NOTES (Tables)

6 Months Ended

Jun. 30, 2026

Notes Payable 2026

NOTES

Schedule of interest expense and deferred financing costs

	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	—		$	1,218,750		$	500		$	2,437,500
Deferred financing costs		—			111,374			—			221,524
Total interest and financing expenses	$	—		$	1,330,124		$	500		$	2,659,024
Weighted average interest rate		N/A	%		4.9	%		N/A	%		4.9	%
Effective interest rate (including fee amortization)		N/A	%		5.4	%		N/A	%		5.4	%
Average debt outstanding	$	—		$	100,000,000		$	—		$	100,000,000
Cash paid for interest	$	—		$	—		$	500		$	2,437,500

7.250% Notes due 2030

NOTES

Schedule of interest expense and deferred financing costs

	For the three months ended						For the six months ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Interest expense	$	2,265,625		$	1,374,375		$	4,531,250		$	1,374,375
Deferred financing costs		136,182			81,944			270,866			81,944
Discount amortization		33,873			31,436			67,121			31,436
Premium amortization		(31,006)			—			(61,431)			—
Total interest and financing expenses	$	2,404,674		$	1,487,755		$	4,807,806		$	1,487,755
Weighted average interest rate		7.3	%		7.4	%		7.3	%		7.4	%(1)
Effective interest rate (including fee amortization)		7.7	%		8.0	%		7.8	%		8.0	%(1)
Average debt outstanding	$	125,000,000		$	75,000,000		$	125,000,000		$	75,000,000	(1)
Cash paid for interest	$	4,531,250		$	15,000		$	4,531,250		$	15,000

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through June 30, 2025.

Schedule of notes payable, net of deferred financing costs

	June 30, 2026		December 31, 2025
2030 Notes Payable	$	125,000,000	$	125,000,000
Deferred financing costs		(2,051,714)		(2,272,580)
Premium on 2030 Notes Payable		556,713		618,145
Discount on 2030 Notes Payable		(607,036)		(674,156)
2030 Notes Payable, net of deferred financing costs and discount	$	122,897,963	$	122,671,409