OppFi (OPFI) restructures units into 1.35M Class A shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
OppFi Inc.’s Chief Risk & Analytics Officer, Christopher J. McKay, received a grant of 1,350,000 shares of Class A common stock at no cost. This occurred under a Corporate Simplification Agreement that converted Class A common units of Opportunity Financial into Class A common stock.
In connection with this simplification, entities associated with McKay surrendered 1,350,000 shares of Class V common stock and 1,350,000 Class A common units back to the issuer. Following these transactions, McKay directly holds 1,537,103 shares of Class A common stock, consolidating his economic and voting interests into a single class of shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
McKay Christopher J.
Role
Chief Risk & Analytics Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A Common Units | 1,350,000 | $0.00 | -- |
| Disposition | Class V Common Stock | 1,350,000 | $0.00 | -- |
| Grant/Award | Class A Common Stock | 1,350,000 | $0.00 | -- |
Holdings After Transaction:
Class A Common Units — 0 shares (Indirect, By OppFi Management Holdings, LLC);
Class V Common Stock — 0 shares (Indirect, By OppFi Shares, LLC);
Class A Common Stock — 1,537,103 shares (Direct, null)
Footnotes (1)
- Shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of OppFi Inc. (the "Issuer") represented voting, non-economic interests in the Issuer. Except as provided in the Issuer's certificate of incorporation, as amended, or as required by applicable law, holders of Class V Common Stock were entitled to one vote per share of Class V Common Stock on all matters to be voted on by the Issuer's stockholders generally. The shares of Class V Common Stock would be cancelled by the Issuer if the reporting person exercised (or caused OppFi Management Holdings, LLC ("OFMH") to exercise) Exchange Rights (as defined below in footnote 4). Pursuant to the Corporate Simplification Agreement, dated April 28, 2026 (the "Corporate Simplification Agreement"), each outstanding Class A common unit ("Common Unit") of Opportunity Financial, LLC ("Opportunity Financial") held by any members of Opportunity Financial, including OFMH, was canceled and converted automatically into the right to receive one validly issued, fully paid and non-assessable share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock"). In connection therewith, pursuant to the Corporate Simplification Agreement, OppFi Shares, LLC ("OFS") surrendered to the Issuer the outstanding shares of Class V Common Stock it owned. The shares of Class V Common Stock were held by OFS, which had sole voting power over the shares of Class V Common Stock reported in Table I hereof. The reporting person had the indirect right to cause OFS to dispose of the shares of Class V Common Stock reported in Table I hereof to the Issuer pursuant to the reporting person's (or OFMH's) Exchange Rights. Common Units of Opportunity Financial generally represented economic, non-voting interests in Opportunity Financial. The Issuer is the sole manager of Opportunity Financial and controls Opportunity Financial, except as provided by the Third Amended and Restated Limited Liability Company Agreement of Opportunity Financial (the "LLC Agreement") or applicable law. Pursuant to the LLC Agreement, each Common Unit could be exchanged by the holder from time to time for either one share of Class A Common Stock or, at the election of the Issuer in its capacity as the sole manager of Opportunity Financial, the cash equivalent of the market value of one share of Class A Common Stock (the "Exchange Rights"). These Common Units were held by OFMH, of which the reporting person is a member. OFMH is a member of Opportunity Financial. Pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of OFMH, the reporting person had the right to cause OFMH to exercise for the benefit of the reporting person OFMH's Exchange Rights with respect to the Common Units indirectly held by the reporting person.
Key Figures
Class A grant: 1,350,000 shares
Class V disposed: 1,350,000 shares
Common Units disposed: 1,350,000 units
+2 more
5 metrics
Class A grant
1,350,000 shares
Class A Common Stock granted at $0.0000 per share on April 28, 2026
Class V disposed
1,350,000 shares
Class V Common Stock disposed to issuer by OppFi Shares, LLC
Common Units disposed
1,350,000 units
Class A Common Units of Opportunity Financial disposed to issuer
Post-transaction holdings
1,537,103 shares
Class A Common Stock directly held by McKay after transactions
Net buy/sell shares
0 shares
Transaction summary net buy/sell direction neutral
Key Terms
Class V Common Stock, Corporate Simplification Agreement, Common Units, Exchange Rights, +1 more
5 terms
Class V Common Stock financial
"Shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock"), of OppFi Inc."
Corporate Simplification Agreement financial
"Pursuant to the Corporate Simplification Agreement, dated April 28, 2026 (the "Corporate Simplification Agreement"), each outstanding Class A common unit..."
Common Units financial
"each outstanding Class A common unit ("Common Unit") of Opportunity Financial, LLC ("Opportunity Financial")..."
Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.
Exchange Rights financial
"Pursuant to the LLC Agreement, each Common Unit could be exchanged by the holder... (the "Exchange Rights")."
LLC Agreement financial
"except as provided by the Third Amended and Restated Limited Liability Company Agreement of Opportunity Financial (the "LLC Agreement") or applicable law."
FAQ
What insider transaction did OppFi (OPFI) report for Christopher J. McKay?
OppFi reported a large equity grant to Chief Risk & Analytics Officer Christopher J. McKay of 1,350,000 Class A common shares. The award came at no cost and was paired with related disposals tied to a corporate simplification of OppFi’s ownership structure.
What happened to the Class V Common Stock in this OppFi (OPFI) Form 4?
Entities associated with McKay disposed of 1,350,000 Class V shares to OppFi. These Class V shares represented voting, non-economic interests and were surrendered and canceled in connection with the Corporate Simplification Agreement described in the footnotes.
How were OppFi (OPFI) Common Units treated in this insider transaction?
1,350,000 Class A Common Units were disposed of by an entity associated with McKay. Under the Corporate Simplification Agreement, each Common Unit was canceled and converted into the right to receive one share of OppFi Class A common stock, aligning economic interests with common shares.
What is the Corporate Simplification Agreement mentioned in OppFi (OPFI)’s Form 4?
The Corporate Simplification Agreement restructured OppFi’s ownership by converting outstanding Common Units of Opportunity Financial into Class A common stock and canceling related Class V shares. This reduced multiple classes and instruments into standard Class A equity for participating holders.