NOTES (Tables)

3 Months Ended

Mar. 31, 2026

Notes Payable 2026

NOTES

Schedule of interest expense and deferred financing costs

	For the three months ended
	March 31, 2026			March 31, 2025
Interest expense	$	500		$	1,218,750
Deferred financing costs		—			110,150
Total interest and financing expenses	$	500		$	1,328,900
Weighted average interest rate		N/A	%		4.9	%
Effective interest rate (including fee amortization)		N/A	%		5.4	%
Average debt outstanding	$	—		$	100,000,000
Cash paid for interest	$	500		$	2,437,500

7.250% Notes due 2030

NOTES

Schedule of notes payable, net of deferred financing costs

	March 31, 2026		December 31, 2025
2030 Notes Payable	$	125,000,000	$	125,000,000
Deferred financing costs		(2,187,895)		(2,272,580)
Premium on 2030 Notes Payable		587,719		618,145
Discount on 2030 Notes Payable		(640,909)		(674,156)
2030 Notes Payable, net of deferred financing costs and discount	$	122,758,915	$	122,671,409

Schedule of interest expense and deferred financing costs

	For the three months ended
	March 31, 2026
Interest expense	$	2,265,625
Deferred financing costs		134,684
Discount amortization		33,248
Premium amortization		(30,425)
Total interest and financing expenses	$	2,403,132
Weighted average interest rate		7.4	%
Effective interest rate (including fee amortization)		7.8	%
Average debt outstanding	$	125,000,000
Cash paid for interest	$	—