NOTES (Tables)

12 Months Ended

Dec. 31, 2023

Notes Payable 2022

Notes

Schedule of interest expense and deferred financing costs

	For the year ended
	December 31, 2021
Interest expense	$	320,063
Deferred financing costs		28,231
Administration fees		9,000
Total interest and financing expenses	$	357,294
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 year ended December 31, 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 year ended
	December 31, 2023			December 31, 2022			December 31, 2021
Interest expense	$	4,881,000		$	4,885,000		$	4,698,958
Deferred financing costs		446,720			446,719			435,809
Total interest and financing expenses	$	5,327,720		$	5,331,719		$	5,134,767
Weighted average interest rate		4.9	%		4.9	%		4.9	%(1)
Effective interest rate (including fee amortization)		5.3	%		5.3	%		5.3	%(1)
Average debt outstanding	$	100,000,000		$	100,000,000		$	100,000,000	(1)
Cash paid for interest	$	4,881,000		$	4,885,000		$	3,466,667

(1) Calculated for the period from January 14, 2021, the date of the 2026 Notes offering, through December 31, 2021.

Schedule of notes payable, net of deferred financing costs

	December 31, 2023		December 31, 2022
2026 Notes payable	$	100,000,000	$	100,000,000
Deferred financing costs		(1,003,588)		(1,450,308)
2026 Notes payable, net of deferred financing costs	$	98,996,412	$	98,549,692