OPPFI INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 05, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-39550  
Entity Registrant Name OppFi Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-1648122  
Entity Address, Address Line One 130 E. Randolph Street  
Entity Address, Address Line Two Suite 3400  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60601  
City Area Code 312  
Local Phone Number 212-8079  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001818502  
Class A common stock, par value $0.0001 per share    
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   85,393,248
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share    
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 $11.50 per share  
Entity Trading Symbol OPFI WS  
Security Exchange Name NYSE  
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
Class V Voting Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash [1] $ 63,865 $ 49,451
Restricted cash [1] 36,055 43,812
Total cash and restricted cash 99,920 93,263
Finance receivables at fair value [1] 502,558 546,236
Equity method investment 19,145 19,076
Debt issuance costs, net [1] 4,490 5,034
Property, equipment and software, net 32,184 27,628
Operating lease right-of-use assets 8,424 8,834
Deferred tax asset 31,492 32,647
Other assets [1] 21,774 21,372
Total assets 719,987 754,090
Liabilities:    
Accounts payable [1] 1,844 2,773
Accrued expenses [1] 39,766 43,398
Operating lease liabilities 10,929 11,424
Senior debt [1] 284,260 321,353
Warrant liabilities 5,160 26,455
Tax receivable agreement liability 35,046 39,811
Total liabilities 377,005 445,214
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 March 31, 2026 and December 31, 2025) 0 0
Additional paid-in capital 112,297 113,508
Accumulated deficit (5,179) (33,505)
Treasury stock, at cost (4,321,272 and 3,280,573 shares as of March 31, 2026 and December 31, 2025, respectively) (31,473) (21,528)
Total OppFi Inc.’s stockholders’ equity 75,654 58,484
Noncontrolling interest 267,328 250,392
Total stockholders’ equity 342,982 308,876
Total liabilities and stockholders’ equity 719,987 754,090
Variable Interest Entity, Primary Beneficiary    
Assets    
Cash 246 242
Restricted cash 22,786 30,097
Total cash and restricted cash 23,032 30,339
Finance receivables at fair value 423,201 462,656
Debt issuance costs, net 4,490 5,034
Other assets 41 61
Total assets 450,764 498,090
Liabilities:    
Accrued expenses 3,013 3,373
Senior debt 284,260 321,353
Total liabilities 287,273 324,726
Class A Common Stock    
Stockholders’ equity:    
Common stock, value, issued 3 3
Class B Common Stock    
Stockholders’ equity:    
Common stock, value, issued 0 0
Class V Voting Stock    
Stockholders’ equity:    
Common stock, value, issued $ 6 $ 6
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.26.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 4,321,272 3,280,573
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) 30,757,882 30,552,601
Common stock, shares, outstanding (in shares) 26,436,610 27,272,028
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) 58,688,241 58,698,241
Common stock, shares, outstanding (in shares) 58,688,241 58,698,241
v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Interest on finance receivables $ 150,526 $ 139,118
Other revenue 1,355 1,150
Interest and other income 151,881 140,268
Change in fair value of finance receivables (64,583) (49,458)
Net revenue 87,298 90,810
Expenses:    
Salaries and employee benefits 14,254 13,778
Direct marketing costs 10,385 10,288
Interest expense and amortized debt issuance costs 8,510 10,247
Professional fees 7,264 4,199
Technology costs 3,329 2,961
Payment processing fees 1,658 1,630
Occupancy 871 1,039
Depreciation and amortization 591 1,760
General, administrative and other 5,074 2,416
Total expenses 51,936 48,318
Income from operations 35,362 42,492
Other income (expense):    
Change in fair value of warrant liabilities 21,295 (21,607)
Income from equity method investment 1,120 1,076
Other income 232 80
Income before income taxes 58,009 22,041
Income tax expense 3,971 1,651
Net income 54,038 20,390
Less: net income attributable to noncontrolling interest 25,637 31,762
Net income (loss) attributable to OppFi Inc. $ 28,401 $ (11,372)
Earnings (loss) per common share:    
Basic (in dollars per share) $ 1.06 $ (0.48)
Diluted (in dollars per share) $ 0.56 $ (0.48)
Weighted average common shares outstanding:    
Basic (in shares) 26,778,432 23,691,769
Diluted (in shares) 86,195,269 23,691,769
v3.26.1
Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Class A Common Stock
Common Stock
Class V Voting Stock
Additional Paid-In Capital
Accumulated Deficit
Treasury Stock
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Beginning balance (in shares)   22,036,015 64,189,434        
Beginning 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)   3,054,482 (3,054,482)        
Exchange of Class V shares 0 $ 1 $ (1) 6,991 745   (7,736)
Issuance of common stock under equity incentive plan (in shares)   283,641          
Issuance of common stock under equity incentive plan 0            
Issuance of common stock under employee stock purchase plan (in shares)   30,289          
Issuance of common stock under employee stock purchase plan 91     91      
Stock-based compensation 1,261     1,261      
Exercise of warrants (in shares)   75          
Exercise of warrants 1     1      
Tax withholding on vesting of restricted stock units (in shares)   (94,704)          
Tax withholding on vesting of restricted stock units (848)     (848)      
Common stock dividend (6,414)       (6,414)    
Member distributions (11,251)           (11,251)
Tax receivable agreement (5,882)     (5,882)      
Deferred tax asset 5,203     5,203      
Net (loss) income 20,390       (11,372)   31,762
Ending balance (in shares) at Mar. 31, 2025   25,309,798 61,134,952        
Ending balance at Mar. 31, 2025 236,764 $ 3 $ 6 100,720 (72,168) (6,011) 214,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Beginning balance (in shares)   25,309,798 61,134,952        
Beginning balance (in shares)   27,272,028 58,698,241        
Beginning balance at Dec. 31, 2025 308,876 $ 3 $ 6 113,508 (33,505) (21,528) 250,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Exchange of Class V shares (in shares)   10,000 (10,000)        
Exchange of Class V shares 0 $ 0 $ 0 (1,592) (75)   1,667
Issuance of common stock under equity incentive plan (in shares)   253,128          
Issuance of common stock under equity incentive plan 0            
Issuance of common stock under employee stock purchase plan (in shares)   28,461          
Issuance of common stock under employee stock purchase plan 253     253      
Stock-based compensation 1,669     1,669      
Exercise of warrants (in shares)   0          
Tax withholding on vesting of restricted stock units (in shares)   (86,308)          
Tax withholding on vesting of restricted stock units (877)     (877)      
Purchase of treasury stock (in shares)   (1,040,699)          
Purchase of treasury stock (9,945)         (9,945)  
Member distributions (10,368)           (10,368)
Tax receivable agreement (15)     (15)      
Deferred tax asset (649)     (649)      
Net (loss) income 54,038       28,401   25,637
Ending balance (in shares) at Mar. 31, 2026   26,436,610 58,688,241        
Ending balance at Mar. 31, 2026 $ 342,982 $ 3 $ 6 $ 112,297 $ (5,179) $ (31,473) $ 267,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Beginning balance (in shares)   26,436,610 58,688,241        
v3.26.1
Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical)
 3 Months Ended
Mar. 31, 2025
$ / shares
Statement of Stockholders' Equity [Abstract]  
Common stock, dividends (in dollars per share) $ 0.25
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 54,038 $ 20,390
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of finance receivables 64,583 49,458
Depreciation and amortization 591 1,760
Debt issuance cost amortization 605 1,041
Stock-based compensation expense 1,669 1,261
Loss on disposition of equipment 0 1
Impairment of right of use asset 0 155
Deferred income taxes 467 425
Tax receivable agreement liability adjustment (146) 0
Change in fair value of warrant liabilities (21,295) 21,607
Income from equity method investment (1,120) (1,076)
Distributions received from equity method investment 1,051 1,767
Changes in assets and liabilities:    
Accrued interest receivable (4,616) (594)
Settlement receivable 0 (3,149)
Operating lease, net (85) (57)
Other assets (402) (2,469)
Accounts payable (929) 1,081
Accrued expenses (3,632) (7,861)
Net cash provided by operating activities 90,779 83,740
Cash flows from investing activities:    
Finance receivables acquired (226,088) (272,181)
Finance receivables repayments 209,799 242,330
Purchases of equipment and capitalized technology (5,147) (4,390)
Net cash used in investing activities (21,436) (34,241)
Cash flows from financing activities:    
Member distributions (10,368) (11,251)
Borrowings of senior debt - revolving lines of credit 44,567 61,066
Payments of senior debt - revolving lines of credit (81,660) (61,896)
Payments of senior debt - term loan 0 (30,000)
Payments for debt issuance costs (61) (3,141)
Proceeds from employee stock purchase plan 253 91
Exercise of warrants 0 1
Payments of tax withholding on vesting of restricted stock units (877) (848)
Payments on tax receivable agreement liability (4,595) (1,041)
Purchase of treasury stock (9,945) 0
Net cash used in financing activities (62,686) (47,019)
Net increase in cash and restricted cash 6,657 2,480
Cash and restricted cash    
Beginning 93,263 88,288
Ending 99,920 90,768
Supplemental disclosure of cash flow information:    
Interest paid on borrowed funds 8,158 9,193
Income taxes paid 19 11
Supplemental disclosure of noncash activities:    
Adjustments to additional paid-in capital as a result of tax receivable agreement (15) (5,882)
Adjustments to additional paid-in capital as a result of adjustment to deferred tax asset (649) 5,203
Dividend payable $ 0 $ 6,414
v3.26.1
Description of Business and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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.

As of March 31, 2026, prior to the Corporate Simplification (as defined below), OppFi was 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 were held by OppFi-LLC and its subsidiaries. OppFi’s only direct assets consisted of Class A common units of OppFi-LLC (“OppFi Units”). As of March 31, 2026 and December 31, 2025, OppFi owned approximately 31.1% and 31.7% 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”) were 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.

Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations.

These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2025 included in the 2025 Annual Report. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2026.

The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its direct and indirect wholly owned subsidiaries and consolidated variable interest entities. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of estimates: The preparation of the unaudited 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 unaudited 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 prior period amounts in the unaudited consolidated statements of operations for the three months ended March 31, 2025, have been reclassified to conform to the comparative period presentation for the three months ended March 31, 2026. These reclassifications have no effect on the previously reported results of operations.

Certain line items in the unaudited consolidated statements of cash flows for the three months ended March 31, 2025, have been reclassified to conform to the comparative period presentation for the three months ended March 31, 2026, specifically the presentation on the finance receivables acquired and repayments and the borrowings and payments of the Company’s senior debt - revolving lines of credit.

Finance receivables acquired 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 period presented.

Borrowings and payments of the Company’s senior debt - revolving lines of credit were previously presented on a net basis as net 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 period presented.

Accounting policies: There have been no changes to the Company’s significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the 2025 Annual Report.

Participation rights purchase obligations: As of March 31, 2026 and December 31, 2025, the unpaid principal balance of finance receivables outstanding for purchase was $4.9 million and $9.0 million, respectively.

Capitalized technology: The Company capitalized software development costs totaling $4.4 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company also capitalized interest associated with application development totaling $0.7 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $0.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.

Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 68.9% and 68.3% of the economic ownership percentage of OppFi-LLC as of March 31, 2026 and December 31, 2025, respectively. In accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to the Company and the noncontrolling ownership interests separately in the consolidated statements of operations.

Recently adopted accounting pronouncements: None.

Accounting pronouncements issued and not yet adopted: In November 2024, the FASB issued Accounting Standard Update (“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.
v3.26.1
Finance Receivables at Fair Value
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Finance Receivables at Fair Value Finance Receivables at Fair Value
The components of installment finance receivables at fair value as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

20262025
Unpaid principal balance of finance receivables - accrual$408,188 $454,542 
Unpaid principal balance of finance receivables - non-accrual36,734 38,576 
Unpaid principal balance of finance receivables$444,922 $493,118 
Finance receivables at fair value - accrual$476,461 $524,577 
Finance receivables at fair value - non-accrual3,412 3,590 
Finance receivables at fair value, excluding accrued interest and receivable479,873 528,167 
Accrued interest receivable22,685 18,069 
Finance receivables at fair value$502,558 $546,236 
Difference between unpaid principal balance and fair value$34,951 $35,049 

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 March 31, 2026 and December 31, 2025, the aggregate unpaid principal balance of installment finance receivables 90 days or more past due on a contractual basis was $16.7 million and $16.4 million, respectively. As of March 31, 2026 and December 31, 2025, the fair value of installment finance receivables 90 days or more past due on a contractual basis was $1.6 million and $1.5 million, respectively.

Changes in the fair value of installment finance receivables at fair value for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Balance at the beginning of the period$546,236 $473,696 
Acquired226,088 272,181 
Repayments(209,799)(242,330)
Accrued interest receivable4,616 594 
Charge-offs, net(1)
(64,485)(48,512)
Net change in fair value(1)
(98)(946)
Balance at the end of the period$502,558 $454,683 
(1) Included in change in fair value of finance receivables in the consolidated statements of operations.

The estimated amount of losses included in losses attributable to changes in instrument-specific credit risk was $8.1 million for the three months ended March 31, 2026. The estimated amount of earnings included in losses attributable to changes in instrument-specific credit risk was $6.4 million for the three months ended March 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.
v3.26.1
Property, Equipment and Software, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

20262025
Capitalized technology$91,492 $86,411 
Furniture, fixtures and equipment4,705 4,639 
Leasehold improvements979 979 
Total property, equipment and software97,176 92,029 
Less accumulated depreciation and amortization(64,992)(64,401)
Property, equipment and software, net$32,184 $27,628 
v3.26.1
Accrued Expenses
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

20262025
Accrued legal expense$13,000 $13,000 
Accrual for services rendered and goods purchased11,017 9,129 
Amount due to bank partners5,638 6,513 
Accrued payroll and benefits2,984 9,839 
Accrued income tax payable2,629 273 
Accrued interest payable2,347 2,601 
Other2,151 2,043 
Total$39,766 $43,398 
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The components of total lease cost for three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Operating lease cost$548 $558 
Variable lease expense274 431 
Short-term lease cost40 41 
Sublease income(86)(80)
Total lease cost$776 $950 

Supplemental cash flow information related to the leases for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$844 $410 

The weighted average remaining lease term and discount rate as of March 31, 2026 and December 31, 2025 were as follows:

20262025
Weighted average remaining lease term (in years)4.54.8
Weighted average discount rate5 %5 %
Future minimum lease payments as of March 31, 2026 were as follows (in thousands):

Year Amount
Remaining of 2026$1,924 
20272,633 
20282,712 
20292,794 
20302,144 
Total lease payments12,207 
Less: imputed interest(1,278)
Operating lease liabilities$10,929 
v3.26.1
Senior Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Senior Debt Senior Debt
The Company’s senior debt, which is comprised of revolving lines of credit, as of March 31, 2026 and December 31, 2025, including borrowing capacity as of March 31, 2026, were as follows (in thousands):

BorrowerBorrowing Capacity20262025
Interest Rate as of March 31, 2026
Maturity Date
Opportunity Funding SPE V, LLC (Tranche C)$62,500 $46,875 $46,875 SOFRplus
7.30%
February 2029
Opportunity Funding SPE V, LLC (Tranche D)237,500 104,125 132,125 SOFRplus7.30%February 2029
Opportunity Funding SPE IX, LLC150,000 79,000 79,000 SOFRplus
6.00%
September 2029
Gray Rock SPV LLC75,000 54,260 63,353 SOFRplus
7.45%
October 2026
Total revolving lines of credit$525,000 $284,260 $321,353 
Revolving line of credit - Opportunity Funding SPE V, LLC

On February 13, 2025, OppFi-LLC and Opportunity Funding SPE V, LLC, a direct wholly owned subsidiary of OppFi-LLC, entered into a Second Amended and Restated Revolving Credit Agreement (as amended, the “Second A&R Credit Agreement”), which amended that certain Amended and Restated Revolving Credit Agreement (the “A&R Credit Agreement”). The Second A&R Credit Agreement amended the A&R Credit Agreement to, among other things, amend borrowings under Tranche C to bear interest at Term Secured Overnight Financing Rate plus 7.30% on January 1, 2026 and thereafter.
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 $7.9 million and $9.2 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Warrant Liabilities
 3 Months Ended
Mar. 31, 2026
Warrants and Rights Note Disclosure [Abstract]  
Warrant Liabilities Warrant LiabilitiesDuring the three months ended March 31, 2026, there were no exercises of warrants. During the three months ended March 31, 2025, 75 warrants were exercised.
v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Share repurchase: During the three months ended March 31, 2026, OppFi repurchased 1,040,699 shares of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of $9.9 million at an average purchase price per share of $9.54. There were no repurchase activities during the three months ended March 31, 2025. As of March 31, 2026, $11.0 million of the repurchase authorization under the Company’s repurchase program approved on April 4, 2024 (the “2024 Repurchase Program”) remained available.

Dividend: On March 25, 2025, OppFi’s Board of Directors (the “Board”) declared a dividend of $0.25 per share to stockholders of record of OppFi’s Class A Common Stock as of the close of business on April 8, 2025.

Member Distribution: On March 25, 2025, the Board approved a distribution of $0.25 per unit to holders of OppFi-LLC’s Class A common units as of the close of business on April 8, 2025.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of March 31, 2026, the Company had only granted awards in the form of stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”).

A summary of the Company’s stock option activity for the three months ended March 31, 2026 was 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, 2025
1,841,792$13.65 5.6$1,748 
   Granted—— —— 
   Exercised—— —— 
   Forfeited—— —— 
Outstanding as of March 31, 2026
1,841,792$13.65 5.3$1,075 
Vested and exercisable as of March 31, 2026
1,826,652$13.74 5.3$1,008 

A summary of the Company’s RSUs activity for the three months ended March 31, 2026 was as follows:

SharesWeighted- Average Grant Date Fair Value
Unvested as of December 31, 2025
1,629,184$6.88 
Granted2,1569.28 
Vested(70,793)3.42 
Forfeited(40,622)5.80 
Unvested as of March 31, 2026
1,519,925$7.07 

A summary of the Company’s PSUs activity for the three months ended March 31, 2026 was as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2025
19,276$3.26 
Granted—— 
Vested(9,636)3.26 
Forfeited—— 
Unvested as of March 31, 2026
9,640$3.26 
The Company recognized stock-based compensation expense related to stock options, RSUs, and PSUs of $1.6 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, total unrecognized compensation expense related to unvested stock options, RSUs and PSUs was $8.4 million which will be recognized over a weighted-average vesting period of approximately 1.9 years.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended March 31, 2026, OppFi recorded an income tax expense of $4.0 million and reported consolidated income before income taxes of $58.0 million, resulting in a 6.9% effective income tax rate. For the three months ended March 31, 2025, OppFi recorded an income tax expense of $1.7 million and reported consolidated income before income taxes of $22.0 million, resulting in a 7.5% effective income tax rate.

OppFi’s effective income tax rates for the three months ended March 31, 2026 and 2025 differ from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, nondeductible expenses, state income taxes, warrant liability, and discrete tax items. The warrant liabilities are recorded by OppFi and the fair value adjustment of the warrant liabilities is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate. For the three months ended March 31, 2026, one discrete item was recorded consisting of a $0.1 million benefit related to stock compensation, which decreased the effective tax rate by 0.1%. Excluding the aforementioned discrete item, the effective tax rate for the three months ended March 31, 2026 would have been 7.0%. For the three months ended March 31, 2025, one discrete item was recorded consisting of a $0.1 million benefit related to stock compensation, which decreased the effective tax rate by 0.4%. Excluding the aforementioned discrete item, the effective rate for the three months ended March 31, 2025 would have been 7.9%.

OppFi is subject to a 21% federal income tax rate on its activities and its distributive share of income from OppFi-LLC, as well as various state and local income taxes. As of March 31, 2026 and 2025, OppFi owned 31.1% and 29.3%, respectively, of the outstanding units of OppFi-LLC and considers appropriate tax accounting only on this portion of OppFi-LLC’s activity. Additionally, OppFi’s income tax rate varies from the 21% statutory federal income tax rate primarily due to a permanent difference related to the adjustment of the warrant liabilities recorded by OppFi. This fair value adjustment of the warrant liabilities represents a large portion of OppFi’s pre-tax book income or loss and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate.

As of March 31, 2026 and December 31, 2025, OppFi recorded an unrecognized tax benefit of $0.1 million and $0.2 million, respectively, related to research and development credits allocated from OppFi-LLC. ASC 740, Income Taxes, prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no amounts accrued for the payment of interest and penalties as of March 31, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value on a nonrecurring basis: As of March 31, 2026 and December 31, 2025, the Company had 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 March 31, 2026 and December 31, 2025 were as follows (in thousands):

Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest receivable (1)
$479,873 $— $— $479,873 
Financial liabilities:
Warrant liability - Public Warrants (2)
1,823 1,823 — — 
Warrant liability - Private Placement Warrants ($11.50 Exercise Price Warrants) (3)
52—52—
Warrant liability - Private Placement Warrants ($15 Exercise Price Warrants) (4)
3,285 — — 3,285 
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 (4)
6,026 — — 6,026 
(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 are not limited to, default rates, which are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value.
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS.
(3) The fair value of the $11.50 Exercise Price Warrants is categorized as Level 2. The valuation was based on an observable market quote in an active market of a similar asset.
(4) 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 three months ended March 31, 2026, there was a transfer of liability out of Level 3 fair value measurements. During the three months ended March 31, 2025, 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 as of March 31, 2026 and December 31, 2025:
20262025
$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate3.91 %3.55 %3.75 %
Expected term (years)5.3 years0.6 years5.6 years
Expected volatility68.30 %60.30 %56.80 %
Exercise price$15.00 $11.50 $15.00 
Fair value of warrants$3.60 $1.54 $4.79 

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, 2025$1,655 $4,371 $6,026 
Change in fair value— (1,086)(1,086)
Transfer out of Level 3(1655)$— (1,655)
Fair value as of March 31, 2026$— $3,285 $3,285 
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 March 31, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Cash$63,865 $63,865 $— $— 
Restricted cash36,055 36,055 — — 
Accrued interest receivable (1)
22,685 22,685 — — 
Financial liabilities:
Accrued interest payable (2)
2,347 — — — 
Senior debt284,260 — — 284,260 
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 debt321,353 — — 321,353 
(1) Included in finance receivables at fair value in the consolidated balance sheets.
(2) Included in accrued expenses in the consolidated balance sheets.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025 (in thousands):

20262025
Total revenue$151,881 $140,268 
Charge-offs, net(64,485)(48,512)
Net change in fair value(98)(946)
Change in fair value of finance receivables(64,583)(49,458)
Net revenue87,298 90,810 
Expenses:
Salaries and employee benefits14,254 13,778 
Direct marketing costs10,385 10,288 
Interest expense and amortized debt issuance costs8,510 10,247 
Professional fees7,264 4,199 
Technology costs3,329 2,961 
Payment processing fees1,658 1,630 
Occupancy871 1,039 
Depreciation and amortization591 1,760 
General, administrative and other5,074 2,416 
Total expenses51,936 48,318 
Income from operations35,362 42,492 
Other income (expense):
Change in fair value of warrant liabilities21,295 (21,607)
Income from equity method investment1,120 1,076 
Other income232 80 
Income before income taxes58,009 22,041 
Income tax expense3,971 1,651 
Net income54,038 20,390 
Less: net income attributable to noncontrolling interest25,637 31,762 
Net income (loss) attributable to OppFi Inc.$28,401 $(11,372)
v3.26.1
Commitments, Contingencies and Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [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,” and the Company filed a proposed final Statement of Decision on March 26, 2026. On April 10, 2026, the DFPI filed objections to the Company’s proposed final Statement of Decision. The Company has until May 11, 2026 to respond to the DFPI’s objections. 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 April 24, 2026, the parties filed a stipulation of settlement with the court and are awaiting a hearing on the settlement agreement, which is anticipated to occur in September 2026.

As of March 31, 2026 and December 31, 2025, the Company had $13.0 million in estimated legal contingent liabilities, which is included in accrued expenses in the consolidated balance sheets, and $8.5 million in receivables related insurance recoveries, which is included in other assets in the consolidated balance sheet.
Related party transactions: OppFi made payments to the Members pursuant to the Tax Receivable Agreement (“TRA”) totaling $4.6 million and $1.0 million during the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Concentration of Credit Risk
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, consumers living primarily in Texas, Virginia and Florida made up approximately 12%, 11% and 10%, respectively, of the Company’s portfolio of finance receivables. As of March 31, 2026, there were no other states that made up more than 10% or more of the Company’s portfolio of finance receivables. As of December 31, 2025, consumers living primarily in Texas, Virginia and Florida made up approximately 12%, 10%, and 11%, respectively, 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. 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.
v3.26.1
Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):

20262025
Numerator:
Net income (loss) attributable to OppFi Inc.$28,401 $(11,372)
Net income (loss) available to Class A common stockholders - Basic28,401 (11,372)
Net income attributable to noncontrolling interest25,637 — 
Income tax expense(6,149)— 
Net income (loss) available to Class A common stockholders - Diluted$47,889 $(11,372)
Denominator:
Weighted-average Class A common stock outstanding - Basic26,778,43223,691,769
Effect of dilutive securities:
Stock options152,644—
Restricted stock units556,584—
Performance stock units12,994—
Warrants——
Employee stock purchase plan——
Retained OppFi Units58,694,615—
Dilutive potential common shares59,416,837—
Weighted-average units outstanding - diluted86,195,26923,691,769
Earnings (loss) per common share:
Basic$1.06 $(0.48)
Diluted$0.56 $(0.48)

The following table presents securities that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three months ended March 31, 2026 and 2025:

20262025
Public Warrants14,024,758 13,352,242 
$11.50 Exercise Price Warrants401,804 1,074,620 
$15 Exercise Price Warrants912,500 912,500 
Stock options1,841,792 1,842,192 
Restricted stock units1,521,051 1,640,161 
Performance stock units9,640 50,380 
Employee stock purchase plan units9,944 10,077 
Noncontrolling interest - Retained OppFi Units— 62,698,935 
Potential common stock18,721,489 81,581,107 
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated the impact of events that have occurred through the date these financial statements were issued and identified the following subsequent events that required disclosure.

Senior Debt

Revolving line of credit - Opportunity Funding SPE V, LLC

On April 10, 2026, OppFi-LLC, Opportunity Funding SPE V, LLC, as borrower, OppWin, LLC and OppWin BPI, LLC, each as sellers (the “Sellers”), Midtown Madison Management LLC (“Midtown”), as administrative and collateral agent, and the lenders party thereto entered into a Third Amendment to the Second Amended and Restated Revolving Credit Agreement (the “Third Amendment”), which amended the Second A&R Credit Agreement to, among other things, modify the Eligibility Criteria, Excess Concentration Limits and Tier 1 Collateral Performance Triggers, in each case to permit the Sellers to sell into the facility certain receivables that were acquired from Gray Rock SPV LLC (“Gray Rock”) in connection with the termination of the Gray Rock Credit Agreement (as defined and described below).

On the Gray Rock Termination Date (as defined below), Opportunity Funding SPE V, LLC borrowed approximately $46.5 million under the Third Amendment and used such borrowing to purchase the Gray Rock Receivables (as defined below) from Gray Rock via OppFi-LLC and the Sellers, which Gray Rock Receivables were then pledged as collateral under the Third Amendment.

Revolving line of credit - Gray Rock SPV, LLC

On April 15, 2026 (the “Gray Rock Termination Date”), OppFi-LLC terminated certain total return swaps (the “TRS”) previously entered into on April 15, 2022 with affiliates of Midtown, pursuant to which OppFi-LLC agreed to provide credit protection related to a reference pool of consumer receivables financed by Midtown through a $75 million revolving credit agreement (the “Gray Rock Credit Agreement”) with Midtown as lender and Gray Rock as borrower. Pursuant to the TRS, OppFi-LLC received payments from the Midtown reference lenders under the Gray Rock Credit Agreement and serviced the consumer receivables financed through the Gray Rock Credit Agreement.

The TRS terminated due to the repayment in full of the loans made under the Gray Rock Credit Agreement in connection with the revolving commitment termination date under the Gray Rock Credit Agreement.

On the Gray Rock Termination Date, OppFi-LLC purchased from the Gray Rock Borrower all interests owned by Gray Rock in the consumer receivables financed with the loans made under the Gray Rock Credit Agreement (the “Gray Rock Receivables”). Gray Rock used the purchase price for the Gray Rock Receivables to repay its obligations under the Gray Rock Credit Agreement in full, and Midtown caused the reference lenders under the Gray Rock Credit Agreement to assign their right, title and interest under the Gray Rock Credit Agreement to OppFi-LLC, providing OppFi-LLC with any residuals under the Gray Rock Credit Agreement.

OppFi-LLC did not incur any termination penalties in connection with the termination of the TRS.

Transaction with BNCC:

Merger Agreement

On April 28, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BNCCORP, Inc., a Delaware corporation (“BNCC”), and Birch Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Merger Sub”). Pursuant to the Merger Agreement, BNCC will merge with and into Merger Sub, with Merger Sub surviving as a wholly owned subsidiary of the Company (the “Merger”). Immediately following the Merger, an interim bank and wholly owned subsidiary of the Company to be formed following the date thereof will merge with and into BNC National Bank, a wholly owned subsidiary of BNCC (“BNC”), with BNC (which is expected to be renamed OppFi Bank, N.A.) surviving as a wholly owned subsidiary of the Company (the “Bank Merger” and together with the Merger, the “Transaction”). Following the closing of the Transaction, the Company intends to contribute substantially all of its assets, liabilities and operations to BNC. The Merger Agreement was unanimously approved by the boards of directors of each of the Company and BNCC.

At the effective time of the Merger (the “Effective Time”), each outstanding share of BNCC common stock (other than certain excluded shares) will be converted into the right to receive (i) $19.3875 in cash and (ii) a number of shares of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”), equal to an exchange ratio of 1.90 shares of Class A Common Stock for each share of BNCC common stock. Based on the closing price of Class A Common Stock on April
28, 2026, the Transaction is valued at approximately $130.7 million. Following the closing of the Transaction, existing Company stockholders are expected to own approximately 93% of the combined company and former BNCC stockholders are expected to own approximately 7% of the combined company.

The consummation of the Transaction is subject to customary closing conditions, including (i) approval by BNCC stockholders, (ii) receipt of required regulatory approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System (or a Federal Reserve Bank acting under delegated authority) without the imposition of a Burdensome Condition, as defined in the Merger Agreement, (iii) BNCC’s satisfaction of certain regulatory capital requirements, including that BNCC and BNC be “well capitalized,” maintain a common equity tier 1 capital ratio of no less than 12% and tangible common equity of not less than $112.0 million, (iv) receipt by each of the Company and BNCC of an opinion of counsel that the Transaction will qualify as a tax-free “reorganization” under Section 368(a) of the Internal Revenue Code, and (v) effectiveness of a registration statement on Form S-4 relating to the shares of Class A Common Stock to be issued in the Merger. Each party’s obligation to complete the Merger is also subject to customary conditions, including the accuracy of the other party’s representations and warranties (subject to customary materiality standards) and the other party’s performance in all material respects of its obligations under the Merger Agreement. The Transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction or waiver of these conditions.

The Merger Agreement contains customary representations, warranties and covenants of the parties, including, among others, covenants requiring BNCC to conduct its business in the ordinary course pending closing, to convene a meeting of its stockholders to approve the Merger Agreement and the Transaction and to recommend such approval, and restricting BNCC’s ability to solicit alternative acquisition proposals, subject to customary fiduciary exceptions. The parties have agreed to use reasonable best efforts to obtain required regulatory approvals and to prepare and file required materials with the Securities and Exchange Commission, including a registration statement on Form S-4. The Merger Agreement also contains customary termination rights, including termination for failure to consummate the Transaction within the specified period (subject to limited extension rights in certain regulatory circumstances), failure to obtain BNCC stockholder approval, breach of representations, warranties or covenants, or BNCC’s acceptance of a superior proposal (subject to certain conditions). The Merger Agreement provides for a termination fee payable by BNCC equal to approximately 3.5% of the transaction value in specified circumstances and a termination fee payable by the Company equal to approximately 1.5% of the transaction value in certain regulatory-related termination scenarios.

Voting Agreements

In connection with the execution of the Merger Agreement, the Company and BNCC entered into Voting and Restriction Agreements (the “Voting Agreements”) with certain stockholders of BNCC (each, a “Holder”). Pursuant to the Voting Agreements, each Holder agreed, among other things, to vote all shares of BNCC common stock beneficially owned by such Holder in favor of the approval of the Merger Agreement, the Transaction and any other matters necessary to consummate the Transaction, and against any competing acquisition proposals or other actions that could reasonably be expected to prevent or materially delay the consummation of the Transaction. Each Holder also granted an irrevocable proxy to BNCC to vote such shares in accordance with the Voting Agreements in the event the Holder fails to do so. The Holders collectively beneficially own approximately 20% of the outstanding shares of BNCC common stock.

The Voting Agreements further provide that, subject to limited exceptions, each Holder will not transfer, pledge or otherwise dispose of any shares of BNCC common stock prior to the consummation of the Merger. In addition, following the Effective Time, each Holder agreed to certain lock-up restrictions with respect to the shares of Class A Common Stock to be received in the Merger, pursuant to which such shares may not be transferred prior to the 180th day following closing, and thereafter may be transferred in incrementally increasing percentages, with 100% transferable beginning on the 365th day following closing. The Voting Agreements also contain customary covenants of the Holders, including agreements not to solicit or support alternative acquisition proposals, consistent with the terms of the Merger Agreement. The Voting Agreements terminate upon the earliest of certain events, including termination of the Merger Agreement, certain adverse amendments to the Merger Agreement without the applicable Holder’s consent, or the one-year anniversary of the closing of the Merger.

Corporate Simplification:

Also on April 28, 2026, prior to its entry into the Merger Agreement, the Company entered into a Corporate Simplification Agreement (the “CSA”) with OppFi-LLC, OppFi Management Holdings, LLC (“Management Holdings”), OFS and certain other parties, pursuant to which the Company completed a series of transactions designed to simplify its organizational structure (the “Corporate Simplification”). Pursuant to the CSA, certain holders of OppFi Units exchanged their OppFi Units for shares of Class A Common Stock on a one-for-one basis in accordance with the terms of the Third Amended and Restated Limited Liability Company Agreement of OppFi-LLC, following which, the Company owned approximately 94.7% of OppFi-LLC. Immediately following such exchanges, in accordance with the Merger Agreement, dated April 28, 2026, by and among OppFi, OppFi-LLC, Management Holdings, OFS and Oak Merger Sub 1, a wholly owned subsidiary of OppFi (“Oak Merger Sub”), pursuant to which Oak Merger Sub merged with and into OppFi-LLC (the “OppFi-LLC Merger”), with OppFi-LLC surviving.
At the effective time of the OppFi-LLC Merger, each remaining OppFi Unit held by Members other than OppFi, constituting approximately 5.3% of the issued and outstanding OppFi Units, was canceled and converted into the right to receive one share of Class A Common Stock.

Following the OppFi-LLC merger, OppFi-LLC has become a direct, wholly owned subsidiary of the Company. All stockholders now hold Class A Common Stock with uniform economic and voting rights. Additionally, the Company anticipates future tax benefits totaling approximately $111 million, resulting from the tax basis "step-up" triggered by the Corporate Simplification and previous exchanges.
In connection with the Corporate Simplification, in accordance with the terms of the CSA, the Tax Receivable Agreement, dated July 20, 2021, by and among the Company, OppFi-LLC and the other persons named therein (the “TRA”), was amended and terminated. The amendment to the TRA provides for an aggregate early termination payment of approximately $40.8 million, payable in installments to the applicable parties to the TRA on May 8, 2026 and September 1, 2026 (subject to acceleration upon closing of the Transaction). Upon payment of the full early termination payment, all obligations under the TRA will be extinguished.

The transactions contemplated by the CSA were approved by a special committee of independent directors of the Company that was empowered to negotiate (or oversee the negotiation of) and to approve or reject such transactions.

Share Repurchase Plan

On May 6, 2026, the Board approved a new share repurchase program (the “Repurchase Program”) under which the Company may repurchase up to $40 million of its Class A Common Stock. The Repurchase Program replaces the 2024 Repurchase Program, which was terminated.

Repurchases under the Repurchase Program may be made from time to time on the open market, through privately negotiated transactions, or via 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 securities laws and 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 trading laws. The timing and amount of repurchases will depend on market conditions, share price, trading volume, and other factors. The Repurchase Program does not obligate the Company to repurchase any specific dollar amount or number of shares, and the Repurchase Program may be extended, modified, suspended, or discontinued at any time. The Repurchase Program will expire in May 2029.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Description of Business and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of presentation and consolidation
Basis of presentation and consolidation: The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been omitted if they substantially duplicate the disclosures contained in the Company’s annual audited consolidated financial statements pursuant to such rules and regulations.

These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s audited consolidated financial statements and the related notes as of and for the year ended December 31, 2025 included in the 2025 Annual Report. In the opinion of the Company’s management, these unaudited consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the full year ending December 31, 2026.

The accompanying unaudited consolidated financial statements include the accounts of OppFi and OppFi-LLC with its direct and indirect wholly owned subsidiaries and consolidated variable interest entities. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
Use of estimates: The preparation of the unaudited consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and operations and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

The 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.
Reclassification
Reclassifications: Certain prior period amounts in the unaudited consolidated statements of operations for the three months ended March 31, 2025, have been reclassified to conform to the comparative period presentation for the three months ended March 31, 2026. These reclassifications have no effect on the previously reported results of operations.

Certain line items in the unaudited consolidated statements of cash flows for the three months ended March 31, 2025, have been reclassified to conform to the comparative period presentation for the three months ended March 31, 2026, specifically the presentation on the finance receivables acquired and repayments and the borrowings and payments of the Company’s senior debt - revolving lines of credit.

Finance receivables acquired 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 period presented.

Borrowings and payments of the Company’s senior debt - revolving lines of credit were previously presented on a net basis as net 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 period presented.
Participation rights purchase obligations
Participation rights purchase obligations: As of March 31, 2026 and December 31, 2025, the unpaid principal balance of finance receivables outstanding for purchase was $4.9 million and $9.0 million, respectively.
Capitalized technology
Capitalized technology: The Company capitalized software development costs totaling $4.4 million and $4.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company also capitalized interest associated with application development totaling $0.7 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense, which is included in depreciation and amortization in the consolidated statements of operations, totaled $0.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.
Noncontrolling interests
Noncontrolling interests: Noncontrolling interests are held by the Members, who retained 68.9% and 68.3% of the economic ownership percentage of OppFi-LLC as of March 31, 2026 and December 31, 2025, respectively. In accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, the Company classifies the noncontrolling interests as a component of stockholders’ equity in the consolidated balance sheets. Additionally, the Company has presented the net income attributable to the Company and the noncontrolling ownership interests separately in the consolidated statements of operations.
Recently adopted accounting pronouncements and Accounting pronouncements issued and not yet adopted
Recently adopted accounting pronouncements: None.

Accounting pronouncements issued and not yet adopted: In November 2024, the FASB issued Accounting Standard Update (“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.
v3.26.1
Finance Receivables at Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Components of Installment Finance Receivables At Fair Value
The components of installment finance receivables at fair value as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

20262025
Unpaid principal balance of finance receivables - accrual$408,188 $454,542 
Unpaid principal balance of finance receivables - non-accrual36,734 38,576 
Unpaid principal balance of finance receivables$444,922 $493,118 
Finance receivables at fair value - accrual$476,461 $524,577 
Finance receivables at fair value - non-accrual3,412 3,590 
Finance receivables at fair value, excluding accrued interest and receivable479,873 528,167 
Accrued interest receivable22,685 18,069 
Finance receivables at fair value$502,558 $546,236 
Difference between unpaid principal balance and fair value$34,951 $35,049 
Schedule of Changes in Fair Value of Installment Finance Receivables
Changes in the fair value of installment finance receivables at fair value for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Balance at the beginning of the period$546,236 $473,696 
Acquired226,088 272,181 
Repayments(209,799)(242,330)
Accrued interest receivable4,616 594 
Charge-offs, net(1)
(64,485)(48,512)
Net change in fair value(1)
(98)(946)
Balance at the end of the period$502,558 $454,683 
(1) Included in change in fair value of finance receivables in the consolidated statements of operations.
v3.26.1
Property, Equipment and Software, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software
Property, equipment and software as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

20262025
Capitalized technology$91,492 $86,411 
Furniture, fixtures and equipment4,705 4,639 
Leasehold improvements979 979 
Total property, equipment and software97,176 92,029 
Less accumulated depreciation and amortization(64,992)(64,401)
Property, equipment and software, net$32,184 $27,628 
v3.26.1
Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
Accrued expenses as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):

20262025
Accrued legal expense$13,000 $13,000 
Accrual for services rendered and goods purchased11,017 9,129 
Amount due to bank partners5,638 6,513 
Accrued payroll and benefits2,984 9,839 
Accrued income tax payable2,629 273 
Accrued interest payable2,347 2,601 
Other2,151 2,043 
Total$39,766 $43,398 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Costs
The components of total lease cost for three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Operating lease cost$548 $558 
Variable lease expense274 431 
Short-term lease cost40 41 
Sublease income(86)(80)
Total lease cost$776 $950 

Supplemental cash flow information related to the leases for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$844 $410 

The weighted average remaining lease term and discount rate as of March 31, 2026 and December 31, 2025 were as follows:

20262025
Weighted average remaining lease term (in years)4.54.8
Weighted average discount rate5 %5 %
Schedule of Future Minimum Lease Payments
Future minimum lease payments as of March 31, 2026 were as follows (in thousands):

Year Amount
Remaining of 2026$1,924 
20272,633 
20282,712 
20292,794 
20302,144 
Total lease payments12,207 
Less: imputed interest(1,278)
Operating lease liabilities$10,929 
v3.26.1
Senior Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Senior Debt
The Company’s senior debt, which is comprised of revolving lines of credit, as of March 31, 2026 and December 31, 2025, including borrowing capacity as of March 31, 2026, were as follows (in thousands):

BorrowerBorrowing Capacity20262025
Interest Rate as of March 31, 2026
Maturity Date
Opportunity Funding SPE V, LLC (Tranche C)$62,500 $46,875 $46,875 SOFRplus
7.30%
February 2029
Opportunity Funding SPE V, LLC (Tranche D)237,500 104,125 132,125 SOFRplus7.30%February 2029
Opportunity Funding SPE IX, LLC150,000 79,000 79,000 SOFRplus
6.00%
September 2029
Gray Rock SPV LLC75,000 54,260 63,353 SOFRplus
7.45%
October 2026
Total revolving lines of credit$525,000 $284,260 $321,353 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Company's Stock Option Activity
A summary of the Company’s stock option activity for the three months ended March 31, 2026 was 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, 2025
1,841,792$13.65 5.6$1,748 
   Granted—— —— 
   Exercised—— —— 
   Forfeited—— —— 
Outstanding as of March 31, 2026
1,841,792$13.65 5.3$1,075 
Vested and exercisable as of March 31, 2026
1,826,652$13.74 5.3$1,008 
Schedule of Restricted Stock Unit Activity
A summary of the Company’s RSUs activity for the three months ended March 31, 2026 was as follows:

SharesWeighted- Average Grant Date Fair Value
Unvested as of December 31, 2025
1,629,184$6.88 
Granted2,1569.28 
Vested(70,793)3.42 
Forfeited(40,622)5.80 
Unvested as of March 31, 2026
1,519,925$7.07 
Schedule of PSU Activity
A summary of the Company’s PSUs activity for the three months ended March 31, 2026 was as follows:

SharesWeighted-Average Grant Date Fair Value
Unvested as of December 31, 2025
19,276$3.26 
Granted—— 
Vested(9,636)3.26 
Forfeited—— 
Unvested as of March 31, 2026
9,640$3.26 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 were as follows (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest receivable (1)
$479,873 $— $— $479,873 
Financial liabilities:
Warrant liability - Public Warrants (2)
1,823 1,823 — — 
Warrant liability - Private Placement Warrants ($11.50 Exercise Price Warrants) (3)
52—52—
Warrant liability - Private Placement Warrants ($15 Exercise Price Warrants) (4)
3,285 — — 3,285 
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 (4)
6,026 — — 6,026 
(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 are not limited to, default rates, which are unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value.
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS.
(3) The fair value of the $11.50 Exercise Price Warrants is categorized as Level 2. The valuation was based on an observable market quote in an active market of a similar asset.
(4) 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 as of March 31, 2026 and December 31, 2025:
20262025
$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate3.91 %3.55 %3.75 %
Expected term (years)5.3 years0.6 years5.6 years
Expected volatility68.30 %60.30 %56.80 %
Exercise price$15.00 $11.50 $15.00 
Fair value of warrants$3.60 $1.54 $4.79 
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, 2025$1,655 $4,371 $6,026 
Change in fair value— (1,086)(1,086)
Transfer out of Level 3(1655)$— (1,655)
Fair value as of March 31, 2026$— $3,285 $3,285 
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 March 31, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Cash$63,865 $63,865 $— $— 
Restricted cash36,055 36,055 — — 
Accrued interest receivable (1)
22,685 22,685 — — 
Financial liabilities:
Accrued interest payable (2)
2,347 — — — 
Senior debt284,260 — — 284,260 
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 debt321,353 — — 321,353 
(1) Included in finance receivables at fair value in the consolidated balance sheets.
(2) Included in accrued expenses in the consolidated balance sheets.
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table presents selected financial information for the three months ended March 31, 2026 and 2025 (in thousands):

20262025
Total revenue$151,881 $140,268 
Charge-offs, net(64,485)(48,512)
Net change in fair value(98)(946)
Change in fair value of finance receivables(64,583)(49,458)
Net revenue87,298 90,810 
Expenses:
Salaries and employee benefits14,254 13,778 
Direct marketing costs10,385 10,288 
Interest expense and amortized debt issuance costs8,510 10,247 
Professional fees7,264 4,199 
Technology costs3,329 2,961 
Payment processing fees1,658 1,630 
Occupancy871 1,039 
Depreciation and amortization591 1,760 
General, administrative and other5,074 2,416 
Total expenses51,936 48,318 
Income from operations35,362 42,492 
Other income (expense):
Change in fair value of warrant liabilities21,295 (21,607)
Income from equity method investment1,120 1,076 
Other income232 80 
Income before income taxes58,009 22,041 
Income tax expense3,971 1,651 
Net income54,038 20,390 
Less: net income attributable to noncontrolling interest25,637 31,762 
Net income (loss) attributable to OppFi Inc.$28,401 $(11,372)
v3.26.1
Earnings (Loss) Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted (Loss) Earnings Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):

20262025
Numerator:
Net income (loss) attributable to OppFi Inc.$28,401 $(11,372)
Net income (loss) available to Class A common stockholders - Basic28,401 (11,372)
Net income attributable to noncontrolling interest25,637 — 
Income tax expense(6,149)— 
Net income (loss) available to Class A common stockholders - Diluted$47,889 $(11,372)
Denominator:
Weighted-average Class A common stock outstanding - Basic26,778,43223,691,769
Effect of dilutive securities:
Stock options152,644—
Restricted stock units556,584—
Performance stock units12,994—
Warrants——
Employee stock purchase plan——
Retained OppFi Units58,694,615—
Dilutive potential common shares59,416,837—
Weighted-average units outstanding - diluted86,195,26923,691,769
Earnings (loss) per common share:
Basic$1.06 $(0.48)
Diluted$0.56 $(0.48)
Schedule of Securities Excluded from Calculation of Diluted Earnings Per Share
The following table presents securities that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive for the three months ended March 31, 2026 and 2025:

20262025
Public Warrants14,024,758 13,352,242 
$11.50 Exercise Price Warrants401,804 1,074,620 
$15 Exercise Price Warrants912,500 912,500 
Stock options1,841,792 1,842,192 
Restricted stock units1,521,051 1,640,161 
Performance stock units9,640 50,380 
Employee stock purchase plan units9,944 10,077 
Noncontrolling interest - Retained OppFi Units— 62,698,935 
Potential common stock18,721,489 81,581,107 
v3.26.1
Description of Business and Significant Accounting Policies (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Ownership interest held, percent 31.10% 29.30% 31.70%
Finance receivables originated through the bank partnership arrangements $ 4.9   $ 9.0
Schedule Of Reverse Recapitalization [Line Items]      
Development and capitalized software costs 4.4 $ 4.1  
Capitalized interest 0.7 0.3  
Capitalized software costs, amortization expense $ 0.5 $ 1.6  
Existing Equity Holders      
Schedule Of Reverse Recapitalization [Line Items]      
Ownership interest retained 68.90%   68.30%
Class V Voting Stock      
Class of Stock [Line Items]      
Common stock, par or stated value per share (in dollars per share) $ 0.0001   $ 0.0001
v3.26.1
Finance Receivables at Fair Value - Schedule of Components of Installment Finance Receivables At Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Unpaid principal balance of finance receivables - accrual $ 408,188 $ 454,542
Unpaid principal balance of finance receivables - non-accrual 36,734 38,576
Unpaid principal balance of finance receivables 444,922 493,118
Finance receivables at fair value - accrual 476,461 524,577
Finance receivables at fair value - non-accrual 3,412 3,590
Finance receivables at fair value, excluding accrued interest and receivable 479,873 528,167
Accrued interest receivable 22,685 18,069
Finance receivables at fair value [1] 502,558 546,236
Difference between unpaid principal balance and fair value $ 34,951 $ 35,049
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.26.1
Finance Receivables at Fair Value - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]      
Aggregate unpaid principal balance $ 444,922   $ 493,118
Fair value of receivables [1] 502,558   546,236
Fair value, option, credit risk, gains (losses) earnings on assets $ (8,100) $ 6,400  
Recency Delinquency      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Accrual period for financing receivables 60 days    
Contractual Delinquency      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Accrual period for financing receivables 90 days    
90 Days Past Due      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Aggregate unpaid principal balance $ 16,700   16,400
Fair value of receivables $ 1,600   $ 1,500
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.26.1
Finance Receivables at Fair Value - Schedule of Changes in Fair Value of Installment Finance Receivables (Details) - Financing Receivable - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at the beginning of the period $ 546,236 $ 473,696
Acquired 226,088 272,181
Repayments (209,799) (242,330)
Accrued interest receivable 4,616 594
Charge-offs, net (64,485) (48,512)
Net change in fair value (98) (946)
Balance at the end of the period $ 502,558 $ 454,683
v3.26.1
Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 97,176 $ 92,029
Less accumulated depreciation and amortization (64,992) (64,401)
Property, equipment and software, net 32,184 27,628
Capitalized technology    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 91,492 86,411
Furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property, equipment and software 4,705 4,639
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, equipment and software $ 979 $ 979
v3.26.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued legal expense $ 13,000 $ 13,000
Accrual for services rendered and goods purchased 11,017 9,129
Amount due to bank partners 5,638 6,513
Accrued payroll and benefits 2,984 9,839
Accrued income tax payable 2,629 273
Accrued interest payable 2,347 2,601
Other 2,151 2,043
Total [1] $ 39,766 $ 43,398
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.26.1
Leases - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lease, Cost [Abstract]      
Operating lease cost $ 548 $ 558  
Variable lease expense 274 431  
Short-term lease cost 40 41  
Sublease income (86) (80)  
Total lease cost 776 950  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 844 $ 410  
Weighted average remaining lease term (in years) 4 years 6 months   4 years 9 months 18 days
Weighted average discount rate 5.00%   5.00%
v3.26.1
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Remaining of 2026 $ 1,924  
2027 2,633  
2028 2,712  
2029 2,794  
2030 2,144  
Total lease payments 12,207  
Less: imputed interest (1,278)  
Operating lease liabilities $ 10,929 $ 11,424
v3.26.1
Senior Debt - Schedule of Senior Debt (Details) - Senior debt - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing Capacity $ 525,000  
Total $ 284,260 $ 321,353
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  
Total $ 46,875 46,875
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Basis spread on variable rate 7.30%  
Maturity Date February 2029  
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  
Total $ 104,125 132,125
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Basis spread on variable rate 7.30%  
Maturity Date February 2029  
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  
Total $ 79,000 79,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Basis spread on variable rate 6.00%  
Maturity Date September 2029  
Revolving Line Of Credit, Maturing October 2026, Gray Rock SPV LLC    
Debt Instrument [Line Items]    
Borrower Gray Rock SPV LLC  
Borrowing Capacity $ 75,000  
Total $ 54,260 $ 63,353
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]  
Basis spread on variable rate 7.45%  
Maturity Date October 2026  
v3.26.1
Senior Debt - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 01, 2026
Mar. 31, 2026
Mar. 31, 2025
Notes Payable      
Short-term Debt [Line Items]      
Interest expense, debt   $ 7.9 $ 9.2
A&R Credit Agreement, Tranche C | Line of Credit      
Short-term Debt [Line Items]      
Basis spread on variable rate 7.30%    
v3.26.1
Warrant Liabilities (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Class A Common Stock | Common Stock    
Class of Warrant or Right [Line Items]    
Exercise of warrants (in shares) 0 75
v3.26.1
Stockholders’ Equity (Details) - Class A Common Stock - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 25, 2025
Mar. 31, 2026
Class of Stock [Line Items]    
Stock repurchased during period (in shares)   1,040,699
Stock repurchased during period, value   $ 9.9
Average purchase price (in dollars per share)   $ 9.54
Remaining authorized repurchase amount   $ 11.0
Dividends payable, amount per share (in dollars per share) $ 0.25  
v3.26.1
Stock-Based Compensation - Schedule of Company's Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Stock Options    
Outstanding beginning balance (in shares) 1,841,792  
Granted (in shares) 0  
Exercised (in shares) 0  
Forfeited (in shares) 0  
Outstanding ending balance (in shares) 1,841,792 1,841,792
Vested and exercisable (in shares) 1,826,652  
Weighted- Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 13.65  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 0  
Forfeited (in dollars per share) 0  
Outstanding ending balance (in dollars per share) 13.65 $ 13.65
Vested and exercisable (in dollars per share) $ 13.74  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted- Average Remaining Contractual Life (Years) 5 years 3 months 18 days 5 years 7 months 6 days
Exercisable, Weighted-Average Remaining Contractual Life (in years) 5 years 3 months 18 days  
Aggregate Intrinsic Value $ 1,075 $ 1,748
Exercisable, Aggregate Intrinsic Value $ 1,008  
v3.26.1
Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 1,629,184
Granted (in shares) | shares 2,156
Vested (in shares) | shares (70,793)
Forfeited (in shares) | shares (40,622)
Outstanding ending balance (in shares) | shares 1,519,925
Weighted- Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 6.88
Granted (in dollars per share) | $ / shares 9.28
Vested (in dollars per share) | $ / shares 3.42
Forfeited (in dollars per share) | $ / shares 5.80
Outstanding ending balance (in dollars per share) | $ / shares $ 7.07
v3.26.1
Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance stock units
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Shares  
Outstanding beginning balance (in shares) | shares 19,276
Granted (in shares) | shares 0
Vested (in shares) | shares (9,636)
Forfeited (in shares) | shares 0
Outstanding ending balance (in shares) | shares (9,640)
Weighted- Average Grant Date Fair Value  
Outstanding beginning balance (in dollars per share) | $ / shares $ 3.26
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 3.26
Forfeited (in dollars per share) | $ / shares 0
Outstanding ending balance (in dollars per share) | $ / shares $ 3.26
v3.26.1
Stock-Based Compensation - Additional Information (Details) - Stock Options, RSUs, and PSUs - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation expenses $ 1.6 $ 1.2
Unrecognized compensation expense $ 8.4  
Unvested award, cost not yet recognized, period for recognition 1 year 10 months 24 days  
v3.26.1
Income Taxes (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Income tax expense $ 3,971,000 $ 1,651,000  
Income before income taxes $ 58,009,000 $ 22,041,000  
Effective income tax rate, percent 6.90% 7.50%  
Statutory income tax rate, percent 21.00% 21.00%  
Effective income tax rate, stock compensation adjustment, expense (benefit) $ (100,000) $ (100,000)  
Effective income tax rate, stock compensation adjustment increase (decrease), percent (0.10%) (0.40%)  
Effective income tax rate, excluding tax expense, stock compensation adjustment, percent 7.00% 7.90%  
Ownership interest held, percent 31.10% 29.30% 31.70%
Unrecognized tax benefits $ 100,000   $ 200,000
Income tax examination, penalties and interest accrued $ 0   $ 0
v3.26.1
Fair Value Measurements - Schedule of Financial Assets and Liabilities that are Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable $ 479,873 $ 528,167
Financial liabilities:    
Warrant liabilities 5,160 26,455
Reported Value Measurement    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 479,873 528,167
Reported Value Measurement | Public Warrants    
Financial liabilities:    
Warrant liabilities 1,823 20,429
Reported Value Measurement | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities   6,026
Reported Value Measurement | $11.50 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 52  
Reported Value Measurement | $15 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 3,285  
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 1,823 20,429
Fair Value Measurements | Level 1 | Private Placement Warrants    
Financial liabilities:    
Warrant liabilities   0
Fair Value Measurements | Level 1 | $11.50 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 0  
Fair Value Measurements | Level 1 | $15 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 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
Fair Value Measurements | Level 2 | $11.50 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 52  
Fair Value Measurements | Level 2 | $15 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 0  
Fair Value Measurements | Level 3    
Financial assets:    
Finance receivables at fair value, excluding accrued interest receivable 479,873 528,167
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
Fair Value Measurements | Level 3 | $11.50 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities 0  
Fair Value Measurements | Level 3 | $15 Exercise Price Warrants    
Financial liabilities:    
Warrant liabilities $ 3,285  
v3.26.1
Fair Value Measurements - Schedule of Changes in Fair Value of Private Placement Warrants (Detail) - Level 3 - Warrants
Mar. 31, 2026
$ / shares
Dec. 31, 2025
$ / shares
$15 Exercise Price Warrants | Risk-free interest rate    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.0391 0.0375
$15 Exercise Price Warrants | Expected term (years)    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 5,300 5,600
$15 Exercise Price Warrants | Expected volatility    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Warrants, fair value measurement 0.6830 0.5680
$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 3.60 4.79
$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
$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
$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
$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 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
v3.26.1
Fair Value Measurements - Schedule of Changes in Fair Value of Warrant Units (Detail) - Level 3 - Warrants
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Private Placement Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning Balance $ 6,026
Change in fair value (1,086)
Transfer out of Level 3 (1,655)
Ending Balance 3,285
$11.50 Exercise Price Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning Balance 1,655
Change in fair value 0
Transfer out of Level 3 (1,655)
Ending Balance 0
$15 Exercise Price Warrants  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning Balance 4,371
Change in fair value (1,086)
Transfer out of Level 3 0
Ending Balance $ 3,285
v3.26.1
Fair Value Measurements - Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financial assets:    
Cash [1] $ 63,865 $ 49,451
Restricted cash [1] 36,055 43,812
Accrued interest receivable 22,685 18,069
Financial liabilities:    
Accrued interest payable 2,347 2,601
Senior debt [1] 284,260 321,353
Level 1    
Financial assets:    
Cash 63,865 49,451
Restricted cash 36,055 43,812
Accrued interest receivable 22,685 18,069
Financial liabilities:    
Accrued interest payable 0 2,601
Senior debt 0 0
Level 2    
Financial assets:    
Cash 0 0
Restricted cash 0 0
Accrued interest receivable 0 0
Financial liabilities:    
Accrued interest payable 0 0
Senior debt 0 0
Level 3    
Financial assets:    
Cash 0 0
Restricted cash 0 0
Accrued interest receivable 0 0
Financial liabilities:    
Accrued interest payable 0 0
Senior debt $ 284,260 $ 321,353
[1]
(1) Includes amounts in consolidated variable interest entities (“VIEs”) presented separately in the table below.
v3.26.1
Segment Reporting (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment Reporting Information [Line Items]    
Number of reportable segments | segment 1  
Total revenue $ 151,881 $ 140,268
Change in fair value of finance receivables (64,583) (49,458)
Net revenue 87,298 90,810
Expenses:    
Salaries and employee benefits 14,254 13,778
Direct marketing costs 10,385 10,288
Interest expense and amortized debt issuance costs 8,510 10,247
Professional fees 7,264 4,199
Technology costs 3,329 2,961
Payment processing fees 1,658 1,630
Occupancy 871 1,039
Depreciation and amortization 591 1,760
General, administrative and other 5,074 2,416
Total expenses 51,936 48,318
Income from operations 35,362 42,492
Other income (expense):    
Change in fair value of warrant liabilities 21,295 (21,607)
Income from equity method investment 1,120 1,076
Income before income taxes 58,009 22,041
Income tax expense 3,971 1,651
Net income 54,038 20,390
Less: net income attributable to noncontrolling interest 25,637 31,762
Net income (loss) attributable to OppFi Inc. 28,401 (11,372)
Reportable Segment    
Segment Reporting Information [Line Items]    
Total revenue 151,881 140,268
Charge-offs, net (64,485) (48,512)
Net change in fair value (98) (946)
Change in fair value of finance receivables (64,583) (49,458)
Net revenue 87,298 90,810
Expenses:    
Salaries and employee benefits 14,254 13,778
Direct marketing costs 10,385 10,288
Interest expense and amortized debt issuance costs 8,510 10,247
Professional fees 7,264 4,199
Technology costs 3,329 2,961
Payment processing fees 1,658 1,630
Occupancy 871 1,039
Depreciation and amortization 591 1,760
General, administrative and other 5,074 2,416
Total expenses 51,936 48,318
Income from operations 35,362 42,492
Other income (expense):    
Change in fair value of warrant liabilities 21,295 (21,607)
Income from equity method investment 1,120 1,076
Other income 232 80
Income before income taxes 58,009 22,041
Income tax expense 3,971 1,651
Net income 54,038 20,390
Less: net income attributable to noncontrolling interest 25,637 31,762
Net income (loss) attributable to OppFi Inc. $ 28,401 $ (11,372)
v3.26.1
Commitments, Contingencies and Related Party Transactions (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Commitments Contingencies And Related Party Transactions [Abstract]      
Accrued legal expense $ 13,000   $ 13,000
Loss contingency, receivable 8,500   $ 8,500
TPA payments $ 4,600 $ 1,000  
v3.26.1
Concentration of Credit Risk (Details) - Financing Receivable - Geographic Concentration Risk
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Texas    
Concentration Risk [Line Items]    
Concentration risk, percentage 12.00% 12.00%
Virginia    
Concentration Risk [Line Items]    
Concentration risk, percentage 11.00% 10.00%
Florida    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.00% 11.00%
v3.26.1
Earnings (Loss) Per Common Share - Schedule of Computation of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss) attributable to OppFi Inc. $ 28,401 $ (11,372)
Net income (loss) available to Class A common stockholders - Basic 28,401 (11,372)
Net income attributable to noncontrolling interest 25,637 31,762
Income tax expense (6,149) 0
Net income (loss) available to Class A common stockholders - Diluted $ 47,889 $ (11,372)
Denominator:    
Weighted-average Class A common stock outstanding - Basic (in shares) 26,778,432 23,691,769
Effect of dilutive securities:    
Dilutive potential common shares (in shares) 59,416,837 0
Weighted-average units outstanding - diluted (in shares) 86,195,269 23,691,769
Earnings (loss) per common share:    
Basic (in dollars per share) $ 1.06 $ (0.48)
Diluted (in dollars per share) $ 0.56 $ (0.48)
Previously Reported    
Numerator:    
Net income attributable to noncontrolling interest $ 25,637 $ 0
Stock options    
Effect of dilutive securities:    
Dilutive securities (in shares) 152,644 0
Restricted stock units    
Effect of dilutive securities:    
Dilutive securities (in shares) 556,584 0
Performance stock units    
Effect of dilutive securities:    
Dilutive securities (in shares) 12,994 0
Warrants    
Effect of dilutive securities:    
Warrants (in shares) 0 0
Employee stock purchase plan    
Effect of dilutive securities:    
Dilutive securities (in shares) 0 0
Retained OppFi Units    
Effect of dilutive securities:    
Dilutive securities (in shares) 58,694,615 0
v3.26.1
Earnings (Loss) Per Common Share - Schedule of Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 18,721,489 81,581,107
Warrants | Public Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 14,024,758 13,352,242
Warrants | $11.50 Exercise Price Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 401,804 1,074,620
Warrants | $15 Exercise Price Warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 912,500 912,500
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 1,841,792 1,842,192
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 1,521,051 1,640,161
Performance stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 9,640 50,380
Employee stock purchase plan units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 9,944 10,077
Noncontrolling interest - Retained OppFi Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential common stock (in shares) 0 62,698,935
v3.26.1
Subsequent Events (Details)
 3 Months Ended
Apr. 28, 2026
USD ($)
$ / shares
shares
Apr. 10, 2026
USD ($)
Mar. 31, 2026
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
May 06, 2026
USD ($)
Apr. 15, 2026
USD ($)
Dec. 31, 2025
$ / shares
Subsequent Event [Line Items]              
Borrowings of credit facility     $ 44,567,000 $ 61,066,000      
Class A Common Stock              
Subsequent Event [Line Items]              
Common stock, par or stated value per share (in dollars per share) | $ / shares     $ 0.0001       $ 0.0001
Subsequent Event | Merger Agreement              
Subsequent Event [Line Items]              
Outstanding shares converted amount $ 19.3875            
Transaction value $ 130,700,000            
Percentage of minimum common equity tier 1 capital ratio 12.00%            
Tangible common equity $ 112,000,000.0            
Termination fee payable percentage 1.50%            
Voting agreements terminate period 1 year            
Subsequent Event | BNCC Stockholders | Merger Agreement              
Subsequent Event [Line Items]              
Ownership percentage 20.00%            
Former ownership percentage 7.00%            
Termination fee payable percentage 3.50%            
Subsequent Event | OppFi Shares, LLC | Corporate Simplification Agreement              
Subsequent Event [Line Items]              
Percentage of shares issued and outstanding 5.30%            
Future tax benefits $ 111,000,000            
Early termination payment $ 40,800,000            
Subsequent Event | OppFi-LLC | Corporate Simplification Agreement              
Subsequent Event [Line Items]              
Ownership percentage 94.70%            
Subsequent Event | OppFi-LLC | Merger Agreement              
Subsequent Event [Line Items]              
Ownership percentage 93.00%            
Subsequent Event | Class A Common Stock              
Subsequent Event [Line Items]              
Share repurchase program, additional share repurchase amount         $ 40,000,000    
Subsequent Event | Class A Common Stock | Merger Agreement              
Subsequent Event [Line Items]              
Common stock, par or stated value per share (in dollars per share) | $ / shares $ 0.0001            
Exchange ratio 1.90            
Incrementally increasing percentage 100.00%            
Subsequent Event | Class A Common Stock | OppFi Shares, LLC | Corporate Simplification Agreement              
Subsequent Event [Line Items]              
Conversion ratio 1            
Number of shares converted (in shares) | shares 1            
Revolving Credit Facility | Third Amendment | Subsequent Event              
Subsequent Event [Line Items]              
Borrowings of credit facility   $ 46,500,000          
Revolving Credit Facility | Gray Rock Credit Agreement | Subsequent Event              
Subsequent Event [Line Items]              
Borrowing Capacity           $ 75,000,000