OppFi Inc.

Previous wording

OppFi Inc. (“OppFi” and, collectively with its subsidiaries, the “Company”) is a leading tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans. Through a transparent and responsible platform, which includes financial inclusion and excellent customer experience, the Company supports consumers who are turned away by mainstream options to build better financial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot with more than 4,900 reviews, making the Company one of the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that offers revenue-based financing and other working capital solutions to small businesses.

Current wording

OppFi Inc. (“OppFi” and, 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. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.5/5.0 star rating on Trustpilot based on over 4,900 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that provides revenue-based financing and other working capital solutions to small businesses.

Previous wording

OppFi’s primary products are offered by its OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan facilitated by OppFi is approximately $1,750, payable in installments and with an average contractual term of 11 months.

Current wording

OppFi’s primary products are offered by its OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan for a new borrower facilitated by OppFi is approximately $1,850, payable in installments and with an average contractual term of 11 months.

Previous wording

•Basic and diluted loss per common share of $0.48 and $0.48, respectively, for the three months ended March 31, 2025;

Current wording

•Basic and diluted loss per common share of $0.78 and $0.78, respectively, for the three months ended June 30, 2025;

Previous wording

•Adjusted net income (“Adjusted Net Income”)(1) of $33.8 million for the three months ended March 31, 2025, an increase of $25.0 million from $8.8 million for the three months ended March 31, 2024;

Current wording

•Adjusted net income (“Adjusted Net Income”)(1) of $39.4 million for the three months ended June 30, 2025, an increase of $14.6 million from $24.8 million for the three months ended June 30, 2024;

Previous wording

•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.38 for the three months ended March 31, 2025, an increase of $0.28 from $0.10 for the three months ended March 31, 2024;

Current wording

•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.45 for the three months ended June 30, 2025, an increase of $0.16 from $0.29 for the three months ended June 30, 2024;

Previous wording

•Net originations increased 15.7% to $189.2 million from $163.5 million for the three months ended March 31, 2025 and 2024, respectively; and

Current wording

•Net originations increased 13.8% to $233.9 million from $205.5 million for the three months ended June 30, 2025 and 2024, respectively; and

Previous wording

We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for the Company’s operations as of and for the three months ended March 31, 2025 and 2024. Percentages presented are calculated from the underlying whole-dollar amounts.

Current wording

We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for the Company’s operations as of and for the three and six months ended June 30, 2025 and 2024. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

We measure originations to assess the growth trajectory and overall size of our loan portfolio. There is a direct correlation between origination growth and revenue growth. Loans are considered to be originated when the contract is signed with the prospective borrower. The vast majority of our originations ultimately disburse to a borrower, but disbursement timing lags that of originations.

Current wording

We measure originations to assess the growth trajectory and overall size of our loan portfolio. There is a direct correlation between origination growth and revenue growth. Loans are considered to be originated when the prospective borrower's application is approved. The vast majority of our originations ultimately disburse to a borrower, but disbursement timing lags that of originations.

Previous wording

The following table presents total net originations (defined as gross originations net of transferred balance on refinanced loans), total retained net originations (defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners), and percentage of net originations by new loans for the three months ended March 31, 2025 and 2024 (in thousands):

Current wording

The following table presents total net originations (defined as gross originations net of transferred balance on refinanced loans), total retained net originations (defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners), and percentage of net originations by new loans for the three and six months ended June 30, 2025 and 2024 (in thousands):

Previous wording

Total net originations increased to $189.2 million for the three months ended March 31, 2025 from $163.5 million for the three months ended March 31, 2024. The 15.7% increase was a result of increased demand from returning customers and improvements to our credit model driving higher issuance for our refinance and returning customers. Total retained net originations increased to $169.0 million for the three months ended March 31, 2025, from $152.5 million for the three months ended March 31, 2024. The 10.8% increase was a result of the growth in total net originations, partially offset by the growth in the percentage of loans retained by our bank partners.

Current wording

Total net originations increased to $233.9 million and $423.0 million for the three and six months ended June 30, 2025, respectively, from $205.5 million and $369.0 million for the three and six months ended June 30, 2024, respectively. The 13.8% and 14.6% increases were a result of increased demand from returning customers and improvements to our credit model driving higher issuance for our refinance and returning customers. Total retained net originations increased to $205.7 million and $374.7 million for the three and six months ended June 30, 2025, respectively, from $189.3 million and $341.9 million for the three and six months ended June 30, 2024, respectively. The 8.6% and 9.6% increases were a result of the growth in total net originations, partially offset by the growth in the percentage of loans retained by our bank partners.

Previous wording

Total net originations of new loans as a percentage of total loans decreased to 36.6% for the three months ended March 31, 2025 from 42.3% for the three months ended March 31, 2024. The decrease was a result of increased demand from returning customers and improvements to our credit model driving higher issuance for our refinance and returning customers.

Current wording

Total net originations of new loans as a percentage of total loans decreased to 38.7% and 37.8% for the three and six months ended June 30, 2025, respectively, from 44.4% and 43.5% for the three and six months ended June 30, 2024, respectively. The decreases were a result of increased demand from returning customers and improvements to our credit model driving higher issuance for our refinance and returning customers.

Previous wording

Ending receivables increased to $406.6 million as of March 31, 2025 from $371.4 million as of March 31, 2024. The 9.5% increase was primarily driven by a higher balance to start the year, higher retained net originations, and lower gross charge-offs for the period.

Current wording

Ending receivables increased to $437.8 million as of June 30, 2025 from $387.1 million as of June 30, 2024. The 13.1% increase was primarily driven by a higher balance to start the year, higher retained net originations, and term extension initiatives in 2025.

Previous wording

Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following table presents average yield for the three months ended March 31, 2025 and 2024:

Current wording

Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following tables present average yield for the three and six months ended June 30, 2025 and 2024:

Previous wording

Average yield increased to 135.8% for the three months ended March 31, 2025 from 129.5% for the three months ended March 31, 2024. The 4.8% increase was driven by a decrease in delinquent loans in the portfolio that were not accruing interest throughout the period as well as an increase in the average statutory rate due to the introduction of pricing initiatives throughout 2024.

Current wording

Average yield increased to 136.1% and 135.3% for the three and six months ended June 30, 2025, respectively, from 134.8% and 131.4% for the three and six months ended June 30, 2024, respectively. The 1.0% and 3.0% increases were largely driven by an increase in the average statutory rate due to the expansion of pricing initiatives implemented in the second half of 2024.

Previous wording

The following table presents net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three months ended March 31, 2025 and 2024:

Current wording

The following tables present net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three and six months ended June 30, 2025 and 2024:

Previous wording

Net charge-offs as a percentage of total revenue decreased to 34.6% for the three months ended March 31, 2025 from 47.9% for the three months ended March 31, 2024. The decrease was a result of a higher yielding portfolio for the reasons discussed above in “Average Yield” combined with both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs in the period. Net charge-offs as a percentage of average receivables decreased to 47.0% for the three months ended March 31, 2025 from 62.0% for the three months ended March 31, 2024. The decrease was a result of both lower gross charge-offs and higher recoveries driving lower levels of net charge-offs in the period.

Current wording

Net charge-offs as a percentage of total revenue decreased to 31.9% and 33.3% for the three and six months ended June 30, 2025, respectively, from 32.5% and 40.2% for the three and six months ended June 30, 2024, respectively. The decreases were mainly a result of a higher yielding portfolio for the reasons discussed above in “Average Yield”. Net charge-offs as a percentage of average receivables decreased to 43.5% and 45.0% for the three and six months ended June 30, 2025, respectively, from 43.8% and 52.9% for the three and six months ended June 30, 2024, respectively. The decreases were mainly a result of larger average receivables balances over the period.

Previous wording

Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. The following table presents auto approval rate for the three months ended March 31, 2025 and 2024:

Current wording

Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved. The following tables present auto approval rate for the three and six months ended June 30, 2025 and 2024:

Previous wording

Auto-approval rate increased to 78.6% for the three months ended March 31, 2025 from 73.4% for the three months ended March 31, 2024. The increase was driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.

Current wording

Auto-approval rate increased to 79.7% and 79.2% for the three and six months ended June 30, 2025, respectively, from 75.8% and 74.7% for the three and six months ended June 30, 2024, respectively. The increases were driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.

Previous wording

Total revenue consists mainly of revenue earned from interest on finance receivables from outstanding loans based on the interest method. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.2% of total revenue for the three months ended March 31, 2025.

Current wording

Total revenue consists mainly of revenue earned from interest on finance receivables from outstanding loans based on the interest method. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.3% of total revenue for the three months ended June 30, 2025.

Previous wording

Total revenue increased by $12.9 million, or 10.1%, to $140.3 million for the three months ended March 31, 2025 from $127.3 million for the three months ended March 31, 2024. The increase was due to higher average receivables balances throughout the period, a higher average statutory rate for the loans in the portfolio, and stronger payment activity driving a higher yield on the balances.

Current wording

Total revenue increased by $16.1 million, or 12.8%, to $142.4 million for the three months ended June 30, 2025 from $126.3 million for the three months ended June 30, 2024. The increase was due to higher average receivables balances throughout the period and a higher average statutory rate for the loans in the portfolio driving a higher yield on the balances.

Previous wording

Change in fair value consists of gross charge-offs incurred in the period on the installment finance receivables, net of recoveries, plus the change in the fair value on the installment loans portfolio. Change in fair value totaled $49.5 million for the three months ended March 31, 2025, which was comprised of $59.2 million of gross charge-offs and a negative fair value adjustment of $0.9 million, offset by $10.6 of recoveries, down from $64.1 million for the three months ended March 31, 2024, which was comprised of $69.5 million of gross charge-offs and a negative fair value adjustment of $3.1 million, offset by $8.5 million of recoveries. The fair value adjustment for the three months ended March 31, 2025 had a negative impactdue to the decrease in receivables over the period with a relatively flat fair value mark.

Current wording

Change in fair value of finance receivables consists of gross charge-offs incurred in the period on the installment finance receivables, net of recoveries, plus the change in the fair value on the installment loans portfolio. Change in fair value totaled $42.2 million for the three months ended June 30, 2025, which was comprised of $56.2 million of gross charge-offs, partially offset by $10.7 million of recoveries and a positive fair value adjustment of $3.3 million, up from $40.0 million for the three months ended June 30, 2024, which was comprised of $49.5 million of gross charge-offs, partially offset by $8.4 million of recoveries and a positive fair value adjustment of $1.1 million. The fair value adjustment for thethree months ended June 30, 2025 had a positive impact due to the increase in receivables over the period combined with a slight increase to the fair value premium.

Previous wording

Expenses decreased by $9.6 million, or 16.6%, to $48.3 million for the three months ended March 31, 2025 from $57.9 million for the three months ended March 31, 2024. The decrease in expenses was primarily driven by lower salary expense resulting from continued headcount efficiency efforts, lower interest expense resulting from paying down debt and rate decreases throughout 2024, lower professional fees, and lower capitalized technology amortization expense. The decrease was partially offset by higher direct marketing spend resulting from higher overall issuance and testing in higher cost marketing channels. Expenses as a percent of total revenue decreased from 45.5% to 34.4% for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Current wording

Expenses decreased by $1.4 million, or 2.4%, to $55.4 million for the three months ended June 30, 2025 from $56.8 million for the three months ended June 30, 2024. The decrease in expenses was primarily driven by lower interest expense resulting from paying down debt and rate decreases throughout 2024, lower direct marketing spend resulting from a relative shift in issuance towards lower-cost returning customers, and lower capitalized technology amortization expense. The decrease was partially offset by an increase in salaries and employee benefits, driven largely by stock-based compensation. Expenses as a percent of total revenue decreased from 45.0% to 38.9% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Previous wording

The fair value of warrant liabilities increased by $21.6 million and decreased by $5.2 million for the three months ended March 31, 2025 and 2024, respectively. The increase is largely attributed to the increase in the share price of OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”), over the period.

Current wording

The change in fair value of warrant liabilities resulted in a loss of $33.3 million and a loss of $1.0 million for the three months ended June 30, 2025 and 2024, respectively. The changes are largely attributed to the changes in the share price of OppFi’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”), over the period.

Previous wording

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes increased by $11.5 million, or 109.2%, to $22.0 million for the three months ended March 31, 2025 from $10.5 million for the three months ended March 31, 2024 for the reasons stated above.

Current wording

Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes decreased by $15.9 million, or 55.6%, to $12.7 million for the three months ended June 30, 2025 from $28.6 million for the three months ended June 30, 2024 driven by the increase to the fair value of warrant liabilities outweighing the increase to income from operations.

Previous wording

Net income is the difference between income before income taxes and income tax expense. Net income increased by $10.3 million to $20.4 million for the three months ended March 31, 2025 from net income of $10.1 million for the three months ended March 31, 2024 for the for the reasons stated above.

Current wording

Net income is the difference between income before income taxes and income tax expense. Net income decreased by $16.2 million to $11.5 million for the three months ended June 30, 2025 from net income of $27.7 million for the three months ended June 30, 2024 for the reasons stated above.

Previous wording

For the three months ended March 31, 2025, the Company’s outstanding shares of Class V Voting Stock were excluded in computing diluted loss per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period. For the three months ended March 31, 2024, the Company’s outstanding shares of Class V Voting Stock were included in computing diluted earnings per share as the inclusion of theses shares had a dilutive effect under the if-converted method.

Current wording

For the three months ended June 30, 2025, diluted loss per share available to common stockholders was the same as basic loss per share available to common stockholders as dilutive common shares are assumed to have not been issued if their effect is anti-dilutive. For the three months ended June 30, 2024, the Company’s outstanding shares of Class V Voting Stock were excluded in computing the diluted earnings per share as the inclusion of these shares would have had an antidilutive effect under the if-converted method. Under the if-converted method, shares of the Company’s Class V Voting Stock are assumed to be exchanged, together with OppFi Units, into shares of the Company’s Class A Common Stock as of the beginning of the period.

Previous wording

Net revenue is equal to total revenue less the change in fair value of, and provision for credit losses on, finance receivables. Net revenue increased by $27.6 million, or 43.7%, to $90.8 million for the three months ended March 31, 2025 from $63.2 million for the three months ended March 31, 2024. This increase was due to both the increase in total revenue and the decrease in change in fair value of, and provision for credit losses on, finance receivables.

Current wording

Net revenue is equal to total revenue less the change in fair value of, and provision for credit losses on, finance receivables. Net revenue increased by $41.6 million, or 27.8%, to $191.1 million for the six months ended June 30, 2025 from $149.5 million for the six months ended June 30, 2024. This increase was due to both the increase in total revenue and the decrease in change in fair value of finance receivables.

Previous wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $37.2 million to $42.5 million for the three months ended March 31, 2025 from income from operations of $5.3 million for the three months ended March 31, 2024. This increase was driven by higher total revenue, lower change in fair value and provision for credit losses on finance receivables, and lower expenses as a result of the reasons stated above.

Current wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $52.5 million to $87.3 million for the six months ended June 30, 2025 from income from operations of $34.8 million for the six months ended June 30, 2024. This increase was driven by higher total revenue, lower change in fair value of finance receivables, and lower expenses as a result of the reasons stated above.

Previous wording

Net loss attributable to OppFi Inc. was $11.4 million for the three months ended March 31, 2025, down from net income attributable to OppFi Inc. of $5.5 million for the three months ended March 31, 2024. As a result of the Company’s Up-C structure, the underlying income or expense components are generally the economic interest in OppFi-LLC’s income or loss, expenses related to its status as a public company, and the change in fair value of warrant liabilities. For the three months ended March 31, 2025, income from economic interest was $12.5 million, offset by loss due to change in fair value of warrant liabilities of $21.6 million, income tax expense of $1.7 million, and general and administrative expense of $0.6 million, for net loss attributable to OppFi Inc. of $11.4 million. For the three months ended March 31, 2024, income from economic interest was $0.9 million and gain from change in fair value of warrant liabilities was $5.2 million, partially offset by income tax expense of $0.4 million and general and administrative expense of $0.2 million, for net income attributable to OppFi Inc. of $5.5 million.

Current wording

Net loss attributable to OppFi Inc. was $32.2 million for the six months ended June 30, 2025, down from net income attributable to OppFi Inc. of $8.6 million for the six months ended June 30, 2024. As a result of the Company’s Up-C structure, the underlying income or expense components are generally the economic interest in OppFi-LLC’s income or loss, expenses related to its status as a public company, and the change in fair value of warrant liabilities. For the six months ended June 30, 2025, income from economic interest was $27.1 million, offset by loss from change in fair value of warrant liabilities of $54.9 million, income tax expense of $3.0 million, and general and administrative expense of $1.4 million, for net loss attributable to OppFi Inc. of $32.2 million. For the six months ended June 30, 2024, income from economic interest was $6.3 million and gain from change in fair value of warrant liabilities was $4.2 million, partially offset by income tax expense of $1.3 million and general and administrative expense of $0.6 million, for net income attributable to OppFi Inc. of $8.6 million.

Previous wording

Total cash and restricted cash increased by $2.5 million as of March 31, 2025 primarily driven by free cash flow generation, partially offset by the pay down of the remainder of the term loan. Finance receivables at fair value decreased by $19.0 million as of March 31, 2025 mainly driven by lower origination volume and higher payment activity due to seasonality. Equity method investment decreased by $0.7 million as of March 31, 2025 mainly due to cash distributions from Bitty. Other assets increased by $16.1 million as of March 31, 2025 mainly due to an increase in the deferred tax asset of $6.3 million, an increase in the settlement receivable of $3.1 million, an increase in property, equipment, and software of $2.6 million, and an increase in capitalized debt issuance costs of $2.2 million, partially offset by a decrease in the operating lease right of use asset of $0.6 million.

Current wording

Total cash and restricted cash decreased by $10.0 million as of June 30, 2025 primarily driven by the timing of growth in finance receivables originated and acquired relative to finance receivables repaid, partially offset by growth in cash provided by operating activities. Finance receivables at fair value increased by $17.8 million as of June 30, 2025 mainly driven by strong originations growth. Equity method investment decreased by $0.6 million as of June 30, 2025 mainly due to cash distributions from Bitty. Other assets increased by $25.1 million as of June 30, 2025 mainly due to an increase in the deferred tax asset of $12.6 million, an increase in property, equipment, and software of $5.8 million, an increase in the settlement receivable of $2.0 million, and an increase in capitalized debt issuance costs of $1.6 million, partially offset by a decrease in the operating lease right of use asset of $0.9 million.

Previous wording

Accounts payable and accrued expenses decreased by $0.4 million as of March 31, 2025 driven by a decrease in accrued expenses of $1.4 million and an increase in accounts payable of $1.1 million. Other liabilities increased by $5.9 million as of March 31, 2025 driven by an increase in the tax receivable agreement liability of $6.3 million, partially offset by a decrease in the operating lease liability of $0.5 million. Total debt decreased by $30.8 million as of March 31, 2025 driven primarily by the $29.9 million pay down of the remainder of the term loan. Warrant liabilities increased by $21.6 million as of March 31, 2025 due to the increase in the valuation of the warrants correlated with the increase in the share price of OppFi’s Class A Common Stock. Total stockholders’ equity increased by $2.6 million as of March 31, 2025 driven by net income, stock-based compensation, and the deferred tax asset, partially offset by distributions to members of OppFi-LLC, payments to the members of OppFi-LLC pursuant to the Tax Receivable Agreement, and common stock dividend declared but not paid.

Current wording

Accounts payable and accrued expenses decreased by $3.5 million as of June 30, 2025 driven by a decrease in accrued expenses of $5.3 million, partially offset by an increase in accounts payable of $1.9 million. Total debt decreased by $12.9 million as of June 30, 2025 driven primarily by the $29.9 million pay down of the remainder of the term loan, partially offset by an increase in the utilization of revolving lines of credit. Warrant liabilities increased by $54.9 million as of June 30, 2025 due to the increase in the valuation of the warrants correlated with the increase in the share price of OppFi’s Class A Common Stock. Other liabilities increased by $10.1 million as of June 30, 2025 driven by an increase in the tax receivable agreement liability of $11.0 million, partially offset by a decrease in the operating lease liability of $0.9 million. Total stockholders’ equity decreased by $16.5 million as of June 30, 2025 mainly driven by distributions to members of OppFi-LLC, payments to the members of OppFi-LLC pursuant to the Tax Receivable Agreement, and common stock dividends paid, partially offset by net income, stock-based compensation, and the deferred tax asset.

Previous wording

The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Current wording

The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

The following table presents reconciliations of non-GAAP financial measures for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Current wording

The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.

Previous wording

As of March 31, 2025, OppFi had $58.0 million in unrestricted cash, a decrease of $3.4 million from December 31, 2024. As of March 31, 2025, OppFi had an additional $237.0 million of unused debt capacity under its financing facilities for future availability, representing a 45% overall undrawn capacity, an increase from $206.2 million as of December 31, 2024. The increase in undrawn debt was driven primarily by using excess cash to pay down debt on our term loan and adding an additional $50 million in capacity to one of our revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $90.8 million, OppFi had approximately $615.8 million in funding capacity as of March 31, 2025.

Current wording

As of June 30, 2025, OppFi had $45.2 million in unrestricted cash, a decrease of $16.1 million from December 31, 2024. As of June 30, 2025, OppFi had an additional $219.1 million of unused debt capacity under its financing facilities for future availability, representing a 42% overall undrawn capacity, an increase from $206.2 million as of December 31, 2024. The increase in undrawn debt was driven primarily by using excess cash to pay down debt on our term loan and adding an additional $50 million in capacity to one of our revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $78.3 million, OppFi had approximately $603.3 million in funding capacity as of June 30, 2025.

Previous wording

The following table presents cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2025 and 2024 (in thousands):

Current wording

The following table presents cash provided by (used in) operating, investing and financing activities for the six months ended June 30, 2025 and 2024 (in thousands):

Previous wording

Net cash provided by operating activities was $83.7 million for the three months ended March 31, 2025. This was an increase of $9.3 million when compared to net cash provided by operating activities of $74.4 million for the three months ended March 31, 2024, mainly due to higher net income.

Current wording

Net cash provided by operating activities was $179.4 million for the six months ended June 30, 2025. This was an increase of $27.6 million when compared to net cash provided by operating activities of $151.7 million for the six months ended June 30, 2024, mainly due to the increase in income from operations.

Previous wording

Net cash used in investing activities was $34.2 million for the three months ended March 31, 2025. This was an increase of $16.2 million when compared to net cash used in investing activities of $18.0 million for the three months ended March 31, 2024, mainly due to higher finance receivables originated and acquired and capitalization of technology development expenses, partially offset by higher finance receivables repaid and recovered.

Current wording

Net cash used in investing activities was $115.6 million for the six months ended June 30, 2025. This was an increase of $38.2 million when compared to net cash used in investing activities of $77.3 million for the six months ended June 30, 2024, mainly due to higher finance receivables originated and acquired, capitalization of technology development expenses, and lower finance receivables repaid and recovered.

Previous wording

Net cash used in financing activities was $47.0 million for the three months ended March 31, 2025. This was an increase of $5.4 million when compared to net cash used in financing activities of $41.6 million for the three months ended March 31, 2024, primarily due to an increase in distributions to members of OppFi-LLC and payments for debt issuance costs.

Current wording

Net cash used in financing activities was $73.8 million for the six months ended June 30, 2025. This was an increase of $6.3 million when compared to net cash used in financing activities of $67.5 million for the six months ended June 30, 2024, primarily due to an increase in distributions to members of OppFi-LLC and paying down the term loan, partially offset by increased utilization of revolving lines of credit.