Borrowings (Tables)

9 Months Ended

Sep. 30, 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 three and nine months ended September 30, 2023:

	For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2023
Average Debt Outstanding	$	106,032,609		$	64,815,789
Effective Interest Rate		12.51	%		14.84	%
Weighted Average Interest Rate (1)		8.61	%		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, 2023, the components of interest expense related to the Secured Credit Facility were as follows:

	Three Months Ended September 30, 2023		For the Nine Months Ended September 30, 2023
Borrowing interest expense	$	2,332,939	$	2,355,813
Minimum utilization fee		387,513		387,513
Non-utilization fees		450,597		956,237
Amortization of deferred financing costs		173,481		307,362
Total interest and debt financing expense	$	3,344,530	$	4,006,925