Harvest Small Business Finance, LLC (“HSBF”) (http://www.harvestsbf.com), one of the top non-bank originators of SBA 7(a) loans, closed its seventh securitization of the unguaranteed portions of owner-occupied primarily first-lien SBA 7(a) CRE loans. Performance Trust Capital Partners, LLC acted as sole structuring agent and initial purchaser, and East West Markets, LLC acted as co-manager for the $93.1 million Harvest SBA Loan Trust 2026-1 transaction (“HSLT 2026-1”).

Harvest utilized Morningstar DBRS, which assigned the ratings of AA(sf), A(low)(sf), BBB(low)(sf) and BB(sf) to the Class A, Class B, Class C and Class D Notes, respectively.

“HSBF continues to demonstrate top-tier performance and volume in the non-bank SBA 7(a) sector. That performance is validated by Harvest receiving the first AA(sf) rating from Morningstar DBRS in SBLC issuance history. We view this recognition as a serious responsibility that motivates us every day to keep raising the bar in the SBA space. This issuance is a true testament to the daily effort and discipline our entire team brings to every single loan—truly best in class.”
— Adam Seery, Todd Massas and Jason Raefski, HSBF

Deal Characteristics

Harvest SBA Loan Trust 2026-1 is Harvest ‘s seventh SBA 7(a) securitization and the eleventh Harvest issuance overall, including Harvest Commercial Capital. The deal structure features pro-rata payments to Class A, Class B, Class C, and D Notes.

The transaction includes a 90-day prefunding period for up to an additional 20% of collateral. Once the 90-day prefunding period is complete, the transaction will have a static collateral pool. As of August 31, 2026 cut-off date, the collateral consisted of the unguaranteed portions of 306 SBA 7(a) loans with an unguaranteed principal balance of $82.9 million, which represents approximately 25% of the full outstanding principal balance of the SBA 7(a) loans. The collateral pool has an average full loan balance of approximately $1.084 million and a weighted average remaining term of 294 months. All of the loans are monthly pay, with an adjustable interest rate based on the Prime Rate, and most of the pool consists of 25-year, fully-amortizing loans. The obligors have a weighted average FICO of 735 and the properties used to collateralize the loans are all commercial real estate with a weighted average original LTV of 79.5%. The weighted average time in business of the underlying businesses is approximately 13 years.

Harvest Small Business Finance, LLC

Harvest Small Business Finance, LLC, a California limited liability company, was created to originate and service loans backed by owner-occupied, multi-purpose real estate, in accordance with the Small Business Administration’s ("SBA") 7(a) loan program. The Company is a significant originator in a number of major markets throughout the United States, pursuant to the authority of a Small Business Lending Company (“SBLC”) license that it acquired in March of 2016. HSBF is majority owned by an affiliate of Medalist Partners, LP, an SEC registered investment manager with approximately $2.9 billion of net assets under management as of September 30, 2026, that invests predominantly in credit-based strategies. HSBF was founded in February 2016 and is based in Laguna Hills, CA.

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