ARTS WAY MANUFACTURING CO INC — Form 10-Q
Filed July 15, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 72/100
What the filing says
Arts Way Manufacturing secured a $516,971 promissory note from Bank Midwest (Armstrong Branch) dated October 1, 2025, maturing October 5, 2035. The loan carries a fixed 7.250% interest rate for the first 60 months ($6,102.36/month), then converts to variable rate (5-Year Treasury Index + 3.25% margin, floor 5.00%, ceiling market cap) for remaining 119 months. Proceeds designated for Armstrong Roof project; secured by real estate mortgage dated 9/28/2017 and other collateral.
Why this rating
Loan equals ~11.5% of $4.5M market cap—material refinancing/capex event. Neutral because purpose is operational (roof repair), not transformational; typical 10-year amortization; no covenant breaches or red flags disclosed. Moderate leverage increase manageable for industrial manufacturer.
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