Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

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 years ended December 31, 2024 and December 31, 2023, respectively:

	For the Year Ended December 31,
	2024			2023
Average Debt Outstanding	$	257,249,040		$	104,758,197
Effective Interest Rate		9.19	%		12.10	%
Weighted Average Interest Rate (1)		8.45	%		8.67	%

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

Interest Expense Related to Secured Credit Facility

For the years ended December 31, 2024 and December 31 2023, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Year Ended December 31,
	2024		2023
Borrowing interest expense	$	21,721,777	$	6,151,607
Minimum utilization fee		261,056		579,233
Non-utilization fees		860,043		1,264,570
Administration fee		33,894		—
Amortization of deferred financing costs		753,279		480,842
Total interest and credit facility fees	$	23,630,049	$	8,476,252