SBA-GUARANTEED DEBENTURES (Tables)

3 Months Ended

Mar. 31, 2026

SBA-GUARANTEED DEBENTURES

Schedule of SBA guaranteed debentures

The following tables summarize the SBIC subsidiaries’ aggregate SBA-guaranteed debentures outstanding as of March 31, 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:


		March 31, 2026			December 31, 2025
SBA-guaranteed Debentures payable		$	260,000,000		$	299,000,000
Prepaid loan fees			(2,848,951)			(3,015,937)
SBA-guaranteed Debentures, net of prepaid loan fees		$	257,151,049		$	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 months ended March 31, 2026 and 2025:


		For the three months ended
		March 31, 2026			March 31, 2025
Interest expense		$	2,282,892		$	2,540,360
Debenture fee amortization			166,986			188,984
Total interest and financing expenses		$	2,449,878		$	2,729,344
Weighted average interest rate			3.3	%		3.3	%
Effective interest rate (including fee amortization)			3.5	%		3.5	%
Average debt outstanding		$	284,700,000		$	316,694,444
Cash paid for interest		$	4,803,285		$	5,188,661