Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and March 31, 2024, respectively:

	For the Three Months Ended March 31,
	2025			2024
Average Debt Outstanding	$	330,571,123		$	222,112,038
Effective Interest Rate		7.75	%		9.88	%
Weighted Average Interest Rate (1)		6.98	%		8.80	%

(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 three months ended March 31, 2025 and March 31, 2024, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Three Months Ended March 31,
	2025		2024
Borrowing interest expense	$	5,689,386	$	4,872,781
Minimum utilization fee		—		261,056
Non-utilization fees		423,572		166,736
Administration fee		41,322		—
Amortization of deferred financing costs		164,196		171,595
Total interest and credit facility fees	$	6,318,476	$	5,472,168