Following a covenant breach in the quarter ended September 2022, the company secured covenant waivers or amendments from its lenders. The company's cushion relative to the 2.0x FCCR covenant requirement improved due to stronger operating performance. The company is expected to responsibly handle upcoming debt maturities related to its revolving credit facility and senior unsecured notes. The company faces modest refinancing risk in the second half of 2026 with $223 million of senior unsecured notes due in November 2026 and its revolving credit facility ($336 million outstanding as of Dec. 31, 2024) due in June 2026. As of Dec. 31, 2024, the company had about $16 million cash on its balance sheet and $244 million available capacity on its revolver. World Acceptance Corp. has gradually increased its originations in recent quarters, and its leverage, measured as debt to adjusted total equity (ATE), is expected to remain between 1.5x-2.75x as its originations normalize.