OppFi Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 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 2026-06-30; filed 2026-08-10.
0001818502-26-000075
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001818502-26-000100
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 136 previous paragraphs and 133 current paragraphs.
71 unchanged; 54 reworded; 7 added; 9 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 21 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 (7)
Current report
•Net income decreased 54.6% to $34.5 million from $75.9 million for the three months ended September 30, 2026 and 2025, respectively;
Current report
•Total revenue decreased 3.8% to $149.2 million from $155.1 million for the three months ended September 30, 2026 and 2025, respectively;
Current report
•Ending receivables decreased 4.7% to $458.6 million from $481.0 million as of September 30, 2026 and 2025, respectively.
Current report
Ending receivables decreased to $458.6 million as of September 30, 2026 from $481.0 million as of September 30, 2025. The 4.7% decrease was primarily driven by lower retained net originations through the first nine months of 2026.
Current report
As a result of the Corporate Simplification that took effect April 28, 2026, OppFi-LLC operated as a wholly owned subsidiary of OppFi Inc. for the three months ended September 30, 2026. Consequently, all net income generated during the current period was attributable to OppFi Inc. Refer to the preceding sections for relevant period-over-period comparisons.
Current report
As a result of the Corporate Simplification that took effect April 28, 2026, OppFi-LLC operated as a wholly owned subsidiary of OppFi Inc. for only a portion of the nine months ended September 30, 2026. Consequently, net income attributable to OppFi Inc. for the current nine-month period reflects a blended ownership structure. Due to this change, net income attributable to noncontrolling interests has remained unchanged since the Corporate Simplification date. Refer to the prior quarters’ discussion for relevant year-to-date comparisons.
Current report
Diluted Earnings per Share
Removed paragraphs (9)
Previous 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;
Previous 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;
Previous report
•Ending receivables increased 0.5% to $440.1 million from $437.8 million as of June 30, 2026 and 2025, respectively.
Previous report
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 report
Net Income (Loss) Attributable to OppFi Inc.
Previous report
Diluted Earnings (Loss) per Share
Previous report
Net Income (Loss) Attributable to OppFi Inc.
Previous report
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.
Previous report
Diluted Earnings (Loss) per Share
Reworded paragraphs (54)
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 5,600 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.
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 5,800 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 12 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 13 months.
Previous 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;
Current wording
•Diluted earnings per common share decreased $0.37 to $0.40 from $0.77 for the three months ended September 30, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted net income (“Adjusted Net Income”)(1) decreased 22.5% to $31.6 million from $40.7 million for the three months ended September 30, 2026 and 2025, respectively;
Previous 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;
Current wording
•Adjusted earnings per share (“Adjusted EPS”)(1) decreased $0.09 to $0.37 from $0.46 for the three months ended September 30, 2026 and 2025, respectively;
Previous 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
Current wording
•Net originations decreased 6.8% to $229.3 million from $246.1 million for the three months ended September 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., 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 wording
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 BNC (which is expected to be renamed OppFi Bank, N.A.) surviving as our wholly owned subsidiary (together with the Merger, the “Transaction”). On September 17, 2026, BNCC stockholders approved the Merger Agreement and the transactions contemplated thereby. The Transaction remains subject to other customary closing conditions, including receipt of required regulatory approvals from the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the Federal Deposit Insurance Corporation (the “FDIC”). On November 3, 2026, we announced that we had withdrawn our applications to the OCC, the Federal Reserve and the FDIC related to the proposed acquisition of BNCC and its wholly owned subsidiary, BNC. We proactively engaged with federal regulators before entering into the Transaction and diligently responded to extensive information requests from the OCC, Federal Reserve and FDIC throughout the application process. However, given the communication restrictions inherent in the application process and the lack of articulated objective standards against which federal regulators are evaluating our business, we have not had a meaningful opportunity to engage with federal regulators to address potential concerns. Going forward, we intend to substantively engage with federal regulators regarding the creation of practical market-and consumer-based standards that will allow innovative community banks and financial technology platforms to combine. As of the date of this Quarterly Report on Form 10-Q, the Merger Agreement had not been terminated and remained in effect. There can be no assurance that we will submit new applications or that, if we do, regulatory approval will be obtained. If consummated, 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 that, if consummated, the Transaction would 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
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.
Current wording
We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, which may also be useful to an investor. The following tables and related discussion set forth key financial and operating metrics for our operations as of and for the three and nine months ended September 30, 2026 and 2025. Percentages presented are calculated from the underlying whole-dollar amounts.
Previous 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):
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 nine months ended September 30, 2026 and 2025 (in thousands):
Previous 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.
Current wording
Total net originations decreased to $229.3 million and $617.4 million for the three and nine months ended September 30, 2026, respectively, from $246.1 million and $669.2 million for the three and nine months ended September 30, 2025, respectively. The 6.8% decrease for the three months ended September 30, 2026 was mainly a result of tightened marketing partner screening criteria year over year. The 7.7% decrease for the nine months ended September 30, 2026 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. Total retained net originations decreased to $190.7 million and $518.9 million for the three and nine months ended September 30, 2026, respectively, from $215.2 million and $589.9 million for the three and nine months ended September 30, 2025, respectively. The 11.4% and 12.0% decreases were a result of the decreases 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 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.
Current wording
Total net originations of new loans as a percentage of total loans decreased to 44.2% and increased to 42.8% for the three and nine months ended September 30, 2026, respectively, from 45.4% and 40.6% for the three and nine months ended September 30, 2025, respectively. The decrease for the three months ended September 30, 2026 was a result of the decrease to new origination volume year over year. The increase for the nine months ended September 30, 2026 was a result of returning and refinance originations decreasing year over year.
Previous wording
Average yield represents total revenue from the period as a percent of average receivables and is presented as an annualized metric. Receivables are defined as the unpaid principal balances of loans. The following tables present average yield for the three and six months ended June 30, 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 nine months ended September 30, 2026 and 2025:
Previous 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.
Current wording
Average yield decreased to 131.4% and 130.8% for the three and nine months ended September 30, 2026, respectively, from 133.2% and 134.3% for the three and nine months ended September 30, 2025, respectively. The 1.3% and 2.6% 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 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:
Current wording
The following tables present net charge-offs as a percentage of total revenue and as an annualized percentage of average receivables for the three and nine months ended September 30, 2026 and 2025:
Previous 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.
Current wording
Net charge-offs as a percentage of total revenue increased to 40.1% and 40.7% for the three and nine months ended September 30, 2026, respectively, from 35.1% and 33.9% for the three and nine months ended September 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 52.6% and 53.2% for the three and nine months ended September 30, 2026, respectively, from 46.7% and 45.5% for the three and nine months ended September 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 tables present auto-approval rates for the three and six months ended June 30, 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 nine months ended September 30, 2026 and 2025:
Previous 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.
Current wording
Auto-approval rate increased to 80.1% and 80.2% for the three and nine months ended September 30, 2026, respectively, from 79.1% and 79.2% for the three and nine months ended September 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 $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 wording
Total revenue decreased by $5.9 million, or 3.8%, to $149.2 million for the three months ended September 30, 2026 from $155.1 million for the three months ended September 30, 2025. The decrease was due to both lower average receivables balances throughout the period and lower yield on those receivables.
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 $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 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 $56.5 million for the three months ended September 30, 2026, which was comprised of $75.0 million of gross charge-offs, partially offset by $15.2 million of recoveries and a positive fair value adjustment of $3.3 million, up from $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. The fair value adjustment for thethree months ended September 30, 2026 had a positive impact due to the increase in the fair value premium, largely driven by a longer average term, combined with the increase in receivables over the period.
Previous wording
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 wording
Net revenue is equal to total revenue less the change in fair value of finance receivables. Net revenue decreased by $11.8 million, or 11.3%, to $92.8 million for the three months ended September 30, 2026 from $104.6 million for the three months ended September 30, 2025. This decrease was due to the decrease in total revenue and increase in change in fair value of finance receivables.
Previous wording
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 wording
Expenses decreased by $0.4 million, or 0.7%, to $55.7 million for the three months ended September 30, 2026 from $56.1 million for the three months ended September 30, 2025. The decrease in expenses was primarily driven by lower salary expense resulting from lower headcount, lower direct marketing expense resulting from lower volume, and lower interest expense resulting from lower average debt balances over the period. The decrease was partially offset by an increase in professional fees related to the Transaction, higher collection costs related to increased recoveries, and higher capitalized technology amortization expense. Expenses as a percent of total revenue increased from 36.2% to 37.3% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
Previous wording
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 wording
Income from operations is the difference between net revenue and expenses. Income from operations decreased by $11.4 million to $37.0 million for the three months ended September 30, 2026 from income from operations of $48.4 million for the three months ended September 30, 2025. This decrease was driven by lower total revenue and higher change in fair value of finance receivables, partially offset by lower expenses, as a result of the reasons stated above.
Previous 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.
Current wording
The change in fair value of warrant liabilities resulted in a gain of $2.8 million and a gain of $31.7 million for the three months ended September 30, 2026 and 2025, respectively. The changes are largely 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 $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.
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 September 30, 2026, a decrease of $0.6 million from $1.4 million for the three months ended September 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 $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 wording
Income before income taxes is the sum of income from operations, the change in fair value of warrant liabilities, income from equity method investment, and other income. Income before income taxes decreased by $40.8 million, or 50.1%, to $40.7 million for the three months ended September 30, 2026 from $81.6 million for the three months ended September 30, 2025 driven by lower income from operations, furthered by the prior year period’s gain from change in fair value of warrant liabilities.
Previous 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.
Current wording
Income tax expense of $6.3 million for the three months ended September 30, 2026 increased by $0.6 million from $5.6 million for the three months ended September 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 $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.
Current wording
Net income is the difference between income before income taxes and income tax expense. Net income decreased by $41.5 million to $34.5 million for the three months ended September 30, 2026 from net income of $75.9 million for the three months ended September 30, 2025 for the reasons stated above.
Previous 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.
Current wording
Net Income Attributable to OppFi Inc.
Previous wording
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 wording
The following table presents our consolidated results of operations for the nine months ended September 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
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.
Current wording
Total revenue increased by $8.5 million, or 1.9%, to $446.3 million for the nine months ended September 30, 2026 from $437.8 million for the nine months ended September 30, 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 $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.
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 $180.1 million for the nine months ended September 30, 2026, which was comprised of $226.3 million of gross charge-offs, partially offset by $44.7 million of recoveries and a positive fair value adjustment of $1.5 million, up from $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. The fair value adjustment for the nine months ended September 30, 2026 had a positive impactdue to the increase in the fair value premium, largely driven by a longer average term, outweighing the decrease in receivables over the period.
Previous 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.
Current wording
Net revenue is equal to total revenue less the change in fair value of finance receivables. Net revenue decreased by $29.4 million, or 9.9%, to $266.2 million for the nine months ended September 30, 2026 from $295.6 million for the nine months ended September 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 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.
Current wording
Expenses increased by $9.6 million, or 6.0%, to $169.5 million for the nine months ended September 30, 2026 from $159.9 million for the nine months ended September 30, 2025. The increase in expenses was primarily driven by higher professional fees related to the Transaction and the Corporate Simplification and higher collection costs related to increased recoveries. The increase was partially offset by lower interest expense resulting from lower average debt levels over the period, lower salary expense resulting from lower headcount as well as lower stock compensation expense, and lower direct marketing expense resulting from lower volume. Expenses as a percentage of total revenue increased from 36.5% to 38.0% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous 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.
Current wording
Income from operations is the difference between net revenue and expenses. Income from operations decreased by $39.0 million to $96.8 million for the nine months ended September 30, 2026 from income from operations of $135.7 million for the nine months ended September 30, 2025. This decrease was driven by higher change in fair value of finance receivables and expenses 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 $21.5 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 wording
The change in fair value of warrant liabilities resulted in a gain of $24.3 million and a loss of $23.2 million for the nine months ended September 30, 2026 and 2025, respectively. The changes are largely 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 $1.9 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 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 $2.7 million for the nine months ended September 30, 2026, a decrease of $0.9 million from $3.6 million for the nine months ended September 30, 2025.
Previous 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.
Current wording
Other income totaled $0.4 million for the nine months ended September 30, 2026 and $0.2 million for the nine months ended September 30, 2025. Other income for the nine months ended September 30, 2026 was comprised of $0.3 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 nine months ended September 30, 2025 was comprised of $0.2 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 $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.
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 $7.9 million, or 6.8%, to $124.2 million for the nine months ended September 30, 2026 from $116.3 million for the nine months ended September 30, 2025 driven by the prior year period’s loss from change in fair value of warrant liabilities outweighing the decrease in income from operations.
Previous wording
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 wording
Income tax expense of $20.1 million for the nine months ended September 30, 2026 increased by $11.6 million from $8.5 million for the nine months ended September 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 $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 wording
Net income is the difference between income before income taxes and income tax expense. Net income decreased by $3.7 million to $104.1 million for the nine months ended September 30, 2026 from net income of $107.8 million for the nine months ended September 30, 2025 for the reasons stated above.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Income Attributable to OppFi Inc.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 report — wording carried 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.