v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Finance receivables at fair value, excluding accrued interest receivable (1)
$473,293 $— $— $473,293 
Financial liabilities:
Warrant liability - Public Warrants (2)
421 421 — — 
Warrant liability - Private Placement Warrants ($11.50 Exercise Price Warrants) (3)
12 — 12—
Warrant liability - Private Placement Warrants ($15 Exercise Price Warrants) (4)
4,526 — — 4,526 
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 (4)
6,026 — — 6,026 
(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 are not limited to, default rates, which are 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 $11.50 Exercise Price Warrants is categorized as Level 2. The valuation was based on an observable market quote in an active market of a similar asset.
(4) 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.
Schedule of Changes in Fair Value of Private Placement Warrants
The following table presents the significant assumptions used for the Company’s Private Placement Warrants as of June 30, 2026 and December 31, 2025:
20262025
$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate4.15 %3.55 %3.75 %
Expected term (years)5.1 years0.6 years5.6 years
Expected volatility66.60 %60.30 %56.80 %
Exercise price$15.00 $11.50 $15.00 
Fair value of warrants$4.96 $1.54 $4.79 
Schedule of Changes in Fair Value of Warrant Units
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, 2025$1,655 $4,371 $6,026 
Change in fair value— 155 155 
Transfer out of Level 3(1,655)— (1,655)
Fair value as of June 30, 2026$— $4,526 $4,526 
Schedule of Carrying Value and Estimated Fair Values of Financial Assets and Liabilities 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 June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Cash$64,347 $64,347 $— $— 
Restricted cash27,499 27,499 — — 
Accrued interest receivable (1)
23,013 23,013 — — 
Financial liabilities:
Accrued interest payable (2)
2,510 2,510 — — 
Senior debt276,453 — — 276,453 
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 debt321,353 — — 321,353 
(1) Included in finance receivables at fair value in the consolidated balance sheets.
(2) Included in accrued expenses in the consolidated balance sheets.