NOTES (Tables)

12 Months Ended

Dec. 31, 2025

Notes Payable 2026

Notes

Schedule of notes payable, net of deferred financing costs

	December 31, 2025		December 31, 2024
2026 Notes Payable	$	—	$	100,000,000
Deferred financing costs		—		(555,645)
2026 Notes Payable, net of deferred financing costs and discount	$	—	$	99,444,355

Schedule of interest expense and deferred financing costs

	For the year ended
	December 31, 2025			December 31, 2024			December 31, 2023
Interest expense	$	4,258,083		$	4,881,000		$	4,881,000
Deferred financing costs		390,420			447,943			446,720
Total interest and financing expenses	$	4,648,503		$	5,328,943		$	5,327,720
Weighted average interest rate		5.7	%		4.9	%		4.9	%
Effective interest rate (including fee amortization)		6.2	%		5.3	%		5.3	%
Average debt outstanding	$	74,657,534		$	100,000,000		$	100,000,000
Cash paid for interest	$	5,490,375		$	4,881,000		$	4,881,000

7.250% Notes due 2030

Notes

Schedule of notes payable, net of deferred financing costs

	December 31, 2025
2030 Notes Payable	$	125,000,000
Deferred financing costs		(2,272,580)
Premium on 2030 Notes Payable		618,145
Discount on 2030 Notes Payable		(674,156)
2030 Notes Payable, net of deferred financing costs and discount	$	122,671,409

Schedule of interest expense and deferred financing costs

	For the year ended
	December 31, 2025
Interest expense	$	5,059,792
Deferred financing costs		301,973
Discount amortization		96,093
Premium amortization		(29,856)
Total interest and financing expenses	$	5,428,002
Weighted average interest rate		7.2	%(1)
Effective interest rate (including fee amortization)		7.8	%(1)
Average debt outstanding	$	92,818,182	(1)
Cash paid for interest	$	2,794,167

(1) Calculated for the period from April 1, 2025, the date of the first issuance of the 2030 Notes Payable, through December 31, 2025.