Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

As of September 30, 2024 and December 31, 2023, the Secured Credit Facility commitment amounts were as follows:

	As of September 30, 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
Dime Community Bank		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
Peapack-Gladstone Bank		17,000,000		15,000,000
Hanmai Bank		15,500,000		-
Apple 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 September 30,
	2024			2023
Interest expense - Secured Credit Facility	$	2,718,244		$	3,276,457
Unused commitment fees		90,444			50,029
Amortization of deferred financing costs		152,362			142,064
Utilization fees		145,729			263,612
Total interest and other debt financing fees	$	3,106,779		$	3,732,162
Average debt outstanding	$	129,217,391		$	160,838,710
Average stated interest rate		8.35	%		8.00	%

	For the nine months ended September 30,
	2024			2023
Interest expense - Secured Credit Facility	$	8,960,744		$	8,559,805
Interest expense - Revolving Credit Line		-			38,624
Unused commitment fees		209,291			243,936
Amortization of deferred financing costs		437,281			485,547
Utilization fees		603,964			858,421
Total interest and other debt financing fees	$	10,211,280		$	10,186,333
Average debt outstanding	$	145,003,650		$	147,891,941
Average stated interest rate		8.23	%		7.77	%