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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Fair value on a nonrecurring basis: As of June 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 June 30, 2026 and December 31, 2025 were as follows (in thousands):
|  |  |  | Fair Value Measurements
|  | 2026 |  | Level 1 |  | Level 2 |  | Level 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
|  | 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 (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.
During the three months ended June 30, 2026, there were no transfers of assets or liabilities in or out of Level 3 fair value measurement. During the six months ended June 30, 2026, there was a transfer of liability out of Level 3 fair value measurements. During the three and six months ended June 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 June 30, 2026 and December 31, 2025:
|  | 2026 |  | 2025
|  | $15 Exercise Price Warrants |  | $11.50 Exercise Price Warrants |  | $15 Exercise Price Warrants
Risk-free interest rate |  | 4.15 | % |  | 3.55 | % |  | 3.75 | %
Expected term (years) |  | 5.1 years |  | 0.6 years |  | 5.6 years
Expected volatility |  | 66.60 | % |  | 60.30 | % |  | 56.80 | %
Exercise price |  | $ | 15.00 |  |  | $ | 11.50 |  |  | $ | 15.00 |
Fair value of warrants |  | $ | 4.96 |  |  | $ | 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 |  | — |  |  | 155 |  |  | 155 |
Transfer out of Level 3 |  | (1,655) |  |  | — |  |  | (1,655) |
Fair value as of June 30, 2026 |  | $ | — |  |  | $ | 4,526 |  |  | $ | 4,526 |
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 June 30, 2026 and December 31, 2025 (in thousands):
|  |  |  | Fair Value Measurements
|  | 2026 |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |
Cash |  | $ | 64,347 |  |  | $ | 64,347 |  |  | $ | — |  |  | $ | — |
Restricted cash |  | 27,499 |  |  | 27,499 |  |  | — |  |  | — |
Accrued interest receivable (1) |  | 23,013 |  |  | 23,013 |  |  | — |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |
Accrued interest payable (2) |  | 2,510 |  |  | 2,510 |  |  | — |  |  | — |
Senior debt |  | 276,453 |  |  | — |  |  | — |  |  | 276,453 |
|  |  |  | 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 |  | 321,353 |  |  | — |  |  | — |  |  | 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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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