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CREDIT FACILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Revolving credit facility

Line of Credit Facility [Line Items]

Summary of Commitment and Credit Facilities


		June 30, 2023			December 31, 2022
Commitment Facility payable		$	45,000,000		$	80,615,000
Prepaid loan structure fees			(96,945)			(44,678)
Commitment Facility payable, net of prepaid loan structure fees		$	44,903,055		$	80,570,322

Summary of interest expense and amortized financing costs on Commitment and Credit Facilities


		Three Months Ended						Six Months Ended
		June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Interest expense		$	786,155		$	178,110		$	1,669,097		$	203,508
Loan structure fees amortization			47,944			97,191			123,551			144,560
Total interest and other fees		$	834,099		$	275,301		$	1,792,648		$	348,068
Weighted average interest rate			7.0	%		3.1	%⁽¹⁾		6.7	%		3.4	%⁽¹⁾
Effective interest rate (including fee amortization)			7.4	%		4.8	%⁽¹⁾		7.2	%		5.8	%⁽¹⁾
Average debt outstanding		$	45,000,000		$	23,106,593	⁽¹⁾	$	49,966,796			14,644,667	⁽¹⁾
Cash paid for interest and unused fees		$	1,271,798		$	—		$	2,073,214		$	—

(1)	Calculated for the period from February 1, 2022, the date of the Commitment Facility, through June 30, 2022.

Senior Secured Revolving Credit Agreement

Line of Credit Facility [Line Items]

Summary of Commitment and Credit Facilities

The following is a summary of the Credit Facility, net of prepaid loan structure fees:


		June 30, 2023			December 31, 2022
Credit Facility payable		$	50,200,000		$	—
Prepaid loan structure fees			(1,123,695)			(1,122,188)
Credit Facility payable, net of prepaid loan structure fees		$	49,076,305		$	(1,122,188)

Summary of interest expense and amortized financing costs on Commitment and Credit Facilities


	Three Months Ended			Six Months Ended
	June 30, 2023			June 30, 2023
Interest expense	$	893,728		$	1,555,656
Loan structure fees amortization		94,132			175,419
Total interest and other fees	$	987,860		$	1,731,075
Weighted average interest rate		9.1	%		9.0	%
Effective interest rate (including fee amortization)		10.0	%		10.1	%
Average debt outstanding	$	39,588,462		$	34,677,072
Cash paid for interest and unused fees	$	901,154		$	1,537,279