v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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
2025Level 1Level 2Level 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
2024Level 1Level 2Level 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:
20252024
$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate3.55 %3.75 %4.17 %4.41 %
Expected term (years)0.6 years5.6 years1.6 years6.6 years
Expected volatility60.30 %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 value762 767 1,529 
Fair value as of December 31, 20231,041 1,187 2,228 
Change in fair value1,270 1,268 2,538 
Fair value as of December 31, 20242,311 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
2025Level 1Level 2Level 3
Financial assets:
Cash$49,451 $49,451 $— $— 
Restricted cash43,812 43,812 — — 
Accrued interest receivable (1)
18,069 18,069 — — 
Financial liabilities:
Accrued interest payable (2)
2,601 2,601 — — 
Senior debt, net321,353 — — 321,353 
Fair Value Measurements
2024Level 1Level 2Level 3
Financial assets:
Cash$61,344 $61,344 $— $— 
Restricted cash26,944 26,944 — — 
Accrued interest receivable (1)
18,352 18,352 — — 
Settlement receivable2,036 2,036 — — 
Financial liabilities:
Accrued interest payable (2)
2,519 2,519 — — 
Senior debt, net318,758 — — 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.