Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

As of March 31, 2024 and December 31, 2023, the Secured Credit Facility commitment amounts were as follows:

	As of March 31, 2024		As of December 31, 2023
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 March 31,
	2024			2023
Interest expense - Secured Credit Facility	$	3,288,169		$	2,482,260
Interest expense - Revolving Credit Line		-			23,354
Unused commitment fees		47,687			110,939
Amortization of deferred financing costs		140,521			172,264
Utilization fees		264,814			358,699
Total interest and other debt financing fees	$	3,741,191		$	3,147,516
Average debt outstanding	$	162,269,231		$	138,366,667
Average stated interest rate		8.13	%		7.34	%