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Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Summary of Company's Debt | The following is a summary of the Company’s debt as of the periods indicated:
| March 31, 2026 |  | December 31, 2025 |
Dollars in thousands | Debt |  | Unamortized Debt Issuance Costs (1) |  | Net Debt |  | Debt |  | Unamortized Debt Issuance Costs (1) |  | Net Debt |
Revolving credit facilities | $ | 266,073 |  | $ | (1,556 | ) | $ | 264,517 |  | $ | 270,186 |  | $ | (1,747 | ) | $ | 268,439 |
Securitizations |  | 1,355,325 |  |  | (5,492 | ) |  | 1,349,833 |  |  | 1,380,578 |  |  | (6,844 | ) |  | 1,373,734 |
Total | $ | 1,621,398 |  | $ | (7,048 | ) | $ | 1,614,350 |  | $ | 1,650,764 |  | $ | (8,591 | ) | $ | 1,642,173 |
Unused amount of revolving credit facilities (subject to borrowing base) | $ | 515,605 |  |  |  |  |  | $ | 511,420 |  |  |  |  |
(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 $1.5 million and $1.8 million in such costs as of March 31, 2026 and December 31, 2025, 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, 2026:
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) | $ | 355,000 |  | $ | 200,101 |  | $ | — |  | 83% |  | 70% |  | 0.3% - 0.9% |  | Aug 2028 |  | Aug 2028
RMR IV warehouse |  | 125,000 |  |  | 17,223 |  |  | 218 |  | 79% |  | 79% |  | 0.5% |  | May 2026 |  | May 2027
RMR V warehouse |  | 100,000 |  |  | 16,028 |  |  | 99 |  | 80% |  | 80% |  | 0.4% - 0.7% |  | Nov 2026 |  | Nov 2027
RMR VI warehouse |  | 75,000 |  |  | 17,476 |  |  | 116 |  | 75% |  | 75% |  | 0.5% |  | Feb 2027 |  | Feb 2028
RMR VII warehouse |  | 125,000 |  |  | 15,245 |  |  | 99 |  | 76% |  | 76% |  | 0.4% - 0.7% |  | Oct 2026 |  | Oct 2026
Total | $ | 780,000 |  | $ | 266,073 |  | $ | 532 |  |  |  |  |  |  |  |  |  |
(1) The senior revolving credit facility has an additional advance rate cap of 60% of eligible delinquent renewals. As of March 31, 2026, this advance rate was 47%. 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, 2026 (as follows):
| Floor |  | Margin |  | Rate Type |  | Effective Interest Rate
Senior | 0.5% |  | 2.8% |  | 1-month SOFR |  | 6.4%
RMR IV warehouse | — |  | 2.3% |  | 1-month SOFR |  | 5.9%
RMR V warehouse | — |  | 2.1% |  | Conduit |  | 6.0%
RMR VI warehouse | — |  | 2.1% |  | 1-month SOFR |  | 5.7%
RMR VII warehouse | — |  | 2.4% |  | 1-month SOFR |  | 6.1%
See Note 14, “Subsequent Events,” for information regarding amendments to the Company’s revolving credit facilities following the end of the fiscal quarter.
Summary of Company's Securitizations | The following table includes the key terms under each of the Company’s securitizations as of March 31, 2026:
Dollars in thousands | Issue Date |  | Issue Amount |  | Debt Balance |  | Restricted Cash Reserves |  | Effective Interest Rate |  | Revolving Period End Date |  | Maturity Date
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 |  |  | 72,683 |  |  | 2,646 |  | 4.8% |  | 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
RMIT 2025-2 | Oct 2025 |  |  | 252,810 |  |  | 253,318 |  |  | 1,389 |  | 4.8% |  | Oct 2027 |  | Nov 2037
Total |  |  | $ | 1,530,115 |  | $ | 1,355,325 |  | $ | 11,574 |  |  |  |  |  |

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