# EDGAR Filing Document

**Accession Number:** 0000944130
**File Stem:** 0000944130-25-000024
**Filing Date:** 2025-11
**Character Count:** 134073
**Document Hash:** 5240e519909a1ea5e8d645bbc776caf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000944130-25-000024.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000944130-25-000024

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 100

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MINISTRY PARTNERS INVESTMENT COMPANY, LLC
- **CENTRAL INDEX KEY:** 0000944130
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 263959348
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-04028-LA
- **FILM NUMBER:** 251483593

**BUSINESS ADDRESS:**
- **STREET 1:** 1 POINTE DR., SUITE 205
- **CITY:** BREA
- **STATE:** CA
- **ZIP:** 92821
- **BUSINESS PHONE:** (714) 671-5720

**MAIL ADDRESS:**
- **STREET 1:** 1 POINTE DR., SUITE 205
- **CITY:** BREA
- **STATE:** CA
- **ZIP:** 92821

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MINISTRY PARTNERS INVESTMENT CORP
- **DATE OF NAME CHANGE:** 19960506

?xml version='1.0' encoding='ASCII'? MINISTRY PARTNERS INVESTMENT COMPANY, LLC_September 30, 2025

**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

OR

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the period from _____ to _____

**333-4028-LA**

*(Commission file No.)*

**MINISTRY PARTNERS INVESTMENT COMPANY, LLC**

*(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **CALIFORNIA** | **26-3959348** |
| *(State or other jurisdiction of incorporation*<br>*or organization)* | *(I.R.S. Employer Identification No.)* |

---

**1 Pointe Drive, Suite 205, Brea, California, 92821**

*(Address of principal executive offices)*

**(714) 671-5720**

*(Registrant's telephone number, including area code)*

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗹 No ◻.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗹 No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company filer, or an emerging growth company. See the definitions of "accelerated filer," "large accelerated filer," "smaller reporting company," and "emerging growth company." in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer ◻ Accelerated filer ☐ Non-accelerated filer ◻ <br> Smaller reporting company filer ☑ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 🗹.

At September 30, 2025, registrant had issued and outstanding 146,522 units of its Class A common units. The information contained in this Form 10-Q should be read in conjunction with the registrant's Annual Report on Form 10-K for the year ended December 31, 2024.

------

#### MINISTRY PARTNERS INVESTMENT COMPANY, LLC

#### FORM 10-Q

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | [PART I — FINANCIAL INFORMATION](#ITEM_1_CONSOLIDATED_FINANCIAL_STATEMENTS) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1:](#ITEM_1_CONSOLIDATED_FINANCIAL_STATEMENTS) | [Consolidated Financial Statements](#ITEM_1_CONSOLIDATED_FINANCIAL_STATEMENTS) | F - 1 |
|  | [Consolidated Balance Sheets](#ConsolidatedBalanceSheets_839680)  | F - 2 |
|  | [Consolidated Statements of Operations](#ConsolidatedStatementsofIncomeUnaudited_) | F - 3 |
|  | [Consolidated Statements of Cash Flows](#ConsolidatedStatementsofCashFlowsUnaudit) | F - 4 |
|  | [Notes to Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS_7) | F - 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2:](#ITEM_2_MDA_Heading) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#ITEM_2_MDA_Heading) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 3:](#ITEM_3_Q_AND_Q_DISCLOSURES) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM_3_Q_AND_Q_DISCLOSURES) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4:](#ITEM_4_CONTROLS_AND_PROCEDURES) | [Controls and Procedures](#ITEM_4_CONTROLS_AND_PROCEDURES) | 17 |
|  | [PART II —OTHER INFORMATION](#PARTII_671184) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1:](#ITEM_1_LEGAL_PROCEEDINGS) | [Legal Proceedings](#ITEM_1_LEGAL_PROCEEDINGS) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1A:](#ITEM_1A_Risk_FACTORS) | [Risk Factors](#ITEM_1A_Risk_FACTORS) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2:](#ITEM_2_UNREGISTERED_SALES) | [Unregistered Sales of Equity Securities and Use of Proceeds](#ITEM_2_UNREGISTERED_SALES) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 3:](#ITEM_3_DEFAULTS) | [Defaults Upon Senior Securities](#ITEM_3_Q_AND_Q_DISCLOSURES) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4:](#ITEM_4_MINE_SAFETY_DISCLOSURES) | [Mine Safety Disclosures](#ITEM_4_MINE_SAFETY_DISCLOSURES) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 5:](#ITEM_5_OTHER_INFORMATION) | [Other Information](#ITEM_5_OTHER_INFORMATION) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 6:](#Item_6_Exhibits) | [Exhibits](#Item_6_Exhibits) | 19 |
|  | [SIGNATURES](#SIGNATURE_23567) | 20 |
| Exhibit 31.1: | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15(d)-14(a) |  |
| Exhibit 31.2: | Certification of Principal Accounting Officer pursuant to Rule 13a-14(a) or Rule 15(d)-14(a)  |  |
| Exhibit 32.1: | Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 |  |
| Exhibit 32.2: | Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 |  |

---

## **Table of Contents**
**PART I - FINANCIAL INFORMATION**

### Item 1: Financial Statements

## **Table of Contents**
**Ministry Partners Investment Company, LLC and Subsidiaries**

**Condensed Consolidated Balance Sheets**

**September 30, 2025 and December 31, 2024**

**(dollars in thousands except unit data)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Unaudited)** | **(Audited)** |
| **Assets:** |  |  |
| Cash and cash equivalents | $9184 | $9014 |
| Restricted cash | 1758 | 1757 |
| Certificates of deposit | 1502 | 1304 |
| Loans receivable, net of allowance for expected credit losses of $1,149 and $1,156 as of September 30, 2025 and December 31, 2024, respectively | 92667 | 93171 |
| Other assets | 4229 | 4004 |
| Total assets | $109340 | $109250 |
| **Liabilities and members' equity** |  |  |
| **Liabilities:** |  |  |
| Other secured borrowings | 6 | 6 |
| Debt certificates payable, net of debt issuance costs of $70 and $88 as of September 30, 2025 and December 31, 2024, respectively | 95776 | 95073 |
| Other liabilities  | 1791 | 2240 |
| Total liabilities  | 97573 | 97319 |
| **Members' Equity:** |  |  |
| Series A preferred units, 1,000,000 units authorized, 117,100 units issued and outstanding at September 30, 2025 and December 31, 2024 (liquidation preference of $100 per unit); See Note 13 | 11715 | 11715 |
| Class A common units, 1,000,000 units authorized, 146,522 units issued and outstanding at September 30, 2025 and December 31, 2024; See Note 13 | 1509 | 1509 |
| Net assets of Ministry Partners for Christ, with donor restrictions | 1700 | 1700 |
| Accumulated deficit | (3157) | (2993) |
| **Total members' equity**  | 11767 | 11931 |
| **Total liabilities and members' equity** | $109340 | $109250 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Ministry Partners Investment Company, LLC and Subsidiaries**

**Consolidated Statements of Operations (Unaudited)**

**For the three and nine months ended September 30, 2025 and 2024**

**(dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on loans | $1547 | $1686 | $5449 | $5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interest-bearing accounts | 120 | 152 | 334 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 1667 | 1838 | 5783 | 5533 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt certificates | 1186 | 1167 | 3478 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt |  | 101 |  | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1186 | 1268 | 3478 | 3860 |
| Net interest income | 481 | 570 | 2305 | 1673 |
| Provision (credit) for expected credit losses |  | 46 | (7) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision (credit) for expected credit losses | 481 | 524 | 2312 | 1880 |
| Non-interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer commissions and fees | 193 | 251 | 553 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 227 | 279 | 510 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 420 | 530 | 1063 | 1010 |
| Non-interest expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 485 | 522 | 1498 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing and promotion | 14 | 16 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office occupancy | 28 | 28 | 83 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office operations and other expenses | 356 | 389 | 1215 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreclosed assets | 1 |  | 13 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and accounting | 83 | 82 | 310 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expenses  | 967 | 1037 | 3169 | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before provision for income taxes | (66) | 17 | 206 | (369) |
| &nbsp;&nbsp;Provision for income taxes and state LLC fees | 1 | 5 | 11 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)  | $(67) | $12 | $195 | $(384) |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Ministry Partners Investment Company, LLC and Subsidiaries**

**Consolidated Statements of Cash Flows (Unaudited)**

**For the nine months ended September 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income (loss)  | $195 | $(384) |
| Adjustments to reconcile net income (loss) to net cash used by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation | 16 | 28 |
| &nbsp;&nbsp;Amortization of deferred loan fees, net | (16) | (87) |
| &nbsp;&nbsp;Amortization of debt issuance costs | 69 | 53 |
| &nbsp;&nbsp;Credit for expected credit losses | (7) | (207) |
| &nbsp;&nbsp;Accretion of loan discount | (6) | (14) |
| &nbsp;&nbsp;Gain on sale of loans | (12) | (48) |
| &nbsp;&nbsp;Gain on sale of foreclosed assets | (182) |  |
| &nbsp;&nbsp;Loss on retirement of fixed assets |  | 2 |
| &nbsp;&nbsp;Gain on other investments | (15) | (29) |
| &nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable |  | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (493) | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest payable | (348) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (86) | 160 |
| Net cash used by operating activities | (885) | (196) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| Loan purchases | (3041) | (66) |
| Loan originations | (2812) | (7747) |
| Loan sales | 1100 | 6629 |
| Loan principal collections | 5265 | 5670 |
| Redemption (purchase) of certificates of deposit | (197) | (8) |
| Foreclosed asset sales | 483 |  |
| Purchase of property and equipment |  | (58) |
| Net cash provided by investing activities | 798 | 4420 |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Borrowings, net of repayments on lines of credit |  | (4500) |
| Net change in debt certificates payable | 685 | (1940) |
| Debt issuance costs | (51) | (98) |
| Dividends paid on preferred units | (375) | (456) |
| Net cash provided (used) by financing activities | 258 | (6994) |
| Net increase (decrease) in cash and restricted cash | 171 | (2770) |
| Cash, cash equivalents, and restricted cash at beginning of period | 10771 | 12611 |
| Cash, cash equivalents, and restricted cash at end of period | $10942 | $9841 |
| Supplemental disclosures of cash flow information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $3826 | $3909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | 16 | 32 |
| Supplemental disclosures of non-cash transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased assets obtained in exchange of new operating lease liabilities | 82 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities recorded | 82 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared to preferred unit holders | 115 | 119 |

---

The accompanying notes are an integral part of these consolidated financial statements.

## MINISTRY PARTNERS INVESTMENT COMPANY, LLC

## NOTES TO Condensed CONSOLIDATED FINANCIAL STATEMENTS
**Basis of Presentation**

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, general financial industry practices, and with the instructions in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes for complete financial statements and have not been audited. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The results of operations for the periods ended September 30, 2025 and 2024 are not necessarily indicative of the results for the full year. Reference should be made to the consolidated financial statements and notes thereto contained in our 2024 annual report filed on Form 10-K provides a more detailed description of our accounting policies and notes to financial statements. There have been no material changes since the date of that report.

In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024, have been made.

### Note 1: Nature of Business and Summary of Significant Accounting Policies
**The Company and its Subsidiaries**

Throughout these notes to consolidated financial statements, we refer to Ministry Partners Investment Company, LLC and its subsidiaries as the "Company." The Company's wholly-owned subsidiaries are: Ministry Partners Funding, LLC ("**MPF**"), MP Realty Services, Inc. **(**"**MP Realty**"), Ministry Partners Securities, LLC ("**MP Securities**"), and Ministry Partners for Christ, Inc. ("**MPC**").

## **Table of Contents**
**Risks and Uncertainties**

The possible expansion of the Russia-Ukraine conflict, Federal Reserve Board ('**FRB**") policy that is attempting to reduce inflation to its long-term target of 2%, the unknown impact of global tariffs, and fluctuating interest rates in recent history are straining the U.S. economy and the U.S. consumer. While it is not possible to know the full extent of the long-term impact of these current events, the Company is disclosing potentially material factors that could impact our business of which it is aware.

**Note 2: Pledged Cash and Restricted Cash**

Under the terms of its debt agreements, the Company can pledge cash as collateral for its borrowings. On September 30, 2025 and December 31, 2024, the Company had cash of $6 thousand pledged as collateral for its secured borrowings. See ["Note 3: Related Party Transactions"](#Note3RelatedPartyTransactions_556636) for additional details. This is included in restricted cash in the table below.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position to the amounts reported in the statements of cash flows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **December 31,** |
|  | **2025** | **2024** | **2024** |
| Cash and cash equivalents | $9184 | $8083 | $9014 |
| Restricted cash | 1758 | 1758 | 1757 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $10942 | $9841 | $10771 |

---

Restricted cash includes $1.7 million donated to MPC as permanently restricted funds under a designated fund agreement. The agreement allows for limited annual distributions of the funds. Other amounts included in restricted cash represent those required to be set aside in the Central Registration Depository account with Financial Industry Regulation Authority ("**FINRA**"), funds the Company has deposited with RBC Capital Markets, LLC as clearing deposits, and cash maintained in an account with America's Christian Credit Union ("**ACCU**") as collateral for the Company's secured borrowings. The Company may only use the Central Registration Depository funds for certain fees charged by FINRA. These fees are to maintain the membership status of the Company or are related to the licensing of registered and associated persons of the Company.

### Note 3: Related Party Transactions
This disclosure describes the nature, description, and amounts of related party transactions.

#### Transactions with Subsidiaries
The Company has entered into several agreements with its subsidiary, MP Securities. The Company eliminates the income and expense related to these agreements in the consolidated financial statements.

#### Related Party Transaction Policy
The Board has adopted a Related Party Transaction Policy to assist in evaluating transactions the Company may enter into with a related party. Under this policy, a majority of the members of the Company's Board and majority of its independent Board members must approve a material transaction that it enters into with a related party.

#### Related Party Transactions with Owners
The Company has entered into several transactions with its equity owners. The following table (dollars in thousands) describes the nature and dollar amounts of the related party transactions with these owners.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Balance Sheet Items** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents held at related parties | $4570 | $5153 |
| &nbsp;&nbsp;Certificates of deposit held at related parties | 1502 |  |
| **Off Balance Sheet Items** |  |  |
| &nbsp;&nbsp;Loans serviced for the related parties | $5873 | $5977 |

---

## **Table of Contents**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income Statement Items** |  |  |  |  |
| &nbsp;&nbsp;Interest income on loans purchased from related parties | $18 | $1 | $53 | $3 |
| &nbsp;&nbsp;Interest income on interest-bearing accounts held at related parties | 38 | 32 | 127 | 108 |
| &nbsp;&nbsp;Interest expense on other debt due to related parties |  | 21 |  | 200 |
| &nbsp;&nbsp;Networking fees paid to related parties for referring business to the Company | 25 | 41 | 73 | 89 |
| &nbsp;&nbsp;Income from broker services provided to related parties | 5 | 9 | 16 | 25 |

---

#### Related Party Transactions with Management
From time to time, the Company's Board and members of its executive management team have purchased debt certificates from the Company or have purchased investment products through MP Securities. The following table (dollars in thousands) describes the nature and dollar amounts of these related party transactions with its management.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Outstanding public offering debt certificates payable to officers and managers | $2259 | $2276 |

---

### Note 4: Loans Receivable and Allowance for Expected Credit Losses
The Company's loan portfolio comprises two segments, non-profit commercial loans to Christian churches and ministries, and for-profit commercial loans.

The loan portfolio had a weighted average interest rate of 7.01% and 6.88% as of September 30, 2025 and December 31, 2024, respectively.

## **Table of Contents**
The table below is a summary of the Company's loans receivable (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Non-profit commercial loans:** |  |  |
| &nbsp;&nbsp;Real estate secured | $86189 | $83912 |
| &nbsp;&nbsp;Unsecured | 28 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-profit commercial loans: | 86217 | 83960 |
| **For-profit commercial loans:** |  |  |
| &nbsp;&nbsp;Real estate secured | 7940 | 10678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans | 94157 | 94638 |
| Deferred loan fees, net | (115) | (100) |
| Loan discount | (226) | (211) |
| Allowance for expected credit losses | (1149) | (1156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | $92667 | $93171 |

---

#### Allowance for expected credit losses
Management believes it has properly calculated the allowance for expected credit losses using the Current Expected Credit Loss ("**CECL**") methodology as of September 30, 2025 and December 31, 2024. The following table shows the changes in the allowance for expected credit losses for the nine months ended September 30, 2025 and the year ended December 31, 2024 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| Segment: | **Non-profit Commercial**  | **For-profit Commercial** | **Total** |
| Balance, beginning of period | $1119 | $37 | $1156 |
| &nbsp;&nbsp;Provision (credit) for expected credit loss | 6 | (13) | (7) |
| &nbsp;&nbsp;Charge-offs |  |  |  |
| &nbsp;&nbsp;Recoveries |  |  |  |
| Balance, end of period | $1125 | $24 | $1149 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| Segment: | **Non-profit Commercial**  | **For-profit Commercial** | **Total** |
| Balance, beginning of period | $1471 | $30 | $1501 |
| &nbsp;&nbsp;Provision (credit) for expected credit loss | (133) | 7 | (126) |
| &nbsp;&nbsp;Charge-offs | (219) |  | (219) |
| &nbsp;&nbsp;Recoveries |  |  |  |
| Balance, end of period | $1119 | $37 | $1156 |

---

## **Table of Contents**
In the course of its lending operations, the Company has made loans that include commitments to fund additional amounts over the remaining term of the loan. See ["Note 12: Commitments and Contingencies"](#Note12CommitmentsandContingencies_528861) for details on its allowance for credit losses on off-balance sheet commitments.

The table below presents loans by portfolio segment and the related allowance for expected credit losses. In addition, the table segregates loans and the allowance for expected credit losses by impairment methodology (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | ***Loans and Allowance for Expected Credit Losses (by segment)*** | ***Loans and Allowance for Expected Credit Losses (by segment)*** |
|  | ***As of***  | ***As of***  |
|  | **September 30, 2025** | **December 31, 2024** |
| **Non-profit Commercial Loans:** |  |  |
| &nbsp;&nbsp;Individually evaluated for impairment | $14990 | $14855 |
| &nbsp;&nbsp;Collectively evaluated for impairment  | 71227 | 69105 |
| Total Non-profit Commercial Loans | 86217 | 83960 |
| **For-profit Commercial Loans:** |  |  |
| &nbsp;&nbsp;Individually evaluated for impairment |  |  |
| &nbsp;&nbsp;Collectively evaluated for impairment  | 7940 | 10678 |
| Total For-profit Commercial Loans | 7940 | 10678 |
| Balance | $94157 | $94638 |
| **Allowance for expected credit losses:** |  |  |
| **Non-profit Commercial Loans:** |  |  |
| &nbsp;&nbsp;Individually evaluated for impairment | $418 | $463 |
| &nbsp;&nbsp;Collectively evaluated for impairment  | 707 | 656 |
| Total Non-profit Commercial Loan Allowance | 1125 | 1119 |
| **For-profit Commercial Loans:** |  |  |
| &nbsp;&nbsp;Individually evaluated for impairment |  |  |
| &nbsp;&nbsp;Collectively evaluated for impairment  | 24 | 37 |
| Total For-profit Commercial Loan Allowance | 24 | 37 |
| Balance | $1149 | $1156 |

---

The Company has established a loan grading system to assist management in their analysis and supervision of the loan portfolio. The following tables summarize the credit quality indicators by loan class (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** |
| ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** |
|  | **Pass** | **Watch** | **Special Mention** | **Substandard** | **Doubtful** | **Loss** | **Total** |
| **Non-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | $46459 | $21681 | $5408 | $8249 | $— | $— | $81797 |
| &nbsp;&nbsp;Wholly Owned Other Amortizing | 1474 |  |  | 1333 |  |  | 2807 |
| &nbsp;&nbsp;Wholly Owned Unsecured Amortizing | 14 | 26 |  |  |  |  | 40 |
| &nbsp;&nbsp;Wholly Owned Unsecured LOC | 2 |  |  |  |  |  | 2 |
| &nbsp;&nbsp;Wholly Owned Construction | 376 |  |  |  |  |  | 376 |
| &nbsp;&nbsp;Participation First | 1195 |  |  |  |  |  | 1195 |
| Total Non-profit Commercial Loans | 49520 | 21707 | 5408 | 9582 |  |  | 86217 |
| **For-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | 4176 | 809 |  |  |  |  | 4985 |
| &nbsp;&nbsp;Participation First | 1346 | 129 |  |  |  |  | 1475 |
| &nbsp;&nbsp;Participation Construction | 1480 |  |  |  |  |  | 1480 |
| Total For-profit Commercial Loans | 7002 | 938 |  |  |  |  | 7940 |
| Total Loans | $56522 | $22645 | $5408 | $9582 | $— | $— | $94157 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** | ***Credit Quality Indicators (by class)*** |
| ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** |
|  | **Pass** | **Watch** | **Special Mention** | **Substandard** | **Doubtful** | **Loss** | **Total** |
| **Non-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | $41686 | $24565 | $5408 | $8042 | $— | $— | $79701 |
| &nbsp;&nbsp;Wholly Owned Other Amortizing | 1357 |  |  | 1405 |  |  | 2762 |
| &nbsp;&nbsp;Wholly Owned Unsecured Amortizing | 19 | 27 |  |  |  |  | 46 |
| &nbsp;&nbsp;Wholly Owned Unsecured LOC | 22 |  |  |  |  |  | 22 |
| &nbsp;&nbsp;Wholly Owned Construction | 188 |  |  |  |  |  | 188 |
| &nbsp;&nbsp;Participation First | 1241 |  |  |  |  |  | 1241 |
| Total Non-profit Commercial Loans | 44513 | 24592 | 5408 | 9447 |  |  | 83960 |
| **For-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | 6741 | 816 |  |  |  |  | 7557 |
| &nbsp;&nbsp;Participation First | 1497 | 130 |  |  |  |  | 1627 |
| &nbsp;&nbsp;Participation Construction | 1494 |  |  |  |  |  | 1494 |
| Total For-profit Commercial Loans | 9732 | 946 |  |  |  |  | 10678 |
| Total Loans | $54245 | $25538 | $5408 | $9447 | $— | $— | $94638 |

---

The following table sets forth certain information with respect to the Company's loan portfolio delinquencies by loan class and amount (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** |
| ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** |
|  | **30-59 Days Past Due** | **60-89 Days Past Due** | **Greater Than 90 Days** | **Total PastDue** | **Current** | **Total Loans** | **RecordedInvestment 90Days or Moreand Still Accruing**  |
| **Non-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | $8044 | $175 | $— | $8219 | $73578 | $81797 | $— |
| &nbsp;&nbsp;Wholly Owned Other Amortizing |  |  |  |  | 2807 | 2807 |  |
| &nbsp;&nbsp;Wholly Owned Unsecured Amortizing |  |  |  |  | 40 | 40 |  |
| &nbsp;&nbsp;Wholly Owned Unsecured LOC |  |  |  |  | 2 | 2 |  |
| &nbsp;&nbsp;Participation First |  |  |  |  | 1195 | 1195 |  |
| Total Non-profit Commercial Loans | 8044 | 175 |  | 8219 | 77998 | 86217 |  |
| **For-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing |  |  |  |  | 4985 | 4985 |  |
| &nbsp;&nbsp;Participation First |  |  |  |  | 1475 | 1475 |  |
| &nbsp;&nbsp;Participation Construction |  |  |  |  | 1480 | 1480 |  |
| Total For-profit Commercial Loans |  |  |  |  | 7940 | 7940 |  |
| Total Loans | $8044 | $175 | $— | $8219 | $85938 | $94157 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** | ***Age Analysis of Past Due Loans (by class)*** |
| ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** | ***As of December 31, 2024*** |
|  | **30-59Days Past Due** | **60-89 Days Past Due** | **Greater Than 90 Days** | **Total PastDue** | **Current** | **Total Loans** | **RecordedInvestment 90Days or Moreand Still Accruing**  |
| **Non-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wholly Owned First Amortizing | $6745 | $1215 | $910 | $8870 | $70831 | $79701 | $— |
| &nbsp;&nbsp;Wholly Owned Other Amortizing |  |  |  |  | 2762 | 2762 |  |
| &nbsp;&nbsp;Wholly Owned Unsecured Amortizing |  |  |  |  | 46 | 46 |  |
| &nbsp;&nbsp;Wholly Owned Unsecured LOC |  |  |  |  | 22 | 22 |  |
| &nbsp;&nbsp;Wholly Owned Construction |  |  |  |  | 188 | 188 |  |
| &nbsp;&nbsp;Participation First |  |  |  |  | 1241 | 1241 |  |
| Total Non-profit Commercial Loans | 6745 | 1215 | 910 | 8870 | 75090 | 83960 |  |
| **For-profit Commercial Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Participation First |  |  |  |  | 1627 | 1627 |  |
| &nbsp;&nbsp;Participation Construction |  |  |  |  | 1494 | 1494 |  |
| Total For-profit Commercial Loans |  |  |  |  | 10678 | 10678 |  |
| Total Loans | $6745 | $1215 | $910 | $8870 | $85768 | $94638 | $— |

---

#### Impaired Loans
No loans in the Company's for-profit commercial loan segment were classified as impaired or non-accrual at December 31, 2024 or September 30, 2025. The tables below represent the breakdown by class of the non-profit loan portfolio segment only (dollars in thousands):

## **Table of Contents**

---

| | | |
|:---|:---|:---|
| <br>***Impaired Non-profit commercial Loans (by class)*** | **As of**<br>**September 30,**<br>**2025** | **As of** <br>**December 31,**<br>**2024** |
| **Wholly Owned First Amortizing** |  |  |
| &nbsp;&nbsp;Recorded investment with specific allowance | $7363 | $7364 |
| &nbsp;&nbsp;Recorded with no specific allowance | 11536 | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recorded investment | $18899 | $20141 |
| &nbsp;&nbsp;Unpaid principal balance | $19371 | $20675 |
| **Wholly Owned Other Amortizing** |  |  |
| &nbsp;&nbsp;Recorded investment with specific allowance | $1333 | $1405 |
| &nbsp;&nbsp;Recorded with no specific allowance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recorded investment | $1333 | $1405 |
| &nbsp;&nbsp;Unpaid principal balance | $1685 | $1685 |
| **Total Impaired Loans** |  |  |
| &nbsp;&nbsp;Recorded investment with specific allowance | $8696 | $8769 |
| &nbsp;&nbsp;Recorded with no specific allowance | 11536 | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recorded investment | $20232 | $21546 |
| &nbsp;&nbsp;Unpaid principal balance | $21056 | $22360 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
| <br>***Impaired Non-profit Commercial Loans (by class)*** | **September 30,**<br>**2025** | **September 30,**<br>**2024** | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
| **Wholly Owned First Amortizing** |  |  |  |  |
| &nbsp;&nbsp;Average recorded investment | $18683 | $20913 | $19596 | $22028 |
| &nbsp;&nbsp;Interest income recognized | 338 | 303 | 1689 | 737 |
| **Wholly Owned Other Amortizing** |  |  |  |  |
| &nbsp;&nbsp;Average recorded investment | 1029 | 1466 | 1469 | 773 |
| &nbsp;&nbsp;Interest income recognized |  |  |  |  |
| **Total Impaired Loans** |  |  |  |  |
| &nbsp;&nbsp;Average recorded investment | $19712 | $22379 | $21065 | $22801 |
| &nbsp;&nbsp;Interest income recognized | 338 | 303 | 1689 | 737 |

---

A summary of nonaccrual loans by loan class is as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| ***Loans on Nonaccrual Status (by class)***  | ***Loans on Nonaccrual Status (by class)***  | ***Loans on Nonaccrual Status (by class)***  |
|  | **as of** | **as of** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Non-profit Commercial Loans:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholly Owned First Amortizing | $9242 | $9882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholly Owned Other Amortizing | 1333 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $10575 | $11384 |

---

The Company modified two loans during the nine months ended September 30, 2025. The Company modified six loans during the nine months ended September 30, 2024. A summary of loans the Company modified during the three- and nine-month periods ended September 30, 2025 and 2024 is as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Loan Modifications (by class)*** | ***Loan Modifications (by class)*** | ***Loan Modifications (by class)*** | ***Loan Modifications (by class)*** | ***Loan Modifications (by class)*** |
|  | ***For the three months ended*** | ***For the three months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Non-profit Commercial Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholly Owned First Amortizing** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Loans |  | 2 | 2 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Modification Outstanding Recorded Investment | $— | $3509 | $1784 | $5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Modification Outstanding Recorded Investment |  | 3509 | 1784 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recorded Investment At Period End |  | 3509 | 1780 | 5320 |

---

Of the two loans modified during the nine months ended September 30, 2025, both were granted short-term extensions of their maturity dates. One of the loans had a modification that changed their payment type to interest-only. As of September 30, 2025, the Company has made no commitments to advance additional funds in connection with loan modifications.

### Note 5: Investments

#### Joint Venture
The Company has an ownership interest in a joint venture that owns real estate. See the Company's annual report on Form 10-K for the year ended December 31, 2024 for more information on the joint venture. The Company's ownership percentage in the joint venture was 73% as of September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, the value of the Company's investment in the joint venture was $872 thousand and $873 thousand, respectively. Management's impairment analysis of the investment as of September 30, 2025, has determined that the investment is not impaired.

#### Certificates of Deposit
The Company held an investment in a certificate of deposit with an original maturity greater than three months on September 30, 2025.

## **Table of Contents**
Details of these certificates as of September 30, 2025, are as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** | ***As of September 30, 2025*** |
| **Certificate** | **Open Date** | **Certificate Amount** | **Interest Rate** | **Maturity Date** |
| CD 1 | 9/23/2025 | $1502 | 4.65% | 6/24/2026 |

---

#### Other Investments
In June 2022, the Company entered into two indexed annuity insurance contracts whereby an insurance company guarantees a fixed rate of return in exchange for holding a deposit from the Company for the contracted period of ten years.

Additional information related to these investments is as follows (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Income for the three months ended** | **Income for the three months ended** | **Income for the nine months ended** | **Income for the nine months ended** |
| <br>**Investment Type** | <br>**Maturity Date** | <br>**Original Cost** | <br>**Net Carrying Amount** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Fixed annuity | June 2032 | $1000 | $1097 | $1 | $2 | $15 | $29 |

---

**Note 6: Revenue Recognition**

The Company recognizes two primary types of revenue: interest income and non-interest income. The following tables reflect the Company's non-interest income disaggregated by financial statement line item. Items outside of the scope of ASC 606 are noted as such (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Non-interest income, in scope of ASC 606 |  |  |  |  |
| &nbsp;&nbsp;Broker-dealer fees and commissions | $193 | $251 | $553 | $594 |
| &nbsp;&nbsp;Gains on loan sales |  | 18 | 16 | 49 |
| &nbsp;&nbsp;Gain on sale of foreclosed assets | 182 |  | 182 |  |
| &nbsp;&nbsp;Other investment income | 1 | 2 | 15 | 29 |
| &nbsp;&nbsp;Other non-interest income |  | 215 |  | 215 |
| Non-interest income, out of scope, ASC 606 |  |  |  |  |
| &nbsp;&nbsp;Lending fees | 44 | 44 | 297 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $420 | $530 | $1063 | $1010 |

---

#### Revenue from Contracts with Customers
In accordance with our accounting policies as governed by ASC 606, Revenue from Contracts with Customers, the following table separates revenue from contracts with customers into categories that are based on the nature, amount, timing, and uncertainty of

## **Table of Contents**
revenue and cash flows associated with each product and distribution channel. Non-interest revenue earned by the Company's broker-dealer subsidiary, MP Securities, comprises securities commissions, sale of investment company shares, insurance product revenue, and advisory fee income. Securities commission revenue represents the sale of over-the-counter stock, unit investment trusts, and variable annuities. The Company recognizes the revenue earned from the sale of these products upon satisfaction of performance obligations, which occur on the trade date, and is considered transactional revenue. The Company also earns revenue from the management of invested assets, which management recognizes monthly, as earned, based on the average asset value. We refer to this revenue as assets under management revenue ("**AUM**").

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended*** | ***For the three months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
| (dollars in thousands) | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Broker-dealer revenue** |  |  |  |  |
| &nbsp;&nbsp;**Securities commissions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactional | $— | $18 | $1 | $58 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 13 | 16 | 33 | 46 |
|  | 13 | 34 | 34 | 104 |
| &nbsp;&nbsp;**Sale of investment company products** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactional | 1 | 1 | 4 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 16 | 27 | 46 | 59 |
|  | 17 | 28 | 50 | 71 |
| &nbsp;&nbsp;**Other insurance product revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactional | 30 | 75 | 103 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 14 | 14 | 35 | 39 |
|  | 44 | 89 | 138 | 138 |
| &nbsp;&nbsp;**Advisory fee income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 119 | 100 | 331 | 281 |
|  | 119 | 100 | 331 | 281 |
| **Total broker-dealer revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transactional | 31 | 94 | 108 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUM | 162 | 157 | 445 | 425 |
|  | $193 | $251 | $553 | $594 |

---

### Note 7: Loan Sales
A summary of loan participation sales and servicing assets are as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of and for the** | **As of and for the** | **As of and for the** |
|  | **Nine months ended** | **Nine months ended** | |
|  | **September 30,** | **September 30,** | **Year ended**<br>**December 31,** |
|  | **2025** | **2024** | **2024** |
| Loan participation interests sold by the Company | $1100 | $4340 | $8370 |
| Total participation interests sold and serviced by the Company | 29678 | 31786 | 32475 |
| Servicing income | 94 | 91 | 126 |
| **Servicing Assets** |  |  |  |
| Balance, beginning of period | $177 | $98 | $98 |
| Additions: |  |  |  |
| &nbsp;&nbsp;Servicing obligations from sale of loan participations | 27 | 62 | 123 |
| Subtractions: |  |  |  |
| &nbsp;&nbsp;Amortization | (25) | (36) | (44) |
| Balance, end of period | $179 | $124 | $177 |

---

#### ACCU Loan Participation Agreement (Secured Borrowings)
Effective August 9, 2021, the Company entered into a Master Loan Participation Purchase and Sale Agreement with ACCU. Under the Master LP Agreement, the Company makes sales on a recourse basis, requiring the Company to repurchase the participation interest in the event of default by the borrower. Due to the recourse provisions of the agreement, these participation sales are classified as secured borrowings and are presented as part of other secured borrowings on the Company's consolidated balance sheets. The Company did not sell any loan participations to ACCU under the provisions of the Master LP Agreement during the nine months ended September 30, 2025 and 2024.

### Note 8: Foreclosed Assets
As of September 30, 2025, the Company had entered into an agreement to sell the property it held as a foreclosed asset. The Company recognized a gain on sale of $182 thousand during the three months ended September 30, 2025 as a result of this sale. $483 thousand in cash proceeds were received in October 2025. The property was valued at $301 thousand immediately prior to the sale and as of December 31, 2024. There was no allowance for losses on foreclosed assets prior to the sale agreement or at December 31, 2024. The Company did not record any provision for losses on foreclosed assets during the nine months ended September 30, 2025 and 2024.

## **Table of Contents**
Expenses applicable to foreclosed assets include the following (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***For the three months endedSeptember 30,*** | ***For the three months endedSeptember 30,*** | ***For the nine months endedSeptember 30,*** | ***For the nine months endedSeptember 30,*** |
| <br>***Foreclosed Asset Expenses*** | **2025** | **2024** | **2025** | **2024** |
| Provision for losses | $— | $— | $— | $— |
| Operating expenses | 1 | 1 | 13 | 11 |
| Total foreclosed asset expenses | $1 | $1 | $13 | $11 |

---

**Note 9: Premises and Equipment**

The table below summarizes our premises and equipment (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Furniture and office equipment | $452 | $452 |
| Computer system | 226 | 226 |
| Leasehold improvements | 43 | 43 |
| &nbsp;&nbsp;Total premises and equipment | 721 | 721 |
| &nbsp;&nbsp;Less accumulated depreciation and amortization | (653) | (637) |
| Premises and equipment, net | $68 | $84 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***For the three months ended*** | ***For the three months ended*** | ***For the nine months ended*** | ***For the nine months ended*** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Depreciation and amortization expense | $5 | $5 | $16 | $28 |

---

**Note 10: Credit Facilities and Other Debt**

Details of the Company's debt facilities as of September 30, 2025, are as follows (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nature ofBorrowing** | **Interest Rate** | **InterestRateType** | **AmountOutstanding** | **Amount Available to Borrow** | **MaturityDate** | **Amount ofLoanCollateralPledged** | **Other AssetsPledged\*** |
| ACCU LOC | 9.25% | Variable |  | $5000 | 9/23/2025 | $6802 | $— |
| ACCU Secured | Various | Fixed | 6 |  | Various |  | 6 |

---

\*Represents cash or certificates of deposit

All lines of credit require monthly interest-only payments until maturity. The ACCU secured borrowings are repaid through the monthly principal and interest payments on the underlying loans.

Our lines of credit also contain affirmative covenants typical for credit facilities of this nature. The Company was in compliance with these covenants at September 30, 2025 and December 31, 2024.

#### ACCU Line of Credit
On September 20, 2024, the Company entered into an agreement to modify this facility. The Modification Agreement renewed the facility for an additional one-year term that matured on September 23, 2025. The Company signed an extension agreement that moved the maturity date of the LOC to October 28, 2025. On November 6, 2025, the Company reached an agreement ("**Renewal Agreement**") to renew the LOC for a one-year term that ends on November 6, 2026. The ACCU LOC will continue to automatically renew for one additional one-year term unless either party furnishes written notice at least ninety (90) days prior to the termination date that it does not intend to renew the agreement.

The Renewal Agreement made two additional changes to the terms of the ACCU LOC. First, the Renewal Agreement decreased the interest rate spread from 1.00% over the published Prime Rate to 0.50% over Prime. The Renewal Agreement also modified a covenant that requires the Company to maintain an average monthly balance in a money market account held at ACCU from a minimum of $1.0 million to a minimum of $2.5 million. No other terms were modified.

#### ACCU Secured Borrowings
On August 9, 2021, the Company entered into a Master Loan Participation Purchase and Sale Agreement with ACCU. The participations sold under the Master LP Agreement are considered secured borrowings and are presented as such on the Company's balance sheet. $6 thousand in secured borrowings were outstanding under the Master LP Agreement as of September 30, 2025 and December 31, 2024. These borrowings have various contractual maturities ranging from 2028 to 2032.

## **Table of Contents**

### Note 11: Debt Certificates Payable
Information on the Company's debt certificates payable can be found in our Annual Report on Form 10-K for the year ended December 31, 2024. The Company is subject to certain covenants on its Subordinated Notes and was in compliance with those covenants as of September 30, 2025 and December 31, 2024.

The table below provides information on the Company's debt certificates payable (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of**  | **As of**  | **As of**  | **As of**  |
| | | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>**SEC Registered Public Offerings** | <br>**Offering Type** | **Amount** | **Weighted Average Interest Rate** | **Amount** | **Weighted Average Interest Rate** |
| &nbsp;&nbsp;Class 1A Offering | Unsecured | $1681 | 3.56% | $5979 | 3.91% |
| &nbsp;&nbsp;2021 Class A Offering | Unsecured | 23211 | 4.56% | 33336 | 4.75% |
| &nbsp;&nbsp;2024 Class A Offering | Unsecured | 42970 | 4.69% | 31247 | 4.95% |
| Public Offerings Total |  | $67862 | 4.62% | $70562 | 4.77% |
| **Private Offerings** | **Offering Type** |  |  |  |  |
| &nbsp;&nbsp;Subordinated Notes | Unsecured | $27984 | 5.20% | $24599 | 5.15% |
| Private Offering Total |  | $27984 | 5.20% | $24599 | 5.15% |
| Total Debt Certificates Payable |  | $95846 | 4.79% | $95161 | 4.87% |

---

Future maturities for the Company's debt certificates during the twelve-month periods ending September 30, are as follows (dollars in thousands):

---

| | |
|:---|:---|
| 2026 | $42656 |
| 2027 | 22695 |
| 2028 | 12615 |
| 2029 | 9583 |
| 2030 | 8297 |
| Total | $95846 |
| Less: debt issuance costs | 70 |
| Debt certificates payable, net of debt issuance costs | $95776 |

---

### Note 12: Commitments and Contingencies

#### Unfunded Commitments
The contractual amount of these commitments represents the Company's exposure to credit loss. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. The table below shows the outstanding financial instruments whose contract amounts represent credit risk (dollars in thousands):

## **Table of Contents**

---

| | | |
|:---|:---|:---|
|  | **Contract Amount at:** | **Contract Amount at:** |
|  | **September 30, 2025** | **December 31, 2024** |
| Undisbursed loans | $262 | $292 |

---

The balance of the allowance for credit losses on off-balance sheet commitments is recorded in other liabilities on the Company's consolidated balance sheet. The following table details activity in the allowance for credit losses on off-balance sheet commitments (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **Nine months ended** | **Year ended** |
|  | **September 30, 2025** | **December 31, 2024** |
| Balance, beginning of period | $2 | $2 |
| &nbsp;&nbsp;Provision for losses on unfunded commitments | (1) |  |
| Balance, end of period | $1 | $2 |

---

#### Operating Leases
In June 2025, the Company reached an agreement to extend its lease of office space in Fresno, California, for 38 months, terminating in July 2028. The Company recorded $82 thousand in right-of-use assets and lease liabilities related to this agreement.

The table below presents information regarding our existing operating leases (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the** | **For the** | **For the** | **For the** | **For the** |
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** | **Year ended**<br>**December 31,** |
|  | **2025** | **2024** | **2025** | **2024** | **2024** |
| Lease cost |  |  |  |  |  |
| Operating lease cost | $28 | $28 | $81 | $91 | $119 |
| Other information |  |  |  |  |  |
| Cash paid for operating leases | 26 | 30 | 64 | 58 | 537 |
| Right-of-use assets obtained in exchange for operating lease liabilities | 82 |  | 82 | 387 | 387 |
| Lease liabilities recorded | 82 |  | 82 |  | 387 |
| Weighted average remaining lease term (in years) | 3.63 | 4.29 | 3.63 | 4.29 | 4.46 |
| Weighted-average discount rate | 5.16% | 4.60% | 5.16% | 4.60% | 4.53% |

---

## **Table of Contents**
Future minimum lease payments and lease costs for the twelve months ending September 30, are as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **Lease Payments** | **Lease Costs** |
| 2026 | $116 | $112 |
| 2027 | 119 | 112 |
| 2028 | 117 | 107 |
| 2029 | 78 | 68 |
| Total | $430 | $399 |

---

**Note 13: Preferred and Common Units under LLC Structure**

Holders of the Series A Preferred Units are entitled to receive a quarterly cash dividend that is 25 basis points higher than the one-year London Inter-Bank Offered Rate ("**LIBOR**") in effect on the last day of the calendar month for which the preferred return is approved. The UK Financial Conduct Authority announced on December 4, 2020, that the USD LIBOR for 1, 3, 6, and 12 months will no longer be published after June 30, 2023. Effective as of July 1, 2023, the Company uses the Secured Overnight Financing Rate ("**SOFR**') as established by the Federal Reserve Bank of New York. In addition to the quarterly cash dividend, the Company has also agreed to set aside an annual amount equal to 10% of its net profits earned for any year, after subtracting from profits the quarterly Series A Preferred Unit dividends paid, for distribution to its Series A Preferred Unit holders.

The Series A Preferred Units have a liquidation preference of $100 per unit and have no voting rights. They are also subject to redemption in whole or in part at the Company's election on December 31 of any year for an amount equal to the liquidation preference of each unit, plus any accrued and declared but unpaid quarterly dividends and preferred distributions on such units. The Series A Preferred Units have priority as to earnings and distributions over the Common Units. The resale of the Company's Series A Preferred Units and Common Units are subject to the Company's first right of refusal to purchase units proposed to be transferred. Upon the Company's failure to pay quarterly dividends for four consecutive quarters, the holders of the Series A Preferred Units have the right to appoint two managers to the Company's Board of Managers.

The Class A Common Units have voting rights, but have no liquidation preference or rights to dividends, unless declared.

### Note 14: Retirement Plans

#### 401(k)
Company matching contributions for the nine months ended September 30, 2025 and 2024 were $39 thousand and $48 thousand, respectively.

#### Profit Sharing
The Company did not make or approve a profit-sharing contribution for the nine months ended September 30, 2025 and 2024.

#### Supplemental Executive Retirement Plan (SERP)
On March 30, 2022, the Company entered into a SERP with Joseph W. Turner, Jr. who at the time was its President and Chief Executive Officer. The total of Mr. Turner's accrued benefit is $600,000. He is entitled to receive $60,000 per year over a ten-year period, payable in equal monthly installments commencing the first day of the month following his separation from service. Mr. Turner's separation from service occurred at the end of July 2024. The Company began making $60,000 per year payments in $5,000 monthly installments beginning August 2024, according to the terms of the SERP.

### Note 15: Fair Value Measurements

#### Fair Value Measurements Using Fair Value Hierarchy
The Company classifies measurements of fair value within a hierarchy based upon inputs that give the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

#### Fair Value of Financial Instruments
Additional information regarding the methods and assumptions used to estimate the fair value of the financial statements can be found in our Annual Report. The following tables show the carrying amounts and estimated fair values of the Company's financial instruments (dollars in thousands):

## **Table of Contents**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value Measurements at September 30, 2025 using** | **Fair Value Measurements at September 30, 2025 using** | **Fair Value Measurements at September 30, 2025 using** | **Fair Value Measurements at September 30, 2025 using** |
|  | <br>**CarryingValue** | **Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)** | **SignificantOtherObservableInputs(Level 2)** | **SignificantUnobservableInputs(Level 3)** | **Fair Value** |
| FINANCIAL ASSETS: |  |  |  |  |  |
| Cash and restricted cash | $10942 | $10942 | $— | $— | $10942 |
| Certificates of deposit | 1502 |  | 1502 |  | 1502 |
| Loans, net | 92667 |  |  | 90499 | 90499 |
| Investment in joint venture | 872 |  |  | 872 | 872 |
| Other investments | 1097 |  |  | 1097 | 1097 |
| Accrued interest receivable | 447 |  |  | 447 | 447 |
| Servicing assets | 179 |  |  | 179 | 179 |
| FINANCIAL LIABILITIES: |  |  |  |  |  |
| Other secured borrowings | 6 |  |  | 6 | 6 |
| Debt certificates payable | 95776 |  |  | 94929 | 94929 |
| Other financial liabilities | 115 |  |  | 115 | 115 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value Measurements at December 31, 2024 using** | **Fair Value Measurements at December 31, 2024 using** | **Fair Value Measurements at December 31, 2024 using** | **Fair Value Measurements at December 31, 2024 using** |
|  | <br>**CarryingValue** | **Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)** | **SignificantOtherObservableInputs(Level 2)** | **SignificantUnobservableInputs(Level 3)** | **Fair Value** |
| FINANCIAL ASSETS: |  |  |  |  |  |
| Cash and restricted cash | $10771 | $10771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10771 |
| Certificates of deposit | 1304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1308 |
| Loans, net | 93171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 90684 | 90684 |
| Investments in joint venture | 873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 873 | 873 |
| Other investments | 1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1082 | 1082 |
| Accrued interest receivable | 447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 447 | 447 |
| Servicing assets | 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 177 | 177 |
| FINANCIAL LIABILITIES: |  |  |  |  |  |
| Other secured borrowings | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6 | $6 |
| Debt certificates payable | 95073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 94031 | 94031 |
| Other financial liabilities | 479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 479 | 479 |

---

Management uses judgment in estimating the fair value of the Company's financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at September 30, 2025 and December 31, 2024.

#### Fair Value Measured on a Nonrecurring Basis
The Company measures certain assets at fair value on a nonrecurring basis. On these assets, the Company only makes fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

The following table presents the fair value of assets measured on a nonrecurring basis (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | |
|  | **Quoted Pricesin ActiveMarkets forIdentical Assets (Level 1)** | **SignificantOtherObservableInputs(Level 2)** | **SignificantUnobservableInputs(Level 3)** | <br>**Total** |
| Assets at September 30, 2025: |  |  |  |  |
| Collateral-dependent impaired loans (net of allowance and discount) | $— | $— | $7212 | $7212 |
| Discounted cash flow loans (net of allowance and discount) |  |  | 7105 | 7105 |
| Investment in joint venture |  |  | 872 | 872 |
| Other investments |  |  | 1097 | 1097 |
| Total | $— | $— | $16286 | $16286 |
| Assets at December 31, 2024: |  |  |  |  |
| Collateral-dependent impaired loans (net of allowance and discount) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $9535 | $9535 |
| Discounted cash flow loans (net of allowance and discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7133 | 7133 |
| Investments in joint venture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 873 | 873 |
| Other investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1082 | 1082 |
| Foreclosed assets (net of allowance) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 301 | 301 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $18924 | $18924 |

---

#### Impaired Loans
The fair value of collateral-dependent impaired loans with specific allocations of the allowance for expected credit losses is generally based on recent real estate appraisals. Such fair values are obtained using independent appraisals, which the Company may discount due to age or other factors, which the Company considers to be Level 3 inputs. The range of these discounts is shown in the table below.

The Company also estimates the fair value of non-collateral-dependent impaired loans using the discounted cash flow method. This method uses estimates of the future cash flows of the loan and discounts those cash flows using the loan's interest rate.

## **Table of Contents**

#### Foreclosed Assets
At the date of foreclosure, the Company initially records real estate acquired through foreclosure or other proceedings (foreclosed assets) at fair value less estimated costs of disposal, which establishes a new cost. After foreclosure, management periodically performs valuations on foreclosed assets. The company carries foreclosed assets held for sale at the lower of cost or fair value, less estimated costs of disposal. The fair values of real properties initially are determined based on appraisals. In some cases, management adjusts the appraised values for various factors including age of the appraisal, age of comparable properties included in the appraisal, and known changes in the market or in the collateral. The Company makes subsequent valuations of the real properties based either on management estimates or on updated appraisals. If management makes significant adjustments to appraised values based on unobservable inputs, the Company categorizes foreclosed assets under Level 3. Otherwise, if management bases the foreclosed assets' value on recent appraisals and the only adjustments made are for known contractual selling costs, the Company will categorize the foreclosed assets under Level 2.

#### Other Investments
Other investments comprise two indexed annuity insurance contracts. The Company measures fair value on its annuity investments on a nonrecurring basis. On these assets, the Company only makes fair value adjustments when there is evidence of impairment. As the principal amounts and recognized income on the annuities is guaranteed, only impairment of the assets would indicate a degradation in their fair value. The Company concluded that no impairment of the annuity investments existed at September 30, 2025 and December 31, 2024. As such, the Company has determined that the carrying value of its other investments equals its fair value at September 30, 2025 and December 31, 2024.

The table below summarizes the valuation methodologies used to measure the fair value adjustments for Level 3 assets recorded at fair value on a nonrecurring basis (dollars in thousands):

## **Table of Contents**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Assets** | **Fair Value(in thousands)** | **ValuationTechniques** | **UnobservableInput** | **Range(Weighted Average)** |
| Collateral dependent loans | $7212 | Discounted appraised value | Selling cost / Estimated market decrease | 10% (10%) |
| Other impaired loans | 7105 | Discounted future cash flows | Discount rate | 4% (4%) |
| Investment in joint venture | 872 | Internal evaluations | Estimated future market value | 0% (0%) |
| Other investments | 1097 | Internal evaluations | Indications of non-performance by insurance companies | 0% (0%) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets** | **Fair Value(in thousands)** | **ValuationTechniques** | **UnobservableInput** | **Range(Weighted Average)** |
| Impaired loans | $9535 | Discounted appraised value | Selling cost / Estimated market decrease | 10% (10%) |
| Other impaired loans | 7133 | Discounted future cash flows | Discount rate | 4% (4%) |
| Investments in joint venture | 873 | Internal evaluations | Estimated future market value | 0% (0%) |
| Other investments | 1082 | Internal evaluations | Indications of non-performance by insurance companies | 0% (0%) |
| Foreclosed assets | 301 | Internal evaluations | Selling cost  | 6% (6%) |

---

### Note 16: Income Taxes and State LLC Fees
One of the Company's wholly-owned subsidiaries, Ministry Partners Realty, incurred a tax loss for the years ended December 31, 2024 and 2023, and recorded a provision of $800 per year for the state minimum franchise tax. For the years ended December 31, 2024, and 2023, MP Realty had federal and state net operating loss carryforwards of approximately $433 thousand and $432 thousand, respectively, which begin to expire in the year 2032. Management assessed the realizability of the deferred tax asset and determined that a 100% valuation against the deferred tax asset was appropriate as of September 30, 2025 and December 31, 2024.

### Note 17: Segment Information
The Company has three reportable segments that represent the primary businesses reported in the consolidated financial statements: the finance company (the parent company), the broker-dealer (MP Securities), and the charitable organization (Ministry Partners for Christ).

## **Table of Contents**
Management accounts for intersegment revenues and expenses at amounts that assume the Company entered into the transaction with unrelated third parties at the current market prices at the time of the transaction. Management evaluates the performance of each segment based on net income or loss before provision for income taxes and LLC fees.

Financial information with respect to the reportable segments is as follows (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended**  | **Nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Revenue from external sources** |  |  |  |  |
| &nbsp;&nbsp;Finance Company | $1853 | $1980 | $6162 | $5635 |
| &nbsp;&nbsp;Broker-Dealer | 326 | 573 | 1017 | 1210 |
| &nbsp;&nbsp;Charitable Organization | 19 | 21 | 58 | 63 |
| &nbsp;&nbsp;Adjustments / Eliminations | (111) | (206) | (392) | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2087 | $2368 | $6846 | $6543 |
| **Revenue from internal sources** |  |  |  |  |
| &nbsp;&nbsp;Finance Company | $— | $— | $— | $— |
| &nbsp;&nbsp;Broker-Dealer | 146 | 214 | 494 | 539 |
| &nbsp;&nbsp;Charitable Organization |  |  |  |  |
| &nbsp;&nbsp;Adjustments / Eliminations | (146) | (214) | (494) | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $— | $— |
| **Interest expense** |  |  |  |  |
| &nbsp;&nbsp;Finance Company | $1477 | $1615 | $4374 | $4866 |
| &nbsp;&nbsp;Broker-Dealer |  |  |  |  |
| &nbsp;&nbsp;Charitable Organization |  |  |  |  |
| &nbsp;&nbsp;Adjustments / Eliminations | (291) | (347) | (896) | (1006) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1186 | $1268 | $3478 | $3860 |
| **Total non-interest expense and provision for tax** |  |  |  |  |
| &nbsp;&nbsp;Finance Company | $656 | $656 | $2179 | $2068 |
| &nbsp;&nbsp;Broker-Dealer | 312 | 387 | 1000 | 1205 |
| &nbsp;&nbsp;Charitable Organization |  | 10 | 11 | 41 |
| &nbsp;&nbsp;Adjustments / Eliminations |  | (10) | (10) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $968 | $1043 | $3180 | $3274 |
| **Net profit (loss)** |  |  |  |  |
| &nbsp;&nbsp;Finance Company | $(281) | $(336) | $(383) | $(1092) |
| &nbsp;&nbsp;Broker-Dealer | 161 | 400 | 511 | 544 |
| &nbsp;&nbsp;Charitable Organization | 19 | 11 | 47 | 22 |
| &nbsp;&nbsp;Adjustments / Eliminations | 34 | (63) | 19 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(67) | $12 | $195 | $(384) |

---

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Unaudited)** | **(Audited)** |
| **Total assets** |  |  |
| &nbsp;&nbsp;Finance Company | $100994 | $101563 |
| &nbsp;&nbsp;Broker-Dealer | 3152 | 2591 |
| &nbsp;&nbsp;Charitable Organization | 2187 | 2140 |
| &nbsp;&nbsp;Other Segments | 59 | 58 |
| &nbsp;&nbsp;Adjustments / Eliminations | 2948 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $109340 | $109250 |

---

**Note 18: Not-for-profit Subsidiary Activities**

The following represent required disclosures related to the activities of Ministry Partners for Christ, the Company's wholly owned, not-for-profit organization.

At September 30, 2025 and December 31, 2024, the Company had $329 thousand and $304 thousand, respectively in cash held in a checking account available to meet general expenditure needs for the next twelve months. This does not include $1.7 million in cash that carries permanent donor restrictions. There were no board-designated funds as of September 30, 2025 and December 31, 2024. Management believes the cash available for use by MPC is sufficient to cover its expenses.

At September 30, 2025, MPC had $2.1 million in net assets, $1.7 million of which is permanently restricted by donors. MPC earned interest income of $63 thousand and $84 thousand, respectively, during the nine months ended September 30, 2025 and 2024. At September 30, 2025 and December 31, 2024, respectively, MPC had $290 thousand and $340 thousand in unrestricted net assets.

A breakdown of expenses for MPC for the three- and nine-month periods ended September 30, 2025 and 2024, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended**  | **Nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Charitable grants | $— | $10 | $10 | $40 |
| &nbsp;&nbsp;General and administrative expenses |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $10 | $11 | $41 |

---

The change in net assets for MPC for the three- and nine-month periods ended September 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended**  | **Nine months ended**  |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Change in net assets | $19 | $11 | $47 | $22 |

---

### Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion compares the results of operations for the three- and nine-month periods ended September 30, 2025 and 2024. It should be read in conjunction with our December 31, 2024, Annual Report on Form 10-K and the accompanying unaudited financial statements and Notes set forth in this report.

**SAFE HARBOR CAUTIONARY STATEMENT**

This Form 10-Q contains forward-looking statements regarding Ministry Partners Investment Company, LLC and our wholly owned subsidiaries, MPF, MP Realty, MPC, and MP Securities, including, without limitation, statements regarding our expectations with respect to revenue, credit losses, levels of non-performing assets, expenses, earnings, and other measures of financial performance. Statements that are not statements of historical facts may be deemed to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The words "anticipate", "believe", "estimate", "expect", "plan", "intend", "should", "seek", "will", and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These forward-looking statements reflect the current views of our management.

These forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are subject to change based upon numerous factors (many of which are beyond our control). Such risks, uncertainties, and other factors that could cause our financial performance to differ materially from the expectations expressed in such forward-looking statements include, but are not limited to, the risks set forth in our [Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/944130/000094413025000007/mpic-20241231x10k.htm).

As used in this quarterly report, the terms "we", "us", "our" or the "Company" means Ministry Partners Investment Company, LLC and our wholly owned subsidiaries, MPF, MP Realty, MP Securities, and MPC.

## **Table of Contents**

#### Strategic Objectives and Financial Results
For the three- and nine-month periods ended September 30, 2025, and for the year ending December 31, 2025, Company management has identified the following key strategic developments:

**Completion of Credit Facility Debt Retirement Strategy.**

In 2020, the holder of the Company's term-debt facility presented the Company's management with the opportunity to pay off the debt at a discount. As of December 31, 2020, the Company had $51.4 million outstanding on this facility with $61.3 million of its loans pledged as collateral. Management evaluated the proposal and created a multi-year, two-phase strategy to take advantage of the significant gains we would receive on the discounted pay off. Our phase one strategy focused on raising funds to pay off the debt by selling loan participations, allowing lower credit quality loans to pay off, and relying on the sale of our debt securities to finance our business. We were able to do this between the years 2020 and 2022 and, during that period, we generated $7.2 million in revenue from gains on debt extinguishment. However, management knew the result of this strategy would result in a smaller balance sheet due to reduced loan balances and cash. Consequently, future earnings would be adversely impacted until the Company could increase the amount of interest-earning assets on its balance sheet.

Our phase two strategy focused on regrowing the balance sheet and increasing the profitability of core operations by increasing non-interest income as well as reducing operating expenses. During the transition from phase one to phase two of the strategy, management planned for lower revenue and potential losses. We evaluated the benefits of the term-debt extinguishment and determined that the benefits outweighed having lower income when transitioning to step two in our strategic plan. The benefits of this strategy include:

● **$7.2 million in additional revenue.** If we were earning a 2% spread on the approximate $70 million we invested in loans that were funded by the term-debt, it would take over five years to earn $7.2 million. We were able to earn the $7.2 million risk-free (no credit risk on the investment) in less than three years.

● **Significantly improved capital ratios.** The revenue from the debt extinguishment created higher capital ratios for the Company. Our capital ratio doubled, increasing from 7.0% in 2019 to 14.7% in 2022. As of September 30, 2025, our net capital ratio was 10.8%. Capital provides protection for investors against losses as losses deplete capital first.

## **Table of Contents**
● **Improved loan credit quality .** One way we funded the term-debt payoff was by allowing lower credit quality loans to pay off. The borrowers of these loans were able to secure financing from other sources which, in turn, strengthened our remaining loan portfolio.

● **Deleveraged balance sheet**. The term-debt was secured by a portion of our loan portfolio. Now that it has been paid off, our investors are no longer subordinated to the priority claims of the term-debt holder.

We are currently in the midst of our phase two strategy and are working on improving the core profitability of the business. We are accomplishing this by making profitable loans to increase the size of our balance sheet, finding new sources for investments in our debt securities, increasing our non-interest income, and reducing our operating expenses. We generate non-interest income through our wholly-owned subsidiary, MP Securities, who performs broker dealer and investment advisory services for our clients. We also generate non-interest income through originating loans and selling participation interests in those loans. Selling loan participations generates additional servicing fee income for the Company as well as gains on loan sales. This activity can also increase interest income on our loans as we recognize origination income on loans that we sell to participants. If the loan is not sold, the origination income is amortized over the life of the loan using the interest method.

**2025 Results to Date**

For the nine months ended September 30, 2025, the Company reported net income of $195 thousand. During the first nine months of the year, the Company recognized $817 thousand in interest and loan fee income due from a borrower of an impaired loan. The Company also earned $182 thousand in gains related to the sale of its foreclosed asset during the third quarter. This transaction reversed accrued interest and fees that had been previously written off. The Company continues to focus on improving its core profitability through efforts to patiently manage its impaired assets, reduce operating expenses, and increase its loan interest income and net interest income. For the year ended December 31, 2024, the Company increased both loan interest income and net interest income, as compared to the previous year. For the nine months ended September 30, 2025, the Company reported $2.3 million of net interest income as compared to $1.7 million for the same period of 2024.

During the first quarter of 2025, the Company began the process of converting its core processing systems for its clients and borrowers and incurred non-recurring costs in the conversion process. To undertake that transition, the Company paid a termination fee of $57 thousand to our previous vendor. We also incurred approximately $75 thousand in one-time start-up costs during the conversion. While total non-interest expenses increased during the

first quarter of the year, the savings realized from converting systems began to be realized during the second quarter and will continue throughout the remainder of 2025. Office operations expenses decreased from $389 thousand during the quarter ended September 30, 2024 to $356 thousand for the quarter ended September 30, 2025. We expect that our transition to a new core processing system and technology partner will provide significant enhancements to our borrowers and clients and will continue to reduce costs to the Company throughout the remainder of 2025.

When the Company commenced its phase one credit facility pay-off strategy, its yearly operating expenses were approximately $5.7 million. By implementing its operating expense reduction plan, the Company transitioned to a new office location with significantly lower rent, improved its loan servicing, reduced its staffing costs and was able to reduce its non-interest expenses for the year ended December 31, 2024 to $4.2 million. Although the Company incurred one time core processing conversion expenses during the first quarter of 2025, year-to-date non-interest expenses have already shown a decrease of $90 thousand in 2025 as compared to 2024.

Our phase two strategy focuses on growing our balance sheet, making profitable loans and improving our net income. Our loans receivable totaled $92.7 million at September 30, 2025 as compared to $93.1 million at December 31, 2024. During the last six months of 2024, the Company sold several loan participations that helped us pay off our higher interest lines of credit and generate other income. Through the remainder of 2025, the Company intends to expand its loan investments as part of its core process conversion. The Company is also evaluating strategies that will help it improve its net interest margin. Company management expects that the yield on its portfolio will increase in future years as loans originated in 2020 and 2021 at 5% to 6% rates come due for their five-year rate resets that will push them into the 7% to 8% range. We are also evaluating the investment products we offer to our investors in an effort to make our investment rates more attractive, as well as structuring a variety of short- and intermediate-term investment products to better serve our clients and investors. With an improved core processing system for our loans and focus on increasing the sale our investor notes through the remainder of the year, we intend to focus on growing our balance sheet, improving our core profitability, and increasing the net interest income and non-interest income we earn from our advisory business and investor notes selling efforts.

**Loan Portfolio Growth**

As noted above, we have begun to rebuild our loan portfolio. As a result, we have grown our quarter over quarter loan interest income during the most recent two years. This growth is mostly due to the increase in loans receivable and, to a lesser extent, an increase in the interest rates of existing adjustable-rate loans.

In addition, we have focused on improving our income through originating and selling loan participations, as well as continuing to produce income from the operations of our broker-dealer and investment advisor subsidiary, MP Securities. Originating and selling loan participations allows the Company to generate loan origination income and gains on loan sales while deploying less cash than if we retained the whole loan on our books. We are observing positive outcomes from our efforts to enhance core profitability with the growth in loan interest described above.

**Strategic Objectives for the Remainder of 2025**

During 2025, the Company intends to continue to focus on the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investing in and growing our commercial loan investments through loan originations and cooperative efforts with our strategic partners to increase the commercial loans we make to non-profit organizations and faith-based borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Selling participation interests in the loans the Company originates to increase non-interest revenue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Continuing our efforts to reduce non-interest expenses by reducing overhead expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Increasing the sale of our debt certificates to finance the growth in the Company's balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Effectively managing pressure on the Company's net interest margin due to an inverted yield curve in financial markets that results in higher short-term costs on our debt certificates while the Company makes longer term investments with the commercial loans it originates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Evaluating the investment rates we offer on our investor notes to respond to current market conditions and making appropriate adjustments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Continuously expanding the revenues earned by the investment advisory, broker-dealer, and insurance operations at Ministry Partners Securities, LLC.

### Financial Condition

#### Comparison of Financial Condition on September 30, 2025 and December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Comparison** | **Comparison** |
|  | **2025** | **2024** | **$ Difference** | **% Difference** |
|  | **(Unaudited)** | **(Audited)** |  |  |
|  | (dollars in thousands) | (dollars in thousands) |  |  |
| **Assets:** |  |  |  |  |
| Cash | $9184 | $9014 | $170 | 2% |
| Restricted cash | 1758 | 1757 | 1 | 0% |
| Certificates of deposit | 1502 | 1304 | 198 | 15% |
| Loans receivable, net of allowance for expected credit losses of $1,149 and $1,156 as of September 30, 2025 and December 31, 2024, respectively | 92667 | 93171 | (504) | (1%) |
| Accrued interest receivable | 447 | 447 |  | —% |
| Investment in joint venture | 872 | 873 | (1) | (0%) |
| Other investments | 1097 | 1082 | 15 | 1% |
| Property and equipment, net | 68 | 84 | (16) | (19%) |
| Foreclosed assets, net |  | 301 | (301) | (100%) |
| Servicing assets | 179 | 177 | 2 | 1% |
| Other assets | 1566 | 1040 | 526 | 51% |
| Total assets | $109340 | $109250 | $90 | 0% |
| **Liabilities and members' equity** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| Other secured borrowings | 6 | 6 |  | 100% |
| Debt certificates payable, net of debt issuance costs of $70 and $88 as of September 30, 2025 and December 31, 2024, respectively | 95776 | 95073 | 703 | 1% |
| Accrued interest payable |  | 348 | (348) | (100%) |
| Other liabilities  | 1791 | 1892 | (101) | (5%) |
| Total liabilities  | 97573 | 97319 | 254 | 0% |
| **Members' Equity:** |  |  |  |  |
| Series A preferred units | 11715 | 11715 |  | —% |
| Class A common units  | 1509 | 1509 |  | —% |
| Net assets of Ministry Partners for Christ, with donor restrictions | 1700 | 1700 |  | —% |
| Accumulated deficit | (3157) | (2993) | (164) | 5% |
| **Total members' equity**  | 11767 | 11931 | (164) | (1%) |
| **Total liabilities and members' equity** | $109340 | $109250 | $90 | 0% |

---

#### Cash, Loans, and Borrowings
As discussed previously, our strategy involves growing our balance sheet and our loan portfolio to increase our net interest income. We plan to rely on the sale of our debt certificates to fund the growth of our on-book loan portfolio, and from time to time may supplement that growth by utilizing our lines of credit. For the nine months ended September 30, 2025, assets increased less than 1% due to total liabilities increasing by $254 thousand. This was due to an increase in our debt certificates payable of $703 thousand.

## **Table of Contents**
Our loans receivable portfolio decreased by $504 thousand due to loan payoffs as well as a $1.1 million loan sale. During the first nine months of 2025, we had loan purchases of $3.0 million and fundings of $2.8 million, compared to loan principal collections of $5.3 million. The Company repurchased $3.0 million of loan participations it had sold in prior years as management looks to use available cash to grow the loan portfolio. The Company also sold its foreclosed asset in September 2025. The balance sheet stayed relatively stable during the first nine months of 2025 as the Company's loan growth matched its principal collections. The Company continues to work on building its loan pipeline and anticipates funding loan opportunities throughout the rest of 2025.

#### Allowance for Expected Credit Losses
The allowance decreased by $7 thousand. This occurred primarily due to a decrease in the loan principal balance.

#### Debt Certificates Payable
Our debt certificates payable comprise debt securities sold under publicly registered security offerings as well as promissory notes sold in private placement offerings.

For the nine months ended September 30, 2025, net debt certificates payable increased by $703 thousand. The Company sold $6.9 million in debt certificates in the third quarter of 2025 and used the cash to fund loan purchases and originations.

#### Accrued Interest Payable
As part of the Company's conversion to a new core system, we changed the way we pay interest on our debt certificates. Prior to conversion, accrued interest on fixed interest debt certificates for a given month was accrued at month end and paid on the first day of the next month. In the new system, all accrued interest on debt certificates is now paid on the last day of the month, either through cash disbursement or addition to the certificate's principal balance, causing the accrued interest balance to be zero at quarter end.

#### Members' Equity
Our total members' equity decreased by 1.4% to $11.8 million for the nine months ended September 30, 2025, which resulted in a capital to asset ratio of 10.8%. The decrease in members' equity was attributable to a net gain of $195 thousand partially offset by dividends to members of $375 thousand.

## **Table of Contents**

### Liquidity and Capital Resources
**Liquidity Management**

Our management team regularly prepares cash flow forecasts that we rely upon to ensure that we have sufficient liquidity to conduct our business. While we believe that these expected cash inflows and outflows are reasonable, we can give no assurances that our forecasts or assumptions will prove to be correct. Management believes that we hold adequate sources of liquidity to meet our liquidity needs and have the means to generate more liquidity if necessary. As September 30, 2025, our liquidity ratio was 13%.

We use multiple tools to manage our liquidity. We have a $5 million line of credit of which all $5 million was available for cash management as of September 30, 2025. We also have the ability to sell participation interests in our loan portfolio. Primarily, we fund our liquidity by selling corporate debt certificates. Additional information about our debt securities and credit facilities is presented below.

#### Public and Privately offered Debt Securities
The table below presents a schedule of our fixed series debt certificates maturing during the next year as compared with the fixed series debt certificates maturing after one year. Also included separately are the variable debt certificates which are redeemable upon demand (dollars in thousands):

---

| | |
|:---|:---|
| Variable Series Debt Certificates (redeemable debt certificates) | $5705 |
| Fixed Series Debt Certificates maturing in the next 12 months | 38739 |
| Fixed Series Debt Certificates maturing after 12 months | 51402 |
| Total | $95846 |
| Debt issuance costs | 70 |
| Debt Certificates, net of debt issuance costs | $95776 |

---

Historically, we have been successful in generating reinvestments by our debt certificate holders when the notes they hold mature. Our note renewal rate remains stable, and our advisory team continues to expand their clientele.

The table below shows the renewal rates of our maturing notes over the last two years ended December 31:

---

| | |
|:---|:---|
| 2024 | 75% |
| 2023 | 82% |

---

The renewal rates for the periods ended September 30, 2025, as compared to September 30, 2024, are as follows:

## **Table of Contents**
● Three-month period ended September 30, 2025: 85%

● Three-month period ended September 30, 2024: 91%

● Nine-month period ended September 30, 2025: 77%

● Nine-month period ended September 30, 2024: 74%

The renewal rates for the three and nine months ended September 30, 2025 are similar to the corresponding periods of 2024.

#### Credit Facilities and Other Borrowings
The table below is a summary of the Company's outstanding debt payable as of September 30, 2025 (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nature ofBorrowing** | **Interest Rate** | **InterestRateType** | **AmountOutstanding** | **Amount Available to Borrow** | **MaturityDate** | **Amount ofLoanCollateralPledged** | **Other AssetsPledged\*** |
| ACCU LOC | 9.25% | Variable |  | $5000 | 9/23/2025 | $6802 | $— |
| ACCU Secured | Various | Fixed | 6 |  | Various |  | 6 |

---

\*Represents cash or certificates of deposit

In November 2025 we reached an agreement to renew the ACCU LOC for 12 months with minor modifications in terms. The modified terms include a decreased spread from 1.00% over prime to 0.50% over prime, and an increase of a requirement to maintain an average minimum balance on deposit at the credit union from $1.0 million to $2.5 million.

The Company had $10 million in additional line of credit facilities with Consumers Credit Union that matured in June 2025 and was not renewed. The Company is researching other liquidity options to replace those facilities. The ACCU secured borrowings comprise loan participation sales that are classified as secured borrowings and will pay down as the loans amortize.

#### Debt Covenants
Under our credit facility agreements and our debt certificates documents, we are obligated to comply with certain affirmative and negative covenants. Failure to comply with our covenants could require all interest and principal to become due. As of September 30, 2025, we are in compliance with our covenants on our debt certificates payable and the ACCU LOC.

● For additional information regarding our debt certificates payable, refer to "Note 11. Debt Certificates Payable" to Part I "Financial Information" of this Report.

## **Table of Contents**
● For additional information on our credit facilities, refer to "Note 10. Credit Facilities" to Part I "Financial Information" of this Report.

### Results of Operations: September 30, 2025
The analysis below compares the Company's results of operations for the three- and nine-month periods ended September 30, 2025 and 2024.

#### Net Interest Income and Net Interest Margin
Historically, our earnings have primarily depended upon our net interest income.

● **Net interest income** is the difference between the interest income we receive from our loans and cash on deposit ("interest-earning assets") and the interest paid on our debt certificates and borrowings.

● **Net interest margin** is net interest income expressed as a percentage of average total interest-earning assets.

## **Table of Contents**
The following tables provide average outstanding balance information for each major category of interest earnings assets and interest-bearing liabilities, the interest income or interest expense, and the average yield or rate for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** |
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **AverageBalance** | **InterestIncome/Expense** | **AverageYield/Rate** | **AverageBalance** | **InterestIncome/Expense** | **AverageYield/Rate** |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning accounts with other financial institutions | $13164 | $120 | 3.62% | $13026 | $152 | 4.63% |
| Interest-earning loans [1] | 90539 | 1547 | 6.78% | 94409 | 1686 | 7.09% |
| **Total interest-earning assets** | 103703 | 1667 | 6.38% | 107435 | 1838 | 6.79% |
| Non-interest-earning assets | 4906 |  | —% | 5623 |  | —% |
| **Total Assets** | $108609 | $1667 | 6.09% | $113058 | $1838 | 6.45% |
| **Liabilities:** |  |  |  |  |  |  |
| Debt certificates payable gross of debt issuance costs | 94976 | 1164 | 4.86% | 94145 | 1149 | 4.84% |
| Other debt | 6 |  | —% | 4611 | 101 | 8.69% |
| **Total interest-bearing liabilities** | 94982 | 1164 | 4.86% | 98756 | 1250 | 5.02% |
| Debt issuance cost |  | 22 |  |  | 18 |  |
| **Total interest-bearing liabilities net of debt issuance cost** | $94982 | $1186 | 4.95% | $98756 | $1268 | 5.09% |
| Net interest income |  | $481 |  |  | $570 |  |
| Net interest margin |  |  | 1.84% |  |  | 2.10% |

---

[1] Loans are net of deferred fees and before the allowance for expected credit losses. Non-accrual loans are considered non-interest earning assets for this analysis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** |
|  | **Three Months Ended September 30, 2025 vs. 2024** | **Three Months Ended September 30, 2025 vs. 2024** | **Three Months Ended September 30, 2025 vs. 2024** | **Three Months Ended September 30, 2025 vs. 2024** |
|  | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** |
|  | **Volume** | **Rate** | **Recovery** | **Total** |
|  | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Increase in Interest Income:** |  |  |  |  |
| Interest-earning accounts with other financial institutions | $1 | $(33) | $— | $(32) |
| Interest-earning loans | (69) | (70) |  | (139) |
| Total interest-earning assets | (68) | (103) |  | (171) |
| **Increase (Decrease) in Interest Expense:** |  |  |  |  |
| Debt certificates payable gross of debt issuance costs | 10 | 5 |  | 15 |
| Other debt | (52) | (49) |  | (101) |
| Debt issuance cost |  | 4 |  | 4 |
| Total interest-bearing liabilities | (42) | (40) |  | (82) |
| Change in net interest income | $(26) | $(63) | $— | $(89) |

---

Total interest income for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, decreased primarily due to a decrease in the average balance of interest-earning loans as shown in the table above. The decrease in loans is related mainly to the sale of loans over the last twelve months as we paid off our high-interest line of credit balances. The decrease in interest income was also related to a decrease in interest income on interest-earning accounts with other institutions, as rates decreased nationally over the first nine months of 2025 and have remained lower than they were a year ago.

For the three months ended September 30, 2025, total interest expense decreased due to the payoff of our lines of credit which were bearing interest at an average rate of 9.08% during the quarter ended September 30, 2024.

Net interest income decreased by $89 thousand for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, due to the factors described above. For the three months ended September 30, 2025, compared to the three months ended September 30, 2024, net interest margin decreased by 26 basis points.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** | **Average Balances and Rates/Yields** |
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **AverageBalance** | **InterestIncome/Expense** | **AverageYield/Rate** | **AverageBalance** | **InterestIncome/Expense** | **AverageYield/Rate** |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning accounts with other financial institutions | $12334 | $334 | 3.62% | $13491 | $462 | 4.56% |
| Interest-earning loans [1] | 90373 | 5449 | 8.06% | 95809 | 5071 | 7.05% |
| **Total interest-earning assets** | 102707 | 5783 | 7.53% | 109300 | 5533 | 6.74% |
| Non-interest-earning assets | 5369 |  | —% | 5426 |  | —% |
| **Total Assets** | $108076 | $5783 | 7.15% | $114726 | $5533 | 6.42% |
| **Liabilities:** |  |  |  |  |  |  |
| Debt certificates payable gross of debt issuance costs | 93975 | 3409 | 4.85% | 94378 | 3414 | 4.82% |
| Other debt | 6 |  | —% | 5834 | 393 | 8.97% |
| **Total interest-bearing liabilities** | 93981 | 3409 | 4.85% | 100212 | 3807 | 5.06% |
| Debt issuance cost |  | 69 |  |  | 53 |  |
| **Total interest-bearing liabilities net of debt issuance cost** | $93981 | 3478 | 4.95% | $100212 | 3860 | 5.13% |
| Net interest income |  | $2305 |  |  | $1673 |  |
| Net interest margin |  |  | 3.00% |  |  | 2.04% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** | **Rate/Volume Analysis of Net Interest Income** |
|  | **Nine Months Ended September 30, 2025 vs. 2024** | **Nine Months Ended September 30, 2025 vs. 2024** | **Nine Months Ended September 30, 2025 vs. 2024** | **Nine Months Ended September 30, 2025 vs. 2024** |
|  | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** | **Increase (Decrease) Due to Change in** |
|  | **Volume** | **Rate** | **Recovery** | **Total** |
|  | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Increase (Decrease) in Interest Income:** |  |  |  |  |
| Interest-earning accounts with other financial institutions | $(39) | $(89) | $— | $(128) |
| Interest-earning loans | (319) | 49 | 648 | 378 |
| Total interest-earning assets | (358) | (40) | 648 | 250 |
| **Increase (Decrease) in Interest Expense:** |  |  |  |  |
| Debt certificates payable gross of debt issuance costs | (26) | 21 |  | (5) |
| Other debt | (196) | (197) |  | (393) |
| Debt issuance cost |  | 16 |  | 16 |
| Total interest-bearing liabilities | (222) | (160) |  | (382) |
| Change in net interest income | $(136) | $120 | $648 | $632 |

---

Total interest income for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, increased due to a rate variance on interest-earning loans as shown in the table above. This rate variance was due in part to the rising interest rate environment. Many of the loans we originated from 2014-2020 are either due to be renewed at maturity or due for their five-year rate reset. The prime rate during this period ranged from 3.50% - 5.50%; the prime rate was at 7.25% at September 30, 2025. As loans have matured and been renewed or had their rate adjusted, the weighted average rate of our portfolio has risen. At September 30, 2025, the weighted average rate of our portfolio was 7.01% as compared to 6.86% at September 30, 2024.

However, the primary driver of the increase in interest income is a $670 thousand interest payment made under the terms of a confirmed bankruptcy plan on one of our impaired loans to recover interest and fees that had previously been written off. $648 thousand of this was recognized as interest income during the nine months ended September 30, 2025. Without this payment, the average yield earned on our assets would have been 6.35%.

For the nine months ended September 30, 2025, total interest expense decreased mostly due to a volume variance on both debt certificates and other debt. This was due the paydown of other debt and a reduction in debt certificate sales during the first several months of 2025.

Net interest income increased by $632 thousand for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to the factors described above. For the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, net interest margin increased by 96 basis points. Without the $648 thousand interest recovery, the net interest margin for the nine months ended September 30, 2025 would have been 2.16%, a 12-basis point increase. These improvements in net interest margin position the Company to begin operating profitably with its core operations in the coming quarters.

#### Provision (credit) for expected credit losses and non-interest income and expense

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |  |  | **Nine months ended** | **Nine months ended** |  |  |
|  | **September 30,** | **September 30,** | **Comparison** | **Comparison** | **September 30,** | **September 30,** | **Comparison** | **Comparison** |
|  | (in thousands) | (in thousands) | | | (in thousands) | (in thousands) | | |
|  | **2025** | **2024** | <br>**$ Diff** | <br>**% Diff** | **2025** | **2024** | <br>**$ Diff** | <br>**% Diff** |
| Net interest income | $481 | $570 | $(89) | (16%) | $2305 | $1673 | $632 | 38% |
| Provision (credit) for expected credit losses |  | 46 | (46) | (100%) | (7) | (207) | 200 | 97% |
| Net interest income after provision (credit) for expected credit losses | 481 | 524 | (43) | (8%) | 2312 | 1880 | 432 | 23% |
| Total non-interest income | 420 | 530 | (110) | (21%) | 1063 | 1010 | 53 | 5% |
| Total non-interest expenses  | 967 | 1037 | (70) | (7%) | 3169 | 3259 | (90) | (3%) |
| Loss before provision for income taxes | (66) | 17 | (83) | (488%) | 206 | (369) | 575 | 156% |
| Provision for income taxes and state LLC fees | 1 | 5 | (4) | (80%) | 11 | 15 | (4) | (27%) |
| Net income (loss) | $(67) | $12 | $(79) | (658%) | $195 | $(384) | $579 | 151% |

---

Net interest income after provision for expected credit losses decreased by $43 thousand for the quarter ended September 30, 2025, over the quarter ended September 30, 2024. This decrease was due to a credit for expected credit losses recorded in 2024 related to the payoff of an impaired loan. Net interest income for the nine months ended September 30, 2025 increased over the prior year due to the large interest payment described earlier in this report in addition to the credit for expected credit loss in 2024.

Non-interest income, which often increases or decreases over the course of a quarter or a year related to one-time occurrences, decreased during the third quarter of 2025 as compared to the third quarter of 2024. In September of 2024, the Company recognized income of $215 thousand in an Employee Retention Credit as provided by the CARES Act. In 2025, the Company recognized $182 thousand in income related to the sale of its foreclosed real estate asset. For the nine months ended September 30, 2025, the Company's non-interest income is $53 thousand higher than the same period of 2024 due primarily to the recognition of loan fees on a previously impaired loan.

The decrease in total non-interest expense for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, as shown in the table above, was due to decreases in office operations expenses and legal and accounting fees. The Company's conversion to a new IT vendor and to a new core system was mostly complete by the beginning of the second quarter in 2025, and the cost savings began to be realized. However, early in 2025 we paid significant deconversion and setup fees associated with the conversion that caused office operations expenses to remain higher for the nine months ended September 30, 2025. However, for both the three- and nine-month periods ended September 30, 2025, we have paid fewer consulting fees.

## **Table of Contents**

### Item 3: Quantitative and Qualitative Disclosures about Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.

### Item 4: Controls and Procedures

### Evaluation of Disclosure Controls and Procedures
Our management, including our Vice President of Finance, supervised and participated in an evaluation of our disclosure controls and procedures as of September 30, 2025. After evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) as of the end of the period covered by this quarterly report, our Principal Accounting Officer has concluded that as of the evaluation date, our disclosure controls and procedures were adequate and effective to ensure that material information relating to the Company would be made known to them by others within the Company, particularly during the period in which this quarterly report was being prepared.

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in the reports filed under the Exchange Act is accumulated and communicated to our management, including the President and Principal Accounting Officer, as appropriate to allow timely decisions regarding required disclosure.

### Changes in Internal Controls
The Company made no changes in internal controls during the three- and nine-month periods ended September 30, 2025 and 2024.

## **Table of Contents**
**PART II - OTHER INFORMATION**

**Item 1: Legal Proceedings**

Given the nature of our operations, we may from time to time have an interest in, or be involved in, litigation arising out of our business activities. We consider litigation related to our operations to be routine to the conduct of our business. As of September 30, 2025, we are not involved in any litigation matters that could have a material adverse effect on our financial position, results of operations, or cash flows.

### Item 1A. Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.

### Item 2: Unregistered Sales of Equity Securities and Use of Proceeds:
None

### Item 3: Defaults upon Senior Securities:
None

### Item 4: Mine Safety Disclosure:
None

### Item 5: Other Information:
None

## **Table of Contents**

### Item 6. Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |

---

---

| | |
|:---|:---|
| [**31.1**](mpic-20250930xex31d1.htm) | Certification of Chief Executive Officer pursuant to Rule 13a 14(a) or Rule 15(d) 14(a) (\*\*) |

---

---

| | |
|:---|:---|
| [**31.2**](mpic-20250930xex31d2.htm) | Certification of Principal Accounting Officer pursuant to Rule 13a 14(a) or Rule 15(d) 14(a) (\*\*) |

---

---

| | |
|:---|:---|
| [**32.1**](mpic-20250930xex32d1.htm) | Certification of President and Chief Executive Officer pursuant to 18 U.S.C. §1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (\*\*) |

---

---

| | |
|:---|:---|
| [**32.2**](mpic-20250930xex32d2.htm) | Certification of Principal Accounting Officer pursuant to 18 U.S.C. §1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (\*\*) |

---

---

| | |
|:---|:---|
| **101\*** | The following information from Ministry Partners Investment Company, LLC's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in XBRL (eXtensible Business Reporting Language):  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Consolidated Statements of Income for the three- and nine-month periods ended September 30, 2025 and 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Consolidated Statements of Cash Flows for the three- and nine-month periods ended September 30, 2025 and 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Notes to Consolidated Financial Statements.

\*Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

\*\*Filed herewith

## **Table of Contents**
**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 14, 2025

---

| | | |
|:---|:---|:---|
|  | MINISTRY PARTNERS INVESTMENT COMPANY, LLC | MINISTRY PARTNERS INVESTMENT COMPANY, LLC |
| (Registrant) | By: | */s/ Darren M. Thompson* |
|  | Darren M. Thompson, | Darren M. Thompson, |
|  | Chief Executive Officer  | Chief Executive Officer  |

---

## Exhibit 31.1

**EXHIBIT 31.1**

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Darren M. Thompson, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of Ministry Partners Investment Company, LLC;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially effect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | */s/ Darren M. Thompson* |
|  |  | Darren M. Thompson |
|  |  | Chief Executive Officer |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

CERTIFICATION OF ACTING PRINCIPAL FINANCIAL

AND ACCOUNTING OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Daniel Flude, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of Ministry Partners Investment Company, LLC;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially effect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | */s/ Daniel Flude* |
|  |  | Daniel Flude |
|  |  | Principal Accounting Officer |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, in his capacity as Chief Executive Officer of Ministry Partners Investment Company, LLC, (the "**Company**") that, to his knowledge, this Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "**Report**") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period.

---

| | | |
|:---|:---|:---|
| ugus<br>|  |  |
| Date: November 14, 2025 | By: | */s/ Darren M. Thompson* |
|  |  | Darren M. Thompson |
|  |  | Chief Executive Officer |

---

------

## Exhibit 32.2

**EXHIBIT 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, in his capacity as Principal Accounting Officer of Ministry Partners Investment Company, LLC, (the "**Company**") that, to his knowledge, this Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the "**Report**") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period.

---

| | | |
|:---|:---|:---|
| Date: November 14, 2025 | By: | */s/ Daniel Flude* |
|  |  | Daniel Flude, |
|  |  | Principal Accounting Officer |

---

------