Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Secured Credit Facility Commitment

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

Secured Credit Facility Lender	As of December 31, 2023 Commitment		As of December 31,2022  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 year ended
	December 31, 2023			December 31, 2022			For the period May 14, 2021* to December 31, 2021
Interest expense - Secured Credit Facility	$	12,108,069		$	4,222,007		$	129,638
Interest expense - Revolving Credit Line		38,624			433,472			-
Unused commitment fees		278,783			277,339			149,153
Amortization of deferred financing costs		627,611			440,322			37,131
Utilization fees		1,141,897			425,175			9,979
Total interest and other debt financing fees	$	14,194,984		$	5,798,315		$	325,901
Average debt outstanding	$	154,152,055		$	90,928,767		$	6,810,345
Average stated interest rate		7.88	%		5.12	%		2.99	%

* Date of formation of the Company.