v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value on a nonrecurring basis: As of September 30, 2026 and December 31, 2025, the Company had 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 September 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)
$495,158 $— $— $495,158 
Financial liabilities:
Warrant liability - Private Placement Warrants ($15 Exercise Price Warrants) (2)
2,117 — — 2,117 
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 (3)
20,429 20,429 — — 
Warrant liability - Private Placement Warrants (2)
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 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.
(3) The fair value measurement for the Public Warrants was categorized as Level 1 due to the use of an observable market quote in an active market under the ticker OPFI WS.
During the three months ended September 30, 2026, there were no transfers of assets or liabilities in or out of Level 3 fair value measurement. During the nine months ended September 30, 2026, there was a transfer of liability out of Level 3 fair value measurements. During the three and nine months ended September 30, 2025, 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 as of September 30, 2026 and December 31, 2025:
20262025
$15 Exercise
Price Warrants		$11.50 Exercise
Price Warrants		$15 Exercise
Price Warrants
Risk-free interest rate5.02 %3.55 %3.75 %
Expected term (years)4.8 years0.6 years5.6 years
Expected volatility67.50 %60.30 %56.80 %
Exercise price$15.00 $11.50 $15.00 
Fair value of warrants$2.32 $1.54 $4.79 

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 $6,026 
Change in fair value— (2,254)(2,254)
Transfer out of Level 3(1,655)— (1,655)
Fair value as of September 30, 2026$— $2,117 $2,117 
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 September 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements
2026Level 1Level 2Level 3
Financial assets:
Cash$102,691 $102,691 $— $— 
Restricted cash37,982 37,982 — — 
Accrued interest receivable (1)
23,726 23,726 — — 
Financial liabilities:
Accrued interest payable (2)
2,941 2,941 — — 
Senior debt351,453 — — 351,453 
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.