| Segment Reporting |
Segment Reporting The Company operates as a single reportable segment and manages the business activities on a consolidated basis. The Company derives its revenue in the United States by offering its installment loan product.
The Company’s Chief Executive Officer is considered to be the chief operating decision maker (“CODM”). The CODM utilizes the net income in the consolidated statements of operations to assess financial performance, allocate resources and make strategic decisions. The measure of segment assets is total assets in the consolidated balance sheets. The following table presents selected financial information for the years ended December 31, 2025, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | Total revenue | $ | 597,050 | | | $ | 525,963 | | | $ | 508,949 | | | | | | | | | Charge-offs, net | (220,813) | | | (205,755) | | | (220,895) | | | Net change in fair value | 4,945 | | | 1,312 | | | (10,524) | | | Change in fair value of finance receivables | (215,868) | | | (204,443) | | | (231,419) | | | Provision for credit losses on finance receivables | — | | | (42) | | | (4,348) | | | Net revenue | 381,182 | | | 321,478 | | | 273,182 | | | Expenses: | | | | | | | Salaries and employee benefits | 60,695 | | | 60,475 | | | 60,680 | | | Direct marketing costs | 50,890 | | | 49,208 | | | 50,562 | | | Interest expense and amortized debt issuance costs | 39,367 | | | 44,708 | | | 46,750 | | | Professional fees | 20,103 | | | 21,574 | | | 18,027 | | | Technology costs | 12,433 | | | 12,171 | | | 12,543 | | | Payment processing fees | 6,589 | | | 7,119 | | | 10,439 | | | Depreciation and amortization | 5,159 | | | 9,621 | | | 12,735 | | | Occupancy | 4,127 | | | 4,030 | | | 4,431 | | | Exit costs, net | (1,449) | | | 2,983 | | | — | | | Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment | — | | | — | | | (2,983) | | | General, administrative and other | 16,590 | | | 15,053 | | | 13,643 | | | Total expenses | 214,504 | | | 226,942 | | | 226,827 | | | Income from operations | 166,678 | | | 94,536 | | | 46,355 | | | Other (expense) income: | | | | | | | Change in fair value of warrant liabilities | (11,347) | | | (8,244) | | | (4,976) | | | Income from equity method investment | 4,974 | | | 1,442 | | | — | | | Other (expense) income, net | (4,173) | | | 318 | | | 431 | | | Income before income taxes | 156,132 | | | 88,052 | | | 41,810 | | | Income tax expense | 9,885 | | | 4,215 | | | 2,331 | | | Net income | 146,247 | | | 83,837 | | | 39,479 | | | Less: net income attributable to noncontrolling interest | 119,918 | | | 76,579 | | | 40,484 | | | Net income (loss) attributable to OppFi Inc. | $ | 26,329 | | | $ | 7,258 | | | $ | (1,005) | |
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