XML 45 R33.htm IDEA: XBRL DOCUMENT
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
|  | 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.
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:
|  | 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 |
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
|  | 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.

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: 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 + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration