v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Company's Debt

The following is a summary of the Company’s debt as of the periods indicated:

 

June 30, 2026

 

December 31, 2025

 

Dollars in thousands

Debt

 

Unamortized Debt Issuance Costs (1)

 

Net Debt

 

Debt

 

Unamortized Debt Issuance Costs (1)

 

Net Debt

 

Revolving credit facilities

$

340,262

 

$

(1,500

)

$

338,762

 

$

270,186

 

$

(1,747

)

$

268,439

 

Securitizations

 

1,335,680

 

 

(4,117

)

 

1,331,563

 

 

1,380,578

 

 

(6,844

)

 

1,373,734

 

Total

$

1,675,942

 

$

(5,617

)

$

1,670,325

 

$

1,650,764

 

$

(8,591

)

$

1,642,173

 

Unused amount of revolving credit facilities (subject to borrowing base)

$

441,566

 

 

 

 

 

$

511,420

 

 

 

 

 

(1) Unamortized debt issuance costs related to the revolving warehouse credit facilities are presented within other assets in the consolidated balance sheets. These credit facilities had $2.6 million and $1.8 million in such costs as of June 30, 2026 and December 31, 2025, respectively.
Summary of Company's Credit Facilities

The following table includes the key terms under each of the Company’s revolving credit facilities as of June 30, 2026:

 

Dollars in thousands

Total Credit Facility

 

Debt Balance

 

Restricted Cash Reserves

 

Advance Rate Cap

 

Current Advance Rate

 

Unused Commitment Fee

 

Revolving Period End Date

 

Maturity Date

Senior (1)

$

355,000

 

$

208,137

 

$

—

 

83%

 

71%

 

0.3% - 0.9%

 

Aug 2028

 

Aug 2028

RMR IV warehouse (2)

 

125,000

 

 

28,516

 

 

359

 

79%

 

79%

 

0.5%

 

May 2027

 

May 2028

RMR V warehouse (3)

 

100,000

 

 

43,106

 

 

268

 

80%

 

80%

 

0.4% - 0.7%

 

Nov 2027

 

Nov 2028

RMR VI warehouse (4)

 

75,000

 

 

30,621

 

 

204

 

75%

 

75%

 

0.5%

 

Apr 2028

 

Apr 2029

RMR VII warehouse (5)

 

125,000

 

 

29,882

 

 

195

 

76%

 

76%

 

0.4% - 0.7%

 

Oct 2027

 

Oct 2028

Total

$

780,000

 

$

340,262

 

$

1,026

 

 

 

 

 

 

 

 

 

 

(1) The senior revolving credit facility has an additional advance rate cap of 60% of eligible delinquent renewals. As of June 30, 2026, this advance rate was 48%.

(2) Following an April 2026 amendment, the revolving period end date is now May 2027 (previously May 2026), and the maturity date is now May 2028 (previously May 2027).

(3) Following an April 2026 amendment, the revolving period end date is now November 2027 (previously November 2026), and the maturity date is now November 2028 (previously November 2027).

(4) Following an April 2026 amendment, the revolving period end date is now April 2028 (previously February 2027), and the maturity date is now April 2029 (previously February 2028).

(5) Following an April 2026 amendment, the revolving period end date is now October 2027 (previously October 2026), and the maturity date is now October 2028 (previously October 2026).

Borrowings under the revolving credit facilities bear interest, payable monthly, at a rate equal to the sum of any applicable floor, margin, and the market rate of each respective rate type that was effective as of June 30, 2026 (as follows):

 

 

Floor

 

Margin

 

Rate Type

 

Effective Interest Rate

Senior

0.5%

 

2.8%

 

1-month SOFR

 

6.4%

RMR IV warehouse

—

 

2.3%

 

1-month SOFR

 

5.9%

RMR V warehouse

—

 

2.1%

 

Conduit

 

6.0%

RMR VI warehouse

—

 

2.1%

 

1-month SOFR

 

5.7%

RMR VII warehouse (1)

—

 

2.1%

 

1-month SOFR

 

5.7%

(1) Following an April 2026 amendment, the margin was reduced to 2.1% (previously 2.4%).
Summary of Company's Securitizations

The following table includes the key terms under each of the Company’s securitizations as of June 30, 2026:

 

Dollars in thousands

Issue Date

 

Issue Amount

 

Debt Balance

 

Restricted Cash Reserves

 

Effective Interest Rate

 

Revolving Period End Date

 

Maturity Date

RMIT 2021-2

Jul 2021

 

 

200,000

 

 

200,192

 

 

2,083

 

2.3%

 

Jul 2026

 

Aug 2033

RMIT 2021-3

Oct 2021

 

 

125,000

 

 

125,202

 

 

1,471

 

3.9%

 

Sep 2026

 

Oct 2033

RMIT 2022-1

Feb 2022

 

 

250,000

 

 

53,038

 

 

2,646

 

5.2%

 

Feb 2025

 

Mar 2032

RMIT 2024-1

Jun 2024

 

 

187,305

 

 

187,788

 

 

1,078

 

6.2%

 

May 2027

 

Jul 2036

RMIT 2024-2

Nov 2024

 

 

250,000

 

 

250,557

 

 

1,418

 

5.3%

 

Nov 2026

 

Dec 2033

RMIT 2025-1

Mar 2025

 

 

265,000

 

 

265,585

 

 

1,489

 

5.3%

 

Mar 2027

 

Apr 2034

RMIT 2025-2

Oct 2025

 

 

252,810

 

 

253,318

 

 

1,389

 

4.8%

 

Oct 2027

 

Nov 2037

Total

 

 

$

1,530,115

 

$

1,335,680

 

$

11,574