| 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 September 30, 2026 and 2025 and December 31, 2025, including maturity date, weighted average interest rate and borrowing capacity as of September 30, 2026, 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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September 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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2026 |
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2025 |
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2025 |
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Funding Debt: |
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ODAS IV 2025-2 Securitization Notes |
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October 2028 |
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November 2032 |
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5.65% |
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261,434 |
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261,434 |
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— |
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261,434 |
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ODAS IV 2026-1 Securitization Notes |
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September 2028 |
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October 2032 |
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6.22% |
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500,026 |
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500,026 |
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— |
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— |
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2026-A Securitization Notes |
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— |
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September 2032 |
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6.42% |
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289,544 |
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289,544 |
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— |
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— |
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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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261,392 |
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261,392 |
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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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261,353 |
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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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42,526 |
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42,526 |
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123,683 |
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93,331 |
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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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8.31% |
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20,017 |
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20,017 |
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59,427 |
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45,510 |
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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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7.83% |
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179,153 |
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179,153 |
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227,051 |
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227,051 |
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NCLOCR 2024 Securitization Facility |
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February 2029 |
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February 2030 |
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8.68% |
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300,000 |
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250,000 |
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75,000 |
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90,000 |
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ODR 2022-1 Securitization Facility |
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June 2028 |
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June 2029 |
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7.23% |
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420,000 |
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244,156 |
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264,668 |
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202,325 |
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HWCR 2023 Securitization Facility |
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March 2028 |
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March 2029 |
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8.20% |
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535,000 |
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535,000 |
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433,214 |
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473,214 |
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ODR 2021-1 Securitization Facility |
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November 2027 |
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November 2028 |
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6.97% |
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246,667 |
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148,989 |
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188,338 |
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202,890 |
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NCR 2022 Securitization Facility |
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October 2026 |
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October 2028 |
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8.14% |
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275,000 |
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20,000 |
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117,194 |
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175,194 |
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NCLOCR 2025 Securitization Facility |
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July 2027 |
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July 2028 |
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7.93% |
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150,000 |
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150,000 |
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45,000 |
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90,000 |
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2023-A Securitization Notes |
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— |
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December 2027 |
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— |
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— |
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— |
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13,850 |
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9,282 |
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RAOD Securitization Facility |
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November 2026 |
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November 2027 |
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6.43% |
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355,263 |
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227,959 |
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220,846 |
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236,842 |
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Total funding debt |
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6.93% |
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$ |
4,496,949 |
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$ |
3,791,123 |
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$ |
2,690,590 |
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$ |
3,029,392 |
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Corporate Debt: |
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Revolving line of credit |
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August 2029 |
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August 2029 |
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7.25% |
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$ |
825,000 |
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(2) |
$ |
713,000 |
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$ |
542,000 |
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$ |
596,000 |
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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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500,000 |
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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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Total corporate debt |
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8.82% |
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$ |
1,725,000 |
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$ |
1,613,000 |
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$ |
1,442,000 |
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$ |
1,496,000 |
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Less: Long-term debt issuance costs |
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$ |
(25,423 |
) |
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$ |
(23,454 |
) |
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$ |
(24,581 |
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Less: Debt discounts |
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(1,819 |
) |
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(2,665 |
) |
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(2,430 |
) |
Total long-term debt |
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$ |
5,376,881 |
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$ |
4,106,471 |
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$ |
4,498,381 |
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(1) The weighted average interest rate is determined based on the rates and principal balances on September 30, 2026. It does not include the impact of the amortization of deferred loan origination costs or debt discounts. (2) The Company had outstanding letters of credit under the Revolving line of credit of $0.4 million as of September 30, 2026 and 2025 and December 31, 2025.
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