Borrowing (Tables)

9 Months Ended

Sep. 30, 2024

Borrowing [Abstract]

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

The following tables summarize the average debt outstanding and the interest rates on the Secured Credit Facility for the three and nine months ended September 30, 2024 and September 30, 2023, respectively:

	For the Three Months Ended September 30,
	2024			2023
Average Debt Outstanding	$	256,000,696		$	106,032,609
Effective Interest Rate		9.18	%		12.51	%
Weighted Average Interest Rate (1)		8.74	%		8.61	%

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

	For the Nine Months Ended September 30,
	2024			2023
Average Debt Outstanding	$	244,413,356		$	64,815,789
Effective Interest Rate		9.41	%		14.84	%
Weighted Average Interest Rate (1)		8.77	%		8.61	%

(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 three and nine months ended September 30, 2024 and September 30, 2023, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Three Months Ended September 30,
	2024		2023
Borrowing interest expense	$	5,640,638	$	2,332,939
Minimum utilization fee		—		387,513
Non-utilization fees		112,443		450,597
Amortization of deferred financing costs		173,480		173,481
Total interest and debt financing expense	$	5,926,561	$	3,344,530

	For the Nine Months Ended September 30,
	2024		2023
Borrowing interest expense	$	16,102,797	$	2,355,813
Minimum utilization fee		261,056		387,513
Non-utilization fees		392,929		956,237
Amortization of deferred financing costs		516,669		307,362
Total interest and debt financing expense	$	17,273,451	$	4,006,925