NOTES (Tables) - Notes Payable 2026

3 Months Ended

Mar. 31, 2023

Notes

Schedule of interest expense and deferred financing costs

	For the three months ended
	March 31, 2023			March 31, 2022
Interest expense	$	1,218,750		$	1,218,750
Deferred financing costs		110,150			115,150
Total interest and financing expenses	$	1,328,900		$	1,333,900
Weighted average interest rate		4.9	%		4.9	%
Effective interest rate (including fee amortization)		5.4	%		5.4	%
Average debt outstanding	$	100,000,000		$	100,000,000
Cash paid for interest	$	2,437,500		$	2,437,500

Schedule of interest expense net of deferred financing costs

	March 31, 2023		December 31, 2022
Notes payable	$	100,000,000	$	100,000,000
Deferred financing costs		(1,340,158)		(1,450,308)
Notes payable, net of deferred financing costs	$	98,659,842	$	98,549,692