OVERVIEW

We are a leading mission-driven financial technology platform that powers banks
to offer accessible financial products to everyday consumers through our
proprietary technology and artificial intelligence ("AI") and a top-rated
customer experience. Our primary mission is to facilitate financial inclusion
and credit access to the 150 million everyday consumers who lack access to
mainstream credit and help them build financial health. Consumers on our
platform benefit from higher approval rates and a highly automated, transparent,
efficient, and fully digital experience. Our bank partners benefit from our
turn-key, outsourced marketing, data science, and proprietary technology to
digitally acquire, underwrite and service everyday consumers and increase
automation throughout the lending process.

We principally service consumers on our financial platform through OppLoans,
which is our bank sponsored installment loan product that is a fully amortizing,
simple interest small dollar loan with an average loan size of approximately
$1,500 and a term of 11 months. We also recently launched our SalaryTap and
OppFi Card products, which do not currently represent a significant amount of
our business.

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COVID-19 pandemic

On March 11, 2020, the World Health Organization designated the novel
coronavirus ("COVID-19") as a global pandemic. Recently, consumer activity has
began to recover and many government mandates to restrict daily activities have
been lifted, but the long-term effects of the COVID-19 pandemic globally and in
the United States remain unknown. Worker shortages, supply chain issues,
inflationary pressures, vaccine and testing requirements, the emergence of new
variants, and the reinstatement of restrictions and health and safety related
measures in response to the emergence of new variants, such as the Delta and
Omicron variants, contributed to the volatility of ongoing recovery. There can
be no assurance that economic recovery will continue or that consumer behavior
will return to pre-pandemic levels. For further discussion please reference the
'Risk Factors' section.

Election of Fair Value

On January 1, 2021, we elected the fair value option for our OppLoan product.
Accordingly, the related finance receivables are carried at fair value in the
consolidated balance sheets and the changes in fair value are included in the
consolidated statements of operations. For more information, please refer to
"Fair Value Pro Forma" below.

RECENT DEVELOPMENTS

Recent key events impacting our business are as follows:

•On November 18, 2021, the Company entered into a Consent Judgement and Order
("Settlement") with the Attorney General of the District of Columbia
("District") to resolve all matters in a dispute related to the action
previously filed against the Company by the District ("Action"). The Company
denies the allegations in the Action and denies that it has violated any law or
engaged in any deceptive or unfair practices. The Action was resolved to avoid
the expense of protracted litigation. As part of the Settlement, the Company
agreed to, among other things, refrain from certain business activities in the
District of Columbia, pay $0.3 million to the District of Columbia and provide
refunds to certain District of Columbia consumers. As of December 31, 2021,
unpaid refunds totaled $1.5 million, which is included in accrued expenses on
the consolidated balance sheets.

•On January 6, 2022, the Company announced that its Board of Directors ("Board")
had authorized a program to repurchase ("Repurchase Program") up to $20.0
million in the aggregate of shares of the Company's Class A Common Stock.
Repurchases under the Repurchase Program may be made from time to time, on the
open market, in privately negotiated transactions, or by other methods, at the
discretion of the management of the Company and in accordance with the
limitations set forth in Rule 10b-18 promulgated under the Exchange Act and
other applicable legal requirements. The timing and amount of the repurchases
will depend on market conditions and other requirements. The Repurchase Program
does not obligate the Company to repurchase any dollar amount or number of
shares and the Repurchase Program may be extended, modified, suspended, or
discontinued at any time. For each share of Class A Common Stock that the
Company repurchases under the Repurchase Program, OppFi-LLC will redeem one
Class A common unit of OppFi-LLC held by the Company, decreasing the percentage
ownership of OppFi-LLC by the Company and relatively increasing the ownership by
the other members. The Repurchase Program will expire in December 2023.

•On February 23, 2022, the Board of the Company appointed Mr. Todd G. Schwartz
as the Chief Executive Officer of the Company, effective February 28, 2022. Mr.
Schwartz will continue to serve as the Executive Chairman of the Board.

•On March 7, 2022, the Company, through OppFi-LLC, filed a complaint for
declaratory and injunctive relief ("Complaint") against the Commissioner (in her
official capacity) of the Department of Financial Protection and Innovation of
the State of California ("Defendant") in the Superior Court of the State of
California, County of Los Angeles, Central Division. The Complaint seeks a
declaration that the interest rate caps set forth in the California Financing
Law, as amended by the Fair Access to Credit Act, a/k/a AB 539 ("CFL"), do not
apply to loans that are originated by the Company's federally-insured
state-chartered bank partners and serviced through the Company's technology and
service platform pursuant to a contractual arrangement with each such bank
("Program"). The Complaint further seeks injunctive relief against the
Defendant, preventing the Defendant from enforcing interest rate caps under the
CFL against the Company based on activities related to the Program. As of
December 31, 2021, consumers living in the State of California made up
approximately 11% of the Company's finance receivables portfolio. The Company
intends to aggressively prosecute the claims set forth in the Complaint.

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HIGHLIGHT

Our financial results as of and for the year ended December 31, 2021 are
summarized below:
•Basic and diluted earnings per share ("EPS") of $1.93 for the year ended
December 31, 2021;
•Adjusted basic and diluted EPS(1) of $0.78 for the year ended December 31,
2021;
•Net originations increased 23% to $595.1 million from $483.4 million for the
years ended December 31, 2021 and 2020, respectively;
•Ending receivables increased 22% to $337.5 million from $275.7 million as of
December 31, 2021 and 2020, respectively;
•Total revenue increased 20% to $350.6 million from $291.0 million for the years
ended December 31, 2021 and 2020, respectively;
•Adjusted revenue(1) increased 9 % to $350.6 million from $323.0 million for the
years ended December 31, 2021 and 2020, respectively;
•Net income increased 16% to $89.8 million from $77.5 million for the years
ended December 31, 2021 and 2020 respectively; and
•Adjusted net income(1) increased 19% to $65.8 million from $55.2 million for
the years ended December 31, 2021 and 2020, respectively.

(1) Adjusted Basic and Diluted EPS, Adjusted Revenue and Adjusted Net Income are
non-Generally Accepted Accounting Principles ("GAAP") financial measures. For
information regarding our uses and definitions of these measures and for
reconciliations to the most directly comparable United States GAAP measures, see
"Non-GAAP Financial Measures" below.

Key performance metrics

We regularly review the following key metrics, to evaluate our business, measure
our performance, identify trends affecting our business, formulate financial
projections and make strategic decisions, which may also be useful to an
investor. The following tables and related discussion set forth key financial
and operating metrics for the Company's operations as of and for the years ended
December 31, 2021 and 2020.

Note: All key performance metrics include all three products in the OppFi
platform and are not shown separately as contributions from SalaryTap and OppFi Card were de minimis.

Total Net Originations

We measure originations to assess the growth trajectory and overall size of our
loan portfolio. There is a direct correlation between origination growth and
revenue growth. We include both bank partner originations as well as those
originated by us directly. Loans are considered to be originated when the
contract is signed between us and the prospective borrower. The vast majority of
our originations ultimately disburse to a borrower, but disbursement timing lags
that of originations. Originations may be useful to an investor because they
help understand the growth trajectory of our revenues.

The following tables present total net originations (defined as gross
originations net of transferred balance on refinanced loans), percentage of net
originations by bank partners, and percentage of net originations by new loans
for the years ended December 31, 2021 and 2020 (in thousands):

                                                         Year Ended December 31,                          Change
                                                        2021                  2020                 $                  %
Total net originations                            $        595,079       $      483,350       $ 111,729               23.1  %
Percentage of net originations by bank
partners                                                   90.6  %            65.0    %                N/A            39.4  %
Percentage of net originations by new loans                46.2  %            42.8    %                N/A             7.9  %



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Net originations increased to $595.1 million for the year ended December 31,
2021, from $483.4 million for the year ended December 31, 2020. The 23.1%
increase was primarily due to a partial recovery from the short-term reduction
in customer demand attributable to the COVID-19 pandemic and related
governmental stimulus measures that we experienced 2020. However, 2021 growth
was significantly lower than historical years due in part to the continued
impact of the pandemic on customer demand.

Our origination mix continues to shift towards a servicing / facilitation model
for bank partners from a direct origination model. Total net originations by our
bank partners increased to 90.6% for the year ended December 31, 2021, from
65.0% for the year ended December 31, 2020.

In addition, our net originations saw an increase in the percentage of
originations of new loans compared to refinanced loans as customer demand began
to return from weakness due to the onset of the COVID-19 pandemic in 2020
coupled with increased automation, which drove a higher conversion of
applications to funded loans. Total net originations of new loans as percentage
of total loans increased to 46.2% for the year ended December 31, 2021 from
42.8% for the year ended December 31, 2020.

Finalization of accounts receivable

Ending receivables are defined as the unpaid principal balances of both on- and
off-balance sheet loans at the end of the reporting period. The following table
presents ending receivables as of December 31, 2021 and 2020 (in thousands):

                                                              Change
                           2021           2020            $             %
Ending receivables      $ 337,529      $ 275,670      $ 61,859        22.4  %



Ending receivables increased to $337.5 million as of December 31, 2020 from
$275.7 million as of December 31, 2020. The 22.4% increase was primarily driven
by growth in originations in 2021. Off-balance sheet receivables were $19.7
million as of December 31, 2020, and there were no off-balance sheet receivables
as of December 31, 2021.

Average Yield

Average yield represents annualized interest income from the period as a percent
of average receivables. Receivables are defined as unpaid principal balances of
both on- and off-balance sheet loans. The following tables present average yield
for the years ended December 31, 2021 and 2020:

                            Year Ended December 31,            Change
                               2021                2020          %
Average yield                        126.9  %     128.1  %     (0.9) %



Average yield decreased to 126.9% for the year ended December 31, 2021, from
128.1% for the year ended December 31, 2020. The 0.9% decrease was driven by the
introduction of market-based offers in the fourth quarter, which offers
qualifying customers to receive a lower APR. Additionally, average yield was
driven lower by the expansion of the APR stepdown program through 2021, which
rewards eligible customers for making on-time payments by lowering their
interest rates in regular intervals.

Net charge-offs as a percentage of average accounts receivable

Net charge-offs as a percentage of average receivables represents annualized
total charge offs from the period less recoveries as a percent of average
receivables. Receivables are defined as unpaid principal of both on- and
off-balance sheet loans. Our charge-off policy is based on a review of
delinquent finance receivables on a loan by loan basis. Finance receivables are
charged off at the earlier of the time when accounts reach 90 days past due on a
recency basis, when we receive notification of a customer bankruptcy, or when
finance receivables are otherwise deemed uncollectible.

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The following tables present net charge-offs as a percentage of annualized average accounts receivable for the years ended December 31, 2021 and 2020:

                                                         Year Ended December 31,            Change
                                                             2021                2020         %
Net charge-offs as % of average receivables                         37.5  % 

35.6% 5.3%



Net charge-offs as a percentage of average receivables increased by 5.3% to
37.5% for the year ended December 31, 2021, from 35.6% for the year ended
December 31, 2020. The increase for the year ended December 31, 2021 reflects a
gradual return to normalization of credit towards pre-pandemic levels due to
reduced government stimulus from 2020 and the corresponding impact on our
customers' bank balance.

Marketing cost per financed loan

Marketing cost per funded loan represents marketing cost per funded loan for new
and refinance loans. This metric is the amount of direct marketing costs
incurred during a period divided by the number of loans originated during that
same period.
The following tables present marketing cost per funded loan for the years ended
December 31, 2021 and 2020:
                                            Year Ended December 31,         

Change

                                                2021                  2020        $           %
Marketing cost per funded loan      $         78                     $ 62   

$16 25.8%



Our marketing cost per funded loan increased to $78 for the year ended
December 31, 2021, from $62 for the year ended December 31, 2020. The 25.8%
increase for the year ended December 31, 2021 was driven by the higher mix of
new versus refinanced loans year over year as well as a higher Marketing Cost
per New Funded Loan as described in the following section.

Marketing cost per new financed loan

Marketing cost per new funded loan represents the amount of direct marketing
costs incurred during a period divided by the number of new loans originated
during that same period. The following tables present marketing cost per funded
loan (new) for the years ended December 31, 2021 and 2020:

                                                  Year Ended December 31,                   Change
                                                      2021                 2020         $           %
Marketing cost per new funded loan        $         254                   $ 

211 $43 20.4%



Our marketing cost per new funded loan increased to $254 for the year ended
December 31, 2021 from $211 for the year ended December 31, 2020. The 20.4%
increase for the year ended December 31, 2021 was driven by increased mix to the
partner channel from lower cost organic channels and higher spend in direct mail
as the company pulled back direct mail spending in 2020.

Automatic approval rate

Auto-approval rate is calculated by taking the number of approved loans that are
not decisioned by a loan advocate or underwriter (auto-approval) divided by the
total number of loans approved. The following table presents auto approval rate
as of December 31, 2021 and 2020:

                              Year Ended December 31,            Change
                                  2021                2020          %
Auto-approval rate                       60.0  %     25.7  %     133.4  %


Automatic approval rate increased 133.4% from December 31, 2021 to 60.0%, from 25.7% as of December 31, 2020driven by the continuous application of algorithmic automation projects that streamline the frictional steps of the creation process.

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Sales and Servicing Cost per Loan Sales and Servicing cost per loan is
calculated by taking the total servicing costs, which include customer center
salaries, underwriting and reporting costs, and payment processing fees, divided
by the average amount of outstanding loans during that period. The following
tables present servicing cost per loan for the years ended December 31, 2021 and
2020:

                                               Year Ended December 31,                  Change
                                                   2021                 2020         $          %
Sales and servicing cost per loan      $         159                   $ 

148 $11 7.4%


Our servicing cost per loan increased by $11 for the year ended December 31,
2021 compared to the year ended December 31, 2020 due to the increase in
underwriting costs and payment processing fees tied to the increase in
originations. Due to improvements in auto-approval rates, which drove scale to
the business, the percentage growth in sales and servicing costs per loan of
7.4% for the year ended December 31, 2021 were significantly lower than total
net origination growth of 23.1% for the year ended December 31, 2021.

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RESULTS OF OPERATIONS

Comparison of completed years December 31, 2021 and 2020

The following table presents our consolidated results of operations for the
years ended December 31, 2021 and 2020 (in thousands, except per number of
shares and share data).

                                                        Year Ended December 31,                             Change
                                                        2021                   2020                $                    %
Interest and loan related income, gross
(a)                                             $     349,029              $ 322,165          $  26,864                    8.3  %
Other income                                            1,539                    789                750                   95.1
  Interest, loan related, and other
income                                                350,568                322,954             27,614                    8.6
Amortization of loan origination costs                      -                (31,940)            31,940                 (100.0)
  Total revenue                                       350,568                291,014             59,554                   20.5
Total provision                                          (929)               (90,787)            89,858                  (99.0)
Change in fair value of finance
receivables                                           (85,960)                     -            (85,960)                     -
  Net revenue                                         263,679                200,227             63,452                   31.7
Expenses                                              206,422                122,711             83,711                   68.2
  Income from operations                               57,257                 77,516            (20,259)                 (26.1)
Gain on forgiveness of Paycheck
Protection Program loan                                 6,444                      -              6,444                      -
Change in fair value of warrant liability              26,405                      -             26,405                      -
  Income before income taxes                           90,106                 77,516             12,590                   16.2
Provision for income taxes                               (311)                     -               (311)                     -
  Net income                                           89,795              $  77,516          $  12,279                   15.8  %
Less: net income attributable to
noncontrolling interest                                64,241

Net income attributable to OppFi Inc. $25,554

Earnings per share attributable to OppFi
Inc.: (b)
Earnings per common share:
  Basic                                         $        1.93              $       -
  Diluted                                       $        1.93              $       -
Weighted average common shares
outstanding:
  Basic                                                   13,218,119                  -
  Diluted                                                 13,227,049                  -

(a) Loan-related income consists primarily of insufficient funds charges, which are immaterial and were suspended during the first quarter of 2021. Interest income related to finance receivables accounted for under the fair value option is included in “Interest and income related to loans, net” in the consolidated statements of operations. (b) Before the reverse recapitalization, all net income was attributable to the non-controlling interest. For periods prior to July 20, 2021Earnings per share were not calculated, since the net income prior to the Business Combination was entirely attributable to OppFi-LLC.



Total Revenue

Total revenue consists mainly of revenue earned from interest on receivables
from outstanding loans based only on the interest method, as well as
amortization of loan origination costs in previous periods. We also earn revenue
from referral fees related primarily to our turn-up program, which represented
less than 0.5 % of total revenue for the year ended December 31, 2021.

Total revenue increased by $59.6 million, or 20.5%, to $350.6 million for the
year ended December 31, 2021 from $291.0 million for the year ended December 31,
2020. This increase was due to the removal of the amortization of loan
origination costs as a result of the election of the fair value option in 2021
as well as receivables growth in 2021 . Under the fair value option, loan
origination costs related to the origination of installment loans are expensed
when incurred and are no longer recognized as a part of total revenue.

Change in Fair Value and Total Provision

Commencing on January 1, 2021, we elected the fair value option on the OppLoan
installment product. To derive the fair value, we generally utilize discounted
cash flow analyses that factor in estimated losses and prepayments over the
estimated duration of the underlying assets. Loss and prepayment assumptions are
determined using historical loss data and include appropriate consideration of
recent trends and anticipated future performance. Future cash flows are
discounted using a rate of return that
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we believe a market participant would require based on the risk characteristics
of the loans. We did not elect the fair value option on our SalaryTap and OppFi
Card finance receivables as these products launched in November 2020 and August
2021, respectively, and inputs for fair value are not yet determined.
Accordingly, the related finance receivables are carried at amortized cost, net
of allowance for credit losses.

For the year ended December 31, 2021, change in fair value consists of gross
charge-offs incurred in the period, net of recoveries, plus the change in the
fair value on the installment loans portfolio. Change in fair value totaled
$86.0 million for the year ended December 31, 2021,which was comprised of $103.5
million of net charge-offs, partially offset by a fair market value adjustment
of $17.6 million. The fair value adjustment had a positive impact due to the
increase in receivables in the period and an increase in the fair value mark.
The fair value mark improved due to an increase in the remaining life of the
portfolio driven by a younger portfolio from origination growth in the period,
as well as an increase in the weighted average interest rate of the portfolio
driven by the higher mix of bank partner originated loans and a lower volume of
customers on assistance programs.

For the year ended December 31, 2021, total provision consists of gross
charge-offs incurred in the period, net of recoveries, plus the change in the
allowance for credit losses for our SalaryTap and OppFi Card products. For the
year ended December 31, 2020, total provision consists of gross charge-offs
incurred in the period, net of recoveries, plus the change in the allowance for
credit losses for the OppLoan product as this was the only product for the
Company during 2020 and the Company utilized incurred credit loss application
method prior to electing the fair value option on January 1, 2021. Starting
January 1, 2021, our provision for future losses is based on estimated credit
loss application whereby it reserves for life of loan losses.

Net income

Net revenue is equal to total revenue less the change in fair value and less
total provision costs. Total net revenue increased by $63.5 million, or 31.7%,
to $263.7 million for the year ended December 31, 2021 from $200.2 million for
the year ended December 31, 2020. This increase was attributable to the removal
of the amortization of loan origination costs from total revenue as a result of
the election of the fair value option in 2021 and growth in receivables from the
prior year.

Expenses

Expenses includes salaries and employee benefits, interest expense and amortized
debt issuance costs, servicing costs, direct marketing costs, technology costs,
depreciation and amortization, professional fees and other expenses.

Expenses increased by $83.7 million, or 68.2%, to $206.4 million for the year
ended December 31, 2021, from $122.7 million for the year ended December 31,
2020. This was primarily due to higher marketing costs due to higher
originations, an increase in salaries and employee benefits related to
additional headcount, technology infrastructure costs and professional fees
related to investments to support the company's augmentation of internal
controls, operational risk and compliance functions, insurance expenses as the
company transitioned to becoming a public entity, and the impact of the 2021
election of fair value option. As a result of the election of the fair value
option, loan origination costs, including direct marketing costs and payment
processing fees related to the origination of the OppLoan product, are
recognized as expenses when incurred and are no longer recognized as an offset
to total revenue.

Income from Operations

Income from operations is the difference between net revenue and expenses. Total
income from operations decreased by $20.3 million, or 26.1%, to $57.3 million
for the year ended December 31, 2021, from $77.5 million for the year ended
December 31, 2020.

Other Income (Expenses)

Other income for the year ended December 31, 2021 included the gain from
forgiveness of an unsecured loan of $6.4 million in connection with the Paycheck
Protection Program ("PPP") Loan. Additionally, other income included the change
in fair value of the warrant liability in the amount of $26.4 million. This
warrant liability arose with respect to warrants issued in connection with the
initial public offering of FGNA and is subject to re-measurement at each balance
sheet date.

Income Before Income Tax

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Income before income tax is the difference between net revenue and expenses.
Income before income tax increased by $12.6 million, or 16.2%, to $90.1 million
for the year ended December 31, 2021, from $77.5 million for the year ended
December 31, 2020.

Income tax

OppFi Inc. recorded a provision for income taxes of $0.3 million for the year
ended December 31, 2021 and no expense for the year ended December 31, 2020. As
noted above, OppFi-LLC is treated as a partnership and is not subject to income
taxes; prior to the consummation of the Business Combination on July 20, 2021,
there were no taxes attributable to OppFi Inc. as OppFi-LLC was the only
reportable entity.

Net income

Net income increased by $12.3 millionor 15.8%, to $89.8 million for the year ended December 31, 2021 from $77.5 million for the year ended December 31, 2020.

Net Income Attributable to OppFi Inc.

Net income attributable to OppFi Inc. was $25.6 million for the year ended
December 31, 2021. Net income attributable to OppFi Inc. represents the income
solely attributable to stockholders of OppFi Inc. for the year ended
December 31, 2021. Prior to the consummation of the Business Combination on July
20, 2021, there was no income attributable to OppFi Inc. as OppFi-LLC was the
only reportable entity.

NON-GAAP FINANCIAL MEASURES

We believe that the provision of non-GAAP financial measures in this report,
including Fair Value Pro Forma information, Adjusted Revenue, Adjusted Basic and
Diluted EPS, Adjusted EBITDA (and margin thereof), and Adjusted Net Income (and
margin thereof) can provide useful measures for period-to-period comparisons of
our business and useful information to investors and others in understanding and
evaluating our operating results. However, non-GAAP financial measures are not
calculated in accordance with United States GAAP measures, should not be
considered an alternative to any measure of financial performance calculated and
presented in accordance with GAAP, and may not be comparable to the non-GAAP
financial measures of other companies.

Pro forma fair value

On January 1, 2021, we elected the fair value option for our OppLoan product.
Accordingly, the related finance receivables are carried at fair value in the
consolidated balance sheets and the changes in fair value are included in the
consolidated statements of operations. To derive the fair value, OppFi generally
utilizes discounted cash flow analyses that factor in estimated losses and
prepayments over the estimated duration of the underlying assets. Loss and
prepayment assumptions are determined using historical loss data and include
appropriate consideration of recent trends and anticipated future performance.
Future cash flows are discounted using a rate of return that OppFi believes a
market participant would require. Accrued interest and fees are included in
"Finance receivables" in the consolidated balance sheets. Interest income is
included in "Interest and loan related income, net" in the consolidated
statements of operations. We have adjusted 2020 financials based on applying the
fair value option in order to provide comparability to 2021 financials.

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                                                                       Year Ended December 31,                                        Variance
                                               2021                                        2020                                           %
                                                                                         Fair Value          Fair Value Pro
(in thousands, unaudited)                   As Reported           As Reported           Adjustments              Forma

Interest, loan related, and other
income                                    $    350,568          $    291,014          $      31,940          $   322,954                     8.6  %
Total provision                                   (929)              (90,787)                90,787                    -                       -
Fair value adjustments (a)                     (85,960)                    -               (104,028)            (104,028)                  (17.4)
Net revenue                                    263,679               200,227                 18,699              218,926                    20.4
Expenses
Sales and marketing                             52,622                15,333                 22,510               37,843                    39.1
Customer operations                             40,260                33,697                  4,482               38,179                     5.5
Technology, products, and analytics             27,442                19,745                      -               19,745                    39.0
General, administrative, and other              61,842                32,708                      -               32,708                    89.1
Total expenses before interest
expense                                        182,166               101,483                 26,992              128,475                    41.8
Interest expense (b)                            24,256                21,228                      -               21,228                    14.3
Income from operations                          57,257                77,516                 (8,293)              69,223                   (17.3)
Gain on forgiveness of Paycheck
Protection Program loan                          6,444                     -                      -                    -                       -
Change in fair value of warrant
liability                                       26,405                     -                      -                    -                       -
  Income before income taxes                    90,106                77,516                 (8,293)              69,223                    30.2
Provision for income taxes                        (311)                    -                      -                    -                       -
  Net income                                    89,795          $     77,516          $      (8,293)         $    69,223                    29.7  %
Less: net income attributable to
noncontrolling interest                         64,241
  Net income attributable to OppFi
Inc.                                      $     25,554

(a) Fair value adjustment of $104 million includes net cancellations of $89.6 million and a fair market value Adjustment of $14.4 million driven by lower accounts receivable and a lower fair market value mark as a result of the COVID-19 pandemic. (b) Includes debt amortization costs.



Adjusted Revenue

Adjusted revenue is a non-GAAP financial measure defined as our total revenue,
as reported, adjusted for the impact of amortization of loan origination costs.
Under the fair value option, loan origination costs related to the origination
of installment loans are expensed when incurred and are no longer recognized as
a part of total revenue. We believe that adjusted revenue is an important
measure because it allows management, investors, and our board of directors to
evaluate and compare our revenue for period-to-period comparisons of our
business, as it removes the effect of differing accounting methodologies.

                                                   Year Ended December 31,           Variance
(in thousands, unaudited)                            2021               2020            %
Total revenue                                $     350,568           $ 291,014        20.5   %
Amortization of loan origination costs                   -              31,940           -
Adjusted revenue                             $     350,568           $ 322,954         8.6   %


Adjusted Net Income and Adjusted EBITDA

Adjusted Net Income is a non-GAAP measure defined as our GAAP net income,
adjusted for the impact of our election of the fair value option, further
adjusted to eliminate the effect of certain items as shown below as well as
adjusting taxes for comparison purposes. We believe that Adjusted Net Income is
an important measure because it allows management, investors, and our board of
directors to evaluate and compare our operating results from period-to-period by
making the adjustments described below.

Adjusted EBITDA is a non-GAAP measure defined as our adjusted net income adjusted for the items shown below, including taxes, depreciation and amortization, and interest expense. We believe that Adjusted EBITDA is an important measure because it allows management, investors and our board of directors to assess and compare our operating results for the period.

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to-period by making the adjustments described below. In addition, it provides a
useful measure for period-to-period comparisons of our business, as it removes
the effect of taxes, certain non-cash items, variable charges, and timing
differences.

                                                              Year Ended December 31,                     Variance
(in thousands, except share and per share data)
Unaudited                                                     2021                   2020                     %
Net income                                            $      89,795              $   77,516                      15.8  %
Provision for income taxes                                      311                       -                         -
FV adjustments                                                    -                  (8,293)                   (100.0)
Debt issuance cost amortization                               2,310                   1,945                      18.8
Other addback and one-time expense(a)                        (8,452)                  2,439                    (446.5)
Adjusted EBT                                                 83,964                  73,607                      14.1
Less: pro forma taxes(b)                                    (18,145)                (18,402)                     (1.4)
Adjusted net income                                          65,819                  55,205                      19.2
Pro forma taxes(b)                                           18,145                  18,402                      (1.4)
Depreciation and amortization                                10,282                   6,732                      52.7
Interest expense                                             21,946                  19,284                      13.8
Business (non-income) taxes                                     665                   1,527                     (56.5)
Loss on disposition of equipment                                  6                       -                         -
Adjusted EBITDA                                       $     116,863              $  101,150                      15.5  %

Adjusted basic EPS: (c)                               $        0.78              $        -
Weighted average adjusted basic shares:                         84,465,109                   -
Adjusted diluted EPS: (c)                             $        0.78              $        -
Weighted average adjusted diluted shares:                       84,474,039                   -

(a) For the year ended December 31, 2021, other addback and one-time expense of ($8.5 million) included a ($26.4
million) addback due to the change in fair value of the warrant liabilities, a ($6.4 million) addback due to the gain on
forgiveness of PPP Loan, and a $24.4 million impact to the G&A line item in expenses comprised of: $6.6 million in
one-time expenses related to the Business Combination, $3.0 million in profit interest and stock compensation, $4.2
million in the change in fair value of warrant units outstanding prior to Business Combination, and $10.6 million in
other one-time expenses.
(b) Assumes a tax rate of 25% for the year ended December 31, 2020 and a 21.61% tax rate after, reflecting the U.S.
federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison
with other publicly traded companies.
(c) Prior to the Reverse Recapitalization, all net income was attributable to the noncontrolling interest. For the
periods prior to July 20, 2021, earnings per share was not calculated, as net income prior to the Business Combination
was attributable entirely to OppFi-LLC.





Adjusted Shares as Reflected in Adjusted Basic and Diluted Earnings Per Share

                                                            Year Ended December 31,
(unaudited)                                                2021                    2020

Weighted average number of Class A common shares outstanding 13,218,119

             -

Weighted average number of outstanding Class V voting shares 96,746,990

             -
Elimination of earnouts at period end                   (25,500,000)                    -
Weighted average adjusted basic shares                    84,465,109                    -
Dilutive impact of unvested restricted stock units             8,930                    -
Weighted average adjusted diluted shares                  84,474,039                    -



                                             Year Ended December 31,
(unaudited)                                    2021              2020

Adjusted net income (in thousands) $65,819 $55,205
Weighted average adjusted basic shares $84,465,109 $ – Basic Adjusted EPS:

                      $          0.78      $      -



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                                               Year Ended December 31,
(unaudited)                                      2021              2020

Adjusted net income (in thousands) $65,819 $55,205
Weighted average adjusted diluted shares $84,474,039 $ – Adjusted diluted EPS:

                      $          0.78      $      -




Condensed Balance Sheets

Comparison of completed years December 31, 2021 and 2020

The following table presents our condensed balance sheet as of December 31, 2021
and 2020 (in thousands):

                                                     Year Ended December 31,                              Change
                                                     2021                   2020                  $                    %
Assets
Cash and restricted cash                     $      62,362              $   45,657          $   16,705                  36.6  %
Finance receivables at fair value                  383,890                       -             383,890                     -
Finance receivables at amortized cost,
net                                                  4,220                 222,243            (218,023)                (98.1)
Other assets                                        51,634                  17,943              33,691                 187.8
Total assets                                 $     502,106              $  285,843          $  216,263                  75.7  %
Liabilities and stockholders' equity /
members' equity
Other liabilities                            $      58,967              $   28,406          $   30,561                 107.6  %
Total debt                                         274,021                 158,105             115,916                  73.3
Warrant liability                                   11,240                       -              11,240                     -
Total liabilities                                  344,228                 186,511             157,717                  84.6
Total stockholders'equity / members'
equity                                             157,878                  99,332              58,546                  58.9
Total liabilities and stockholders'
equity /members' equity                      $     502,106              $  285,843          $  216,263                  75.7  %



Total cash and restricted cash increased by $16.7 million as of December 31,
2021 compared to December 31, 2020, driven by free cash flow from operations as
well as increased borrowings under the Atalaya Credit Agreement and higher
utilization of senior debt to finance receivables growth, transaction expenses,
and tax distribution. Finance receivables as of December 31, 2021 increased
compared to December 31, 2020 due to higher unpaid on-balance sheet principal
balances as well as the election of the fair value option in 2021. Other assets
as of December 31, 2021 increased by $33.7 million compared to December 31,
2020, driven by the addition of a deferred tax asset of $25.6 million related to
the Business Combination, as well as $5.1 million largely consisting of prepaid
expenses and $4.1 million of property, equipment and capitalized technology
costs, partially offset by $1.1 million of debt issuance costs.

Other liabilities increased by $30.6 million driven by a tax receivable
agreement liability in connection with the business combination with a balance
of $23.3 million as of December 31, 2021. Total debt increased by $115.9 million
driven by an increase in utilization of leverage facilities of $49.3 million and
a $24.8 million net impact of the corporate credit facility refinancing, offset
by $6.4 million of loan forgiveness of the PPP loan. Total equity increased by
$58.5 million driven by net income of $89.8 million and impact of adoption of
the fair value method of accounting of $69.4 million, partially offset by net
distributions and transaction related adjustments to equity.

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LIQUIDITY AND CAPITAL RESOURCES

To date, the funds received from operating income and our ability to obtain credit commitments have provided us with the necessary liquidity to finance our operations.

The maturities of our financing facilities are staggered over three years to help minimize refinancing risk.

The following table sets forth our unrestricted cash and unused debt as of
December 31, 2021 (in thousands):

                         December 31, 2021       December 31, 2020
Unrestricted cash       $           25,064      $           25,601
Undrawn debt            $          158,100      $          338,108



As of December 31, 2021, we had $25.1 million in unrestricted cash, a decrease
of $0.5 million from December 31, 2020. As of December 31, 2021, we had an
additional $158.1 million of unused debt capacity under our financing facilities
for future availability, representing a 38 % overall undrawn capacity, a
decrease from $338.1 million as of December 31, 2020. The reduction in undrawn
debt was due to funding of receivables growth, transaction expenses related to
the Business Combination, and tax distributions covering the full year 2020 and
2021 annual estimates. Including total financing commitments of $411 million,
and cash on the balance sheet of $62.4 million, we had approximately $473
million in funding capacity as of December 31, 2021.

We believe that our unrestricted cash, undrawn debt and funds from operating
income will be sufficient to meet our liquidity needs for at least the next 12
months from the date of this Annual Report. Our future capital requirements will
depend on multiple factors, including our revenue growth, aggregate receivables
balance, interest expense, working capital requirements, cash provided by and
used in operating, investing and financing activities and capital expenditures.

To the extent our unrestricted cash balances, funds from operating income and
funds from undrawn debt are insufficient to satisfy our liquidity needs in the
future, we may need to raise additional capital through equity or debt financing
and may not be able to do so on terms acceptable to it, if at all. If we are
unable to raise additional capital when needed, our results of operations and
financial condition could be materially and adversely impacted.


Cash flow

The following table presents cash provided by (used in) operating, investing and
financing activities during the year ended December 31, 2021 and 2020 (in
thousands):

                                                         Year Ended December 31,                             Change
                                                         2021                   2020                $                    %
Net cash provided by operating activities        $     167,346              $ 192,112          $ (24,766)               (12.9)  %
Net cash used in investing activities                 (199,470)               (98,312)          (101,158)              (102.9)
Net cash provided by (used in) financing
activities                                              48,829                (84,122)           132,951                158.0
Net increase in cash and restricted cash         $      16,705              $   9,678          $   7,027                 72.6   %



Operating Activities

Net cash provided by operating activities was $167.3 million for the year ended
December 31, 2021. This was a decrease of $24.8 million when compared to net
cash provided by operating activities of $192.1 million for the year ended
December 31, 2020. Cash provided by operating activities decreased due to higher
expenses in 2021, driven by higher marketing costs due to higher originations,
as well as an increase in salaries and employee benefits, and increased
investment in technology infrastructure.

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Investment activities

Net cash used in investing activities was $199.5 million for the year ended
December 31, 2021. This was an increase of $101.2 million when compared to net
cash used in investing activities of $98.3 million for the year ended
December 31, 2020, due to higher finance receivables originated and acquired,
partially offset by higher finance receivables repaid.

Financing activities

Net cash provided by financing activities was $48.8 million for the year ended
December 31, 2021. This was an increase of $133.0 million when compared to net
cash used in financing activities of $84.1 million for the year ended
December 31, 2020, primarily due to an increase in net advances in borrowings,
partially offset by an increase in member distributions and capitalized
transaction costs.



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Financing Arrangements

Our corporate credit facilities consist of term loans and revolving loan
facilities that we have drawn on to finance our operations and for other
corporate purposes. These borrowings are generally secured by all the assets of
OppFi-LLC that have not otherwise been sold or pledged to secure our structured
finance facilities, such as assets belonging to certain of the special purpose
entity subsidiaries of OppFi-LLC ("SPEs"). In addition, we, through our SPEs,
have entered into warehouse credit facilities to partially finance the
origination of loans by us on our platform or the purchase of participation
rights in loans originated by our bank partners through our platform, which
credit facilities are secured by the loans or participation rights. The
following is a summary of OppFi's borrowings as of December 31, 2021 and 2020
(in thousands):


                                                                                                                                Interest Rate as of
                                                             Borrowing           December 31,           December 31,            December 31, 2021,                     Maturity
          Purpose                     Borrower(s)             Capacity               2021                   2020                  Except as Noted                        Date
                                  Opportunity Funding
Secured borrowing payable         SPE II, LLC               $  38,500          $      22,443          $      16,025                   15.00%                              -         (1)
Senior debt
Revolving line of credit          OppFi-LLC                 $       -          $           -          $       5,000                   LIBOR plus 2.50% (2) (3)     February 2022
                                  Opportunity Funding
Revolving line of credit          SPE III, LLC                175,000                119,000                 59,200                   LIBOR plus 6.00% (3)         January 2024
                                  Opportunity Funding
                                  SPE V, LLC;
                                  Opportunity Funding
Revolving line of credit          SPE VII, LLC                 75,000                 45,900                 24,222                   LIBOR plus 7.25% (3)         April 2024
                                  Opportunity Funding
Revolving line of credit          SPE VI, LLC                  50,000                 30,600                 16,148                   LIBOR plus 7.25% (3)         April 2023
                                  Opportunity Funding
                                  SPE IV, LLC;
                                  SalaryTap Funding
Revolving line of credit          SPE, LLC                     45,000                  7,500                 12,506                   LIBOR plus 3.85% (3)         February 2024
Total revolving lines of
credit                                                        345,000                203,000                117,076
Term loan, net                    OppFi-LLC                    50,000                 48,578                 14,650                  LIBOR plus 10.00% (3)         March 2025
Total senior debt                                           $ 395,000          $     251,578          $     131,726
Subordinated debt                 OppFi-LLC                 $       -          $           -          $       4,000                   14.00%           (2)         December 2023
Other debt                        OppFi-LLC                 $       -          $           -          $       6,354                    1.00%           (4)         April 2022



(1) Maturity date extended indefinitely until borrowing capacity is depleted
(2) Interest rate as of 12/31/2020 and for the subsequent period thru and until
loan was repaid
(3) Subject to customary LIBOR replacement provisions as set forth below in
"Financing Agreements."
(4) Interest rate as of 12/31/2020 and for the subsequent period thru and until
loan was forgiven
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The following is a discussion of our current lines of credit.

Modified and reformulated program agreement with Midtown Madison Management, LLC and Funds of Atalaya Capital Management (Financing Opportunities SPE II, LLC)

OppFi-LLC and Opportunity Funding SPE II, LLC, a wholly owned subsidiary of
OppFi-LLC ("SPE II"), are parties to an Amended and Restated Program Agreement,
originally entered into on August 1, 2017 (as amended to date, the "Program
Agreement"), with Midtown Madison Management, LLC, as purchaser agent
("Purchaser Agent") for funds of Atalaya Capital Management ("Program
Purchasers"). Pursuant to the terms of the Program Agreement and related
participation purchase and sale agreements, the Program Purchasers have agreed
to purchase from SPE II up to $165.0 million of 97.5% participation interests
in: (i) finance receivables directly originated by OppFi-LLC and acquired by SPE
II and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform and acquired
by SPE II. Pursuant to the terms of the Program Agreement, the Program
Purchasers earn a preferred return of 15% on the participation interests
purchased and a performance fee after the preferred return has been satisfied.

SPE II has certain repurchase obligations with respect to participation
interests purchased by the Program Purchasers if representations and warranties
made by SPE II with respect thereto are not accurate when made. Pursuant to a
servicing agreement, OppFi-LLC has agreed to service the finance receivables and
participation rights, as applicable, purchased by SPE II and the participation
interests therein purchased by the Program Purchasers. The obligations of SPE II
under the Program Agreement are secured by substantially all of the assets of
SPE II.

The Purchaser Agent may at any time refuse to purchase participation interests
pursuant to the Program Agreement, provided that following such a refusal, SPE
II will have the right to terminate the Program Agreement at any time and for
any reason, in its sole discretion, upon giving five business days notice to the
Purchaser Agent.

The Program Agreement contains certain customary representations and warranties
and affirmative and negative covenants, including minimum tangible net worth and
liquidity and performance metrics related to the participation interests
purchased by the Program Purchasers, and provides for certain events of default,
including, but not limited to, a cross-default on certain other debt obligations
and bankruptcy or insolvency events, subject to customary cure periods, as
applicable.

Senior Secured Multiple Term Loan with Midtown Madison Management, LLC and Funds of Atalaya Capital Management

OppFi-LLC is party to that certain Senior Secured Multi-Draw Term Loan Facility
with Midtown Madison Management, LLC as agent for Atalaya Special Opportunities
Fund VII LP (together with the other affiliated funds that became lenders party
thereto, the "Atalaya Lenders"), originally entered into on November 9, 2018 (as
amended to date, the "Atalaya Term Loan Facility"). The Atalaya Term Loan
Facility provides for maximum term loan commitments by the Atalaya Lenders of up
to $50 million, substantially all of which has been drawn by OppFi-LLC.

The Atalaya Term Loan Facility bears interest at the one-month LIBOR rate plus
10%, subject to a LIBOR floor of 2.00%, payable monthly in arrears. The Atalaya
Term Loan Facility provides that following the date of a public statement of the
cessation of publication of all tenors of LIBOR (subject to an early opt-in
election), LIBOR shall be replaced as a benchmark rate in the Atalaya Term Loan
Facility with term SOFR (or another alternative rate if term SOFR is not able to
be determined), with such adjustments to cause the new benchmark rate to be
economically equivalent to LIBOR at the time of the LIBOR cessation.

OppFi-LLC's obligations under the Atalaya Term Loan Facility are secured by all
of OppFi-LLC's assets, other than the assets and equity interests of the SPEs,
and are guaranteed by all of its subsidiaries, other than the SPEs.

The Atalaya Term Loan Facility is subject to a borrowing base and various
financial covenants, including maximum consolidated debt to EBITDA ratio and
minimum consolidated fixed charge coverage ratio and liquidity. Outstanding
obligations under the Atalaya Term Loan Facility may be prepaid beginning on
September 30, 2022, subject to prepayment premiums. In addition, OppFi-LLC is
subject to certain mandatory prepayment requirements in the event its borrowings
under the Atalaya Term Loan Facility exceed its borrowing base. The Atalaya Term
Loan Facility contains certain customary representations and warranties and
affirmative and negative covenants, including with respect to dividends and
other restricted payments. Outstanding obligations under the Atalaya Term Loan
Facility, including unpaid principal and interest, are due on March 30, 2025
unless there is an earlier event of default such as bankruptcy, default on
interest payments, a cross default on certain other debt obligations, or failure
to perform or observe covenants, at which point the obligations may become due
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before, and additional default interest is due in addition to any other amounts due and payable while such events of default are ongoing.

In connection with entering into the Atalaya Term Loan Facility and certain
amendments thereto, OppFi-LLC issued to Midtown Madison Management, LLC, as
agent for the Atalaya Lenders, warrants to purchase equity interests in
OppFi-LLC. These warrants were transferred to affiliates of the Atalaya Lenders
and were automatically exercised in connection with the Closing, and such
affiliates of the Atalaya Lenders became Members. In connection with the
execution of the OppFi A&R LLCA, such equity interests were recapitalized into
Retained OppFi Units representing less than 1% of the outstanding OppFi Units
immediately following the Closing.

Revolving Credit Agreement Modified and Reformulated with Ares Agent Services, LP
(Financing Opportunities SPE III, LLC)

OppFi-LLC, Opportunity Funding SPE III, LLC, a wholly owned subsidiary of
OppFi-LLC ("SPE III"), OppWin, LLC a wholly owned subsidiary of OppFi-LLC
("OppWin"), and the other credit parties and guarantors thereto, are parties to
an Amended and Restated Revolving Credit Agreement, originally entered into on
January 31, 2020 (as amended to date, the "Ares SPE III Credit Agreement"), with
Ares Agent Services, L.P., as administrative agent and collateral agent
("Ares"), and the lenders party thereto. The Ares SPE III Credit Agreement
provides for a senior secured asset-backed revolving credit facility with
maximum available borrowings for SPE III, as borrower, of $175 million.

Borrowings under the Ares SPE III Credit Agreement are secured by substantially
all of the assets of SPE III. Pursuant to receivables purchase agreements, SPE
III has agreed to purchase from OppFi-LLC and OppWin, as applicable, (i) finance
receivables directly originated by OppFi-LLC and (ii) participation rights in
the economic interests of finance receivables originated by OppFi-LLC's bank
partners on our platform. OppFi-LLC and OppWin have certain repurchase
obligations with respect to finance receivables or participation rights
purchased by SPE III if representations and warranties made by OppFi-LLC or
OppWin, as applicable, with respect thereto are not accurate when made. Pursuant
to a servicing agreement, OppFi-LLC has agreed to service the finance
receivables and participation rights, as applicable, purchased by SPE III.

Libor Rate Loans (as defined in the Ares SPE III Credit Agreement) bear interest
at a floating rate that is the greater of (i) 2.00% and (ii) one-month LIBOR,
plus 6.00% (subject to customary LIBOR replacement provisions), and Base Rate
Loans (as defined in the Ares SPE III Credit Agreement) bear interest at the
Base Rate (as defined in the Ares SPE III Credit Agreement), plus 6.00%. The
Ares SPE III Credit Agreement provides that if LIBOR is no longer available, a
broadly accepted comparable successor rate, including any adjustments thereto,
will be applied in lieu of LIBOR in a manner consistent with market practice to
maintain the then-current yield. Interest is payable monthly in arrears, and any
amounts due under the Ares SPE III Credit Agreement may be prepaid voluntarily
subsequent to its first anniversary upon notice to Ares, subject to the
borrowing base limitations and other customary conditions and further subject in
certain cases to prepayment premiums and minimum utilization penalties.
Borrowings under the Ares SPE III Credit Agreement are subject to a borrowing
base.

The Ares SPE III Credit Agreement is scheduled to mature on January 31, 2024and all amounts outstanding thereunder are due on such date.

The Ares SPE III Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE III, and provides for certain events of
default, including, but not limited to, failure to pay any principal, interest
or other amounts when due, failure to perform or observe covenants,
cross-default on certain other debt obligations and bankruptcy or insolvency
events, subject to customary cure periods, as applicable. Amounts owed by
OppFi-LLC under the Ares SPE III Credit Agreement could be accelerated and
become immediately due and payable following the occurrence an event of default,
and additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

Revolving Credit Agreement with BMO Harris Bank, NA. (Financing Opportunity SPE IV, LLC and Financing SalaryTap SPE, LLC)

OppFi-LLC, SPE IV, STF Borrower, OppWin, and the other credit parties and
guarantors thereto, are parties to the BMO Credit Agreement with BMO as
administrative agent and collateral agent, and the lenders party thereto. The
BMO Credit Agreement provides for a senior secured reserve-based revolving
credit facility with maximum available borrowings for SPE IV and STF Borrower,
as borrowers, of $45 million, which may be increased in accordance with the
terms thereof, and an accordion feature of $30 million.

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Borrowings under the BMO Credit Agreement are secured by substantially all of
the assets of SPE IV and STF Borrower, respectively. Pursuant to receivables
purchase agreements, SPE IV and STF Borrower have each agreed to purchase from
OppFi-LLC and OppWin, as applicable, (i) finance receivables directly originated
by OppFi-LLC and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform. OppFi-LLC
and OppWin have certain repurchase obligations with respect to finance
receivables or participation rights purchased by SPE IV and STF Borrower if
representations and warranties made by OppFi-LLC or OppWin, as applicable, with
respect thereto are not accurate when made. Pursuant to a servicing agreement,
OppFi-LLC has agreed to service the finance receivables (including SalaryTap
receivables) and participation rights, as applicable, purchased by SPE IV and
STF Borrower, respectively.

Borrowings under the BMO Credit Agreement bear interest at a floating rate that
is the greater of (i) 0.50% and (ii) LIBOR plus 3.85%. Interest is payable
monthly in arrears, and any amounts due under the BMO Credit Agreement may be
prepaid voluntarily from time to time upon notice to BMO, subject to the
borrowing base limitations and other customary conditions and generally without
premium or penalty. Borrowings under the BMO Credit Agreement are subject to a
borrowing base. The BMO Credit Agreement provides that following the date of a
public statement of the cessation of publication of all tenors of LIBOR (subject
to an early opt-in election), LIBOR shall be replaced as a benchmark rate in the
BMO Credit Agreement with term SOFR (or another alternative rate if term SOFR is
not able to be determined), with such adjustments to cause the new benchmark
rate to be economically equivalent to LIBOR at the time of the LIBOR cessation.

The BMO Credit Agreement is scheduled to terminate on August 19, 2023, and all
outstanding amounts thereunder are due no later than six months following such
date.

The BMO Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE IV and STF Borrower, respectively, and
provides for certain events of default, including, but not limited to, failure
to pay any principal, interest or other amounts when due, failure to perform or
observe covenants, cross-default on certain other debt obligations and
bankruptcy or insolvency events, subject to customary cure periods, as
applicable. Amounts owed by OppFi-LLC under the BMO Credit Agreement could be
accelerated and become immediately due and payable following the occurrence an
event of default, and additional default interest is due in addition to any
other amounts owed and payable while such events of default are ongoing.

OppFi-LLC has provided a guarantee of the obligations of SPE IV and STF Borrower, respectively, under the BMO Credit Agreement.

Revolving Credit Agreement with Midtown Madison Management, LLC and Funds of
Atalaya Capital Management (Financing Opportunity SPE V, LLC and Financing Opportunities SPE VII, LLC)

OppFi-LLC, SPE V, SPE VII, OppWin, and the other credit parties and guarantors
thereto, are parties to the Atalaya Credit Agreement, with Atalaya, and the
various funds of Atalaya Capital Management party thereto as lenders. The
Atalaya Credit Agreement provides for a senior secured reserve-based revolving
credit facility with maximum available borrowings for SPE V and SPE VII, as
borrowers, of $75 million, subject to certain requirements to borrow pro rata
from the Atalaya Credit Agreement and the Ares SPE VI Credit Agreement (as
defined below).

Borrowings under the Atalaya Credit Agreement are secured by substantially all
of the assets of SPE V and SPE VII, respectively. Pursuant to receivables
purchase agreements, SPE V and SPE VII have each agreed to purchase from
OppFi-LLC and OppWin, as applicable, (i) finance receivables directly originated
by OppFi-LLC and (ii) participation rights in the economic interests of finance
receivables originated by OppFi-LLC's bank partners on our platform. OppFi-LLC
and OppWin have certain repurchase obligations with respect to finance
receivables or participation rights purchased by SPE V and SPE VII,
respectively, if representations and warranties made by OppFi-LLC or OppWin, as
applicable, with respect thereto are not accurate when made. Pursuant to a
servicing agreement, OppFi-LLC has agreed to service the finance receivables
(including OppFi Card receivables) and participation rights, as applicable,
purchased by SPE V and SPE VII, respectively.

Libor Rate Loans (as defined in the Atalaya Credit Agreement) bear interest at a
floating rate that is the greater of (i) 2.25% and (ii) one-month LIBOR, plus
7.25%, and Base Rate Loans (as defined in the Atalaya Credit Agreement) bear
interest at the Base Rate (as defined in the Atalaya Credit Agreement), plus
7.25%. Interest is payable monthly in arrears, and any amounts due under the
Atalaya Credit Agreement may be prepaid voluntarily subsequent to its first
anniversary upon notice to Atalaya, subject to the borrowing base limitations
and other customary conditions and further subject in certain cases to
prepayment premium and minimum utilization penalties. The Atalaya Credit
Agreement provides that if LIBOR is no longer available, the administrative
agent of the Atalaya Credit Agreement may select a comparable replacement index
applied to similarly situated
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borrowers under similar credit facilities in good faith in its sole discretion
upon written notice. Borrowings under the Atalaya Credit Agreement are subject
to a borrowing base.

The Atalaya Credit Agreement is scheduled to expire on April 15, 2024and all amounts outstanding thereunder are due on such date.

The Atalaya Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE V and SPE VII, respectively, and provides
for certain events of default, including, but not limited to, failure to pay any
principal, interest or other amounts when due, failure to perform or observe
covenants, cross-default on certain other debt obligations and bankruptcy or
insolvency events, subject to customary cure periods, as applicable. Amounts
owed by OppFi-LLC under the Atalaya Credit Agreement could be accelerated and
become immediately due and payable following the occurrence an event of default,
and additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

Revolving Credit Agreement with Ares Agent Services, LP (Financing Opportunity SPE VI, LLC)

OppFi-LLC, Opportunity Funding SPE VI, LLC, a wholly owned SPV subsidiary of
OppFi-LLC ("SPE VI"), OppWin, and the other credit parties and guarantors
thereto, are parties to a Revolving Credit Agreement, originally entered into on
April 15, 2019 (as amended to date, the "Ares SPE VI Credit Agreement"), with
Ares and the lenders party thereto. The Ares SPE VI Credit Agreement provides
for a senior secured asset-backed revolving credit facility with maximum
available borrowings for SPE VI, as borrower, of $50 million, subject to certain
requirements to borrow pro rata from the Ares SPE VI Credit Agreement and the
Atalaya Credit Agreement.

Borrowings under the Ares SPE IV Credit Agreement are secured by substantially
all of the assets of SPE VI. Pursuant to receivables purchase agreements, SPE VI
has agreed to purchase from OppFi-LLC and OppWin, as applicable, (i) finance
receivables directly originated by OppFi-LLC and (ii) participation rights in
the economic interests of finance receivables originated by OppFi-LLC's bank
partners on our platform. OppFi-LLC and OppWin have certain repurchase
obligations with respect to finance receivables or participation rights
purchased by SPE VI if representations and warranties made by OppFi-LLC or
OppWin, as applicable, with respect thereto are not accurate when made. Pursuant
to a servicing agreement, OppFi-LLC has agreed to service the finance
receivables and participation rights, as applicable, purchased by SPE VI.

Libor Rate Loans (as defined in the Ares SPE VI Credit Agreement bear interest
at a floating rate that is the greater of (i) 2.25% and (ii) one-month LIBOR,
plus 7.25%, and Base Rate Loans (as defined in the Ares SPE VI Credit Agreement)
bear interest at the Base Rate (as defined in the Ares SPE VI Credit Agreement),
plus 7.25%. The Ares SPE VI Credit Agreement provides that if LIBOR is no longer
available, a broadly accepted comparable successor rate, including any
adjustments thereto, will be applied in lieu of LIBOR in a manner consistent
with market practice to maintain the then-current yield. Interest is payable
monthly in arrears, and any amounts due under the Ares SPE VI Credit Agreement
may be prepaid voluntarily subsequent to its first anniversary upon notice to
Ares, subject to the borrowing base limitations and other customary conditions
and further subject in certain cases to prepayment premium and minimum
utilization penalties. Borrowings under the Ares SPE VI Credit Agreement are
subject to a borrowing base.

The Ares SPE VI Credit Agreement is scheduled to expire on April 15, 2023and all amounts outstanding thereunder are due on such date.

The Ares SPE VI Credit Agreement contains certain customary representations and
warranties and affirmative and negative covenants, including with respect to
dividends and other restricted payments, various financial covenants, including
minimum adjusted tangible net worth, liquidity, earnings and maximum senior
leverage, ratio, and performance metrics related to the finance receivables and
participation rights purchased by SPE VI, and provides for certain events of
default, including, but not limited to, failure to pay any principal, interest
or other amounts when due, failure to perform or observe covenants,
cross-default on certain other debt obligations and bankruptcy or insolvency
events, subject to customary cure periods, as applicable. Amounts owed by
OppFi-LLC under the Ares SPE VI Credit Agreement could be accelerated and become
immediately due and payable following the occurrence of an event of default, and
additional default interest is due in addition to any other amounts owed and
payable while such events of default are ongoing.

LIBOR transition

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In July 2017, the FCA, which regulates LIBOR, announced its intention to stop
compelling banks to submit rates for the calculation of LIBOR after 2021. On
December 31, 2021, IBA, the administrator of LIBOR, announced plans to cease
publication for all USD LIBOR tenors (except the one- and two-week tenors, which
ceased on December 31, 2021) on June 30, 2023. The Federal Reserve Board and the
Federal Reserve Bank of New York have identified the SOFR as its preferred
alternative to LIBOR in derivatives and other financial contracts. Each of our
credit facilities provides for the replacement of LIBOR as discussed above in
"Financing Arrangements." We do not expect the replacement of LIBOR to have any
effect on our liquidity or the financial terms of our credit facilities

off balance sheet agreements

In Texas and Ohio, OppFi-LLC previously arranged for consumers to obtain finance
receivable products from independent third-party lenders as part of the Credit
Access Business and Credit Service Organization programs (collectively, the "CSO
Program"). For the consumer finance receivable products originated by the
third-party lenders under the CSO Program, the lenders were responsible for
providing the criteria by which the consumer's application was underwritten and,
if approved, determining the amount of the finance receivable. When a consumer
executed an agreement with OppFi-LLC under the CSO Program, OppFi-LLC agreed,
for a fee payable to OppFi-LLC by the consumer, to provide certain services to
the consumer, one of which was to guarantee the consumer's obligation to repay
the finance receivable obtained by the consumer from the third-party lender if
the consumer failed to do so.

On April 23, 2019, the Company discontinued the CSO Program in Ohio and no new
finance receivables were originated through this program after that date. As of
December 31, 2021, there were no finance receivables remaining under the CSO
Program in Ohio.

On March 19, 2021the Company discontinued the CSO Program in Texas. From
December 31, 2021there were no financial receivables left under the CSO Program in Texas.

The guarantees represented an obligation to purchase specific financial credits that are in arrears, guaranteed by a collateral account established in favor of the respective lenders.

As of December 31, 2020, the unpaid principal balance of off-balance sheet
active finance receivables which were guaranteed by the Company was $19.7
million. Upon the election of the fair value option for installment loan finance
receivables on January 1, 2021, the Company released the reserve for repurchase
liabilities as the income rights and related losses were included in the
valuation of finance receivables at fair value, which was included in the fair
value adjustment to retained earnings. As of December 31, 2020, the Company
recorded a reserve for repurchase liabilities of $4.2 million, which represents
the liability for estimated losses on finance receivables guaranteed. The
Company used a similar methodology for determining the reserve for repurchase
liabilities as it does for calculating the allowance for credit losses on
finance receivables.

Under the terms of the CSO Program, the Company was required to maintain a
restricted cash balance equal to the guaranty, which is determined and settled
on a weekly basis. On a daily basis, a receivable and/or payable is recorded to
recognize the outstanding settlement balance. As of December 31, 2020, the
restricted cash balance held in a federally insured bank account related to the
CSO Program was $3.1 million. As of December 31, 2020, there was a payable
balance of $0.8 million related to settlement which was included in accrued
expenses on the consolidated balance sheets.
Critical Accounting Policies and Estimates

The preparation of consolidated financial statements in accordance with GAAP
requires OppFi to make estimates and judgments that affect reported amounts of
assets, liabilities, income and expenses and related disclosures. OppFi bases
estimates on historical experience and on various other assumptions that are
believed to be reasonable under current circumstances, results of which form the
basis for making judgments about the carrying value of certain assets and
liabilities that are not readily available from other sources. Estimates are
evaluated on an ongoing basis. To the extent that there are differences between
OppFi's estimates and actual results, OppFi's future financial statement
presentation, financial condition, results of operations and cash flows will be
affected.

Accounting policies, as described in detail in the notes to the Company's
consolidated financial statements, are an integral part of the OppFi's
consolidated financial statements. A thorough understanding of these accounting
policies is essential when reviewing OppFi's reported results of operations and
financial position. Management believes that the critical accounting
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the policies and estimates listed below require OppFi to make difficult, subjective, or complex judgments about matters that are inherently uncertain.

-Valuation of installment financial accounts receivable accounted for under the fair value option;

-Determination of the preventive estimate for credit risks; and

-Valuation of public and private warrants

Fair value is the price that could be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants as of
the measurement date. Fair value is determined using different inputs and
assumptions based upon the instrument being valued. Where observable market
prices from transactions for identical assets or liabilities are not available,
we identify market prices for similar assets or liabilities. If observable
market prices are unavailable or impracticable to obtain for any such similar
assets or liabilities, we look to other modeling techniques, which often
incorporate unobservable inputs which are inherently subjective and require
significant judgment. Fair value estimates requiring significant judgments are
determined using various inputs developed by management with the appropriate
skills, understanding and knowledge of the underlying asset or liability to
ensure the development of fair value estimates is reasonable. In certain cases,
our assessments, with respect to assumptions market participants would make, may
be inherently difficult to determine, and the use of different assumptions could
result in material changes to these fair value measurements.

Installment Finance Receivables: To derive the fair value, the Company generally
utilizes discounted cash flow analyses that factor in estimated losses and
prepayments over the estimated duration of the underlying assets. Loss and
prepayment assumptions are determined using historical loss data and include
appropriate consideration of recent trends and anticipated future performance.
Future cash flows are discounted using a rate of return that the Company
believes a market participant would require.

The main inputs to discounted cash flow analyzes that require significant judgment are described below:

•Discount rate: The discount rate utilized in the discounted cash flow analyses
reflects our estimate of the rate of return that a market participant would
require when investing in financial instruments with similar risk and return
characteristics.

•Servicing cost: The servicing cost percentage that is applied to portfolio's
expected cash flows reflects our estimate of the amount we would incur to
service the underlying assets over the assets' remaining lives. Servicing costs
are derived from an internal analysis of our cost structure considering the
characteristics of our installment finance receivables and have been benchmarked
against observable information on comparable assets in the marketplace.

•Remaining life: Remaining life is the time weighted average of the estimated
principal payments divided by the principal balance at the measurement date. The
timing of estimated principal payments is impacted by scheduled amortization of
loans, charge-offs, and prepayments.

•Default rate: The default rate reflects our estimate of principal payments that
will not be repaid over the remaining life of an installment finance receivable.
Charge-off expectations are developed using the historical performance of our
installment finance receivable portfolio but also incorporate discretionary
adjustments based on our expectations of future credit performance.

•Prepayment rate: The prepayment rate is the estimated percentage of principal
payments that will occur earlier than contractually required over the remaining
life of an installment finance receivable. Prepayments accelerate the timing of
principal repayment and reduce interest payments. Prepayment rates in our
discounted cash flow models are developed using historical results but may also
incorporate discretionary adjustments based on our expectations of future
performance.

Warrants: OppFi holds public and private placement warrants that are recorded as
a liability on the consolidated balance sheets. These liabilities are subjected
to remeasurement at each balance sheet date and are recorded at fair value. We
value Public Warrants at market price based on a quoted price in the
marketplace. For Private Placement Warrants, Private Units Warrants and
Underwriter Warrants, we estimate the fair value using a Monte Carlo simulation
model. This model utilizes unobservable inputs, including expected volatility,
risk-free interest rate, and expected term. These inputs may be influenced by
several factors that can change significantly and are difficult to predict.
These estimates are inherently risky and require significant judgment on the
part of management.

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Allowance for Credit Losses: Effective, January 1, 2021, OppFi adopted ASU
2016-13, replacing their incurred loss impairment methodology with the current
expected credit losses methodology for their SalaryTap and OppFi Card finance
receivables. The allowance for credit losses represents management's best
estimate of current expected credit losses over the life of these portfolios.
Estimating credit losses requires judgment in determining loan specific
attributes impacting the borrower's ability to repay contractual obligations.
The allowance for credit losses is assessed at each balance sheet date and
adjustments are recorded in the provision for credit losses on finance
receivables. The allowance is currently estimated using market data for
determining anticipated credit losses of its SalaryTap and OppFi Card finance
receivables until sufficient internal data exists. Management believes its
allowance is adequate to absorb the expected life of loan credit losses as of
the balance sheet date. Actual losses incurred may differ materially from
management's estimates.

Changes in these estimates, that are likely to occur from period to period, or
the use of different estimates that the Company could have reasonably used in
the current period, would have a material impact on the Company's financial
position, results of operations or liquidity.

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