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Floor Plans | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
FLOOR PLANS | NOTE 8 — FLOOR PLANS Floor Plan — First Lien Lenders In April 2021, the Company entered into a Floor Plan First Lien Credit Agreement ("Floor Plan Credit Agreement") by and among Alta Equipment Group, Inc. and the other credit parties named therein, and the lender JP Morgan Chase Bank, N.A., as Administrative Agent. Under the Floor Plan Credit Agreement, the Company has a first lien floor plan facility (the "First Lien Floor Plan Facility") with our first lien lenders to primarily finance new inventory. On June 5, 2024, the Floor Plan Credit Agreement was amended to extend the maturity date to June 1, 2029 and increase the maximum borrowing capacity to $90.0 million. The interest cost for the First Lien Floor Plan Facility is the Secured Overnight Financing Rate ("SOFR") plus an applicable margin. The First Lien Floor Plan Facility is collateralized by substantially all assets of the Company. As of June 30, 2025 and December 31, 2024, the Company had an outstanding balance on our First Lien Floor Plan Facility of $48.8 million and $54.7 million, respectively, excluding unamortized debt issuance costs. The effective interest rate at June 30, 2025 and December 31, 2024 was 7.2% and 7.4%, respectively. The Company routinely sells equipment that is financed under the First Lien Floor Plan Facility. When this occurs, the payable under the First Lien Floor Plan Facility related to the financed equipment being sold becomes due to be paid. OEM Captive Lenders and Suppliers’ Floor Plans The Company has floor plan financing facilities with several OEM captive lenders and suppliers (the “OEM Floor Plan Facilities”, and together with the First Lien Floor Plan Facility, collectively the “Floor Plan Facilities”) for new and used inventory and rental equipment, each with borrowing capacities ranging from $0.1 million to $160.0 million. Primarily, the Company utilizes the OEM Floor Plan Facilities for purchases of new equipment inventories. Certain OEM Floor Plan Facilities regularly provide for interest and principal free payment terms. In addition, certain OEM Floor Plan Facilities provide for up to twelve-months interest only or deferred payment periods. The Company routinely sells equipment that is financed under OEM Floor Plan Facilities. When this occurs, the payable under the OEM Floor Plan Facilities related to the financed equipment being sold becomes due to be paid. The OEM Floor Plan Facilities are secured by the equipment being financed and contain certain operating company guarantees. The interest cost is SOFR plus an applicable margin. The effective rates, excluding the favorable effect of interest-free periods, ranged from 6.7% to 10.0% as of June 30, 2025 and 7.5% to 10.5% as of December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company had an outstanding balance on the OEM Floor Plan Facilities of $281.1 million and $320.2 million, respectively. The total aggregate amount of financing under the Floor Plan Facilities cannot exceed $495.0 million at any time, which is subject to a 10% annual increase effective December 31 st of each year. The total outstanding balance under the Floor Plan Facilities as of June 30, 2025 and December 31, 2024, was $329.9 million and $374.9 million, respectively, excluding unamortized debt issuance costs. For the three months ended June 30, 2025 and 2024, the Company recognized interest expense associated with new equipment financed under our Floor Plan Facilities of $2.9 million and $2.7 million, respectively, and for the six months ended June 30, 2025 and 2024, $6.1 million and $5.5 million, respectively. The weighted average rate, excluding the favorable effect of interest-free periods, on the Company's Floor Plan Facilities was 7.7% and 8.8% as of June 30, 2025 and 2024, respectively.

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