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DEBT

9 Months Ended

Sep. 30, 2025

NOTE 13 — DEBT

The following table summarizes the details of the Company’s long-term debt obligations:


	Outstanding Balance
	September 30,		December 31,
	2025		2024
Consumer
Note payable, FSB ⁽¹⁾	$	2,370,896	$	2,455,043
Note payable, Truist Bank ⁽³⁾		772,270		801,175
Notes payable, TBT ^(4,5)		1,503,752		1,979,730
Note payable, Scottsdale Transaction ⁽⁶⁾		50,000		50,000

Sub-total		4,696,918		5,285,948

Commercial
Note payable, FSB ⁽²⁾		5,379,203		5,569,171
Note payable, Avail Transaction ⁽⁷⁾		—		166,667

Sub-total		5,379,203		5,735,838

Corporate
Line of credit, FSB ⁽⁸⁾		—		—
Note payable, TBT ⁽⁹⁾		2,409,511		2,500,393

Sub-total		2,409,511		2,500,393

Total		12,485,632		13,522,179

Less: current portion		(2,945,351)		(3,591,351)

	$	9,540,281	$	9,930,828

(1)	On November 23, 2021, the consumer segment entered into a $2.781 million secured amortizing note payable with Farmer’s State Bank of Oakley, Kansas (“FSB”). The note payable bears interest at 3.10% and matures on November 15, 2026.

(2)	On November 23, 2021, the commercial segment entered into a $6.309 million secured amortizing note payable with FSB. The note payable bears interest at 3.10% and matures on November 15, 2026.

(3)	On July 9, 2020, the consumer segment entered into a $956 thousand secured amortizing note payable with Truist Bank. The note payable bears interest at 3.65% and matures on July 9, 2030.

(4)	On September 14, 2020, the consumer segment entered into a $496 thousand secured amortizing note payable with Texas Bank & Trust (“TBT”). The note payable incurred interest at 3.75% and matured on September 14, 2025.

(5)	On July 30, 2021, the consumer segment entered into a $1.772 million secured amortizing note payable with TBT. The note payable bears interest at 3.75% and matures on July 30, 2031.

(6)

On September 12, 2024, the consumer segment entered into a $50 thousand secured amortizing note payable in relation to the Scottsdale Transaction. The repayment of the note payable shall begin upon the fulfillment of certain terms and conditions under the asset purchase agreement entered into on September 12, 2024. The note payable’s imputed interest is 3.10% and matures on September 30, 2026.

(7)	On October 29, 2021, the consumer segment entered into a $2.000 million secured amortizing note payable in relation to the acquisition of Avail Recovery Solutions, LLC on October 29, 2021 (“Avail Transaction”). The note payable’s imputed interest was 3.10% and matured on January 1, 2025.

(8)	On November 8, 2024, the Company entered into a $3.800 million secured line of credit with FSB. The line of credit bears interest at our rate of deposit +1.00% with a floor of 3.10% and matures on November 23, 2027.

(9)	On November 4, 2020, a wholly owned subsidiary of Envela entered into a $2.960 million secured amortizing note payable with TBT. The note payable incurred interest at 3.25%, matured and was paid off on November 3, 2025.

The following table depicts the Company’s future principal payments on long-term debt obligations as of September 30, 2025:


	2025		2026		2027		2028		2029		Thereafter
Consumer
Note payable, FSB ⁽¹⁾	$	28,414	$	2,342,482	$	—	$	—	$	—	$	—
Note payable, Truist Bank ⁽³⁾		9,840		40,203		41,716		43,216		44,913		592,381
Notes payable, TBT ^(4,5)		17,212		71,593		74,324		77,018		80,098		1,183,508
Note payable, Scottsdale Transaction ⁽⁶⁾		31,250		18,750		—		—		—		—

Sub-total		86,716		2,473,028		116,040		120,234		125,011		1,775,889

Commercial
Note payable, FSB ⁽²⁾		64,468		5,314,735		—		—		—		—
Note payable, Avail Transaction ⁽⁷⁾		—		—		—		—		—		—

Sub-total		64,468		5,314,735		—		—		—		—

Corporate
Line of Credit, FSB ⁽⁸⁾		—		—		—		—		—		—
Note payable, TBT ⁽⁹⁾		2,409,511		—		—		—		—		—

Sub-total		2,409,511		—		—		—		—		—

	$	2,560,695	$	7,787,763	$	116,040	$	120,234	$	125,011	$	1,775,889

Refer to (1) through (9) below the previous table for descriptions of the Company’s Debt Obligations.

The Company was in compliance with all of its debt obligation covenants for the three and nine months ended September 30, 2025 and 2024.

The following table depicts the Company’s future scheduled aggregate principal payments and maturities as of September 30, 2025:


	Scheduled
	Principal		Loan
Scheduled Principal Payments and Maturities by Year	Payments		Maturities		Total
2025	$	171,709	$	2,388,986	$	2,560,695
2026		476,475		7,311,288		7,787,763
2027		116,040		—		116,040
2028		120,234		—		120,234
2029		125,011		—		125,011
Thereafter		175,713		1,600,176		1,775,889

	$	1,185,182	$	11,300,450	$	12,485,632