OppFi Announces $0.12 Per Share Special Dividend, $20 Million Share Repurchase Program

OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans, today announced that its Board of Directors (the “Board”) has declared a $0.12 per share special dividend to be payable on May 1, 2024 to holders of record of the Company’s Class A common stock as of the close of business on April 19, 2024. In addition, the Board authorized a new $20 million share repurchase program.

“We’re excited to distribute our first special dividend as a public company, demonstrating our commitment to rewarding stockholders and confidence in continuing to generate strong free cash flow,” said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi. “We also believe the Company's stock price is disconnected from OppFi's intrinsic value and earnings potential. Therefore, as part of our capital allocation strategy, the Board has authorized a new share repurchase program that will enable us to further support our stock price and stockholders.”

“Given the strength of OppFi's balance sheet, we believe we are able to return value to stockholders, with this special dividend and anticipated near-term share repurchase activity, and maintain optionality to create further stockholder value by pursuing corporate development objectives and investing in high-quality growth initiatives for our core business,” concluded Schwartz.

In addition to the special dividend payable to Class A common stockholders, the Board approved a $0.12 per unit special distribution to holders of record of Class A common units of Opportunity Financial, LLC as of the close of business on April 19, 2024. Distributions with respect to earnout units of Opportunity Financial, LLC will not be payable to the holders thereof unless such units vest prior to expiration. Future declarations of dividends are subject to the determination and discretion of the Board.

Repurchases under the 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 Securities Exchange Act of 1934, as amended, and other applicable legal requirements, including restrictions in the Company’s existing credit facilities. Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit Class A common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing and amount of the repurchases will depend on market conditions and other requirements. The program does not obligate the Company to repurchase any dollar amount or number of shares, and the 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 program, Opportunity Financial, LLC, the Company’s direct subsidiary, will redeem one Class A common unit of Opportunity Financial, LLC held by the Company, decreasing the percentage ownership of Opportunity Financial, LLC by the Company and relatively increasing the ownership by the other members. The repurchase program will expire in April 2027.