SBA-GUARANTEED DEBENTURES (Tables)

6 Months Ended

Jun. 30, 2026

SBA-GUARANTEED DEBENTURES

Schedule of SBA guaranteed debentures

The following tables summarize the SBIC subsidiaries’ aggregate SBA-guaranteed debentures outstanding as of June 30, 2026:

Issuance Date	Licensee	Maturity Date	Debenture Amount		Interest Rate		SBA Annual Charge
November 28, 2017	SBIC I subsidiary	March 1, 2028	$	25,000,000	3.19	%	0.22	%
April 27, 2018	SBIC I subsidiary	September 1, 2028		40,000,000	3.55	%	0.22	%
July 30, 2018	SBIC I subsidiary	September 1, 2028		17,500,000	3.55	%	0.22	%
September 25, 2018	SBIC I subsidiary	March 1, 2029		2,500,000	3.11	%	0.22	%
Total SBIC I subsidiary SBA-guaranteed Debentures			$	85,000,000

Issuance Date	Licensee	Maturity Date	Debenture Amount		Interest Rate		SBA Annual Charge
October 17, 2019	SBIC II subsidiary	March 1, 2030	$	6,000,000	2.08	%	0.09	%
November 15, 2019	SBIC II subsidiary	March 1, 2030		5,000,000	2.08	%	0.09	%
December 17, 2020	SBIC II subsidiary	March 1, 2031		9,000,000	1.67	%	0.09	%
December 17, 2020	SBIC II subsidiary	March 1, 2031		6,500,000	1.67	%	0.27	%
February 16, 2021	SBIC II subsidiary	March 1, 2031		13,500,000	1.67	%	0.27	%
February 26, 2021	SBIC II subsidiary	March 1, 2031		10,000,000	1.67	%	0.27	%
March 2, 2021	SBIC II subsidiary	March 1, 2031		10,000,000	1.67	%	0.27	%
April 21, 2021	SBIC II subsidiary	September 1, 2031		10,000,000	1.30	%	0.27	%
May 14, 2021	SBIC II subsidiary	September 1, 2031		6,700,000	1.30	%	0.27	%
May 28, 2021	SBIC II subsidiary	September 1, 2031		7,300,000	1.30	%	0.27	%
July 23, 2021	SBIC II subsidiary	September 1, 2031		16,000,000	1.30	%	0.27	%
February 25, 2022	SBIC II subsidiary	March 1, 2032		10,000,000	2.94	%	0.27	%
March 29, 2022	SBIC II subsidiary	September 1, 2032		10,000,000	4.26	%	0.27	%
April 1, 2022	SBIC II subsidiary	September 1, 2032		6,670,000	4.26	%	0.27	%
April 12, 2022	SBIC II subsidiary	September 1, 2032		6,665,000	4.26	%	0.27	%
April 21, 2022	SBIC II subsidiary	September 1, 2032		6,665,000	4.26	%	0.27	%
June 30, 2022	SBIC II subsidiary	September 1, 2032		3,600,000	4.26	%	0.27	%
July 28, 2022	SBIC II subsidiary	September 1, 2032		6,400,000	4.26	%	0.27	%
September 9, 2022	SBIC II subsidiary	March 1, 2033		6,000,000	5.17	%	0.27	%
November 9, 2022	SBIC II subsidiary	March 1, 2033		7,600,000	5.17	%	0.27	%
August 8, 2023	SBIC II subsidiary	September 1, 2033		9,120,000	5.69	%	0.27	%
September 19, 2023	SBIC II subsidiary	March 1, 2034		2,280,000	5.04	%	0.27	%
Total SBIC II subsidiary SBA-guaranteed Debentures			$	175,000,000
Total SBA-guaranteed Debentures			$	260,000,000

Schedule of SBA guaranteed debentures net of prepaid loan fees

The following is a summary of the SBA-guaranteed debentures, net of prepaid loan fees:

	June 30, 2026		December 31, 2025
SBA-guaranteed Debentures payable	$	260,000,000	$	299,000,000
Prepaid loan fees		(2,695,407)		(3,015,937)
SBA-guaranteed Debentures, net of prepaid loan fees	$	257,304,593	$	295,984,063

Summarizes of interest expense and amortized fees

The following table summarizes the interest expense and amortized fees on the SBA-guaranteed debentures for the three and six months ended June 30, 2026 and 2025:

	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	2,105,273		$	2,492,308		$	4,388,165		$	5,032,668
Debenture fee amortization		153,544			182,276			320,530			371,260
Total interest and financing expenses	$	2,258,817		$	2,674,584		$	4,708,695		$	5,403,928
Weighted average interest rate		3.2	%		3.2	%		3.2	%		3.2	%
Effective interest rate (including fee amortization)		3.5	%		3.5	%		3.5	%		3.5	%
Average debt outstanding	$	260,000,000		$	308,750,000		$	272,281,768		$	312,700,276
Cash paid for interest	$	—		$	—		$	4,803,285		$	5,188,661