Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Borrowings [Abstract]

Secured Credit Facility Commitment

As of December 31, 2025 and December 31, 2024, the Secured Credit Facility commitment amounts were as follows:

Secured Credit Facility Lender	As of December 31, 2025 Commitment		As of December 31,2024 Commitment
Webster Bank	$	67,500,000	$	67,500,000
Dime Community 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
Peapack-Gladstone Bank		17,000,000		17,000,000
Hanmi Bank		15,500,000		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 year ended
	December 31, 2025			December 31, 2024			December 31, 2023
Interest expense - Secured Credit Facility	$	7,983,145		$	11,099,472		$	12,108,069
Interest expense - Revolving Credit Facility		-			-			38,624
Unused commitment fees		429,556			322,139			278,783
Amortization of deferred financing costs		620,769			593,706			627,611
Utilization fees		(959,718	)		729,919			1,141,897
Total interest and other debt financing expenses	$	8,073,752		$	12,745,236		$	14,194,984
Average debt outstanding	$	115,265,616		$	136,628,415		$	154,152,055
Average stated interest rate		6.93	%		8.10	%		7.88	%