Borrowings (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Borrowings |
The
following table displays our borrowings:
Schedule
of Borrowings
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Borrowing Source | |
| | | |
| | |
| Purchase and sale agreements and other secured borrowings | |
$ | 18,431 | | |
$ | 20,359 | |
| Secured line of credit from affiliates | |
| 26 | | |
| 743 | |
| Less: deferred financing fees | |
| (12 | ) | |
| - | |
| Notes payable secured, net | |
| 18,445 | | |
| 21,102 | |
| | |
| | | |
| | |
| Unsecured line of credit (senior) | |
| - | | |
| 750 | |
| Other unsecured debt (senior subordinated) | |
| 1,812 | | |
| 1,812 | |
| Unsecured Notes through our public offering, gross | |
| 22,164 | | |
| 19,968 | |
| Other unsecured debt (subordinated) | |
| 10,901 | | |
| 11,707 | |
| Other unsecured debt (junior subordinated) | |
| 1,126 | | |
| 1,126 | |
| Less: deferred financing fees | |
| (229 | ) | |
| (150 | ) |
| Notes payable unsecured, net | |
| 35,774 | | |
| 35,213 | |
| | |
| | | |
| | |
| Total Borrowings | |
$ | 54,219 | | |
$ | 56,315 | |
|
| Schedule of Maturity of Debt |
Schedule of Maturity of Debt
| Year Maturing | |
Total Amount Maturing | | |
Public Offering | | |
Other Unsecured | | |
Secured Borrowings |
| 2026 | |
$ | 22,990 | | |
$ | 2,383 | | |
$ | 4,425 | | |
|
16,182 |
| 2027 | |
| 11,639 | | |
| 6,993 | | |
| 2,371 | | |
|
2,275 |
| 2028 | |
| 14,326 | | |
| 11,047 | | |
| 3,279 | | |
|
– |
| 2029 | |
| 5,505 | | |
| 1,741 | | |
| 3,764 | | |
|
– |
| 2030 and thereafter | |
| – | | |
| – | | |
| – | | |
|
– |
| Total | |
$ | 54,460 | | |
$ | 22,164 | | |
$ | 13,839 | | |
$ |
18,457 |
|
| Schedule of Roll Forward of Notes Outstanding |
The
following table is a roll forward of our Notes Program:
Schedule
of Roll Forward of Notes Outstanding
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
| | |
| |
| Gross notes outstanding, beginning of period | |
$ | 19,968 | | |
$ | 20,854 | |
| Notes issued | |
| 7,612 | | |
| 5,257 | |
| Note repayments / redemptions | |
| (5,416 | ) | |
| (6,143 | ) |
| | |
| | | |
| | |
| Gross notes outstanding, end of period | |
| 22,164 | | |
| 19,968 | |
| | |
| | | |
| | |
| Less deferred financing costs, net | |
| (229 | ) | |
| (150 | ) |
| | |
| | | |
| | |
| Notes outstanding, net | |
$ | 21,935 | | |
$ | 19,818 | |
|
| Schedule of Roll Forward of Deferred Financing Costs |
The
following is a roll forward of deferred financing costs:
Schedule
of Roll Forward of Deferred Financing Costs
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
| | |
| |
| Deferred financing costs, beginning balance | |
$ | 1,060 | | |
$ | 939 | |
| Additions | |
| 242 | | |
| 121 | |
| Deferred financing costs, ending balance | |
$ | 1,302 | | |
$ | 1,060 | |
| Less accumulated amortization | |
| (1,073 | ) | |
| (910 | ) |
| Deferred financing costs, net | |
$ | 229 | | |
$ | 150 | |
|
| Schedule of Roll Forward of Accumulated Amortization of Deferred Financing Costs |
The
following is a roll forward of the accumulated amortization of deferred financing costs:
Schedule
of Roll Forward of Accumulated Amortization of Deferred Financing Costs
| | |
December 31, 2025 | | |
December 31, 2024 | |
| | |
| | |
| |
| Accumulated amortization, beginning balance | |
$ | 910 | | |
$ | 703 | |
| Additions | |
| 163 | | |
| 207 | |
| Accumulated amortization, ending balance | |
$ | 1,073 | | |
$ | 910 | |
|
| Schedule of Other Unsecured Loans |
Our
other unsecured debts are detailed below:
Schedule
of Other Unsecured Loans
| Loan | |
Maturity Date | |
Interest Rate(1) | | |
December 31, 2025 | | |
December 31, 2024 | |
| Unsecured Line of Credit | |
March 2024 | |
| 10.0 | % | |
| 592 | | |
| 1,000 | |
| Unsecured Line of Credit | |
April 2026 | |
| 10.0 | % | |
| 500 | | |
| 500 | |
| Unsecured Line of Credit – Senior Subordinated | |
January 2027 | |
| 10.0 | % | |
| – | | |
| 750 | |
| Subordinated Promissory Note | |
February 2027 | |
| 9.0 | % | |
| 600 | | |
| 600 | |
| Subordinated Promissory Note | |
March 2026 | |
| 9.75 | % | |
| 500 | | |
| 500 | |
| Subordinated Promissory Note | |
December 2027 | |
| 10.0 | % | |
| 20 | | |
| 20 | |
| Subordinated Promissory Note | |
January 2025 | |
| 10.0 | % | |
| 15 | | |
| 15 | |
| Subordinated Promissory Note | |
February 2027 | |
| 8.5 | % | |
| 200 | | |
| 200 | |
| Subordinated Promissory Note | |
March 2027 | |
| 10.0 | % | |
| 26 | | |
| 26 | |
| Subordinated Promissory Note | |
November 2026 | |
| 9.5 | % | |
| 200 | | |
| 200 | |
| Subordinated Promissory Note | |
March 2027 | |
| 9.5 | % | |
| 1,000 | | |
| – | |
| Subordinated Promissory Note | |
April 2025 | |
| 10.0 | % | |
| – | | |
| 202 | |
| Subordinated Promissory Note | |
July 2025 | |
| 8.0 | % | |
| – | | |
| 100 | |
| Subordinated Promissory Note | |
September 2027 | |
| 10 | % | |
| 108 | | |
| 108 | |
| Subordinated Promissory Note | |
October 2025 | |
| 8.0 | % | |
| – | | |
| 100 | |
| Subordinated Promissory Note | |
July 2028 | |
| 8.5 | % | |
| 100 | | |
| – | |
| Subordinated Promissory Note | |
December 2025 | |
| 8.0 | % | |
| – | | |
| 180 | |
| Subordinated Promissory Note | |
August 2026 | |
| 8.0 | % | |
| 291 | | |
| 291 | |
| Senior Subordinated Promissory Note | |
July 2026(2) | |
| 1.0 | % | |
| 740 | | |
| 740 | |
| Junior Subordinated Promissory Note | |
July 2026(2) | |
| 20.0 | % | |
| 460 | | |
| 460 | |
| Senior Subordinated Promissory Note | |
October 2028(2) | |
| 1.0 | % | |
| 1,072 | | |
| 1,072 | |
| Junior Subordinated Promissory Note | |
October 2028(2) | |
| 20.0 | % | |
| 666 | | |
| 666 | |
| Subordinated Promissory Note | |
March 2029 | |
| 10.0 | % | |
| 1,200 | | |
| 1,200 | |
| Subordinated Promissory Note | |
May 2027 | |
| 10.0 | % | |
| 97 | | |
| 97 | |
| Subordinated Promissory Note | |
November 2027 | |
| 10.0 | % | |
| 120 | | |
| 120 | |
| Subordinated Promissory Note | |
June 2025 | |
| 10.0 | % | |
| – | | |
| 1,000 | |
| Subordinated Promissory Note | |
April 2028 | |
| 10.0 | % | |
| 149 | | |
| 149 | |
| Subordinated Promissory Note | |
April 2029 | |
| 11.0 | % | |
| 2,000 | | |
| 2,000 | |
| Subordinated Promissory Note | |
January 2025 | |
| 11.0 | % | |
| – | | |
| 1,007 | |
| Subordinated Promissory Note | |
October 2027 | |
| 8.50 | % | |
| 200 | | |
| 200 | |
| Subordinated Promissory Note | |
October 2028 | |
| 10.0 | % | |
| 1,043 | | |
| 1,043 | |
| Subordinated Promissory Note | |
December 2028 | |
| 10.0 | % | |
| 149 | | |
| 149 | |
| Subordinated Promissory Note | |
October 2026 | |
| 10.0 | % | |
| 1,142 | | |
| – | |
| Subordinated Promissory Note | |
April 2029 | |
| 9.0 | % | |
| 301 | | |
| – | |
| Subordinated Promissory Note | |
December 2029 | |
| 8.0 | % | |
| 248 | | |
| – | |
| Subordinated Promissory Note | |
October 2028 | |
| 8.5 | % | |
| 100 | | |
| – | |
| Subordinated Promissory Note | |
Varies (3) | |
| Prime+1.5% | | |
| – | | |
| 700 | |
| Total
Other Unsecured Debt | |
| |
| | | |
$ | 13,839 | | |
$ | 15,395 | |
| (1) |
Interest
rate per annum, based upon actual days outstanding and a 365/366-day year. |
| |
|
| (2) |
These
notes were issued to the same holder and, when calculated together, yield a blended rate of 10% per annum. |
| |
|
| (3) |
Lender
may elect to terminate, effective semi-annually as of August 16 and/or February 16 of any given year. |
|