For the three months ended September 30,

For the nine months ended September 30,

2024

2023

2024

2023

Affiliate Payments

Management fees earned

$

1,122,379

$

1,055,421

$

3,304,301

$

3,137,033

Less: Outside Fees earned

(60,000

)

—

(91,571

)

(130,000

)

Base management fees, net

1,062,379

1,055,421

3,212,730

3,007,033

Incentive fees

606,737

545,966

1,986,008

2,532,026

Total management and incentive fees earned

1,669,116

1,601,387

5,198,738

5,539,059

General and administrative expenses reimbursable to Manager

1,110,611

1,144,907

3,455,367

3,533,493

Total

$

2,779,727

$

2,746,294

$

8,654,105

$

9,072,552