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Note 14 - Notes Receivable

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 14 – Notes Receivable

Several franchisees borrowed funds from us primarily to finance the initial purchase price of office assets, including intangible assets.

Notes outstanding, net of allowance for losses, were approximately $6.7 million and $7.8 million as of December 31, 2025 and  December 31, 2024, respectively. Notes receivable generally bear interest at a fixed rate between 6.0% and 10.0%. Notes receivable are generally secured by the assets of each office and the ownership interests in the franchise. We report interest income on notes receivable as interest income in our consolidated statements of income. Interest income was approximately $511 thousand and $556 thousand during the year ended  December 31, 2025 and  December 31, 2024, respectively. 

Based on our review of the financial condition of the borrowers, the underlying collateral value, and the potential future impact of the economy on certain borrowers’ economic performance and estimated future cash flows, we have established an allowance of approximately $1.2 million and $773 thousand as of  December 31, 2025 and  December 31, 2024, respectively, for potentially uncollectible notes receivable from franchisees.

The following table summarizes our notes receivable balance to franchisees:

(in thousands)			December 31, 2025				December 31, 2024
Note receivable		$	7,898			$	8,603
Allowance for losses			(1,226	)			(773	)
Notes receivable, net		$	6,672			$	7,830

The following table summarizes our allowance for credit losses at December 31, 2022, and changes during the years ended December 31, 2023 and December 31, 2024 (in thousands):

Allowance for credit losses at December 31, 2023		$	623
Provision for credit losses during 2024			275
Writeoffs charged against the allowance			(125	)
Allowance for credit losses at December 31, 2024			773
Provision for credit losses during 2025			582
Writeoffs charged against the allowance			(129	)
Allowance for credit losses at December 31, 2025		$	1,226

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- References

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- Definition

The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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