NOTES (Tables)

9 Months Ended

Sep. 30, 2022

Notes Payable 2022

Notes

Schedule of interest expense and deferred financing costs

	For the nine months ended
	September 30,
	2021
Interest expense	$	320,063
Deferred financing costs		28,232
Administration fees		9,000
Total interest and financing expenses	$	357,295
Loss on debt extinguishment(1)		539,250
Weighted average interest rate(2)		5.7	%
Effective interest rate (including fee amortization)(2)		6.4	%
Average debt outstanding(3)	$	48,875,000
Cash paid for interest	$	453,966

(1) The loss on debt extinguishment is not included in interest expense or net investment income.

(2) Excludes the loss on debt extinguishment.

(3) For the nine months ended September 30, 2021, the average is calculated for the period January 1, 2021 through February 12, 2021; the repayment date of the 2022 Notes.

Notes Payable 2026

Notes

Schedule of interest expense and deferred financing costs

	For the three months ended						For the nine months ended
	September 30,			September 30,			September 30,			September 30,
	2022			2021			2022			2021
Interest expense	$	1,218,750		$	1,218,750		$	3,656,250		$	3,480,208
Deferred financing costs		112,598			117,598			339,122			323,211
Total interest and financing expenses	$	1,331,348		$	1,336,348		$	3,995,372		$	3,803,419
Weighted average interest rate		4.8	%		4.8	%		4.9	%		4.9	%
Effective interest rate (including fee amortization)		5.3	%		5.3	%		5.3	%		5.3	%
Average debt outstanding	$	100,000,000		$	100,000,000		$	100,000,000		$	100,000,000(1)
Cash paid for interest	$	2,437,500		$	3,466,667		$	4,880,000		$	3,466,667

(1) Calculated for the period from January 14, 2021, the date of the 2026 bond offering, through September 30, 2021.

Schedule of interest expense net of deferred financing costs

	September 30,		December 31,
	2022		2021
Notes payable	$	100,000,000	$	100,000,000
Deferred financing costs		(1,562,905)		(1,897,027)
Notes payable, net of deferred financing costs	$	98,437,095	$	98,102,973