Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

As of June 30, 2023 and December 31, 2022, the Secured Credit Facility commitment amounts were as follows:

	As of June 30, 2023		As of December 31, 2022
Secured Credit Facility Lender	Commitment		Commitment
Webster Bank	$	67,500,000	$	67,500,000
Blue Ridge Bank		25,000,000		25,000,000
First Foundation Bank		20,000,000		20,000,000
Mitsubishi HC Capital America, Inc.		20,000,000		20,000,000
Woodforest National Bank		20,000,000		20,000,000
Forbright Bank		17,500,000		17,500,000
Apple Bank		15,000,000		15,000,000
Peapack-Gladstone Bank		15,000,000		15,000,000
Total Commitment	$	200,000,000	$	200,000,000

Interest and Other Debt Financing Expenses, Average Outstanding Balances and Average Stated Interest Rates

The components of the Company’s interest expense and other debt financing expenses, average outstanding balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows:

	For the three months ended June 30,
	2023			2022
Interest expense - Secured Credit Facility	$	2,801,088		$	633,812
Interest expense - Revolving Credit Line		15,270			9,760
Unused commitment fees		82,968			51,125
Amortization of deferred financing costs		171,219			67,368
Utilization fees		236,110			73,285
Total interest and other debt financing fees	$	3,306,655		$	835,350
Average debt outstanding	$	144,214,286		$	70,450,549
Average stated interest rate		7.83	%		3.66	%

	For the six months ended June 30,
	2023			2022
Interest expense - Secured Credit Facility	$	5,283,348		$	921,181
Interest expense - Revolving Credit Line		38,624			9,760
Unused commitment fees		193,907			97,862
Amortization of deferred financing costs		343,483			98,618
Utilization fees		594,809			114,812
Total interest and other debt financing fees	$	6,454,171		$	1,242,233
Average debt outstanding	$	141,306,630		$	55,088,398
Average stated interest rate		7.59	%		3.41	%