NOTES (Tables)

6 Months Ended

Jun. 30, 2025

Notes Payable 2026

Notes

Schedule of interest expense and deferred financing costs

	For the three months ended						For the six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest expense	$	1,218,750		$	1,224,750		$	2,437,500		$	2,443,500
Deferred financing costs		111,374			111,374			221,524			222,747
Total interest and financing expenses	$	1,330,124		$	1,336,124		$	2,659,024		$	2,666,247
Weighted average interest rate		4.9	%		4.9	%		4.9	%		4.9	%
Effective interest rate (including fee amortization)		5.4	%		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		$	2,437,500		$	2,443,500

Schedule of notes payable, net of deferred financing costs

	June 30, 2025		December 31, 2024
2026 Notes Payable	$	100,000,000	$	100,000,000
Deferred financing costs		(334,122)		(555,645)
2026 Notes Payable, net of deferred financing costs and discount	$	99,665,878	$	99,444,355

7.250% Notes due 2030

Notes

Schedule of interest expense and deferred financing costs

	For the three months ended			For the six months ended
	June 30, 2025			June 30, 2025
Interest expense	$	1,374,375		$	1,374,375
Deferred financing costs		81,944			81,944
Discount amortization		31,436			31,436
Total interest and financing expenses	$	1,487,755		$	1,487,755
Weighted average interest rate		7.4	%		7.4	%(1)
Effective interest rate (including fee amortization)		8.0	%		8.0	%(1)
Average debt outstanding	$	75,000,000		$	75,000,000	(1)
Cash paid for interest	$	15,000		$	15,000

(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through June 30, 2025.

Schedule of notes payable, net of deferred financing costs

	June 30, 2025
2030 Notes Payable	$	75,000,000
Deferred financing costs		(1,616,862)
Discount on 2030 Notes Payable		(738,815)
2030 Notes Payable, net of deferred financing costs and discount	$	72,644,323