Recent Updates — VRM
Vroom, Inc. entered into a First Amendment to its Exchange and Subscription Agreement on October 13, 2026, increasing the aggregate commitments for its Senior Secured Delayed Draw Convertible Notes due 2032 from $50.0 million to $60.0 million. The additional capital was provided by Mudrick Capital Management, L.P., which is the controlling stockholder, and Annox Capital, LLC, controlled by an independent board director. All other material terms of the agreement remain unchanged. Concurrently, a wholly owned subsidiary completed an asset-backed securitization transaction on October 15, 2026, selling approximately $292 million in subprime auto retail installment contracts to a special purpose trust that issued $234.2 million in asset-backed notes across five classes with interest rates ranging from 5.09% to 9.59%. Vroom operates as an online retailer of used vehicles and related services.
On September 30, 2026, Vroom Automotive LLC issued 16,000 Series A1 and 4,000 Series B1 preferred units to SPE Holdings 2026-1 for $20 million in gross proceeds. The transaction establishes a variable distribution rate resetting quarterly at SOFR plus 8.50% for Series A1 and 9.25% for Series B1. Series B1 units are convertible into common units, while Series A1 units are not. Proceeds will repay obligations and purchase residual interests in asset-backed securitization trusts. Vroom operates in the automotive retail industry.
Vroom, Inc. reported financial results for the quarter ended June 30, 2026, achieving $0.6 million in net income and $1.5 million in adjusted net income, marking the first time in company history of positive earnings under these metrics. The company holds $99.8 million in stockholders' equity and $63.9 million in total available liquidity as of June 30, 2026. During the quarter, Vroom exchanged $28.5 million of existing notes for $50.0 million in new Senior Secured Delayed Draw Convertible Notes due 2032. The company provided full-year 2026 guidance for indirect origination volume between $475 million and $515 million, with an expected adjusted loss of ($25) to ($30) million. Vroom operates in the automotive e-commerce and used vehicle financing industry.