferred income tax expense:      
Federal 4,612 3,118 1,058
State 147 346 766
Total deferred income tax expense 4,759 3,464 1,824
Effective tax rate $ 9,885 $ 4,215 $ 2,331
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ 32,788 $ 18,491 $ 8,780
State and local income tax, net of federal income tax effect 1,094 590 1,239
Foreign tax effects 0 0 0
Effect of changes in tax laws or rates enacted in the current period 0 0 0
Effect of cross-border tax laws 0 0 0
Tax credits (241) (104) (72)
Changes in valuation allowances 0 0 0
Issuance of warrants 2,383 1,731 1,045
Others (278) (279) 122
Changes in unrecognized tax benefits 60 26 18
Effect of flow-through entity (25,919) (16,149) (8,831)
Other adjustments (2) (91) 30
Effective tax rate $ 9,885 $ 4,215 $ 2,331
Percentage      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income tax, net of federal income tax effect 0.70% 0.60% 3.00%
Foreign tax effects 0.00% 0.00% 0.00%
Effect of changes in tax laws or rates enacted in the current period 0.00% 0.00% 0.00%
Effect of cross-border tax laws 0.00% 0.00% 0.00%
Tax credits (0.10%) (0.10%) (0.20%)
Changes in valuation allowances 0.00% 0.00% 0.00%
Issuance of warrants 0.015 0.020 0.025
Others (0.20%) (0.30%) 0.30%
Changes in unrecognized tax benefits 0.00% 0.00% 0.00%
Effect of flow-through entity (0.166) (0.183) (0.211)
Other adjustments 0.00% (0.10%) 0.10%
Effective tax rate 6.30% 4.80% 5.60%
v3.25.4
Income Taxes - Schedule of Income Tax Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Federal $ 5,389 $ 41 $ 54
Total income taxes paid 6,093 475 73
Texas      
Income Tax Examination [Line Items]      
State   232  
North Carolina      
Income Tax Examination [Line Items]      
State   110  
Oregon      
Income Tax Examination [Line Items]      
State     14
Other states      
Income Tax Examination [Line Items]      
State $ 704 $ 92 $ 5
v3.25.4
Income Taxes - Schedule of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jul. 20, 2021
Income Tax Disclosure [Abstract]      
Investment in partnership $ 21,727 $ 14,076 $ 18,900
Tax receivable agreement liability 9,549 6,216  
Accrued legal expense 540 0  
Intangibles 447 479  
Stock compensation 192 107  
Net operating loss 0 366  
Other 192 96  
Deferred tax asset $ 32,647 $ 21,340  
v3.25.4
Income Taxes - Additional Information (Details)
 12 Months Ended 53 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
Jul. 20, 2021
USD ($)
Income Tax Examination [Line Items]          
Investment in partnership $ 21,727,000 $ 14,076,000   $ 21,727,000 $ 18,900,000
Percent of tax benefits with provided payment (in percent)         0.90
Percent of tax benefits retained by company (in percent)         0.10
Tax receivable agreement liability       13,300,000  
Payment of tax receivable agreement 1,000,000.0 0 $ 0 1,000,000.0  
Valuation allowance, deferred tax asset, increase (decrease), amount 3,300,000        
Unrecognized tax benefits 228,000 103,000 $ 38,000 228,000  
Income tax examination, penalties and interest accrued 0 $ 0   0  
UNITED STATES          
Income Tax Examination [Line Items]          
Net operating loss carryovers 1,300,000     1,300,000  
State and Local Jurisdiction          
Income Tax Examination [Line Items]          
Net operating loss carryovers $ 1,900,000     $ 1,900,000  
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Unrecognized tax benefits at beginning of the year $ 103 $ 38
Additions based on tax positions related to the current year 76 27
Additions for tax positions of prior years 49 38
Reductions for tax positions of prior years 0 0
Settlements with taxing authorities 0 0
Other, net 0 0
Net change in unrecognized tax benefits 125 65
Unrecognized tax benefits at end of the year $ 228 $ 103
v3.25.4
Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable $ 528,167 $ 455,344
Financial liabilities:    
Warrant liabilities 26,455 15,108
Reported Value Measurement    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 528,167 455,344
Reported Value Measurement | Public Warrants    
Financial liabilities:    
Warrant liabilities 20,429 10,342
Reported Value Measurement | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 6,026 4,766
Fair Value Measurements | Level 1    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 0 0
Fair Value Measurements | Level 1 | Public Warrants    
Financial liabilities:    
Warrant liabilities 20,429 10,342
Fair Value Measurements | Level 1 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value Measurements | Level 2    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 0 0
Fair Value Measurements | Level 2 | Public Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value Measurements | Level 2 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value Measurements | Level 3    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 528,167 455,344
Fair Value Measurements | Level 3 | Public Warrants    
Financial liabilities:    
Warrant liabilities 0 0
Fair Value Measurements | Level 3 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities $ 6,026 $ 4,766
v3.25.4
Fair Value Measurements - Schedule of Changes in Fair Value of Private Placement Warrants (Detail) - Level 3 - Warrant
Dec. 31, 2025
$ / shares
Dec. 31, 2024
$ / shares
$11.50 Exercise Price Warrants | Risk-free interest rate    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.0355 0.0417
$11.50 Exercise Price Warrants | Expected term (years)    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 600 1,600
$11.50 Exercise Price Warrants | Expected volatility    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.6030 0.4730
$11.50 Exercise Price Warrants | Exercise price    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 11.50 11.50
$11.50 Exercise Price Warrants | Fair value of warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 1.54 0.91
$15 Exercise Price Warrants | Risk-free interest rate    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.0375 0.0441
$15 Exercise Price Warrants | Expected term (years)    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 5,600 6,600
$15 Exercise Price Warrants | Expected volatility    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.5680 0.4730
$15 Exercise Price Warrants | Exercise price    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 15.00 15.00
$15 Exercise Price Warrants | Fair value of warrants    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 4.79 2.69
v3.25.4
Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Units (Detail) - Level 3 - Warrant - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
$11.50 Exercise Price Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance $ 2,311 $ 1,041 $ 279
Change in fair value (656) 1,270 762
Ending Balance 1,655 2,311 1,041
$15 Exercise Price Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance 2,455 1,187 420
Change in fair value 1,916 1,268 767
Ending Balance 4,371 2,455 1,187
Private Placement Warrants      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning Balance 4,766 2,228 699
Change in fair value 1,260 2,538 1,529
Ending Balance $ 6,026 $ 4,766 $ 2,228
v3.25.4
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash [1] $ 49,451 $ 61,344
Restricted cash [1] 43,812 26,944
Accrued interest receivable 18,069 18,352
Settlement receivable [1] 0 2,036
Liabilities:    
Accrued interest payable 2,601 2,519
Senior debt, net [1] 321,353 318,758
Level 1    
Assets    
Cash 49,451 61,344
Restricted cash 43,812 26,944
Accrued interest receivable 18,069 18,352
Settlement receivable   2,036
Liabilities:    
Accrued interest payable 2,601 2,519
Senior debt, net 0 0
Level 2    
Assets    
Cash 0 0
Restricted cash 0 0
Accrued interest receivable 0 0
Settlement receivable   0
Liabilities:    
Accrued interest payable 0 0
Senior debt, net 0 0
Level 3    
Assets    
Cash 0 0
Restricted cash 0 0
Accrued interest receivable 0 0
Settlement receivable   0
Liabilities:    
Accrued interest payable 0 0
Senior debt, net $ 321,353 $ 318,758
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.25.4
Segment Reporting (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 01, 2025
USD ($)
May 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]              
Number of reportable segments | segment         1    
Total revenue         $ 597,050 $ 525,963 $ 508,949
Change in fair value of finance receivables         (215,868) (204,443) (231,419)
Provision for credit losses on finance receivables         0 (42) (4,348)
Net revenue         381,182 321,478 273,182
Expenses:              
Salaries and employee benefits         60,695 60,475 60,680
Direct marketing costs         50,890 49,208 50,562
Interest expense and amortized debt issuance costs         39,367 44,708 46,750
Professional fees         20,103 21,574 18,027
Technology costs         12,433 12,171 12,543
Payment processing fees         6,589 7,119 10,439
Occupancy         4,127 4,030 4,431
Exit costs, net $ 400 $ 100 $ 1,500 $ 2,900 (1,449) 2,983 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment         0 0 (2,983)
General, administrative and other         16,590 15,053 13,643
Total expenses         214,504 226,942 226,827
Income from operations         166,678 94,536 46,355
Other (expense) income:              
Change in fair value of warrant liabilities         (11,347) (8,244) (4,976)
Income from equity method investment         4,974 1,442 0
Other (expense) income, net         (4,173) 318 431
Income before income taxes         156,132 88,052 41,810
Income tax expense         9,885 4,215 2,331
Net income         146,247 83,837 39,479
Net income attributable to noncontrolling interest         119,918 76,579 40,484
Net income (loss) attributable to OppFi Inc.         26,329 7,258 (1,005)
Reportable Segment              
Segment Reporting Information [Line Items]              
Total revenue         597,050 525,963 508,949
Charge-offs, net         (220,813) (205,755) (220,895)
Net change in fair value         4,945 1,312 (10,524)
Change in fair value of finance receivables         (215,868) (204,443) (231,419)
Provision for credit losses on finance receivables         0 (42) (4,348)
Net revenue         381,182 321,478 273,182
Expenses:              
Salaries and employee benefits         60,695 60,475 60,680
Direct marketing costs         50,890 49,208 50,562
Interest expense and amortized debt issuance costs         39,367 44,708 46,750
Professional fees         20,103 21,574 18,027
Technology costs         12,433 12,171 12,543
Payment processing fees         6,589 7,119 10,439
Depreciation and amortization         5,159 9,621 12,735
Occupancy         4,127 4,030 4,431
Exit costs, net         (1,449) 2,983 0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment         0 0 (2,983)
General, administrative and other         16,590 15,053 13,643
Total expenses         214,504 226,942 226,827
Income from operations         166,678 94,536 46,355
Other (expense) income:              
Change in fair value of warrant liabilities         (11,347) (8,244) (4,976)
Income from equity method investment         4,974 1,442 0
Other (expense) income, net         (4,173) 318 431
Income before income taxes         156,132 88,052 41,810
Income tax expense         9,885 4,215 2,331
Net income         146,247 83,837 39,479
Net income attributable to noncontrolling interest         119,918 76,579 40,484
Net income (loss) attributable to OppFi Inc.         $ 26,329 $ 7,258 $ (1,005)
v3.25.4
Commitments, Contingencies and Related Party Transactions (Detail) - USD ($)
 12 Months Ended 53 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Loss Contingencies [Line Items]        
Accrued legal expense $ 13,000,000 $ 0   $ 13,000,000
Loss contingency, receivable 8,500,000     8,500,000
Payment of tax receivable agreement 1,000,000.0 0 $ 0 $ 1,000,000.0
Employee benefits and share-based compensation $ 200,000 100,000 100,000  
Ms. Mckay        
Loss Contingencies [Line Items]        
Employee benefits and share-based compensation   $ 120,000 $ 133,000  
v3.25.4
Concentration of Credit Risk (Details) - Financing Receivable - Geographic Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Texas    
Concentration Risk [Line Items]    
Concentration risk, percentage 12.00% 14.00%
Virginia    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.00% 11.00%
Florida    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.00% 11.00%
v3.25.4
Retirement Plan (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Employer matching contribution, percent of match 4.00%    
Salaries and employee benefits $ 1.4 $ 1.4 $ 1.5
v3.25.4
Earnings (Loss) Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) attributable to OppFi Inc. $ 26,329 $ 7,258 $ (1,005)
Net income (loss) available to Class A common stockholders - Basic 26,329 7,258 (1,005)
Net income attributable to noncontrolling interest 119,918 76,579 40,484
Income tax expense 0 0 0
Net income (loss) available to Class A common stockholders - Diluted $ 26,329 $ 7,258 $ (1,005)
Denominator:      
Weighted average Class A common stock outstanding - Basic (in shares) 26,506,458 20,145,606 16,391,199
Effect of dilutive securities:      
Warrants (in shares) 0 0 0
Dilutive potential common shares (in shares) 0 0 0
Weighted-average units outstanding - diluted (in shares) 26,506,458 20,145,606 16,391,199
Basic EPS (in dollars per share) $ 0.99 $ 0.36 $ (0.06)
Diluted EPS (in dollars per share) $ 0.99 $ 0.36 $ (0.06)
Previously Reported      
Numerator:      
Net income attributable to noncontrolling interest $ 0 $ 0 $ 0
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 0
Performance stock units      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 0
Employee stock purchase plan      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 0
Retained OppFi Units, excluding Earnout Units      
Effect of dilutive securities:      
Dilutive securities (in shares) 0 0 0
v3.25.4
Earnings (Loss) Per Common Share - Schedule of Antidilutive Securities Excluded from Calculation of Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 79,300,542 84,965,896 113,309,958
Warrant | Public Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 13,520,246 13,352,317 11,887,500
Warrant | $11.50 Exercise Price Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 906,416 1,074,620 2,539,437
Warrant | $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) 1,841,892 1,842,192 1,922,473
Restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 1,962,157 2,058,992 2,006,596
Performance stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 34,828 96,060 183,526
Employee stock purchase plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 7,838 9,857 0
Noncontrolling Interest - Earnout Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 0 0 25,500,000
Noncontrolling interest - Retained OppFi Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential common stock (in shares) 60,114,665 65,619,358 68,357,926