The Company transfers pools of eligible loans receivable to the Warehouse to secure debt for general funding purposes. The Warehouse, a SPE of the Company, is considered a VIE under ASC 810, Consolidation, and is consolidated into the financial statements of the Company as the Company is determined to be the primary beneficiary of the Warehouse.

Debt under the Warehouse Facility is supported by the expected cash flows from the underlying collateralized loans receivable. Collections on these loans receivable are remitted to a restricted cash collection account. As of June 30, 2026, the balance in the restricted cash collection account was $12.0 million The Company also maintains a restricted cash reserve account, which totaled $1.3 million as of June 30, 2026. Cash inflows from the pledged loans receivable are distributed in accordance with the Credit Agreement's monthly contractual priority of payments, which include the Warehouse's lenders and service providers. Additionally, the Warehouse pays a servicing fee to the Company, which is eliminated in consolidation, as the Company continues to service the loans receivable transferred to the Warehouse. Cash inflows remaining after the contractual payments are distributed to the Company, which is permitted under the Credit Agreement.


	June 30, 2026		March 31, 2026
ASSETS
Gross loans receivable	$	173,219,688	$	228,285,593
Less:
Unearned interest, insurance and fees	(45,519,769)		(59,193,501)
Allowance for credit losses	(15,951,423)		(18,563,362)
Loans receivable, net	111,748,496		150,528,730
Restricted cash	13,322,863		17,636,232
Other assets, net	2,763,375		2,900,036
Total assets	$	127,834,734	$	171,064,998
LIABILITIES
Warehouse facility	$	105,181,541	$	143,293,355
Accounts payable and accrued expenses	592,103		855,839
Total liabilities	$	105,773,644	$	144,149,194

The Company's historic tax credit investments are considered VIEs under ASC 810, Consolidation; however, as the Company is not the primary beneficiary of such VIEs, they are not consolidated into the financial statements of the Company.

The Company's maximum exposure to loss as a result of its involvement with these entities is limited to the carrying amount of its investments, including any undrawn commitments and any tax credits previously recognized which remain subject to recapture under applicable program requirements. The Company believes the risk of such recapture is remote. The Company's funding requirements are limited to its invested capital and undrawn commitments for future equity contributions. The Company has no exposure to loss from liquidity arrangements and obligation to purchase assets of these entities.

The following table presents the Company's investments in these unconsolidated entities and related unfunded commitments, which are reported in Other assets, net and Accounts payable and accrued expenses, respectively, in the Consolidated Balance Sheets.