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Long-Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-Term Debt The following table details the Company’s long-term debt at the respective principal amounts, net of unamortized debt issuance costs on the senior unsecured notes (in thousands):
| As of September 30, |  | As of December 31,
| 2025 |  | 2024 |  | 2024
Revolving credit facilities: |  |  |  |  |
Revolving unsecured credit facility, maturing 2029 (1) | $ | 575,000 |  |  | $ | 200,000 |  |  | $ | 198,000 |
Revolving secured credit facility, maturing 2027 (2) | 43,886 |  |  | — |  |  | — |
Revolving unsecured uncommitted credit facility, maturing 2027 (1) | — |  |  | — |  |  | — |
Total revolving credit facilities | 618,886 |  |  | 200,000 |  |  | 198,000 |
Secured term loans: |  |  |  |  |
Secured term loan, maturing 2027 (2) | 26,924 |  |  | — |  |  | — |
Secured term loan, maturing 2029 (2) | 13,462 |  |  | — |  |  | — |
Secured term loan, maturing 2031 (2) | 20,193 |  |  | — |  |  | — |
Total secured term loans | 60,579 |  |  | — |  |  | — |
Senior unsecured notes: |  |  |  |  |
4.625% senior unsecured notes due 2028 (3) | 496,419 |  |  | 495,304 |  |  | 495,577 |
5.625% senior unsecured notes due 2030 (4) | 544,905 |  |  | 543,879 |  |  | 544,130 |
6.875% senior unsecured notes due 2032 (5) | 492,317 |  |  | 491,421 |  |  | 491,639 |
Total senior unsecured notes | 1,533,641 |  |  | 1,530,604 |  |  | 1,531,346 |
Total long-term debt | $ | 2,213,106 |  |  | $ | 1,730,604 |  |  | $ | 1,729,346 |
(1)Debt issuance costs related to the Company’s revolving unsecured credit facilities are included in other assets in the accompanying consolidated balance sheets. (2)Assumed on August 14, 2025 in connection with the H&T Acquisition. (3)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $3.6 million, $4.7 million and $4.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2028 in the accompanying consolidated balance sheets. (4)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $5.1 million, $6.1 million and $5.9 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2030 in the accompanying consolidated balance sheets. (5)As of September 30, 2025, September 30, 2024 and December 31, 2024, deferred debt issuance costs of $7.7 million, $8.6 million and $8.4 million, respectively, are included as a direct deduction from the carrying amount of the senior unsecured notes due 2032 in the accompanying consolidated balance sheets. Revolving Unsecured Credit Facility As of September 30, 2025, the Company maintained an unsecured line of credit with a group of U.S.-based commercial lenders (the “Credit Facility”) in the amount of $700.0 million. The Credit Facility matures on August 8, 2029. On May 13, 2025, the Credit Facility was amended (the “2025 Amendment”) in order to modify certain financial covenants in anticipation of the H&T Acquisition, which was subsequently completed on August 14, 2025. Under the 2025 Amendment, the non-loan party investment basket was increased from 20% of consolidated net worth to 25% of consolidated net worth and the permitted consolidated leverage ratio was increased to 3.75 times adjusted EBITDA through December 31, 2025 and then it decreases to 3.50 times adjusted EBITDA through December 31, 2026. The consolidated leverage ratio will revert to 3.25 times adjusted EBITDA effective January 1, 2027. The 2025 Amendment also includes additional limits to certain restricted payments when the consolidated leverage ratio is equal to or greater than 3.0 times adjusted EBITDA, which are more fully described in the 2025 Amendment. The 2025 Amendment became effective on August 14, 2025 upon the consummation of the H&T Acquisition. As of September 30, 2025, the Company had $575.0 million in outstanding borrowings and $2.7 million in outstanding letters of credit under the Credit Facility, leaving $122.3 million available for future borrowings, subject to certain financial covenants. The Credit Facility bears interest at the Company’s option of either (1) the prevailing SOFR (with interest periods of 1, 3 or 6 months at the Company’s option) plus a fixed spread of 2.5% or (2) the prevailing prime or base rate plus a fixed spread of 1.5%. The agreement has a SOFR floor of 0%. Additionally, the Company is required to pay an annual commitment fee of 0.325% on the average daily unused portion of the Credit Facility commitment. The weighted-average interest rate on amounts outstanding under the Credit Facility at September 30, 2025 was 6.72% based on 1-month SOFR. Under the terms of the Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Credit Facility also contains customary restrictions on the Company’s ability to incur additional debt, grant liens, make investments, consummate acquisitions and similar negative covenants with customary carve-outs and baskets. The Company was in compliance with the covenants of the Credit Facility as of September 30, 2025. During the nine months ended September 30, 2025, the Company received net proceeds of $377.0 million from borrowings pursuant to the Credit Facility. Revolving Secured Credit Facility In connection with the H&T Acquisition, the Company assumed a secured line of credit with a bank in the U.K. in an amount of £45.0 million maturing on December 22, 2027 (the “U.K. Credit Facility”). The U.K. Credit Facility bears interest at the prevailing Sterling Overnight Index Average (“SONIA”) (with interest periods of 1, 3 or 6 months at H&T’s option) plus a spread of between 2.4% and 3.3% depending on certain ratios. The U.K. Credit Facility is secured by all of the assets of H&T. The weighted-average interest rate on amounts outstanding under the U.K. Credit Facility at September 30, 2025 was 6.37% based on 1-month SONIA. Under the terms of the U.K. Credit Facility, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Credit Facility as of September 30, 2025. As of September 30, 2025, H&T had $43.9 million (£32.6 million) outstanding under the U.K. Credit Facility and $16.7 million (£12.4 million) available for future borrowings, subject to certain financial covenants. Revolving Unsecured Uncommitted Credit Facility As of September 30, 2025, the Company’s primary subsidiary in Mexico, First Cash S.A. de C.V., maintained an unsecured and uncommitted line of credit guaranteed by FirstCash, Inc. with a bank in Mexico (the “Mexico Credit Facility”) in the amount of $600.0 million Mexican pesos. The Mexico Credit Facility bears interest at the Mexican Central Bank’s interbank equilibrium rate plus a fixed spread of 2.25% and matures on August 24, 2027. Under the terms of the Mexico Credit Facility, the Company is required to maintain certain financial ratios and comply with certain financial covenants. The Company was in compliance with the covenants of the Mexico Credit Facility as of September 30, 2025. As of September 30, 2025, the Company had no amount outstanding under the Mexico Credit Facility and $32.6 million ($600.0 million pesos) available for future borrowings. Secured Term Loans In connection with the H&T Acquisition, the Company assumed three secured term loans with multiple lending institutions in the U.K. in an aggregate amount of £45.0 million maturing between December 22, 2027 and February 21, 2031 (the “U.K. Term Loans”). The U.K. Term Loans bear interest at the Bank of England base rate plus a fixed spread of 4.00%, a fixed rate of 8.37% or a fixed rate of 8.43%. The U.K. Term Loans are secured by all of the assets of H&T. Under the terms of the U.K. Term Loans, H&T is required to maintain certain financial ratios and comply with certain financial covenants. H&T was in compliance with the covenants of the U.K. Term Loans as of September 30, 2025. Senior Unsecured Notes Due 2028 On August 26, 2020, the Company issued $500.0 million of 4.625% senior unsecured notes due on September 1, 2028 (the “2028 Notes”), all of which are currently outstanding. Interest on the 2028 Notes is payable semi-annually in arrears on March 1 and September 1. The 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2028 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 2.75 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2028 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2028 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 2.75 to 1, restricted payments are allowable within certain permitted baskets, which currently provide the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 2.75 to 1. Senior Unsecured Notes Due 2030 On December 13, 2021, the Company issued $550.0 million of 5.625% senior unsecured notes due on January 1, 2030 (the “2030 Notes”), all of which are currently outstanding. Interest on the 2030 Notes is payable semi-annually in arrears on January 1 and July 1. The 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2030 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2030 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2030 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1. Senior Unsecured Notes Due 2032 On February 21, 2024, the Company issued $500.0 million of 6.875% senior unsecured notes due on March 1, 2032 (the “2032 Notes”), all of which are currently outstanding. Interest on the 2032 Notes is payable semi-annually in arrears on March 1 and September 1. The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis jointly and severally by all of the Company's existing and future domestic subsidiaries that guarantee its Credit Facility. The 2032 Notes will permit the Company to make restricted payments, such as purchasing shares of its stock and paying cash dividends, in an unlimited amount if, after giving pro forma effect to the incurrence of any indebtedness to make such payment, the Company's consolidated total debt ratio is less than 3.0 to 1. The consolidated total debt ratio is defined generally in the indenture governing the 2032 Notes as the ratio of (1) the total consolidated debt of the Company minus cash and cash equivalents of the Company to (2) the Company’s consolidated trailing twelve months EBITDA, as adjusted to exclude certain non-recurring expenses and giving pro forma effect to operations acquired during the measurement period. As of September 30, 2025, the Company’s consolidated total debt ratio was 2.9 to 1. While the 2032 Notes generally limit the Company’s ability to make restricted payments if the consolidated total debt ratio is greater than 3.0 to 1, restricted payments are allowable within certain permitted baskets, which currently provides the Company with continued flexibility to make restricted payments when the Company’s consolidated total debt ratio is greater than 3.0 to 1.

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