Debt

9 Months Ended

Sep. 30, 2025

Note 6. 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.

Revolving credit facilities: The Company’s revolving credit facilities are secured by substantially all of the Company’s finance receivables and equity interests of the majority of its subsidiaries. The Company pays unused commitment fees on its revolving credit facilities, generally based upon the average outstanding balance. As of September 30, 2025, the Company held $4.1 million in unrestricted cash. The Company had $151.3 million of immediate available liquidity to draw down cash under the senior revolving credit facility and had no immediate availability to draw down cash under any of its revolving warehouse credit facilities as of September 30, 2025; however, each of the Company’s revolving warehouse credit facilities holds restricted cash reserves to satisfy provisions of its respective credit agreement.

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%).

Securitizations: From time to time, the Company and its SPE, RMR III, complete private offerings and sales of asset-backed notes through the Company’s Issuance Trusts. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sells and transfers to the Issuance Trusts. The Issuance Trusts hold restricted cash reserves to satisfy provisions of the transaction documents. Borrowings under the securitizations bear interest, payable monthly, and principal repayments begin the month subsequent to the end of the revolving period. Prior to maturity, the Company may redeem the notes in full, but not in part, at its option on securitization-specific, designated dates. No payments of principal of the notes will be made during the revolving periods.

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.

See Note 14, “Subsequent Events,” for information regarding the completion of a private offering and sale of $253 million of asset-backed notes following the end of the fiscal quarter.

The Company’s debt arrangements are subject to certain covenants, including monthly and annual reporting, maintenance of specified interest coverage and debt ratios, restrictions on distributions, limitations on other indebtedness, and certain other restrictions. As of September 30, 2025, the Company was in compliance with all debt covenants.