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Debt (Tables)

3 Months Ended

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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-Topic 210
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