(15) SUBSEQUENT EVENTS

On April 28, 2026, the Company issued and sold $75.0 million aggregate principal amount of senior unsecured notes to a group of institutional investors. The notes, which will mature on May 1, 2031, bear a fixed interest rate of 8.25% per year, paid semi-annually.

On April 30, 2026, the Company closed a sale of $47.0 million in recreation loans. The total proceeds received, which included the principal amount outstanding, a purchase premium and accrued but unpaid interest, were $50.0 million. The sale was structured as a 90/10 loan participation on a pool of $52.2 million in loans, $5.2 million of which were retained by the Company. Loan servicing was also retained by the Company.

The Company has evaluated the effects of events that have occurred subsequent to March 31, 2026 through the date of financial statement issuance for potential recognition or disclosure. As of such date, there were no additional subsequent events that required recognition or disclosure.