CREDIT FACILITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Senior Secured Revolving Credit Agreement |
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| Line of Credit Facility [Line Items] |
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| Summary of Commitment and Credit Facilities |
| | | | | | | | | June 30, 2025 | | December 31, 2024 | Credit Facility payable | | $ | 123,100,000 | | $ | 90,450,000 | Prepaid loan structure fees | | | (896,847) | | | (972,372) | Credit Facility payable, net of prepaid loan structure fees | | $ | 122,203,153 | | $ | 89,477,628 |
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| Summary of interest expense and amortized financing costs on Commitment and Credit Facilities |
| | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | | Interest expense | | $ | 2,212,583 | | $ | 2,184,224 | | $ | 4,217,823 | | $ | 4,200,235 | | Loan structure fees amortization | | | 103,211 | | | 94,108 | | | 196,743 | | | 188,216 | | Total interest and other fees | | $ | 2,315,794 | | $ | 2,278,332 | | $ | 4,414,566 | | $ | 4,388,451 | | Weighted average interest rate | | | 7.4 | % | | 8.3 | % | | 7.3 | % | | 8.3 | % | Effective interest rate (including fee amortization) | | | 7.7 | % | | 8.7 | % | | 7.7 | % | | 8.7 | % | Average debt outstanding | | $ | 121,434,066 | | $ | 105,824,176 | | $ | 116,110,773 | | $ | 101,347,802 | | Cash paid for interest and unused fees | | $ | 2,244,868 | | $ | 2,198,327 | | $ | 4,194,458 | | $ | 4,232,791 | |
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| SPV Facility |
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| Line of Credit Facility [Line Items] |
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| Summary of Commitment and Credit Facilities |
| | | | | | | | | June 30, 2025 | | December 31, 2024 | SPV Facility payable | | $ | 50,000,000 | | $ | 50,000,000 | Prepaid loan structure fees | | | (748,456) | | | (784,768) | SPV Facility payable, net of prepaid loan structure fees | | $ | 49,251,544 | | $ | 49,215,232 |
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| Summary of interest expense and amortized financing costs on Commitment and Credit Facilities |
| | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, 2025 | | June 30, 2025 | | Interest expense | | $ | 857,591 | | $ | 1,709,316 | | Facility agent fee | | | 31,597 | | | 62,847 | | Loan structure fees amortization | | | 36,228 | | | 71,042 | | Total interest and other fees | | $ | 925,416 | | $ | 1,843,205 | | Weighted average interest rate | | | 6.9 | % | | 6.9 | % | Effective interest rate (including fee amortization) | | | 7.4 | % | | 7.4 | % | Average debt outstanding | | $ | 50,000,000 | | $ | 50,000,000 | | Cash paid for interest and unused fees | | $ | 898,902 | | $ | 1,787,630 | |
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