Borrowings (Tables)

3 Months Ended

Mar. 31, 2026

As of March 31, 2026 and December 31, 2025, the Secured Credit Facility commitment amounts were as follows:

	As of March 31, 2026		As of December 31, 2025
Secured Credit Facility Lender		Commitment		Commitment
Webster Bank	$	87,500,000	$	67,500,000
Dime Community Bank		25,000,000		25,000,000
First Foundation Bank		-		20,000,000
Woodforest National Bank		20,000,000		20,000,000
Peapack-Gladstone Bank		17,000,000		17,000,000
Hanmai Bank		15,500,000		15,500,000
Apple Bank		15,000,000		15,000,000
Total Commitment	$	200,000,000	$	200,000,000

Interest Expense 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,
	2026			2025
Interest expense - Secured Credit Facility	$	1,563,943		$	2,169,421
Interest expense - Senior Unsecured Note		457,347			-
Unused commitment fees		118,814			99,564
Amortization of deferred financing costs - Secured Credit Facility		153,514			137,400
Amortization of deferred financing costs - Senior Unsecured Note		27,425			-
Utilization fees		39,356			135,392
Total interest and other debt financing fees	$	2,360,399		$	2,541,777
Average debt outstanding	$	129,948,889		$	120,348,889
Average stated interest rate		6.31	%		7.31	%