NOTES (Tables) - Notes Payable 2026

6 Months Ended

Jun. 30, 2024

Notes

Schedule of interest expense and deferred financing costs

	For the three months ended						For the six months ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Interest expense	$	1,218,750		$	1,224,750		$	2,443,500		$	2,443,500
Deferred financing costs		111,373			111,374			222,747			221,524
Total interest and financing expenses	$	1,330,123		$	1,336,124		$	2,666,247		$	2,665,024
Weighted average interest rate		4.9	%		4.9	%		4.9	%		4.9	%
Effective interest rate (including fee amortization)		5.3	%		5.4	%		5.4	%		5.4	%
Average debt outstanding	$	100,000,000		$	100,000,000		$	100,000,000		$	100,000,000
Cash paid for interest	$	—		$	6,000		$	2,443,500		$	2,443,500

Schedule of notes payable, net of deferred financing costs

	June 30, 2024		December 31, 2023
Notes Payable	$	100,000,000	$	100,000,000
Deferred financing costs		(780,841)		(1,003,588)
Notes Payable, net of deferred financing costs	$	99,219,159	$	98,996,412