OppFi Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
OPFI$6.17-1.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001818502-25-000057
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001818502-26-000056
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 130 previous paragraphs and 107 current paragraphs.
48 unchanged; 44 reworded; 15 added; 24 removed; 14 previous and 0 current paragraphs rearranged.
Tables are not compared: 21 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
•Net income increased 165.0% to $54.0 million from $20.4 million for the three months ended March 31, 2026 and 2025, respectively;
Current report
•Total revenue increased 8.3% to $151.9 million from $140.3 million for the three months ended March 31, 2026 and 2025, respectively;
Current report
•Net originations decreased 7.0% to $176.0 million from $189.2 million for the three months ended March 31, 2026 and 2025, respectively; and
Current report
•Ending receivables increased 9.4% to $444.9 million from $406.6 million as of March 31, 2026 and 2025, respectively.
Current report
RECENT EVENTS
Current report
In April 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BNCCORP, Inc. (“BNCC”) pursuant to which BNCC will merge with one of our wholly owned subsidiaries of the Company and BNC National Bank (“BNC”), a wholly owned subsidiary of BNCC, will become a wholly owned subsidiary of the Company (together with the Merger, the “Transaction”). The Transaction is subject to customary closing conditions, including regulatory and BNCC stockholder approvals, and is expected to close in the fourth quarter of 2026, although there can be no assurance that such conditions will be satisfied. The Transaction is expected to enable us to operate as a bank holding company and, over time, provide access to a more stable and lower-cost source of funding through deposits, although it will also subject us to increased regulatory capital and compliance requirements. We believe the Transaction will further align our technology-enabled platform with a regulated banking infrastructure, supporting our long-term strategy to vertically integrate our operations and enhance risk management and funding flexibility.
Current report
In addition, in April 2026, we completed a series of transactions pursuant to a Corporate Simplification Agreement (the “Corporate Simplification”), which resulted in us becoming the sole owner of OppFi-LLC and the termination of our Tax Receivable Agreement (the “TRA”). The Corporate Simplification is expected to simplify our organizational structure, eliminate noncontrolling interests, and result in future tax benefits totaling approximately $111 million from the tax basis "step-up" triggered by the Corporate Simplification and previous exchanges, partially offset by aggregate TRA termination payments of approximately $40.8 million. We expect the simplified structure to improve the transparency and comparability of our financial results and better position us to execute on our strategic and capital allocation priorities.
Current report
Total net originations decreased to $176.0 million for the three months ended March 31, 2026 from $189.2 million for the three months ended March 31, 2025. The 7.0% decrease was mainly a result of lower net originations from refinance customers, as the prior year period benefited from changes to our credit model that increased the maximum loan amount those customers could refinance as well as higher average tax refunds that temporarily reduced loan demand for the current year period, which outweighed higher originations from new customers. Total retained net originations decreased to $151.4 million for the three months ended March 31, 2026 from $169.0 million for the three months ended March 31, 2025. The 10.4% decrease was a result of the decrease in total net originations, furthered by the growth in the percentage of loans retained by our bank partners.
Current report
Average yield decreased to 130.7% for the three months ended March 31, 2026 from 135.8% for the three months ended March 31, 2025. The 3.8% decrease was driven by an increase in delinquent loans in the portfolio that were not accruing interest throughout the period, partially offset by an increase in the average statutory rate during the period.
Current report
Comparison of the three months ended March 31, 2026 and 2025
Current report
Net Income (loss) Attributable to OppFi Inc.
Current report
Comparison of the three months ended March 31, 2026 and 2025
Current report
As part of management’s plan to improve the economics of our funding sources, on April 15, 2026, Gray Rock SPV LLC paid in full the outstanding obligations under its revolving credit agreement with Midtown Madison Management LLC (the “Gray Rock Credit Agreement”). Subsequent to the repayment, Gray Rock SPV LLC terminated the Gray Rock Credit Agreement. On April 15, 2026, Opportunity Funding SPE V, LLC borrowed approximately $46.5 million under its Third Amendment to the Second Amended and Restated Revolving Credit Agreement and used such borrowing to purchase the receivables from Gray Rock SPV LLC. As a result of the termination of the Gray Rock Credit Agreement, undrawn debt decreased by $67.2 million to approximately $173.5 million.
Current report
On April 15, 2026, we amended and terminated our TRA to provide for an aggregate early termination payment of $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).
Current report
On April 28, 2026, we entered into a Merger Agreement with BNCC. The Transaction is valued at approximately $130.7 million with an estimated cash consideration of approximately $69.3 million. The Transaction is subject to customary closing conditions, including regulatory and BNCC stockholder approvals, and is expected to close in the fourth quarter of 2026.
Removed paragraphs (24)
Previous report
•Net income of $75.9 million for the three months ended September 30, 2025, an increase of $43.9 million from $32.1 million for the three months ended September 30, 2024;
Previous report
•Total revenue increased 13.5% to $155.1 million from $136.6 million for the three months ended September 30, 2025 and 2024, respectively;
Previous report
•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 report
•Ending receivables increased 16.3% to $481.0 million from $413.7 million as of September 30, 2025 and 2024, respectively.
Previous report
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 report
Average yield decreased to 133.2% for the three months ended September 30, 2025 and increased to 134.3% for the nine months ended September 30, 2025, respectively, from 133.9% and 131.8% for the three and nine months ended September 30, 2024, respectively. The 0.6% decrease for the three months ended September 30, 2025 was largely driven by elevated charge-offs from early summer vintages offsetting an increase in the average statutory rate due to the expansion of pricing initiatives implemented in the second half of 2024. The 1.9% increase for the nine months ended September 30, 2025 was largely driven by the previously mentioned increase in the average statutory rate.
Previous report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA did not have a material impact on our income tax expense for the three months ended September 30, 2025.
Previous report
Total Revenue
Previous report
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 report
Net Revenue
Previous report
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 report
Expenses
Previous report
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 report
Income from Operations
Previous report
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 report
Income from Equity Method Investment
Previous report
Other Income
Previous report
Income Before Income Taxes
Previous report
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 $42.8 million, or 58.3%, to $116.3 million for the nine months ended September 30, 2025 from $73.5 million for the nine months ended September 30, 2024 driven by the increases to income from operations and income from equity method investment, partially offset by the loss from the change in fair value of warrant liabilities for the reasons stated above.
Previous report
Income Tax Expense
Previous report
Income tax expense of $8.5 million for the nine months ended September 30, 2025 increased by $4.9 million from $3.6 million for the nine 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 OppFi-LLC.
Previous report
The OBBBA did not have a material impact on our income tax expense for the nine months ended September 30, 2025.
Previous report
Net Income
Previous report
Diluted Earnings per Share
Reworded paragraphs (44)
Previous 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.
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 5,500 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
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.
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 $2,000, payable in installments and with an average contractual term of 11 months.
Previous wording
•Basic and diluted earnings per common share of $1.48 and $0.77, respectively, for the three months ended September 30, 2025;
Current wording
•Diluted earnings per common share increased $1.04 to $0.56 from diluted loss per common share of $0.48 for the three months ended March 31, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted net income (“Adjusted Net Income”)(1) decreased 11.2% to $30.0 million from $33.8 million for the three months ended March 31, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted earnings per share (“Adjusted EPS”)(1) decreased $0.03 to $0.35 from $0.38 for the three months ended March 31, 2026 and 2025, respectively;
Previous wording
(1) Adjusted EPS and Adjusted Net Income are not prepared in accordance with the United States Generally Accepted Accounting Principles (“GAAP”). For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled “Non-GAAP Financial Measures” below.
Current wording
(1) Adjusted EPS and Adjusted Net Income are non-GAAP financial measures. For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled “Non-GAAP Financial Measures” below.
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 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.
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 months ended March 31, 2026 and 2025. 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 prospective borrower’s application is approved. 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 contract is signed with the prospective borrower. The vast majority of 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 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):
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 bank partners), and percentage of net originations by new loans for the three months ended March 31, 2026 and 2025 (in thousands):
Previous 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.
Current wording
Total net originations of new loans as a percentage of total loans increased to 42.4% for the three months ended March 31, 2026 from 36.6% for the three months ended March 31, 2025. The increase was a result of both new originations increasing and returning and refinance originations decreasing year over year.
Previous 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.
Current wording
Ending receivables increased to $444.9 million as of March 31, 2026 from $406.6 million as of March 31, 2025. The 9.4% increase was primarily driven by a higher balance to start the year, partially offset by lower retained net originations and higher gross charge-offs for the period.
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 nine months ended September 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 table presents average yield for the three months ended March 31, 2026 and 2025:
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 nine months ended September 30, 2025 and 2024:
Current 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, 2026 and 2025:
Previous wording
Net charge-offs as a percentage of total revenue increased to 35.1% for the three months ended September 30, 2025 and decreased to 33.9% for the nine months ended September 30, 2025, respectively, from 34.3% and 38.2% for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2025 was mainly a result of elevated charge-offs from early summer vintages offsetting higher recoveries of previously charged-off loans. The decrease for the nine months ended September 30, 2025 was mainly a result of a higher yielding portfolio over the period for the reasons discussed above in “Average Yield”. Net charge-offs as a percentage of average receivables increased to 46.7% for the three months ended September 30, 2025 and decreased to 45.5% for the nine months ended September 30, 2025, respectively, from 45.9% and 50.3% for the three and nine months ended September 30, 2024, respectively. The increase for the three months ended September 30, 2025 was again mainly a result of elevated charge-offs from early summer vintages offsetting higher recoveries of previously charged-off loans. The decrease for the nine months ended September 30, 2025 was mainly a result of larger average receivables balances over the period.
Current wording
Net charge-offs as a percentage of total revenue increased to 42.5% for the three months ended March 31, 2026 from 34.6% for the three months ended March 31, 2025. The increase was a result of a lower yielding portfolio for the reasons discussed above in “Average Yield” combined with elevated gross charge-offs offsetting higher recoveries of previously charged off loans. Net charge-offs as a percentage of average receivables increased to 55.5% for the three months ended March 31, 2026 from 47.0% for the three months ended March 31, 2025. The increase was a result of elevated gross charge-offs offsetting higher recoveries of previously charged off loans.
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 rates for the three and nine months ended September 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 table presents auto approval rate for the three months ended March 31, 2026 and 2025:
Previous 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.
Current wording
Auto-approval rate increased to 79.2% for the three months ended March 31, 2026 from 78.6% for the three months ended March 31, 2025. The increase was driven by the continued application of algorithmic automation projects that streamline frictional steps of the origination process.
Previous 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.
Current wording
Total revenue is calculated as the sum of interest on finance receivables and other revenue. The majority of our revenue is earned from interest on finance receivables from outstanding loans. We also earn revenue from interest earned on interest bearing deposits, servicing fees charged to our bank partners, and referral fees related primarily to our “Turn-Up” and “Turn-Down” programs.
Previous 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.
Current wording
Total revenue increased by $11.6 million, or 8.3%, to $151.9 million for the three months ended March 31, 2026 from $140.3 million for the three months ended March 31, 2025. The increase was 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 $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.
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 $64.6 million for the three months ended March 31, 2026, which was comprised of $79.2 million of gross charge-offs and a negative fair value adjustment of $0.1 million, partially offset by $14.7 million of recoveries, up from $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, partially offset by $10.6 million of recoveries. The fair value adjustment for the three months ended March 31, 2026 had a negative impactdue to thedecrease in receivables over the period outweighing the 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 $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.
Current wording
Net revenue is equal to total revenue less the change in fair value of finance receivables. Net revenue decreased by $3.5 million, or 3.9%, to $87.3 million for the three months ended March 31, 2026 from $90.8 million for the three months ended March 31, 2025. This decrease was due to the increase in change in fair value of finance receivables outweighing the increase in total revenue.
Previous wording
Expenses includes costs related to salaries and employee benefits, interest expense and amortized debt issuance costs, sales and marketing, customer operations, technology, products, and analytics, and other general and administrative expenses.
Current wording
Expenses include costs related to salaries and employee benefits, interest expense and amortized debt issuance costs, sales and marketing, customer operations, technology, products, and analytics, and other general and administrative expenses.
Previous 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.
Current wording
Expenses increased by $3.6 million, or 7.5%, to $51.9 million for the three months ended March 31, 2026 from $48.3 million for the three months ended March 31, 2025. The increase in expenses was primarily driven by higher professional fees. The increase was partially offset by lower interest expense resulting from paying down debt and rate decreases as well as lower capitalized technology amortization expense. Despite the increase in overall expenses, expenses as a percentage of total revenue decreased from 34.4% to 34.2% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Previous 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.
Current wording
Income from operations is the difference between net revenue and expenses. Income from operations decreased by $7.1 million to $35.4 million for the three months ended March 31, 2026 from income from operations of $42.5 million for the three months ended March 31, 2025. This decrease was driven by higher change in fair value of finance receivables and higher expenses outweighing total revenue as a result of the reasons stated above.
Previous 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.
Current wording
The change in fair value of warrant liabilities resulted in a gain of $21.3 million and a loss of $21.6 million for the three months ended March 31, 2026 and 2025, respectively. The changes are largely attributed to changes in the price of our public warrants and value of our private warrants, driven by changes in our stock price and the remaining time until maturity.
Previous 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.
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 $1.1 million for the three months ended March 31, 2026, approximately flat from $1.1 million for the three months ended March 31, 2025.
Previous 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.
Current wording
Other income totaled $0.2 million for the three months ended March 31, 2026 and $0.1 million for the three months ended March 31, 2025. Other income for the three months ended March 31, 2026 was comprised of $0.1 million in income attributed to the sublease of one of our office facilities and a $0.1 million gain related to our tax receivable agreement liability. Other income for the three months ended March 31, 2025 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 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.
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 $36.0 million, or 163.2%, to $58.0 million for the three months ended March 31, 2026 from $22.0 million for the three months ended March 31, 2025 driven by the gain from the change in fair value of warrant liabilities outweighing the decrease in income from operations for the reasons stated above.
Previous 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”).
Current wording
Income tax expense of $4.0 million for the three months ended March 31, 2026 increased by $2.3 million from $1.7 million for the three months ended March 31, 2025. The increase in income tax expense was largely attributed to the increase in OppFi Inc.’s ownership in OppFi-LLC.
Previous 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.
Current wording
Net income is the difference between income before income taxes and income tax expense. Net income increased by $33.6 million to $54.0 million for the three months ended March 31, 2026 from net income of $20.4 million for the three months ended March 31, 2025 for the reasons stated above.
Previous 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.
Current wording
Net income attributable to OppFi Inc. was $28.4 million for the three months ended March 31, 2026, up from net loss attributable to OppFi Inc. of $11.4 million for the three months ended March 31, 2025. As a result of our Up-C structure as of March 31, 2026, 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 March 31, 2026, income from economic interest was $11.6 million and the gain from change in fair value of warrant liabilities was $21.3 million, partially offset by income tax expense of $4.0 million and general and administrative expense of $0.5 million, for net income attributable to OppFi Inc. of $28.4 million. For the three months ended March 31, 2025, income from economic interest was $12.5 million, offset by the loss from 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.
Previous 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.
Current wording
For the three months ended March 31, 2026, 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 March 31, 2025, 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 OppFi Units, into shares of our Class A Common Stock as of the beginning of the period.
Previous wording
Total cash and restricted cash decreased by $13.1 million as of September 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 $68.2 million as of September 30, 2025 mainly driven by originations growth and term extension initiatives in 2025. Equity method investment decreased by $0.3 million as of September 30, 2025 mainly due to cash distributions from Bitty. Other assets increased by $24.6 million as of September 30, 2025 mainly due to an increase in the deferred tax asset of $10.9 million, an increase in property, equipment, and software of $9.8 million, an increase in prepaid expenses of $2.7 million, and an increase in capitalized debt issuance costs of $2.4 million, partially offset by a decrease in the settlement receivable of $2.0 million and a decrease in the operating lease right of use asset of $1.3 million.
Current wording
Total cash and restricted cash increased by $6.7 million as of March 31, 2026 primarily driven by the seasonal timing of finance receivables originated and acquired relative to finance receivables repaid, partially offset by the paydown of a portion of our revolving lines of credit and common stock repurchases. Finance receivables at fair value decreased by $43.7 million as of March 31, 2026 mainly driven by seasonality. Other assets increased by $2.8 million as of March 31, 2026 mainly due to an increase in property, equipment, and software of $4.6 million, partially offset by a decrease in the deferred tax asset of $1.2 million and a decrease in capitalized debt issuance costs of $0.5 million.
Previous wording
Accounts payable and accrued expenses increased by $0.3 million as of September 30, 2025 driven by an increase in accounts payable of $2.2 million, partially offset by a decrease in accrued expenses of $1.9 million. Total debt increased by $2.1 million as of September 30, 2025 driven primarily by an increase in the utilization of revolving lines of credit to fund receivables growth, partially offset by the $29.9 million pay down of the remainder of the term loan. Warrant liabilities increased by $23.2 million as of September 30, 2025 due to the increase in the valuation of the warrants correlated with the increase in the share price of our Class A Common Stock over the period. Other liabilities increased by $10.8 million as of September 30, 2025 driven by an increase in the tax receivable agreement liability of $12.2 million, partially offset by a decrease in the operating lease liability of $1.4 million. Total stockholders’ equity increased by $43.0 million as of September 30, 2025 mainly 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 repurchases and dividends paid.
Current wording
Accounts payable and accrued expenses decreased by $4.6 million as of March 31, 2026 driven by a decrease in accrued expenses of $3.6 million and a decrease in accounts payable of $0.9 million. Total debt decreased by $37.1 million as of March 31, 2026 driven primarily by a decrease in the utilization of revolving lines of credit. Warrant liabilities decreased by $21.3 million as of March 31, 2026 due to the decrease in the valuation of the warrants correlated with the increase in the share price of our Class A Common Stock over the period and decrease in time to maturity. Other liabilities decreased by $5.3 million as of March 31, 2026 driven by a decrease in the tax receivable agreement liability of $4.8 million and a decrease in the operating lease liability of $0.5 million. Total stockholders’ equity increased by $34.1 million as of March 31, 2026 mainly driven by net income and stock-based compensation, partially offset by distributions to members of OppFi-LLC and common stock repurchases.
Previous wording
Adjusted EBT is a non-GAAP measure defined as our GAAP net income adjusted to eliminate the effect of certain items as shown below, including income tax expense, other income, change in fair value of warrant liabilities, and other adjustments, net. Adjusted Net Income is a non-GAAP measure defined as our Adjusted EBT less pro forma taxes for comparison purposes. We believe that Adjusted EBT and Adjusted Net Income are important measures because they allow management, investors, and the Board to evaluate and compare our operating results from period-to-period by making the adjustments described below.
Current wording
Adjusted EBT is a non-GAAP financial measure defined as our GAAP net income adjusted to eliminate the effect of certain items as shown below, including income tax expense, other income, change in fair value of warrant liabilities, and other adjustments, net. Adjusted Net Income is a non-GAAP financial measure defined as our Adjusted EBT less pro forma taxes for comparison purposes. We believe that Adjusted EBT and Adjusted Net Income are important measures because they allow management, investors, and our Board to evaluate and compare our operating results from period-to-period by making the adjustments described below.
Previous wording
The following tables present reconciliations of non-GAAP financial measures for the three and 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.
Current wording
The following table presents reconciliations of non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (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
Adjusted EPS is defined as adjusted net income divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. We believe that presenting Adjusted EPS is useful to investors and others because, due to our Up-C structure, Basic EPS calculated on a GAAP basis excludes a large percentage of our outstanding shares of common stock, which are Class V Voting Stock, and Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options, in any periods in which their inclusion would have an antidilutive effect. Shares of our Class V Voting Stock may be exchanged, together with OppFi Units, into shares of our Class A Common Stock. Adjusted EPS therefore presents our Adjusted Net Income on a per share basis based on the shares of our common stock that would be issued but for, and can be issued as a result of, our Up-C structure.
Current wording
Adjusted EPS is defined as adjusted net income divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. We believe that presenting Adjusted EPS is useful to investors and others because, due to our Up-C structure as of March 31, 2026, Basic EPS calculated on a GAAP basis excludes a large percentage of our outstanding shares of common stock, which were Class V Voting Stock during such period, and Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options, in any periods in which their inclusion would have an antidilutive effect. Prior to the Corporate Simplification, shares of our Class V Voting Stock could be exchanged, together with OppFi Units, into shares of our Class A Common Stock. Adjusted EPS therefore presents our Adjusted Net Income on a per share basis based on the shares of our common stock that could have been issued but for, or as a result of, our Up-C structure.
Previous wording
The following tables present reconciliations of non-GAAP financial measures for the three and 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.
Current wording
The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (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 September 30, 2025, we had $45.4 million in unrestricted cash, a decrease of $15.9 million from December 31, 2024. As of September 30, 2025, we had an additional $204.2 million of unused debt capacity under our financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $206.2 million as of December 31, 2024. The decrease in undrawn debt was driven primarily by an increase in the utilization of revolving lines of credit to fund receivables growth. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $75.2 million, we had approximately $600.2 million in funding capacity as of September 30, 2025.
Current wording
As of March 31, 2026, we had $63.9 million in unrestricted cash, an increase of $14.4 million from December 31, 2025. As of March 31, 2026, we had an additional $240.7 million of unused debt capacity under our financing facilities for future availability, representing a 46% overall undrawn capacity, an increase from $203.6 million as of December 31, 2025. The increase in undrawn debt was driven primarily by a decrease in the utilization of revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $99.9 million, we had approximately $624.9 million in funding capacity as of March 31, 2026.
Previous wording
We believe that our unrestricted cash, undrawn debt and funds from operating income will be sufficient to meet our liquidity needs, including repayment of the current portion of our debt as it becomes due, for at least the next 12 months from the date of this Quarterly Report. Our future capital requirements will depend on multiple factors, including our revenue growth, aggregate receivables balance, interest expense, working capital requirements, cash provided by and used in operating, investing and financing activities and capital expenditures.
Current wording
We believe that our unrestricted cash, undrawn debt and funds from operating income will be sufficient to meet our liquidity needs, including payment of the full aggregate early termination payment related to the amendment and termination of the TRA, the Transaction and current portion of our debt as it becomes due, for at least the next 12 months from the date of this Quarterly Report. Our future capital requirements will depend on multiple factors, including our revenue growth, aggregate receivables balance, interest expense, working capital requirements, cash provided by and used in operating, investing and financing activities and capital expenditures.
Previous wording
The following table presents cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following table presents cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025 (in thousands):
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (14)
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
Net Income Attributable to OppFi Inc.
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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 report — wording carried elsewhere
Change in Fair Value of Finance Receivables
Previous report — wording carried elsewhere
Expenses includes costs related to salaries and employee benefits, interest expense and amortized debt issuance costs, sales and marketing, customer operations, technology, products, and analytics, and other general and administrative expenses.
Previous report — wording carried elsewhere
Change in Fair Value of Warrant Liabilities
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
Net income is the difference between income before income taxes and income tax expense. Net income increased by $37.9 million to $107.8 million for the nine months ended September 30, 2025 from net income of $69.9 million for the nine months ended September 30, 2024 for the reasons stated above.
Previous report — wording carried elsewhere
Net Income Attributable to OppFi Inc.
Previous report — wording carried elsewhere
Net income attributable to OppFi Inc. was $9.5 million for the nine months ended September 30, 2025, down from net income attributable to OppFi Inc. of $12.9 million for the nine 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 nine months ended September 30, 2025, income from economic interest was $43.6 million, offset by the loss from change in fair value of warrant liabilities of $23.2 million, income tax expense of $8.5 million, and general and administrative expense of $2.4 million, for net income attributable to OppFi Inc. of $9.5 million. For the nine months ended September 30, 2024, income from economic interest was $14.9 million and the gain from change in fair value of warrant liabilities was $2.7 million, partially offset by income tax expense of $3.6 million and general and administrative expense of $1.1 million, for net income attributable to OppFi Inc. of $12.9 million.
Previous report — wording carried elsewhere
For the nine months ended September 30, 2025 and 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 OppFi Units, into shares of our Class A Common Stock as of the beginning of the period.