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CREDIT FACILITY (Tables) - Senior Secured Revolving Credit Agreement
9 Months Ended
Sep. 30, 2022
CREDIT FACILITY  
Schedule of credit facility net of prepaid loan structure fees

September 30, 

December 31, 

    

2022

    

2021

Credit Facility payable

$

199,033,419

$

177,340,000

Prepaid loan structure fees

 

(1,662,188)

 

(1,888,884)

Credit facility payable, net of prepaid loan structure fees

$

197,371,231

$

175,451,116

Schedule of interest expense and amortized loan fees

    

For the three months ended

For the nine months ended

September 30, 

September 30, 

September 30, 

September 30, 

2022

2021

2022

2021

Interest expense

$

2,575,787

$

1,406,123

$

5,800,223

$

3,873,550

Loan fee amortization

 

148,121

 

150,598

 

420,356

 

390,298

 

Total interest and financing expenses

$

2,723,908

$

1,556,721

$

6,220,579

$

4,263,848

Weighted average interest rate

 

4.9

%  

 

2.8

%  

 

3.8

%  

 

2.8

%  

Effective interest rate (including fee amortization)

 

5.2

%  

 

3.2

%  

 

4.1

%  

 

3.3

%  

Average debt outstanding

$

207,437,767

$

191,891,304

$

201,712,826

$

174,057,143

Cash paid for interest and unused fees

$

2,548,660

$

1,415,901

$

5,772,502

$

3,904,908