Form 4: OppFi CEO Todd Schwartz Reports Technical Adjustment in Non-Economic Voting Shares

OppFi Inc. CEO Todd G. Schwartz filed a Form 4 detailing the surrender and cancellation of Class V Common Stock, representing non-economic voting interests, due to exchanges by other members of Opportunity Financial, LLC.

Summary

• Todd G. Schwartz, Chief Executive Officer, Director, and 10% Owner of OppFi Inc. (OPFI), filed a Form 4 reporting changes in his indirect beneficial ownership of Class V Common Stock.
• On June 16, 2025, 90,172 shares of Class V Common Stock were disposed of (surrendered and cancelled) at a price of $0.
• On June 17, 2025, an additional 122,531 shares of Class V Common Stock were disposed of (surrendered and cancelled) at a price of $0.
• Following these transactions, the indirect beneficial ownership of Class V Common Stock by OppFi Shares, LLC (controlled by Mr. Schwartz) decreased to 59,427,105 shares and then to 59,304,574 shares, respectively.
• The Class V Common Stock represents voting, non-economic interests in OppFi Inc., with holders entitled to one vote per share on matters voted on by stockholders.
• The surrender and cancellation of these shares occurred in connection with the exchange of Class A common units of Opportunity Financial, LLC by members other than Mr. Schwartz, for shares of Class A common stock of OppFi Inc.
• Mr. Schwartz disclaims beneficial ownership of the Class V Common Stock held by OppFi Shares, LLC, except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a technical adjustment in non-economic voting shares, not a direct sale of economic interest by the insider. It provides factual information without indicating positive or negative operational or financial performance.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, specifically related to the unique corporate structure (UP-C) often used by companies like OppFi Inc. that go public via a SPAC merger. It does not provide broader industry trends or competitive insights.

Related Party Transactions

• The Class V Common Stock is held indirectly by OppFi Shares, LLC (OFS), which is wholly owned by TGS Revocable Trust, whose sole trustee is the reporting person, Todd G. Schwartz.
• The transactions reflect the surrender and cancellation of Class V Common Stock in connection with the exchange of Class A common units of Opportunity Financial, LLC by members other than the reporting person, for shares of Class A common stock of the issuer. This is a structural adjustment related to the company's UP-C structure.

Stakeholder Impact

• Shareholders: Minimal direct impact as the transactions involve non-economic voting shares and are a technical adjustment related to the company's corporate structure, not a sale of economic interest by the CEO.

Key Dates

Keywords

OppFi Inc., OPFI, Todd G. Schwartz, Form 4, Insider Transaction, Class V Common Stock, Beneficial Ownership, SEC Filing, Corporate Governance, Voting Shares