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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three months ended June 30, 2026, OppFi recorded an income tax expense of $9.8 million and reported consolidated income before income taxes of $25.5 million, resulting in a 38.7% effective income tax rate. For the three months ended June 30, 2025, OppFi recorded an income tax expense of $1.2 million and reported consolidated income before income taxes of $12.7 million, resulting in a 9.6% effective income tax rate. For the six months ended June 30, 2026, OppFi recorded an income tax expense of $13.8 million and reported consolidated income before income taxes of $83.5 million, resulting in a 16.6% effective income tax rate. For the six months ended June 30, 2025, OppFi recorded an income tax expense of $2.9 million and reported consolidated income before income taxes of $34.7 million, resulting in a 8.3% effective income tax rate. OppFi’s effective income tax rates for the three and six months ended June 30, 2026 and 2025 differ from the federal statutory income tax rate of 21% primarily due to the noncontrolling interest in the Up-C partnership structure, nondeductible expenses, state income taxes, warrant liability, and discrete tax items. The warrant liabilities are recorded by OppFi and the fair value adjustment of the warrant liabilities is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate. For the three months ended June 30, 2026, one discrete item was recorded consisting of a $0.1 million benefit related to stock compensation, which decreased the effective tax rate by 0.5%. Excluding the aforementioned discrete item, the effective tax rate for the three months ended June 30, 2026 would have been 39.2%. For the three months ended June 30, 2025, one discrete item was recorded consisting of a $0.6 million benefit related to stock compensation, which decreased the effective tax rate by 4.8%. Excluding the aforementioned discrete item, the effective rate for the three months ended June 30, 2025 would have been 14.4%. For the six months ended June 30, 2026, one discrete item was recorded of $0.2 million related to stock compensation, which in total decreased the effective tax rate by 0.2%. Excluding the aforementioned discrete item, the effective tax rate for the six months ended June 30, 2026 would have been 16.8%. For the six months ended June 30, 2025, one discrete item was recorded of $0.7 million related to stock compensation, which in total decreased the effective tax rate by 2.0%. Excluding the aforementioned discrete item, the effective tax rate for the six months ended June 30, 2025 would have been 10.3%. OppFi is subject to a 21% federal income tax rate on its activities and its distributive share of income from OppFi-LLC, as well as various state and local income taxes. As of June 30, 2026 and 2025, OppFi owned 100.0% and 32.0%, respectively, of the outstanding units of OppFi-LLC and considers appropriate tax accounting only on this portion of OppFi-LLC’s activity. Additionally, OppFi’s income tax rate varies from the 21% statutory federal income tax rate primarily due to a permanent difference related to the adjustment of the warrant liabilities recorded by OppFi. This fair value adjustment of the warrant liabilities represents a large portion of OppFi’s pre-tax book income or loss and is a permanent difference between GAAP and taxable income, which impacts OppFi’s effective income tax rate. During the three months ended June 30, 2026, the Company’s net deferred tax asset increased as a result of the aggregate effects of both the Corporate Simplification and the termination of the TRA. For tax purposes, the Corporate Simplification resulted in a step-up of tax basis calculated with reference to the fair value of consideration exchanged. The tax-effected amount of the excess tax basis over the carrying value of the assets represents the increase of the Company’s net deferred tax asset position. The termination of the TRA reduced related deferred tax assets to reflect the elimination of future deductible amounts. The total increase in the net deferred tax asset attributable to the Corporate Simplification and the termination of the TRA was $73.1 million. As of June 30, 2026 and December 31, 2025, OppFi recorded an unrecognized tax benefit of $0.3 million and $0.2 million, respectively, related to research and development credits allocated from OppFi-LLC. ASC 740, Income Taxes, prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no amounts accrued for the payment of interest and penalties as of June 30, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviations from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

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