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Debt (Tables)

3 Months Ended

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.