OppFi Inc.OPFI
OppFi Inc. Fair Value Disclosure
Fair Value Measurements
Fair value on a nonrecurring basis: As of December 31, 2025 and 2024, the Company has no assets or liabilities measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.
Fair value measurement on a recurring basis: The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024 are as follows (in thousands):
| Fair Value Measurements | ||||||||||||||||||||||||||
| 2025 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
Finance receivables at fair value, excluding accrued interest receivable (1) | $ | 528,167 | $ | — | $ | — | $ | 528,167 | ||||||||||||||||||
| Financial liabilities: | ||||||||||||||||||||||||||
Warrant liability - Public Warrants (2) | 20,429 | 20,429 | — | — | ||||||||||||||||||||||
Warrant liability - Private Placement Warrants (3) | 6,026 | — | — | 6,026 | ||||||||||||||||||||||
| Fair Value Measurements | ||||||||||||||||||||||||||
| 2024 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
Finance receivables at fair value, excluding accrued interest receivable (1) | $ | 455,344 | $ | — | $ | — | $ | 455,344 | ||||||||||||||||||
| Financial liabilities: | ||||||||||||||||||||||||||
Warrant liability - Public Warrants (2) | 10,342 | 10,342 | — | — | ||||||||||||||||||||||
Warrant liability - Private Placement Warrants (3) | 4,766 | — | — | 4,766 | ||||||||||||||||||||||
(1) The Company primarily estimates the fair value of its installment finance receivables portfolio using discounted cash flow models that have been internally developed. The model’s inputs include, but not limited to default rate that is unobservable but reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. | ||||||||||||||||||||||||||
(2) The fair value measurement for the Public Warrants is categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS. | ||||||||||||||||||||||||||
(3) The fair value of the Private Placement Warrants is measured using a Black-Scholes option-pricing model; accordingly, the fair value measurement for the Private Placement Warrants is categorized as Level 3. | ||||||||||||||||||||||||||
During the years ended December 31, 2025 and 2024, there were no transfers of assets or liabilities in or out of Level 3 fair value measurements.
The following table presents the significant assumptions used for the Company’s Private Placement Warrants at December 31, 2025 and 2024:
| 2025 | 2024 | |||||||||||||||||||||||||
| $11.50 Exercise Price Warrants | $15 Exercise Price Warrants | $11.50 Exercise Price Warrants | $15 Exercise Price Warrants | |||||||||||||||||||||||
| Risk-free interest rate | 3.55 | % | 3.75 | % | 4.17 | % | 4.41 | % | ||||||||||||||||||
| Expected term (years) | 0.6 years | 5.6 years | 1.6 years | 6.6 years | ||||||||||||||||||||||
| Expected volatility | 60.30 | % | 56.80 | % | 47.30 | % | 47.30 | % | ||||||||||||||||||
| Exercise price | $ | 11.50 | $ | 15.00 | $ | 11.50 | $ | 15.00 | ||||||||||||||||||
| Fair value of warrants | $ | 1.54 | $ | 4.79 | $ | 0.91 | $ | 2.69 | ||||||||||||||||||
The following table presents the changes in the fair value of the warrant liability - Private Placement Warrants (in thousands):
| $11.50 Exercise Price Warrants | $15 Exercise Price Warrants | Total | ||||||||||||||||||
| Fair value as of December 31, 2022 | $ | 279 | $ | 420 | $ | 699 | ||||||||||||||
| Change in fair value | 762 | 767 | 1,529 | |||||||||||||||||
| Fair value as of December 31, 2023 | 1,041 | 1,187 | 2,228 | |||||||||||||||||
| Change in fair value | 1,270 | 1,268 | 2,538 | |||||||||||||||||
| Fair value as of December 31, 2024 | 2,311 | 2,455 | 4,766 | |||||||||||||||||
| Change in fair value | (656) | 1,916 | 1,260 | |||||||||||||||||
| Fair value as of December 31, 2025 | $ | 1,655 | $ | 4,371 | $ | 6,026 | ||||||||||||||
Financial assets and liabilities not measured at fair value: The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy as of December 31, 2025 and 2024 (in thousands):
| Fair Value Measurements | ||||||||||||||||||||||||||
| 2025 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
| Cash | $ | 49,451 | $ | 49,451 | $ | — | $ | — | ||||||||||||||||||
| Restricted cash | 43,812 | 43,812 | — | — | ||||||||||||||||||||||
Accrued interest receivable (1) | 18,069 | 18,069 | — | — | ||||||||||||||||||||||
| Financial liabilities: | ||||||||||||||||||||||||||
Accrued interest payable (2) | 2,601 | 2,601 | — | — | ||||||||||||||||||||||
| Senior debt, net | 321,353 | — | — | 321,353 | ||||||||||||||||||||||
| Fair Value Measurements | ||||||||||||||||||||||||||
| 2024 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
| Cash | $ | 61,344 | $ | 61,344 | $ | — | $ | — | ||||||||||||||||||
| Restricted cash | 26,944 | 26,944 | — | — | ||||||||||||||||||||||
Accrued interest receivable (1) | 18,352 | 18,352 | — | — | ||||||||||||||||||||||
| Settlement receivable | 2,036 | 2,036 | — | — | ||||||||||||||||||||||
| Financial liabilities: | ||||||||||||||||||||||||||
Accrued interest payable (2) | 2,519 | 2,519 | — | — | ||||||||||||||||||||||
| Senior debt, net | 318,758 | — | — | 318,758 | ||||||||||||||||||||||
(1) Included in finance receivables at fair value in the consolidated balance sheets. | ||||||||||||||||||||||||||
(2) Included in accrued expenses in the consolidated balance sheets. | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 27, 2024 | |
| 2022 | Mar 29, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 3, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.