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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Summary of the Company's Debt | The following is a summary of the Company’s debt as of the periods indicated:
| March 31, 2025 |  |  | December 31, 2024 |
Dollars in thousands | Debt |  | Unamortized Debt Issuance Costs (1) |  | Net Debt |  |  | Debt |  | Unamortized Debt Issuance Costs (1) |  | Net Debt |
Revolving credit facilities | $ | 140,783 |  | $ | (295 | ) | $ | 140,488 |  |  | $ | 315,904 |  | $ | (437 | ) | $ | 315,467 |
Securitizations |  | 1,337,077 |  |  | (7,629 | ) |  | 1,329,448 |  |  |  | 1,162,432 |  |  | (5,901 | ) |  | 1,156,531 |
Total | $ | 1,477,860 |  | $ | (7,924 | ) | $ | 1,469,936 |  |  | $ | 1,478,336 |  | $ | (6,338 | ) | $ | 1,471,998 |
Unused amount of revolving credit facilities (subject to borrowing base) | $ | 640,667 |  |  |  |  |  |  | $ | 466,164 |  |  |  |  |
(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 $2.4 million and $2.2 million in such costs as of March 31, 2025 and December 31, 2024, 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 March 31, 2025:
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 | $ | 355,000 |  | $ | 140,778 |  | $ | — |  | 83% |  | 67% |  | 0.5% - 1.0% |  | N/A |  | Sep 2025
RMR IV warehouse |  | 125,000 |  |  | 1 |  |  | 53 |  | 79% |  | 79% |  | 0.4% - 0.7% |  | May 2025 |  | May 2026
RMR V warehouse |  | 100,000 |  |  | 1 |  |  | 377 |  | 80% |  | 80% |  | 0.4% - 0.7% |  | Nov 2026 |  | Nov 2027
RMR VI warehouse (1) |  | 75,000 |  |  | 1 |  |  | 98 |  | 75% |  | 75% |  | 0.5% |  | Feb 2027 |  | Feb 2028
RMR VII warehouse |  | 125,000 |  |  | 2 |  |  | 326 |  | 76% |  | 76% |  | 0.4% - 0.7% |  | N/A |  | Oct 2026
Total | $ | 780,000 |  | $ | 140,783 |  | $ | 854 |  |  |  |  |  |  |  |  |  |
(1) Following a January 2025 amendment, the revolving period end date is now February 2027 (previously February 2025), and the maturity date is now February 2028 (previously February 2026). Borrowings under the revolving credit facilities bear interest, payable monthly, at a rate equal to the sum of any applicable floor, benchmark adjustment, margin, and the market rate of each respective rate type that was effective as of March 31, 2025 (as follows):
| Floor |  | Benchmark Adjustment |  | Margin |  | Rate Type |  | Effective Interest Rate
Senior | 0.5% |  | 0.1% |  | 3.0% |  | 1-month SOFR |  | 7.4%
RMR IV warehouse | — |  | 0.1% |  | 2.8% |  | 1-month SOFR |  | 7.2%
RMR V warehouse | — |  | — |  | 2.1% |  | Conduit |  | 6.7%
RMR VI warehouse (1) | — |  | — |  | 2.1% |  | 1-month SOFR |  | 6.4%
RMR VII warehouse | — |  | — |  | 2.4% |  | 1-month SOFR |  | 6.7%
(1) Following a January 2025 amendment, (i) the margin was reduced to 2.1% (previously 2.5%) and (ii) interest may accrue based on the daily or 1-month SOFR (previously only the 1-month SOFR).
Summary Of Company's securitizations | The following table includes the key terms under each of the Company’s securitizations as of March 31, 2025:
Dollars in thousands | Issue Date |  | Issue Amount |  | Debt Balance |  | Restricted Cash Reserves |  | Effective Interest Rate |  | Revolving Period End Date |  | Maturity Date
RMIT 2021-1 | Feb 2021 |  |  | 248,700 |  |  | 75,840 |  |  | 2,604 |  | 3.0% |  | Feb 2024 |  | Mar 2031
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 |  |  | 232,459 |  |  | 2,646 |  | 3.6% |  | 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 (1) | Mar 2025 |  |  | 265,000 |  |  | 265,039 |  |  | 1,489 |  | 5.3% |  | Mar 2027 |  | Apr 2034
Total |  |  | $ | 1,526,005 |  | $ | 1,337,077 |  | $ | 12,789 |  |  |  |  |  |
(1) In March 2025, the Company, its SPE, RMR III, and the Company’s indirect SPE, RMIT 2025-1, completed a private offering and sale of $265 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate, asset-backed notes by RMIT 2025-1. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2025-1. Prior to maturity in April 2034, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in April 2027. No payments of principal of the notes will be made during the revolving period.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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