OppFi Inc.

Previous 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.

Current wording

We are 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, we assist consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,200 reviews, positioning us among the top consumer-rated financial platforms online. We also hold 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 mission is to facilitate financial inclusion and credit access to the 60 million everyday Americans who face credit insecurity through unwavering commitment to its customers, who benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with OppFi benefit from its turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers.

Current wording

Our primary mission is to facilitate financial inclusion and credit access to the 48 million everyday Americans who face credit insecurity through unwavering commitment to our customers, who benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with us benefit from our turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers.

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 for a new borrower facilitated by OppFi is approximately $1,850, payable in installments and with an average contractual term of 11 months.

Current wording

Our primary products are offered by our 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 us is approximately $1,950, payable in installments and with an average contractual term of 11 months.

Previous wording

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

Current wording

•Basic and diluted earnings per common share of $1.48 and $0.77, respectively, for the three months ended September 30, 2025;

Previous 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;

Current wording

•Adjusted net income (“Adjusted Net Income”)(1) of $40.7 million for the three months ended September 30, 2025, an increase of $11.9 million from $28.8 million for the three months ended September 30, 2024;

Previous 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;

Current wording

•Adjusted earnings per share (“Adjusted EPS”)(1) of $0.46 for the three months ended September 30, 2025, an increase of $0.13 from $0.33 for the three months ended September 30, 2024;

Previous 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

Current wording

•Net originations increased 12.5% to $246.1 million from $218.8 million for the three months ended September 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 and six months ended June 30, 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 our operations as of and for the three and nine months ended September 30, 2025 and 2024. Percentages presented are calculated from the underlying whole-dollar amounts.

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 and six months ended June 30, 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 we ultimately purchased a receivable from our bank partners), and percentage of net originations by new loans for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Previous 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.

Current wording

Total net originations increased to $246.1 million and $669.2 million for the three and nine months ended September 30, 2025, respectively, from $218.8 million and $587.8 million for the three and nine months ended September 30, 2024, respectively. The 12.5% and 13.8% increases were a result of increased demand from both new and returning customers and improvements to our credit model allowing for higher average loan sizes. Total retained net originations increased to $215.2 million and $589.9 million for the three and nine months ended September 30, 2025, respectively, from $198.4 million and $540.3 million for the three and nine months ended September 30, 2024, respectively. The 8.5% and 9.2% 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 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.

Current wording

Total net originations of new loans as a percentage of total loans decreased to 45.4% and 40.6% for the three and nine months ended September 30, 2025, respectively, from 46.8% and 44.7% for the three and nine months ended September 30, 2024, respectively. The decreases were a result of originations growth from refinance and returning customers outweighing originations growth from new customers.

Previous 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.

Current wording

Ending receivables increased to $481.0 million as of September 30, 2025 from $413.7 million as of September 30, 2024. The 16.3% 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 tables present average yield for the three and six months ended June 30, 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 nine months ended September 30, 2025 and 2024:

Previous 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:

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 nine months ended September 30, 2025 and 2024:

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 tables present auto approval rate for the three and six months ended June 30, 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 rates for the three and nine months ended September 30, 2025 and 2024:

Previous 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.

Current wording

Auto-approval rate increased to 79.1% and 79.2% for the three and nine months ended September 30, 2025, respectively, from 76.8% and 75.4% for the three and nine months ended September 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 0.3% of total revenue for the three months ended June 30, 2025.

Current wording

Total revenue is calculated as the sum of interest and loan related income and other revenue. The majority of our revenue is earned from interest on finance receivables from outstanding loans. 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 September 30, 2025.

Previous wording

Total revenue increased by $29.1 million, or 11.5%, to $282.7 million for the six months ended June 30, 2025 from $253.6 million for the six 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.

Current wording

Total revenue increased by $18.5 million, or 13.5%, to $155.1 million for the three months ended September 30, 2025 from $136.6 million for the three months ended September 30, 2024. The increase was largely due to higher average receivables balances throughout the period.

Previous 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.

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 $50.5 million for the three months ended September 30, 2025, which was comprised of $65.4 million of gross charge-offs, partially offset by $11.0 million of recoveries and a positive fair value adjustment of $3.9 million, up from $45.4 million for the three months ended September 30, 2024, which was comprised of $55.6 million of gross charge-offs, partially offset by $8.8 million of recoveries and a positive fair value adjustment of $1.4 million. The fair value adjustment for thethree months ended September 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

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 $14.0 million, or 16.2%, to $100.2 million for the three months ended June 30, 2025 from $86.3 million for the three months ended June 30, 2024. This increase was due to the increase in total revenue, partially offset by the increase in change in fair value of 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 $13.4 million, or 14.7%, to $104.6 million for the three months ended September 30, 2025 from $91.2 million for the three months ended September 30, 2024. This increase was due to the increase in total revenue, partially offset by the increase in change in fair value of finance receivables.

Previous 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.

Current wording

Expenses increased by $39.0 thousand, or 0.1%, to $56.1 million for the three months ended September 30, 2025 from $56.1 million for the three months ended September 30, 2024. The increase in expenses was primarily driven by an increase in direct marketing costs resulting from the expansion of our direct mail channel and an increase in salaries and employee benefits, driven largely by stock-based compensation. The increase was partially offset by lower interest expense resulting from paying down debt and rate decreases starting in the fourth quarter of 2024 as well as lower capitalized technology amortization expense. Expenses as a percent of total revenue decreased from 41.1% to 36.2% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Previous wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $15.3 million to $44.8 million for the three months ended June 30, 2025 from income from operations of $29.5 million for the three months ended June 30, 2024. This increase was driven by higher total revenueand lower expenses, partially offset by higher change in fair value of finance receivables, 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 $13.4 million to $48.4 million for the three months ended September 30, 2025 from income from operations of $35.1 million for the three months ended September 30, 2024. This increase was driven by higher total revenue, partially offset by higher change in fair value of finance receivables and higher expenses, as a result of the reasons stated above.

Previous 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.

Current wording

The change in fair value of warrant liabilities resulted in a gain of $31.7 million and a loss of $1.4 million for the three months ended September 30, 2025 and 2024, respectively. The changes are largely attributed to the changes in the share price of our Class A common stock, par value $0.0001 per share (“Class A Common Stock”), over the period.

Previous wording

On July 31, 2024, OppFi acquired 35% of the outstanding equity securities of Bitty. OppFi determined that it does not have a controlling financial interest in Bitty, but does exercise significant influence, and therefore the investment was accounted for under the equity method. OppFi’s proportionate share of Bitty’s earnings was $1.1 million for the three months ended June 30, 2025.

Current wording

On July 31, 2024, we acquired 35% of the outstanding equity securities of Bitty. We determined that we do not have a controlling financial interest in Bitty, but do exercise significant influence, and therefore the investment was accounted for under the equity method. Our proportionate share of Bitty’s earnings was $1.4 million for the three months ended September 30, 2025, an increase of $0.7 million from $0.6 million for the three months ended September 30, 2024.

Previous wording

Other income totaled $0.1 million for the three months ended June 30, 2025 and $0.1 million for the three months ended June 30, 2024. Other income for both periods was comprised of $0.1 million in income related to the Company subleasing one floor of its office space.

Current wording

Other income totaled $0.1 million for the three months ended September 30, 2025 and $0.1 million for the three months ended September 30, 2024. Other income for both periods was comprised of $0.1 million in income attributed to the sublease of one of our office facilities.

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 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.

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 increased by $47.2 million, or 137.5%, to $81.6 million for the three months ended September 30, 2025 from $34.4 million for the three months ended September 30, 2024 driven by the increases to income from operations, income from equity method investment, and the gain from the change in fair value of warrant liabilities for the reasons stated above.

Previous wording

Income tax expense of $1.2 million for the three months ended June 30, 2025 increased by $0.3 million from $0.9 million for the three months ended June 30, 2024. The increase in income tax expense is attributed to the increase in OppFi’s effective tax rate largely due to OppFi’s increasing ownership in OppFi-LLC.

Current wording

Income tax expense of $5.6 million for the three months ended September 30, 2025 increased by $3.4 million from $2.3 million for the three months ended September 30, 2024. The increase in income tax expense is attributed to both higher income before income taxes and the increase in our effective tax rate, largely due to OppFi Inc.’s increasing ownership in Opportunity Financial, LLC (“OppFi-LLC”).

Previous 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.

Current wording

Net income is the difference between income before income taxes and income tax expense. Net income increased by $43.9 million to $75.9 million for the three months ended September 30, 2025 from net income of $32.1 million for the three months ended September 30, 2024 for the reasons stated above.

Previous wording

Net loss attributable to OppFi Inc. was $20.8 million for the three months ended June 30, 2025, down from net income attributable to OppFi Inc. of $3.1 million for the three 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 three months ended June 30, 2025, income from economic interest was $14.7 million, offset by loss on change in fair value of warrant liabilities of $33.3 million, income tax expense of $1.3 million, and general and administrative expenses of $0.9 million, for net loss attributable to OppFi Inc. of $20.8 million. For the three months ended June 30, 2024, income from economic interest was $5.3 million, partially offset by loss on change in fair value of warrant liabilities of $1.0 million, income tax expense of $0.9 million and general and administrative expenses of $0.3 million, for net income attributable to OppFi Inc. of $3.1 million.

Current wording

Net income attributable to OppFi Inc. was $41.6 million for the three months ended September 30, 2025, up from net income attributable to OppFi Inc. of $4.3 million for the three months ended September 30, 2024. As a result of our Up-C structure, the underlying income or expense components are generally the economic interest in OppFi-LLC’s income or loss, expenses related to our status as a public company, and the change in fair value of warrant liabilities. For the three months ended September 30, 2025, income from economic interest was $16.4 million and the gain from change in fair value of warrant liabilities was $31.7 million, partially offset by income tax expense of $5.6 million and general and administrative expenses of $0.9 million, for net income attributable to OppFi Inc. of $41.6 million. For the three months ended September 30, 2024, income from economic interest was $8.7 million, partially offset by the loss on change in fair value of warrant liabilities of $1.4 million, income tax expense of $2.3 million, and general and administrative expenses of $0.7 million, for net income attributable to OppFi Inc. of $4.3 million.

Previous 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.

Current wording

For the three months ended September 30, 2025, our outstanding shares of Class V Voting Stock were included in computing the diluted earnings per share as the inclusion of these shares had a dilutive effect under the if-converted method. For the three months ended September 30, 2024, our 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 our Class V Voting Stock are assumed to be exchanged, together with Class A common units of OppFi-LLC (“OppFi Units”), into shares of our Class A Common Stock as of the beginning of the period.

Previous wording

The following table presents our consolidated results of operations for the 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.

Current wording

The following table presents our consolidated results of operations for the nine months ended September 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

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 six months ended June 30, 2025.

Current wording

Total revenue is calculated as the sum of interest and loan related income and other revenue. The majority of our revenue is earned from interest on finance receivables from outstanding loans. We also earn revenue from referral fees related primarily to our “Turn-Up” program, which represented 0.2% of total revenue for the nine months ended September 30, 2025.

Previous 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.

Current wording

Total revenue increased by $47.6 million, or 12.2%, to $437.8 million for the nine months ended September 30, 2025 from $390.2 million for the nine months ended September 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 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 $91.7 million for the six months ended June 30, 2025, which was comprised of $115.4 million of gross charge-offs, partially offset by $21.3 million of recoveries and a positive fair value adjustment of $2.4 million, down from $104.1 million for the six months ended June 30, 2024, which was comprised of $119.0 million of gross charge-offs and a negative fair value adjustment of $2.1 million, partially offset by $17.0 million of recoveries. The fair value adjustment for the six months ended June 30, 2025 had a positive impactdue to the increase in receivables over the period combined with a slight increase in the fair value premium.

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 $142.2 million for the nine months ended September 30, 2025, which was comprised of $180.8 million of gross charge-offs, partially offset by $32.4 million of recoveries and a positive fair value adjustment of $6.2 million, down from $149.5 million for the nine months ended September 30, 2024, which was comprised of $174.6 million of gross charge-offs and a negative fair value adjustment of $0.7 million, partially offset by $25.8 million of recoveries. The fair value adjustment for the nine months ended September 30, 2025 had a positive impactdue to theincrease in receivables over the period combined with a slight increase in the fair value premium.

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 $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.

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 $55.0 million, or 22.8%, to $295.6 million for the nine months ended September 30, 2025 from $240.7 million for the nine months ended September 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

Expenses decreased by $11.0 million, or 9.6%, to $103.8 million for the six months ended June 30, 2025 from $114.7 million for the six 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 professional fees, and lower capitalized technology amortization expense. Expenses as a percent of total revenue decreased from 45.2% to 36.7% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

Expenses decreased by $10.9 million, or 6.4%, to $159.9 million for the nine months ended September 30, 2025 from $170.8 million for the nine months ended September 30, 2024. The decrease in expenses was primarily driven by lower interest expense resulting from paying down debt and rate decreases starting in the fourth quarter of 2024, lower professional fees, and lower capitalized technology amortization expense. The decrease was partially offset by higher direct marketing costs resulting from the expansion of our direct mail channel. Expenses as a percent of total revenue decreased from 43.8% to 36.5% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous 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.

Current wording

Income from operations is the difference between net revenue and expenses. Income from operations increased by $65.9 million to $135.7 million for the nine months ended September 30, 2025 from income from operations of $69.9 million for the nine months ended September 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

The change in fair value of warrant liabilities resulted in a loss of $54.9 million and a gain of $4.2 million for the six 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 over the period.

Current wording

The change in fair value of warrant liabilities resulted in a loss of $23.2 million and a gain of $2.7 million for the nine months ended September 30, 2025 and 2024, respectively. The changes are largely attributed to the changes in the share price of our Class A Common Stock over the period.

Previous wording

On July 31, 2024, OppFi acquired 35% of the outstanding equity securities of Bitty. OppFi determined that it does not have a controlling financial interest in Bitty, but does exercise significant influence, and therefore the investment was accounted for under the equity method. OppFi’s proportionate share of Bitty’s earnings was $2.2 million for the six months ended June 30, 2025.

Current wording

On July 31, 2024, we acquired 35% of the outstanding equity securities of Bitty. We determined that we do not have a controlling financial interest in Bitty, but do exercise significant influence, and therefore the investment was accounted for under the equity method. Our proportionate share of Bitty’s earnings was $3.6 million for the nine months ended September 30, 2025, an increase of $2.9 million from $0.6 million for the nine months ended September 30, 2024.

Previous wording

Other income totaled $0.2 million for the six months ended June 30, 2025 and $0.2 million for the six months ended June 30, 2024. Other income for both periods was comprised of $0.2 million in income related to the Company subleasing one floor of its office space.

Current wording

Other income totaled $0.2 million for the nine months ended September 30, 2025 and $0.2 million for the nine months ended September 30, 2024. Other income for both periods was comprised of $0.2 million in income attributed to the sublease of one of our office facilities.