Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Summary of Average Debt Outstanding and Interest Rates on Secured Credit Facility

The following table summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the year ended December 31, 2023:

	For the Year Ended December 31, 2023
Average Debt Outstanding	$	104,758,197
Effective Interest Rate		12.10	%
Weighted Average Interest Rate(1)		8.67	%

(1)The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees or the amortization of deferred financing costs.

Interest Expense Related to Secured Credit Facility

For the year ended December 31, 2023, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Year Ended December 31, 2023
Borrowing interest expense	$	6,151,607
Minimum utilization fee		579,233
Non-utilization fees		1,264,570
Amortization of deferred financing costs		480,842
Total interest and debt financing expense	$	8,476,252