OppFi Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 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.
Jun 30, 2026 · Filed Aug 10, 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 2026-03-31; filed 2026-05-07.
0001818502-26-000056
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001818502-26-000075
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 107 previous paragraphs and 136 current paragraphs.
56 unchanged; 45 reworded; 20 added; 6 removed; 0 previous and 15 current paragraphs rearranged.
Tables are not compared: 13 previous and 21 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 (20)
Current report
•Net income increased 36.0% to $15.6 million from $11.5 million for the three months ended June 30, 2026 and 2025, respectively;
Current report
•Total revenue increased 1.9% to $145.2 million from $142.4 million for the three months ended June 30, 2026 and 2025, respectively;
Current report
•Ending receivables increased 0.5% to $440.1 million from $437.8 million as of June 30, 2026 and 2025, respectively.
Current report
In April 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BNCCORP, Inc., a Delaware corporation (“BNCC”), and Birch Merger Sub, LLC, a Delaware limited liability company and our wholly owned subsidiary (“Merger Sub”), pursuant to which BNCC will merge with and into Merger Sub, with Merger Sub surviving as a wholly owned subsidiary (the “Merger”). Immediately following the Merger, an interim bank and our wholly owned subsidiary to be formed following the date thereof will merge with and into BNC National Bank, a wholly owned subsidiary of BNCC (“BNC”), with
Current report
Expenses increased by $6.4 million, or 11.5%, to $61.8 million for the three months ended June 30, 2026 from $55.4 million for the three months ended June 30, 2025. The increase in expenses was primarily driven by an increase in professional fees related to the Transaction and the Corporate Simplification. The increase was partially offset by lower interest expense resulting from paying down debt and rate decreases and lower salaries and employee benefits, largely related to lower stock compensation expense. Expenses as a percent of total revenue increased from 38.9% to 42.6% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current report
Diluted Earnings (Loss) per Share
Current report
Total Revenue
Current report
Total revenue increased by $14.3 million, or 5.1%, to $297.1 million for the six months ended June 30, 2026 from $282.7 million for the six months ended June 30, 2025. The increase was due to higher average receivables balances throughout the period.
Current report
Net Revenue
Current report
Expenses
Current report
Expenses include costs related to salaries and employee benefits, direct marketing costs, professional fees, interest expense and amortized debt issuance costs, technology costs, payment processing fees, depreciation and amortization, occupancy, and general, administrative and other expenses.
Current report
Income from Operations
Current report
Income from Equity Method Investment
Current report
Other Income
Current report
Income Before Income Taxes
Current report
Income Tax Expense
Current report
Income tax expense of $13.8 million for the six months ended June 30, 2026 increased by $10.9 million from $2.9 million for the six months ended June 30, 2025. The increase in income tax expense was largely driven by the Corporate Simplification, increasing our effective tax rate with OppFi-LLC becoming a wholly-owned subsidiary.
Current report
Net Income
Current report
Diluted Earnings (Loss) per Share
Current report
On August 10, 2026, Opportunity Funding SPE Residual, LLC, a wholly owned subsidiary of OppFi-LLC, as borrower, and OppFi-LLC, as guarantor, entered into a term loan agreement (the “Term Loan Agreement”) with UMB Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto, which provides for maximum borrowings of $100.0 million and matures on the fourth anniversary of the date of the initial draw. Borrowings under the Term Loan Agreement bear interest at a fixed rate of 12.50% per annum, increasing to 13.50% per annum following the consummation of the Transaction, and each draw is subject to a 1.25% original issue discount retained by the lenders. Loans may be drawn through the six month anniversary of the Closing Date and, once repaid, may not be reborrowed. The Term Loan Agreement is guaranteed by OppFi-LLC and secured by the assets of OppFi-LLC and the borrower, which, with respect to the borrower, consist primarily of equity interests in two of our SPEs that hold consumer loan receivables, and subject to a borrowing base and various financial covenants. No amounts were drawn upon entry into the Term Loan Agreement. We intend to use the proceeds of the Term Loan Agreement to support our ongoing growth in finance receivables and for working capital and general corporate purposes.
Removed paragraphs (6)
Previous 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;
Previous 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;
Previous report
•Ending receivables increased 9.4% to $444.9 million from $406.6 million as of March 31, 2026 and 2025, respectively.
Previous report
Comparison of the three months ended March 31, 2026 and 2025
Previous report
Diluted Earnings per Share
Previous report
Comparison of the three months ended March 31, 2026 and 2025
Reworded paragraphs (45)
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 5,500 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.
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 5,600 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 $2,000, 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 12 months.
Previous 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;
Current wording
•Diluted earnings per common share increased $0.96 to $0.18 from diluted loss per share of $0.78 for the three months ended June 30, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted net income (“Adjusted Net Income”)(1) decreased 27.0% to $28.8 million from $39.4 million for the three months ended June 30, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted earnings per share (“Adjusted EPS”)(1) decreased $0.12 to $0.33 from $0.45 for the three months ended June 30, 2026 and 2025, respectively;
Previous wording
•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 wording
•Net originations decreased 9.3% to $212.0 million from $233.9 million for the three months ended June 30, 2026 and 2025, respectively; and
Previous wording
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 wording
BNC (which is expected to be renamed OppFi Bank, N.A.) surviving as our wholly owned subsidiary (together with the Merger, the “Transaction”). The Transaction is subject to customary closing conditions, including regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve 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.
Previous wording
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 wording
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 simplified our organizational structure, eliminated noncontrolling interests, and resulted in future tax benefits from the tax basis “step-up” triggered by the Corporate Simplification and previous exchanges of Class A common units of OppFi-LLC (“OppFi Units”), 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.
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 months ended March 31, 2026 and 2025. 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 six months ended June 30, 2026 and 2025. 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 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):
Current wording
The following tables present 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 six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
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 wording
Total net originations decreased to $212.0 million and $388.0 million for the three and six months ended June 30, 2026, respectively, from $233.9 million and $423.0 million for the three and six months ended June 30, 2025, respectively. The 9.3% and 8.3% decreases were mainly a result of lower net originations from refinance customers, as the prior year periods benefited from changes to our credit model that increased the maximum loan amount those customers could refinance. Total retained net originations decreased to $176.8 million and $328.2 million for the three and six months ended June 30, 2026, respectively, from $205.7 million and $374.7 million for the three and six months ended June 30, 2025, respectively. The 14.1% and 12.4% decreases were a result of the decrease in total net originations, furthered 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 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.
Current wording
Total net originations of new loans as a percentage of total loans increased to 41.6% and 42.0% for the three and six months ended June 30, 2026, respectively, from 38.7% and 37.8% for the three and six months ended June 30, 2025, respectively. The increases were a result of returning and refinance originations decreasing year over year.
Previous 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.
Current wording
Ending receivables increased to $440.1 million as of June 30, 2026 from $437.8 million as of June 30, 2025. The 0.5% 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 table presents average yield for the three months ended March 31, 2026 and 2025:
Current wording
Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following tables present average yield for the three and six months ended June 30, 2026 and 2025:
Previous wording
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 wording
Average yield decreased to 132.4% and 131.1% for the three and six months ended June 30, 2026, respectively, from 136.1% and 135.3% for the three and six months ended June 30, 2025, respectively. The 2.7% and 3.2% decreases were mainly driven by an increase in delinquent loans in the portfolio that were not accruing interest throughout the periods, partially offset by an increase in the average statutory rate during the periods.
Previous wording
The following table presents net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three months ended March 31, 2026 and 2025:
Current wording
The following tables present net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three and six months ended June 30, 2026 and 2025:
Previous 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.
Current wording
Net charge-offs as a percentage of total revenue increased to 39.5% and 41.0% for the three and six months ended June 30, 2026, respectively, from 31.9% and 33.3% for the three and six months ended June 30, 2025, respectively. The increases were mainly 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 52.3% and 53.8% for the three and six months ended June 30, 2026, respectively, from 43.5% and 45.0% for the three and six months ended June 30, 2025, respectively. The increases were again mainly 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 table presents auto approval rate for the three months ended March 31, 2026 and 2025:
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 six months ended June 30, 2026 and 2025:
Previous 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.
Current wording
Auto-approval rate increased to 81.2% and 80.2% for the three and six months ended June 30, 2026, respectively, from 79.7% and 76.5% for the three and six months ended June 30, 2025, 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 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.
Current wording
Total revenue increased by $2.7 million, or 1.9%, to $145.2 million for the three months ended June 30, 2026 from $142.4 million for the three months ended June 30, 2025. The increase was due to higher average receivables balances throughout the period.
Previous 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.
Current wording
Net revenue is equal to total revenue less the change in fair value of finance receivables. Net revenue decreased by $14.1 million, or 14.0%, to $86.2 million for the three months ended June 30, 2026 from $100.2 million for the three months ended June 30, 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 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.
Current wording
Expenses include costs related to salaries and employee benefits, direct marketing costs, professional fees, interest expense and amortized debt issuance costs, technology costs, payment processing fees, depreciation and amortization, occupancy, and general, administrative and other expenses.-
Previous 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.
Current wording
Income from operations is the difference between net revenue and expenses. Income from operations decreased by $20.5 million to $24.4 million for the three months ended June 30, 2026 from income from operations of $44.8 million for the three months ended June 30, 2025. This decrease was driven by higher change in fair value of finance receivables and expenses related to the Transaction and the Corporate Simplification outweighing higher total revenue as a result of the reasons stated above.
Previous 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.
Current wording
The change in fair value of warrant liabilities resulted in a gain of $0.2 million and a loss of $33.3 million for the three months ended June 30, 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 $1.1 million for the three months ended March 31, 2026, approximately flat from $1.1 million for the three months ended March 31, 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 $0.8 million for the three months ended June 30, 2026, a decrease of $0.3 million from $1.1 million for the three months ended June 30, 2025.
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 $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.
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 $12.8 million, or 100.4%, to $25.5 million for the three months ended June 30, 2026 from $12.7 million for the three months ended June 30, 2025 driven by the prior year period’s loss from change in fair value of warrant liabilities outweighing the difference in income from operations.
Previous 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.
Current wording
Income tax expense of $9.8 million for the three months ended June 30, 2026 increased by $8.6 million from $1.2 million for the three months ended June 30, 2025. The increase in income tax expense was largely driven by the Corporate Simplification, increasing our effective tax rate with OppFi-LLC becoming a wholly-owned subsidiary.
Previous 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.
Current wording
Net income is the difference between income before income taxes and income tax expense. Net income increased by $4.1 million to $15.6 million for the three months ended June 30, 2026 from net income of $11.5 million for the three months ended June 30, 2025 for the reasons stated above.
Previous 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.
Current wording
Net income attributable to OppFi Inc. was $14.8 million for the three months ended June 30, 2026, up from net loss attributable to OppFi Inc. of $20.8 million for the three months ended June 30, 2025. As a result of our former 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 June 30, 2026, income from economic interest was $25.6 million and the gain from change in fair value of warrant liabilities was $0.2 million, partially offset by income tax expense of $9.9 million and general and administrative expenses of $1.1 million, for net income attributable to OppFi Inc. of $14.8 million. For the three months ended June 30, 2025, income from economic interest was $14.7 million, offset by the 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.
Previous 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.
Current wording
For the three months ended June 30, 2026, the weighted average of our previously 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. Under the if-converted method, shares of our previously outstanding 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. 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.
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 $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.
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 $123.6 million for the six months ended June 30, 2026, which was comprised of $151.3 million of gross charge-offs and a negative fair value adjustment of $1.8 million, partially offset by $29.5 million of recoveries, up from $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. The fair value adjustment for the six months ended June 30, 2026 had a negative impactdue to the decrease in receivables over the period outweighing the increase in the fair value premium.
Previous 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.
Current wording
Expenses increased by $10.0 million, or 9.6%, to $113.8 million for the six months ended June 30, 2026 from $103.8 million for the six months ended June 30, 2025. The increase in expenses was primarily driven by higher professional fees related to the Transaction and the Corporate Simplification. 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. Expenses as a percentage of total revenue increased from 36.7% to 38.3% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous 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.
Current wording
Other income totaled $0.3 million for the six months ended June 30, 2026 and $0.2 million for the six months ended June 30, 2025. Other income for the six months ended June 30, 2026 was comprised of $0.2 million in income attributed to the sublease of one of our office facilities and a $0.1 million gain related to our TRA liability. Other income for the six months ended June 30, 2025 was comprised of $0.2 million in income attributed to the sublease of one of our office facilities.
Previous 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.
Current wording
Total cash and restricted cash decreased by $1.4 million as of June 30, 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, the first installment of the Early Termination Payment, and repurchases of common stock. Finance receivables at fair value decreased by $49.9 million as of June 30, 2026 driven by seasonality and depressed retained net originations. Other assets increased by $67.1 million as of June 30, 2026 mainly due to an increase in the deferred tax asset of $69.8 million resulting from the Corporate Simplification and an increase in property, equipment, and software of $7.7 million.
Previous 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.
Current wording
Accounts payable and accrued expenses decreased by $1.9 million as of June 30, 2026 driven by a decrease in accounts payable of $1.6 million and a decrease in accrued expenses of $0.3 million. Total debt decreased by $44.9 million as of June 30, 2026 driven primarily by a decrease in the utilization of revolving lines of credit. Warrant liabilities decreased by $21.5 million as of June 30, 2026 largely due to the decrease in time to maturity of the public warrants, which expired on July 20, 2026. Other liabilities decreased by $20.4 million as of June 30, 2026 driven by a decrease in the TRA liability of $19.4 million related to the Corporate Simplification and a decrease in the operating lease liability of $1.0 million. Total stockholders’ equity increased by $105.4 million as of June 30, 2026 mainly driven by net income, settlement of the TRA, and stock-based compensation, partially offset by distributions to the former members of OppFi-LLC and common stock repurchases.
Previous 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.
Current wording
The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 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 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.
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, prior to the Corporate Simplification, Basic EPS calculated on a GAAP basis excluded 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 excluded 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 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.
Current wording
The following tables present reconciliations of non-GAAP financial measures for the three and six months ended June 30, 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 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.
Current wording
As of June 30, 2026, we had $64.3 million in unrestricted cash, an increase of $14.9 million from December 31, 2025. As of June 30, 2026, we had an additional $173.5 million of unused debt capacity under our financing facilities for future availability, representing a 39% overall undrawn capacity, a decrease from $203.6 million as of December 31, 2025. The decrease in undrawn debt was driven primarily by the termination of the Gray Rock SPV LLC revolving line of credit, as discussed further below. Including total financing commitments of $450.0 million and cash and restricted cash on the balance sheet of $91.8 million, we had approximately $541.8 million in funding capacity as of June 30, 2026.
Previous wording
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 wording
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.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (15)
Current report — wording carried from 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 $59.0 million for the three months ended June 30, 2026, which was comprised of $72.1 million of gross charge-offs and a negative fair value adjustment of $1.7 million, partially offset by $14.8 million of recoveries, up from $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. The fair value adjustment for thethree months ended June 30, 2026 had a negative impact due to the decrease in the fair value premium combined with the decrease in receivables over the period.
Current report — wording carried from elsewhere
Other income totaled $0.1 million for the three months ended June 30, 2026 and $0.1 million for the three months ended June 30, 2025. Other income for both periods was comprised of $0.1 million in income attributed to the sublease of one of our office facilities.
Current report — wording carried from elsewhere
The following table presents our consolidated results of operations for the six months ended June 30, 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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
Change in Fair Value of Finance Receivables
Current report — wording carried from elsewhere
Net revenue is equal to total revenue less the change in fair value of finance receivables. Net revenue decreased by $17.6 million, or 9.2%, to $173.5 million for the six months ended June 30, 2026 from $191.1 million for the six months ended June 30, 2025. This decrease was due to the increase in change in fair value of finance receivables outweighing the increase in total revenue.
Current report — wording carried from elsewhere
Income from operations is the difference between net revenue and expenses. Income from operations decreased by $27.6 million to $59.7 million for the six months ended June 30, 2026 from income from operations of $87.3 million for the six months ended June 30, 2025. This decrease was driven by higher change in fair value of finance receivables and expenses related to the Transaction and the Corporate Simplification outweighing higher total revenue as a result of the reasons stated above.
Current report — wording carried from elsewhere
Change in Fair Value of Warrant Liabilities
Current report — wording carried from elsewhere
The change in fair value of warrant liabilities resulted in a gain of $21.5 million and a loss of $54.9 million for the six months ended June 30, 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.
Current report — wording carried from 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 $1.9 million for the six months ended June 30, 2026, a decrease of $0.3 million from $2.2 million for the six months ended June 30, 2025.
Current report — wording carried from elsewhere
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 $48.7 million, or 140.2%, to $83.5 million for the six months ended June 30, 2026 from $34.7 million for the six months ended June 30, 2025 driven by the prior year period’s loss from change in fair value of warrant liabilities outweighing the difference in income from operations.
Current report — wording carried from elsewhere
Net income is the difference between income before income taxes and income tax expense. Net income increased by $37.8 million to $69.6 million for the six months ended June 30, 2026 from net income of $31.9 million for the six months ended June 30, 2025 for the reasons stated above.
Current report — wording carried from elsewhere
Net Income (Loss) Attributable to OppFi Inc.
Current report — wording carried from elsewhere
Net income attributable to OppFi Inc. was $43.2 million for the six months ended June 30, 2026, up from net loss attributable to OppFi Inc. of $32.2 million for the six months ended June 30, 2025. As a result of our former 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 six months ended June 30, 2026, income from economic interest was $37.1 million and the gain from change in fair value of warrant liabilities was $21.5 million, partially offset by income tax expense of $13.8 million and general and administrative expense of $1.6 million, for net income attributable to OppFi Inc. of $43.2 million. For the six months ended June 30, 2025, income from economic interest was $27.1 million, offset by the loss from change in fair value of warrant liabilities of $54.9 million, income tax expense of $3.0 million, and general and administrative expense of $1.4 million, for net loss attributable to OppFi Inc. of $32.2 million.
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, the weighted average of our previously 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. Under the if-converted method, shares of our previously outstanding 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. For the six 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.