| Summary of Long-Term Debt Instruments and Balances Outstanding Including Maturity Date, Weighted Average Interest Rate and Borrowing Capacity |
The Company’s long-term debt instruments and balances outstanding as of June 30, 2025 and 2024 and December 31, 2024, including maturity date, weighted average interest rate and borrowing capacity as of June 30, 2025, were as follows (dollars in thousands):
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Weighted |
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Outstanding |
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Revolving |
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average |
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Borrowing |
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June 30, |
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December 31, |
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period end date |
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Maturity date |
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interest rate(1) |
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capacity |
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2025 |
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2024 |
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2024 |
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Funding Debt: |
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ODAS IV 2025-1 Securitization Notes |
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March 2028 |
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April 2032 |
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5.89% |
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$ |
261,392 |
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$ |
261,392 |
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$ |
— |
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$ |
— |
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ODAS IV 2024-2 Securitization Notes |
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September 2027 |
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October 2031 |
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5.78% |
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261,353 |
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261,353 |
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— |
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261,353 |
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2025-A Securitization Notes |
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— |
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October 2031 |
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7.29% |
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163,866 |
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163,866 |
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— |
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— |
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ODAS IV 2024-1 Securitization Notes |
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May 2027 |
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June 2031 |
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6.84% |
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399,574 |
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399,574 |
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399,574 |
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399,574 |
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2024-A Securitization Notes |
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— |
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October 2030 |
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7.92% |
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79,631 |
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79,631 |
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217,181 |
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123,546 |
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ODAS IV 2023-1 Securitization Notes |
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July 2026 |
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August 2030 |
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7.66% |
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227,051 |
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227,051 |
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227,051 |
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227,051 |
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NCR 2022 Securitization Facility |
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October 2026 |
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October 2028 |
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8.57% |
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200,000 |
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79,463 |
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84,927 |
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119,039 |
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NCLOCR 2024 Securitization Facility |
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February 2027 |
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February 2028 |
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9.82% |
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150,000 |
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135,000 |
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75,000 |
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99,000 |
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2023-A Securitization Notes |
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— |
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December 2027 |
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7.78% |
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19,502 |
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19,502 |
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50,989 |
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32,116 |
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RAOD Securitization Facility |
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November 2026 |
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November 2027 |
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7.07% |
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236,842 |
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190,846 |
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230,263 |
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192,000 |
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HWCR 2023 Securitization Facility |
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September 2026 |
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September 2027 |
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8.68% |
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487,595 |
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403,214 |
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287,214 |
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331,214 |
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ODR 2022-1 Securitization Facility |
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June 2026 |
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June 2027 |
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7.99% |
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420,000 |
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266,516 |
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258,668 |
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188,342 |
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ODR 2021-1 Securitization Facility |
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November 2025 |
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November 2026 |
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7.98% |
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233,333 |
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124,338 |
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194,330 |
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233,333 |
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2018-1 Securitization Facility |
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March 2025 |
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March 2026 |
(2) |
— |
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— |
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— |
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— |
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32,200 |
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Total funding debt |
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7.46% |
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$ |
3,140,139 |
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$ |
2,611,746 |
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$ |
2,025,197 |
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$ |
2,238,768 |
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Corporate Debt: |
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9.125% senior notes due 2029 |
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— |
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August 2029 |
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9.13% |
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$ |
500,000 |
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$ |
500,000 |
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$ |
— |
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$ |
500,000 |
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11.25% senior notes due 2028 |
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— |
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December 2028 |
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11.25% |
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400,000 |
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400,000 |
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400,000 |
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400,000 |
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8.50% senior notes due 2025 |
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— |
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September 2025 |
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8.50% |
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— |
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— |
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375,000 |
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— |
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Revolving line of credit |
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June 2026 |
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June 2026 |
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7.85% |
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665,000 |
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(3) |
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481,000 |
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419,000 |
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453,000 |
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Total corporate debt |
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9.30% |
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$ |
1,565,000 |
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$ |
1,381,000 |
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$ |
1,194,000 |
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$ |
1,353,000 |
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Less: Long-term debt issuance costs |
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$ |
(26,302 |
) |
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$ |
(21,019 |
) |
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$ |
(24,830 |
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Less: Debt discounts |
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(2,930 |
) |
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(4,057 |
) |
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(3,456 |
) |
Total long-term debt |
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$ |
3,963,514 |
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$ |
3,194,121 |
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$ |
3,563,482 |
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(1) The weighted average interest rate is determined based on the rates and principal balances on June 30, 2025. It does not include the impact of the amortization of deferred loan origination costs or debt discounts. (2) On May 30, 2025, the remaining outstanding balance on this facility was paid in full and the facility was terminated. (3) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 million, $0.7 million and $0.7 million as of June 30, 2025 and 2024 and December 31, 2024, respectively.
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