UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number 001-31220 COMMUNITY TRUST BANCORP, INC. (Exact name of registrant as specified in its charter) Kentucky 61-0979818 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 346 North Mayo Trail P.O. Box 2947 Pikeville, Kentucky 41502 (Address of principal executive of ices) (Zip code) (606) 432-1414 (Registrant's telephone number) Securities registered pursuant to S ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission file number 001-41633 Burke & Herbert Financial Services Corp. (Exact name of registrant as specified in its charter) Virginia 92-0289417 (State or other jurisdiction of incorporation or organization) 100 S. Fairfax Street, Alexandria, Virginia 22314 (Address of principal executive offices) (Zip Code) 703-666-3555 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 Texas Roadhouse, Inc. (Exact name of registrant specified in its charter) Delaware 20-1083890 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Financial Performance - Revenues for Q3 2025 reached $23.4 million, a 24.4% increase from $18.8 million in Q3 2024[19] - Gross profit for Q3 2025 was $7.6 million, up 52.5% from $5.0 million in Q3 2024[19] - Net income for Q3 2025 was $6.6 million, compared to a net income of $0.4 million in Q3 2024[19] - Total comprehensive income attributable to Greenland Technologies for Q3 2025 was $6.2 million, compared to $0.8 million in Q3 2024[19] - For the nine months ended September 30, 2025, net income was $8,388,754, compared to $9,801,725 for the same period in 2024, representing a decrease of approximately 14.5%[24] - For the nine months ended September 30, 2025, the net income attributable to Greenland Technologies was $6,511,037, compared to $6,468,722 for the same period in 2024, reflecting a slight increase[169] - The company reported a basic earnings per share of $0.33 for Q3 2025, compared to a loss of $0.05 per share in Q3 2024[19] - For the nine months ended September 30, 2025, the basic and diluted net income per share were $0.41 and $0.41, respectively, compared to $0.48 in 2024[169] Assets and Liabilities - Total current assets increased to $99.0 million as of September 30, 2025, from $92.6 million at the end of 2024, representing a 6.5% growth[14] - Total liabilities decreased to $53.6 million as of September 30, 2025, down from $62.3 million at the end of 2024, a reduction of 14.0%[17] - Shareholders' equity attributed to Greenland Technologies increased to $75.4 million as of September 30, 2025, from $60.2 million at the end of 2024, a growth of 25.2%[17] - Cash and cash equivalents decreased to $3.9 million as of September 30, 2025, from $6.7 million at the end of 2024, a decline of 41.0%[14] - Cash and cash equivalents at the end of the period were $3,942,129 as of September 30, 2025, down from $20,725,481 at the end of September 2024, reflecting a decrease of approximately 81%[27] - Accounts receivable increased to $21,551,378 as of September 30, 2025, compared to $15,796,423 as of December 31, 2024, marking a growth of 36.5%[132] - Inventories, net, rose to $23,860,032 as of September 30, 2025, from $23,378,090 as of December 31, 2024, reflecting an increase of 2.1%[134] - Fixed deposits increased significantly to $6,906,766 as of September 30, 2025, compared to $4,130,514 as of December 31, 2024, representing a growth of 67.2%[143] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $1.1 million, a decrease of 57.4% compared to $2.5 million in the same period of 2024[19] - Research and development costs for the three months ended September 30, 2025, were approximately $0.56 million, compared to $0.44 million for the same period in 2024, reflecting a 27.3% increase[96] - Research and development costs for the nine months ended September 30, 2025, totaled approximately $1.09 million, down 57.3% from $2.55 million in 2024[96] - Research and development (R&D) expenses rose to approximately $0.56 million for the three months ended September 30, 2025, an increase of $0.12 million or 28.0% from $0.44 million in the prior year[203] Sales and Market Activity - Greenland sold a total of 123,856 sets of transmission products in the nine months ended September 30, 2025, an increase of 8.5% from 114,075 sets sold in the same period in 2024[32] - Domestic sales for the three months ended September 30, 2025, were $22,975,249, up from $18,666,444 in 2024, representing a growth of approximately 23.5%[170] - International sales for the nine months ended September 30, 2025, were $1,308,690, a decrease from $1,855,927 in 2024, reflecting a decline of approximately 29.4%[170] - The company has launched new electric industrial vehicle products through its subsidiary HEVI, including various models of electric forklifts and loaders[192] Cash Flow and Investments - The net cash provided by operating activities for the nine months ended September 30, 2025, was $7,799,034, compared to $8,983,496 in 2024, indicating a decrease of approximately 13.2%[24] - The company reported a net cash used in investing activities of $680,974 for the nine months ended September 30, 2025, compared to $2,111,014 in 2024, showing a reduction in cash outflow[27] - The fair value of short-term investments as of September 30, 2025, was $29,098,513[63] - As of September 30, 2025, the Company's short-term investments increased to $29,098,513 from $18,535,354 as of December 31, 2024, representing a growth of 56.5%[127] Tax and Regulatory Matters - The effective tax rate on income before income taxes for the nine months ended September 30, 2025, was 23.99%, higher than the PRC tax rate of 25.0% due to non-deductible stock-based expenses[172] - Zhejiang Zhongchai maintains a "high-tech enterprise" status, allowing a reduced income tax rate of 15% for the three months ended September 30, 2025[209] - Hangzhou Greenland, a wholly owned subsidiary, is subject to a 25% standard income tax rate, while Greenland, registered in the British Virgin Islands, is not subject to income or capital gains tax[210] Shareholder Information - As of September 30, 2025, Trendway Capital Limited owned 34.56% of Greenland's outstanding ordinary shares[36] - Zhongchai Holding owns 89.47% of Zhejiang Zhongchai, 100% of Hangzhou Greenland, and 62.5% of Hengyu Capital[37] Other Financial Metrics - The company has no liability for unrecognized tax benefits as of September 30, 2025, reflecting a stable tax position[106] - The company assesses collectability of accounts receivable based on historical collectability and current economic conditions[66] - No customer accounted for more than 10% of total accounts receivable as of September 30, 2025, indicating a diversified customer base[114] - Major customers accounted for 39.05% of total accounts receivable as of September 30, 2025, slightly down from 40.11% as of December 31, 2024[129]

Financial Performance - Net income for the three months ended September 30, 2025, was $6,659 thousand, a 40.5% increase compared to $4,743 thousand for the same period in 2024[14]. - Basic earnings per common share for the three months ended September 30, 2025, was $0.59, up from $0.43 for the same period in 2024, representing a growth of 37.2%[14]. - Total comprehensive income for the three months ended September 30, 2025, was $8,265,000, compared to $6,065,000 in 2024, reflecting an increase of 36.3%[16]. - For the nine months ended September 30, 2025, net income reached $14,650,000, up from $10,745,000 in 2024, indicating a growth of 36.5%[16]. - Income before income taxes for the three months ended September 30, 2025, was $8,673, a significant increase from $6,245 in the same period of 2024, representing a 39.0% growth[146]. Asset and Liability Growth - Total assets increased to $2,541,130 thousand as of September 30, 2025, up from $2,385,867 thousand at December 31, 2024, representing a growth of 6.5%[12]. - Total liabilities increased to $2,353,101 thousand as of September 30, 2025, compared to $2,214,345 thousand at December 31, 2024, reflecting a growth of 6.3%[12]. - Total stockholders' equity rose to $188,029 thousand as of September 30, 2025, compared to $171,522 thousand at December 31, 2024, indicating a growth of 9.6%[12]. - Total deposits increased to $2,131,116 thousand as of September 30, 2025, up from $2,005,368 thousand at December 31, 2024, reflecting a growth of 6.3%[12]. Credit Losses and Provisions - Provision for credit losses for the nine months ended September 30, 2025, was $11,865 thousand, compared to $7,828 thousand for the same period in 2024, indicating a 51.9% increase[14]. - The allowance for credit losses increased to $21,794 thousand as of September 30, 2025, from $18,438 thousand at December 31, 2024, an increase of 12.8%[12]. - The total allowance for credit losses (ACL) as of September 30, 2025, was $21,794 thousand, reflecting a provision for credit losses of $2,850 thousand during the quarter[63]. - The total charge-offs for credit losses amounted to $9,236 thousand, with recoveries of $524 thousand during the reporting period[66]. Non-Interest Income and Expenses - Non-interest income totaled $9,953 thousand for the three months ended September 30, 2025, slightly down from $10,831 thousand for the same period in 2024, a decrease of 8.1%[14]. - Non-interest expense for the nine months ended September 30, 2025, totaled $61,646, an increase of 6.5% from $57,738 in the same period of 2024[147]. - The bank's mortgage banking income for the three months ended September 30, 2025, was $5,914, a decrease of 8.7% from $6,474 in the same period of 2024[146]. - Wealth management income for the three months ended September 30, 2025, was $1,610, an increase from $1,447 in the same period of 2024, reflecting an 11.3% growth[146]. Loan and Securities Performance - The total loans and other finance receivables increased to $2,159,261,000 as of September 30, 2025, up from $2,026,292,000 at December 31, 2024, representing a growth of approximately 6.55%[46]. - Total securities available-for-sale amounted to $194,268,000 as of September 30, 2025, with an allowance for credit losses of $7,781,000[37]. - The total fair value of held-to-maturity securities was $29,853,000, with an unrealized loss of $2,746,000[37]. - The total unrealized losses on available-for-sale securities decreased from $10,160,000 as of December 31, 2024, to $7,781,000 as of September 30, 2025, indicating an improvement in the portfolio[40]. Cash Flow and Investments - The company reported a net cash provided by operating activities of $30,476,000 for the nine months ended September 30, 2025, compared to $10,301,000 in 2024, marking a significant increase of 195.5%[21]. - The net cash used in investing activities for the nine months ended September 30, 2025, was $155,822,000, slightly down from $156,309,000 in 2024[21]. - The cash and cash equivalents at the end of the period on September 30, 2025, were $39,989,000, up from $32,347,000 in 2024[22]. Borrowings and Capital Management - Total short-term borrowings increased to $126.671 million as of September 30, 2025, compared to $98.632 million as of December 31, 2024[90]. - The Corporation has a maximum borrowing capacity with the FHLB of $746.0 million as of September 30, 2025, up from $699.3 million as of December 31, 2024[92]. - The Corporation's long-term borrowings decreased to $10.594 million as of September 30, 2025, from $25.839 million as of December 31, 2024[91]. Modifications and Foreclosures - The total number of modifications granted to borrowers experiencing financial difficulty increased to 44 in the nine months ended September 30, 2025, from 14 in the same period of 2024, marking a 214% increase[85]. - The company reported a total of 9 consumer mortgage loans in foreclosure proceedings as of September 30, 2025, with a total value of $2.5 million[54]. - The company foreclosed on a commercial real estate property valued at $1.3 million and repossessed a billboard asset valued at $2.4 million during the nine months ended September 30, 2025[55].

Financial Performance - Net income for Q3 2025 was $25.4 million, a 60.6% increase from $15.8 million in Q3 2024, with diluted EPS rising to $0.65 from $0.44[5] - Core net income reached $26.9 million, up 58.9% from $16.9 million in Q3 2024, with core diluted EPS increasing to $0.69 from $0.47[6] - Net income attributable to Velocity Financial, Inc. for Q3 2025 was $25,373,000, a 60.9% increase from $15,803,000 in Q3 2024[43] - Core diluted earnings per share for Q3 2025 were $0.69, compared to $0.47 for Q3 2024, indicating a growth of 46.8%[43] Loan Production and Growth - Record loan production totaled $739.0 million, a 55.0% increase from $476.8 million in Q3 2024, driven by strong demand for traditional commercial and investor 1-4 rental loans[18] - Total loans outstanding increased to $6.3 billion, a 32.0% rise from $4.8 billion in Q3 2024, with significant growth across all collateral types[14] - Total loans, net rose to $6.5 billion as of September 30, 2025, up from $5.2 billion at the end of 2024, indicating a growth of 25.4%[37] Interest Income and Margin - Net interest income after provision for credit losses was $48.7 million, a 38.6% increase from $35.1 million in Q3 2024, supported by strong portfolio growth[13] - Interest income for the three months ended September 30, 2025, was $144,119,000, an increase of 37.1% compared to $105,070,000 for the same period in 2024[39] - The net interest margin for the total company improved to 3.25% in Q3 2025 from 3.06% in Q3 2024[41] - The company reported a net interest spread of 3.16% for the total company in Q3 2025, compared to 2.87% in Q3 2024[41] Operating Expenses - Operating expenses rose to $50.4 million, a 45.6% increase from Q3 2024, primarily due to higher production-driven compensation expenses[13] - Total operating expenses for the three months ended September 30, 2025, were $50,397,000, compared to $34,613,000 in the same period of 2024, representing an increase of 45.6%[39] Credit Quality and Losses - Nonperforming loans (NPL) as a percentage of Held for Investment (HFI) loans decreased to 9.8% from 10.6% in Q3 2024, with NPLs totaling $614.2 million[16] - The allowance for credit losses decreased to $4.6 million as of September 30, 2025, a 5.5% decline from $4.9 million in the same period of 2024[23] - The provision for credit losses increased significantly to $381,000 in Q3 2025, compared to a reversal of $69,000 in Q3 2024, representing a variance of 652.2%[23] - Charge-offs for Q3 2025 amounted to $677,000, an increase of 111.6% from $320,000 in Q3 2024[23] - Provision for credit losses was $381,000 in Q3 2025, a significant decrease from a provision of $(69,000) in Q3 2024, indicating improved credit quality[39] Asset Growth - The total assets increased to $6.96 billion as of September 30, 2025, compared to $5.53 billion at the end of 2024, reflecting a growth of 25.9%[37] - The total equity rose to $637.5 million as of September 30, 2025, compared to $520.2 million at the end of 2024, indicating a growth of 22.5%[37] - The diluted book value per share increased to $16.31 as of September 30, 2025, up from $14.26 at the end of 2024, representing a growth of 14.4%[37] Other Income and Liquidity - Other operating income was $37.1 million, an increase of 78.8% from $20.7 million in Q3 2024, driven by record origination volumes[13] - Liquidity stood at $143.5 million, comprising $99.0 million in unrestricted cash and $44.5 million in available borrowings from unpledged loans[5] - Nonperforming assets (NPA) resolution totaled $108.0 million in UPB for Q3 2025, achieving a recovery rate of 102.6% compared to $68.6 million in UPB with a recovery rate of 103.4% in Q3 2024[22] - The total loss on real estate owned (REO) was $1.6 million in Q3 2025, a significant decline from a gain of $1.2 million in Q3 2024, driven by higher valuation losses[21]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period ended September 30, 2025 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to (Address, including zip code, and telephone number, including area code, of registrant's principal executive office) Securities registered pursuant to ...

Financial Performance - Net income for the quarter ended September 30, 2025, was $9,082,000, up 19.9% from $7,571,000 for the same quarter in 2024[16]. - Net income for the nine months ended September 30, 2025, was $24,222,000, an increase from $19,763,000 in the same period of 2024, representing a growth of approximately 22.8%[22]. - Basic earnings per common share increased to $2.19 for the nine months ended September 30, 2025, compared to $1.79 for the same period in 2024, reflecting a growth of 22.3%[16]. - Diluted EPS for the quarter ended September 30, 2025, was $0.81, compared to $0.68 in the same quarter of 2024, indicating a growth of 19.1%[116]. - On a PTPP basis, earnings for the nine months ended September 30, 2025, were $31.1 million, up $7.8 million, or 33.6% from the prior year[185]. Asset and Loan Growth - Total assets increased to $3,198,478,000 as of September 30, 2025, compared to $3,157,010,000 at December 31, 2024, reflecting a growth of 1.0%[15]. - Net loans reached $2,373,432,000, up from $2,316,069,000 at the end of 2024, representing a 2.5% increase[15]. - The loan portfolio grew by $57.6 million, or 2.5%, in the nine months ended September 30, 2025, with commercial loans increasing by $21.4 million[191]. - The loan portfolio totaled $2,398,510,000 as of September 30, 2025, reflecting a growth from $2,340,940,000 at December 31, 2024[51]. Income and Expenses - Total interest income for the nine months ended September 30, 2025, was $119,539,000, an increase of 8.0% from $109,833,000 for the same period in 2024[16]. - Net interest income after provision for credit losses was $54,688,000 for the nine months ended September 30, 2025, compared to $46,996,000 for the same period in 2024, marking a 16.0% increase[16]. - Non-interest income for the nine months ended September 30, 2025, was $12,606,000, up from $11,919,000 for the same period in 2024, representing a growth of 5.8%[16]. - Total non-interest expense for the nine months ended September 30, 2025, was $37,797,000, compared to $35,011,000 for the same period in 2024, an increase of 7.9%[16]. Deposits and Shareholder Equity - Total deposits rose to $2,737,550,000 as of September 30, 2025, compared to $2,725,251,000 at December 31, 2024, indicating a slight increase of 0.4%[15]. - The total shareholders' equity at September 30, 2025, was $274,566,000, an increase from $256,783,000 at September 30, 2024, marking a growth of approximately 6.9%[19]. Credit Quality and Allowance for Credit Losses - The total ending allowance balance for credit losses as of September 30, 2025, was $186,000, down from $224,000 a year earlier[44]. - The provision for credit losses on loans for the first nine months of 2025 was $1.4 million, significantly up from $58,000 in the same period of 2024[190]. - Non-performing assets stood at 0.30% of total assets as of September 30, 2025, up from 0.14% as of December 31, 2024[189]. - Total past-due loans were 0.69% of total loans as of September 30, 2025, up from 0.40% as of December 31, 2024[189]. Securities and Investments - As of September 30, 2025, the amortized cost of investment securities was $678,664,000, with an estimated fair value of $590,067,000, reflecting unrealized losses of $88,597,000[31]. - The fair value of investment securities is estimated at $273,493,000 as of September 30, 2025, with $219,417,000 in mortgage-backed securities[153]. - The total fair value of AFS debt securities in an unrealized loss position was $238,089,000, with unrealized losses amounting to $42,854,000[39]. Loan Modifications and Foreclosures - Loan modifications for borrowers experiencing financial difficulty totaled $1,391,000 in payment deferrals, $307,000 in term extensions, and $4,034,000 in rate modifications during the three months ended September 30, 2025[61]. - Loans in process of foreclosure as of September 30, 2025, total $998,000, compared to $192,000 as of December 31, 2024[68]. Economic and Market Conditions - The Federal Open Market Committee (FOMC) has lowered short-term interest rates in September and October, signaling potential further cuts depending on inflation targets[29]. - The company anticipates that changes in economic conditions and regulatory environments may impact future performance and financial results[166].

Financial Performance - Net income for Q3 2025 was $7.1 million, a decrease of $5.1 million from $12.3 million in Q3 2024, primarily due to a $21.2 million increase in the provision for credit losses[117]. - For the nine months ended September 30, 2025, net income was $42.2 million, down $3.1 million from $45.3 million in the same period of 2024, mainly due to a $30.0 million increase in the provision for credit losses[118]. - Non-interest income decreased to $2.5 million in Q3 2025, down $3.8 million from $6.3 million in Q3 2024, primarily due to the absence of GPG revenue[134]. - Non-interest expense for Q3 2025 decreased to $45.8 million, down $5.5 million from the previous year, mainly due to a $10.0 million decrease in regulatory reserves[135]. - Non-interest expense decreased by $3.8 million to $131.6 million for the nine months ended September 30, 2025, compared to $135.4 million for the same period in 2024[136]. Asset and Loan Growth - Total assets increased to $8.2 billion as of September 30, 2025, reflecting a growth of $933.7 million, or 12.8%, from December 31, 2024[107]. - Total loans reached $6.8 billion, an increase of $747.6 million, or 12.4%, primarily driven by a $752.7 million rise in CRE loans[110]. - The average balance of loans for the nine months ended September 30, 2025, increased by $681.1 million compared to the same period in 2024[130]. - Loan production for the nine months ended September 30, 2025, was $1.4 billion, compared to $1.0 billion for the same period in 2024[144]. Deposits and Cash Position - Total deposits rose to $7.1 billion, up $1.1 billion, or 18.2%, from December 31, 2024, with non-interest-bearing demand deposits comprising 19.5% of total deposits[114]. - Cash and cash equivalents rose to $385.9 million at September 30, 2025, up from $200.3 million at December 31, 2024[143]. - Total deposits increased by $1.1 billion, or 18.2%, to $7.1 billion at September 30, 2025, compared to December 31, 2024[145]. Credit Quality and Loss Provisions - The allowance for credit losses (ACL) was $94.2 million as of September 30, 2025, compared to $63.3 million at December 31, 2024, with a provision of $34.7 million recorded for the nine months ended September 30, 2025[113]. - Non-performing loans increased to $81.6 million, representing 1.20% of total loans, up from 0.54% at December 31, 2024[112]. - The provision for credit losses for Q3 2025 was $23.9 million, reflecting changes in macroeconomic outlook and loan growth[133]. Shareholder Returns - The company repurchased 39,166 shares at an average cost of $69.27 per share during the three months ended September 30, 2025, with $47.3 million remaining under the share repurchase plan[100]. - The company declared a quarterly dividend of $0.15 per share, payable on November 14, 2025[98]. Interest Income and Expense - Net interest income for Q3 2025 increased to $132.0 million, up $11.5 million from $120.5 million in Q3 2024, driven by an $801.4 million increase in the average balance of loans[128]. - The net interest margin for Q3 2025 was 3.88%, an increase of 26 basis points from 3.62% in Q3 2024, attributed to loan and deposit pricing initiatives[127]. - Interest expense for Q3 2025 decreased to $54.7 million, down $532,000 from $55.2 million in Q3 2024, due to a 34 basis point decrease in the total cost of funds[131]. Securities and Other Comprehensive Loss - Total securities amounted to $934.4 million, reflecting a $18.7 million increase, or 2.0%, from December 31, 2024[109]. - Accumulated other comprehensive loss decreased by $11.3 million to $41.9 million, primarily due to unrealized gains on AFS securities[116]. Regulatory and Economic Factors - The Tier 1 leverage ratio for the Company was 9.8% at September 30, 2025, down from 10.8% at December 31, 2024[150]. - The estimated effective tax rate for the nine months ended September 30, 2025, was 30.0%, down from 31.1% for the same period in 2024[137]. - The estimated economic value of equity (EVE) would decrease by 5.21% with a 200 basis points increase in interest rates at September 30, 2025[160]. - In the event of a 200 basis points increase in interest rates, the Company would experience a 0.13% decrease in net interest income[157]. - The aggregate estimated amount of FDIC uninsured deposits was $1.8 billion at September 30, 2025, compared to $1.6 billion at December 31, 2024[146].

Financial Position - Total assets decreased by 24.7% from $72,457,433 on December 31, 2024, to $54,579,788 on September 30, 2025[157]. - Total liabilities decreased by 86.6% from $7,124,913 to $958,274 during the same period[157]. - Net asset value per share (NAV) was $18.06 at September 30, 2025, down from $25.31 at December 31, 2024[157]. - Cash represented 17.7% of net assets at September 30, 2025, compared to 1.3% at December 31, 2024[158]. - Investments at fair value decreased by 37.4% from $70,818,041 on December 31, 2024, to $44,330,872 on September 30, 2025[160]. - Unrealized depreciation increased significantly, resulting in a net value of $(9,204,495) as of September 30, 2025, compared to $2,697,806 at December 31, 2024[160]. Credit Facility - The company has a $25 million senior secured revolving credit facility with M&T Bank, with no outstanding balance as of September 30, 2025[159]. - The Credit Facility, established in 2022, has a borrowing limit of $25 million, with no outstanding balance drawn as of September 30, 2025[212]. - The applicable interest rate on the Credit Facility was 7.74% as of September 30, 2025, calculated as 3.50 percentage points above the greater of the daily SOFR or 0.25%[213]. - As of September 30, 2025, total liquidity was approximately $9,491,000 in cash and $18,300,000 of unused availability on the Credit Facility[211]. Investment Income and Expenses - Total investment income for the three months ended September 30, 2025, was $1,579,623, a decrease of 28.8% compared to $2,218,454 in the same period of 2024[165]. - Interest from portfolio companies decreased by 26.8% to $1,425,134 in Q3 2025 from $1,945,595 in Q3 2024, attributed to several interest-yielding investments being repaid[165][166]. - Total expenses for the three months ended September 30, 2025, were $596,203, down 55.3% from $1,333,930 in the same period of 2024[170]. - Net investment income for the three months ended September 30, 2025, was $992,579, compared to $887,035 in Q3 2024[176]. - Total investment income for the nine months ended September 30, 2025, was $5,189,824, a decrease of 19.2% from $6,421,822 in 2024[187]. - Interest from portfolio companies decreased by 19.8% to $4,616,862 for the nine months ended September 30, 2025, due to repayments of several interest-yielding investments[188]. - Total expenses for the nine months ended September 30, 2025, were $523,109, a significant decrease of 90.0% from $5,213,568 in 2024[195]. - Net investment income for the nine months ended September 30, 2025, was $4,688,928, compared to $1,209,425 in 2024[199]. Realized and Unrealized Gains/Losses - The company recognized a net realized loss of $2,927,329 on investments for the three months ended September 30, 2025, compared to a gain of $7,230,082 in the same period of 2024[177]. - The realized loss on investments for the nine months ended September 30, 2025, was ($2,001,997), a decrease of $13,110,279 compared to a gain of $11,108,282 in 2024[200]. - The change in unrealized depreciation for the three months ended September 30, 2025, was $(291,703), significantly improved from $(5,665,541) in Q3 2024[181]. - The change in unrealized depreciation for the nine months ended September 30, 2025, was ($11,902,301), compared to ($776,811) in 2024, indicating a significant decline in investment valuations[205]. Management Fees and Expenses - The capital gains incentive fee expense was $0 for the three months ended September 30, 2025, compared to $313,000 in the same period of 2024[172]. - The base management fee expense decreased to $184,382 in Q3 2025 from $309,265 in Q3 2024, reflecting lower total assets[174]. - The capital gains incentive fee expense decreased by $3,631,300 during the nine months ended September 30, 2025, due to net unrealized depreciation exceeding realized capital gains[196]. - The base management fee expense for the nine months ended September 30, 2025, was $654,239, down from $934,532 in 2024[198]. Future Outlook and Risks - The company anticipates continuing to fund investment activities through cash generated from operations and borrowings under the Credit Facility[218]. - The company is subject to financial market risks, particularly from changes in interest rates and the valuation of its investment portfolio[219]. - All debt investments had fixed interest rates as of September 30, 2025, mitigating direct impacts from market interest rate changes[220]. - The company does not currently engage in hedging activities but may consider them in the future to manage interest rate fluctuations[224]. - Investments are carried at fair value, with material risks associated with the determination of fair value due to inherent uncertainties[225].