Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Borrowings [Abstract]

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

The following tables summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three and nine months ended September 30, 2025 and September 30, 2024, respectively:

	For the Three Months Ended September 30,
	2025			2024
Average Debt Outstanding	$	433,564,896		$	256,000,696
Effective Interest Rate		7.40	%		9.18	%
Weighted Average Interest Rate (1)		7.01	%		8.74	%

(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.

	For the Nine Months Ended September 30,
	2025			2024
Average Debt Outstanding	$	387,219,426		$	244,413,356
Effective Interest Rate		7.50	%		9.41	%
Weighted Average Interest Rate (1)		6.96	%		8.77	%

(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

, the components of interest expense related to the Secured Credit Facility were as follows:

	For the Three Months Ended September 30,
	2025		2024
Borrowing interest expense	$	7,654,260	$	5,640,638
Minimum utilization fee		—		—
Non-utilization fees		169,779		112,443
Administration fee		55,400		—
Amortization of deferred financing costs		204,479		173,480
Total interest and credit facility fees	$	8,083,918	$	5,926,561

	For the Nine Months Ended September 30,
	2025		2024
Borrowing interest expense	$	20,144,345	$	16,102,797
Minimum utilization fee		—		261,056
Non-utilization fees		855,253		392,929
Administration fee		146,821		—
Amortization of deferred financing costs		570,931		516,669
Total interest and credit facility fees	$	21,717,350	$	17,273,451