Debt (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| Summary of Company's Debt |
The following is a summary of the Company’s debt as of the periods indicated:
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September 30, 2026 |
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December 31, 2025 |
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Dollars in thousands |
Debt |
|
Unamortized Debt Issuance Costs (1) |
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Net Debt |
|
Debt |
|
Unamortized Debt Issuance Costs (1) |
|
Net Debt |
|
Revolving credit facilities |
$ |
458,566 |
|
$ |
(1,328 |
) |
$ |
457,238 |
|
$ |
270,186 |
|
$ |
(1,747 |
) |
$ |
268,439 |
|
Securitizations |
|
1,291,425 |
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|
(2,813 |
) |
|
1,288,612 |
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|
1,380,578 |
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|
(6,844 |
) |
|
1,373,734 |
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Total |
$ |
1,749,991 |
|
$ |
(4,141 |
) |
$ |
1,745,850 |
|
$ |
1,650,764 |
|
$ |
(8,591 |
) |
$ |
1,642,173 |
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Unused amount of revolving credit facilities (subject to borrowing base) |
$ |
323,810 |
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$ |
511,420 |
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(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 $2.3 million and $1.8 million in such costs as of September 30, 2026 and December 31, 2025, respectively.
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| Summary of Company's Credit Facilities |
The following table includes the key terms under each of the Company’s revolving credit facilities as of September 30, 2026:
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Dollars in thousands |
Total Credit Facility |
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Debt Balance |
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Restricted Cash Reserves |
|
Advance Rate Cap |
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Current Advance Rate |
|
Unused Commitment Fee |
|
Revolving Period End Date |
|
Maturity Date |
Senior (1) |
$ |
355,000 |
|
$ |
225,798 |
|
$ |
— |
|
83% |
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73% |
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0.3% - 0.9% |
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Aug 2028 |
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Aug 2028 |
RMR IV warehouse |
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125,000 |
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|
54,678 |
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|
689 |
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79% |
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79% |
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0.5% |
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May 2027 |
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May 2028 |
RMR V warehouse |
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100,000 |
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|
66,196 |
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|
412 |
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80% |
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80% |
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0.4% - 0.7% |
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Nov 2027 |
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Nov 2028 |
RMR VI warehouse |
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75,000 |
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|
56,373 |
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|
375 |
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75% |
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75% |
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0.5% |
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Apr 2028 |
|
Apr 2029 |
RMR VII warehouse |
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125,000 |
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|
55,521 |
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|
364 |
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76% |
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76% |
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0.4% - 0.7% |
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Oct 2027 |
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Oct 2028 |
Total |
$ |
780,000 |
|
$ |
458,566 |
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$ |
1,840 |
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(1) The senior revolving credit facility has an additional advance rate cap of 60% of eligible delinquent renewals. As of September 30, 2026, this advance rate was 50%. Borrowings under the revolving credit facilities bear interest, payable monthly, at a rate equal to the sum of any applicable floor, margin, and the market rate of each respective rate type that was effective as of September 30, 2026 (as follows):
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Floor |
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Margin |
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Rate Type |
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Effective Interest Rate |
Senior |
0.5% |
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2.8% |
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1-month SOFR |
|
6.4% |
RMR IV warehouse |
— |
|
2.3% |
|
1-month SOFR |
|
5.9% |
RMR V warehouse |
— |
|
2.1% |
|
Conduit |
|
6.2% |
RMR VI warehouse |
— |
|
2.1% |
|
1-month SOFR |
|
5.7% |
RMR VII warehouse |
— |
|
2.1% |
|
1-month SOFR |
|
5.7% |
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| Summary of Company's Securitizations |
The following table includes the key terms under each of the Company’s securitizations as of September 30, 2026:
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Dollars in thousands |
Issue Date |
|
Issue Amount |
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Debt Balance |
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Restricted Cash Reserves |
|
Effective Interest Rate |
|
Revolving Period End Date |
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Maturity Date |
RMIT 2021-2 |
Jul 2021 |
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|
200,000 |
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|
172,080 |
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|
2,083 |
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2.4% |
|
Jul 2026 |
|
Aug 2033 |
RMIT 2021-3 |
Oct 2021 |
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|
125,000 |
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|
125,202 |
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|
1,471 |
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3.9% |
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Sep 2026 |
|
Oct 2033 |
RMIT 2022-1 |
Feb 2022 |
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|
250,000 |
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|
36,895 |
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|
2,646 |
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5.8% |
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Feb 2025 |
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Mar 2032 |
RMIT 2024-1 |
Jun 2024 |
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|
187,305 |
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|
187,788 |
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|
1,078 |
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6.2% |
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May 2027 |
|
Jul 2036 |
RMIT 2024-2 |
Nov 2024 |
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250,000 |
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|
250,557 |
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|
1,418 |
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5.3% |
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Nov 2026 |
|
Dec 2033 |
RMIT 2025-1 |
Mar 2025 |
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|
265,000 |
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|
265,585 |
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|
1,489 |
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5.3% |
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Mar 2027 |
|
Apr 2034 |
RMIT 2025-2 |
Oct 2025 |
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|
252,810 |
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|
253,318 |
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|
1,389 |
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4.8% |
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Oct 2027 |
|
Nov 2037 |
Total |
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|
$ |
1,530,115 |
|
$ |
1,291,425 |
|
$ |
11,574 |
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