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Debt (Tables) | 9 Months Ended
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Sep. 30, 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:
| September 30, 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 | $ | 382,391 |  | $ | (1,903 | ) | $ | 380,488 |  |  | $ | 315,904 |  | $ | (437 | ) | $ | 315,467 |
Securitizations |  | 1,199,601 |  |  | (5,618 | ) |  | 1,193,983 |  |  |  | 1,162,432 |  |  | (5,901 | ) |  | 1,156,531 |
Total | $ | 1,581,992 |  | $ | (7,521 | ) | $ | 1,574,471 |  |  | $ | 1,478,336 |  | $ | (6,338 | ) | $ | 1,471,998 |
Unused amount of revolving credit facilities (subject to borrowing base) | $ | 399,837 |  |  |  |  |  |  | $ | 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 $2.2 million in such costs as of both September 30, 2025 and December 31, 2024.
Summary of Company's Credit Facilities | The following table includes the key terms under each of the Company’s revolving credit facilities as of September 30, 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 (1) (2) | $ | 355,000 |  | $ | 196,181 |  | $ | — |  | 83% |  | 77% |  | 0.3% - 0.9% |  | N/A |  | Aug 2028
RMR IV warehouse |  | 125,000 |  |  | 35,539 |  |  | 448 |  | 79% |  | 79% |  | 0.5% |  | May 2026 |  | May 2027
RMR V warehouse |  | 100,000 |  |  | 50,368 |  |  | 313 |  | 80% |  | 80% |  | 0.4% - 0.7% |  | Nov 2026 |  | Nov 2027
RMR VI warehouse |  | 75,000 |  |  | 53,475 |  |  | 356 |  | 75% |  | 75% |  | 0.5% |  | Feb 2027 |  | Feb 2028
RMR VII warehouse |  | 125,000 |  |  | 46,828 |  |  | 306 |  | 76% |  | 76% |  | 0.4% - 0.7% |  | N/A |  | Oct 2026
Total | $ | 780,000 |  | $ | 382,391 |  | $ | 1,423 |  |  |  |  |  |  |  |  |  |
(1) In August 2025, the Company entered into a loan agreement replacing the previous senior revolving credit facility of $355 million. In connection with the new facility, the Company terminated its senior revolving credit facility previously scheduled to mature in September 2025. The new agreement, among other things, (i) provides for a senior revolving credit facility of up to $355 million (with an accordion provision that can expand up to $420 million); (ii) has a maturity date scheduled in August 2028; and (iii) updates the unused commitment fee to range between 0.3% - 0.9% based on daily average outstanding balance (previously ranging between 0.5% - 1.0%). (2) The senior revolving credit facility has an additional advance rate cap of 60% of eligible delinquent renewals. As of September 30, 2025, the advance rate was 54% . 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 September 30, 2025 (as follows):
| Floor |  | Margin |  | Rate Type |  | Effective Interest Rate
Senior (1) | 0.5% |  | 2.8% |  | 1-month SOFR |  | 7.0%
RMR IV warehouse | — |  | 2.3% |  | 1-month SOFR |  | 6.5%
RMR V warehouse | — |  | 2.1% |  | Conduit |  | 6.5%
RMR VI warehouse | — |  | 2.1% |  | 1-month SOFR |  | 6.3%
RMR VII warehouse | — |  | 2.4% |  | 1-month SOFR |  | 6.7%
(1) Following the August 2025 agreement for a new senior revolving credit facility, the benchmark adjustment has been removed (previously 0.1%), and the margin is now 2.8% (previously 3.0%).
Summary Of Company's securitizations | The following table includes the key terms under each of the Company’s securitizations as of September 30, 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 (1) | Feb 2021 |  | $ | 248,700 |  | $ | 37,861 |  | $ | 2,604 |  | 4.2% |  | 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 |  |  | 132,416 |  |  | 2,646 |  | 4.1% |  | 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
Total |  |  | $ | 1,526,005 |  | $ | 1,199,601 |  | $ | 12,789 |  |  |  |  |  |
(1) See Note 14, “Subsequent Events,” for information regarding the repayment and termination of the RMIT 2021-1 securitization following the end of the fiscal quarter.

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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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