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Get filing alertsKatapult amends credit facility after 11 waivers, removes originations covenant, cuts advance rate
Filed June 3, 2026 · Period ending June 2, 2026 · ~1 min read
Key Changes
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Company secured third amendment to credit facility after receiving 11 prior waivers between September 2025 and May 2026, indicating persistent difficulty meeting original loan terms.
Item 1.01 verify on EDGAR → -
high
Lender eliminated minimum originations requirement that company repeatedly failed to meet, suggesting lease origination volumes running below initial projections.
Item 1.01 verify on EDGAR → -
high
Advance rate reduced, meaning Katapult can now borrow less against its collateral—typically signals lender concern about credit quality and will constrain liquidity.
Item 1.01 verify on EDGAR →
Summary
Katapult Holdings executed its third amendment to its primary credit facility on June 2, 2026, following a troubling pattern of 11 covenant waivers granted over the prior nine months. The amendment removes the minimum originations requirement the company had repeatedly violated, but comes at a cost: the lender reduced the advance rate, meaning Katapult can borrow less against the same collateral base.
For retail investors, this signals two concerns. First, the business is generating lower lease origination volumes than management projected when securing this facility in June 2025. Second, the reduced advance rate will constrain available liquidity precisely when the company appears to need flexibility.
While removing the covenant eliminates near-term default risk, it doesn't address the underlying business performance issue. Watch the next quarterly earnings report for origination trends and any discussion of liquidity needs. If originations continue declining or the company draws heavily on the now-smaller credit line, further financing may be required on potentially unfavorable terms.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Company amended credit facility, removing minimum originations requirement and reducing advance rate after 11 prior waivers.
Added in current filing · verify on EDGAR →
On June 2, 2026, the Company entered into the Third Amendment and Limited Waiver (the “Third Amendment”) to our Amended and Restated Loan and Security Agreement, dated as of June 12, 2025
The company executed its third amendment to its credit facility on June 2, 2026. This follows a pattern of 11 prior limited waivers granted between September 2025 and May 2026, suggesting ongoing challenges meeting original loan covenants.
Added in current filing · verify on EDGAR →
The Third Amendment, among other things, amends the Loan Agreement to remove the Minimum Trailing Net Three-Month Originations requirement
The lender agreed to eliminate the minimum originations requirement that the company had been unable to meet. This removes a performance covenant but suggests the business is generating lower origination volumes than originally projected when the credit facility was established.
Event · Item 9.01 — Financial Statements and Exhibits
Katapult executed a Third Amendment and Limited Waiver to its Amended and Restated Loan and Security Agreement on June 2, 2026.
Added in current filing · verify on EDGAR →
Third Amendment and Limited Waiver to Amended and Restated Loan and Security Agreement, dated as of June 2, 2026, by and among Katapult SPV-1 LLC, Katapult Group, Inc, Katapult Holdings, Inc., Midtown Madison Management LLC and the lenders party thereto.
The company entered into a third amendment and limited waiver to its existing loan and security agreement with Midtown Madison Management LLC and other lenders. The filing does not disclose the specific terms of the amendment or the nature of the waiver being granted, which could relate to covenant modifications, payment terms, or other material loan provisions. The involvement of multiple Katapult entities (SPV-1 LLC, Group Inc., and Holdings Inc.) suggests this is a significant credit facility.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 10, 2026 · How we verify