Note 11: Debt Certificates Payable Information on the Company’s debt certificates payable can be found in our Annual Report on Form 10-K for the year ended December 31, 2024. The Company is subject to certain covenants on its Subordinated Notes and was in compliance with those covenants as of June 30, 2025 and December 31, 2024. The table below provides information on the Company’s debt certificates payable (dollars in thousands): | | | | | | | | | | | | | | | | | | | As of | | As of | | | | | June 30, 2025 | | December 31, 2024 | SEC Registered Public Offerings | | Offering Type | | Amount | | Weighted Average Interest Rate | | Amount | | Weighted Average Interest Rate | Class 1A Offering | | Unsecured | | $ | 2,270 | | 3.96 | % | | $ | 5,979 | | 3.91 | % | 2021 Class A Offering | | Unsecured | | | 23,502 | | 4.75 | % | | | 33,336 | | 4.75 | % | 2024 Class A Offering | | Unsecured | | | 42,235 | | 4.78 | % | | | 31,247 | | 4.95 | % | Public Offerings Total | | | | $ | 68,007 | | 4.74 | % | | $ | 70,562 | | 4.77 | % | | | | | | | | | | | | | | | | Private Offerings | | Offering Type | | | | | | | | | | | | | Subordinated Notes | | Unsecured | | $ | 26,705 | | 5.19 | % | | $ | 24,599 | | 5.15 | % | Private Offering Total | | | | $ | 26,705 | | 5.19 | % | | $ | 24,599 | | 5.15 | % | | | | | | | | | | | | | | | | Total Debt Certificates Payable | | | | $ | 94,712 | | 4.87 | % | | $ | 95,161 | | 4.87 | % |
Future maturities for the Company’s debt certificates during the twelve-month periods ending June 30, are as follows (dollars in thousands): | | | | 2026 | | $ | 36,458 | 2027 | | | 27,829 | 2028 | | | 11,396 | 2029 | | | 9,720 | 2030 | | | 9,309 | Total | | $ | 94,712 | Less: debt issuance costs | | | 92 | Debt certificates payable, net of debt issuance costs | | $ | 94,620 |
|